Aurum Resources Unveils Boundiali Pre-Feasibility Study Highlighting Maiden 1.21 Million Ounce Gold Reserve

Boundiali Maiden Ore Reserve Achieves Key De-Risking Milestone for Côte d'Ivoire Gold Project

Aurum Resources announced a maiden Probable Ore Reserve for the Boundiali Gold Project totaling 42.1 million tonnes at 0.9 grams per tonne gold, equivalent to 1.21 million ounces across four open pit deposits: BDT1, BDT2, BMT3, and BST. This reserve, effective 30 April 2026 under JORC Code 2012, marks a significant de-risking step in the project's development. The reserve was calculated using a conservative gold price of US$2,900 per ounce, with approximately 77% of Indicated Mineral Resources converted to Probable Ore Reserve, reflecting strong confidence in resource definition across the deposits.

The four deposits are spread across the project and deemed suitable for conventional open pit mining. Deposit specifics include BDT2 with 354,000 ounces at 0.63 grams per tonne, BMT3 with 383,000 ounces at 1.36 grams per tonne, BDT1 with 323,000 ounces at 0.98 grams per tonne, and BST with 145,000 ounces at 0.82 grams per tonne. This reserve underpins the Pre-Feasibility Study and sets the stage for detailed mine planning in the Definitive Feasibility Study. The ongoing 100,000-metre drilling program continues to support resource growth, highlighted by recent BDT2 intercepts such as 6.54 metres at 13.36 grams per tonne gold and broader mineralisation zones.

Pre-Feasibility Study Financials Highlight Strong Economics at US$4,076 Gold Price

The Boundiali Pre-Feasibility Study presents financial outcomes across various gold prices, with results focused on the consensus analyst forecast mean of US$4,076 per ounce from Bloomberg consensus medians. At this price, the project offers a post-tax NPV (5% discount) of US$1.5 billion, a post-tax IRR of 119%, life-of-mine post-tax free cashflow of US$2 billion, and EBITDA of US$3.1 billion. These figures reflect the project's large ore tonnage, efficient processing recovery, and prudent capital management, positioning it as a significant value creation opportunity for Aurum Resources and its shareholders.

Additional financial highlights include a payback period of less than one year post-production start. Pre-production capital expenditure is estimated at US$342 million (AACE Class 4, ±25% accuracy), including a US$34.2 million contingency. This budget covers the process plant, site infrastructure, 90 kW grid power connection, Phase 1 tailings storage facility, mining setup, pre-production mining, and owner’s costs. Life-of-mine all-in sustaining costs are projected at US$1,951 per ounce. Sensitivity analyses across gold prices from US$2,500 to US$5,500 per ounce consistently show positive project economics. The financial model incorporates a life-of-mine mining inventory of 66.2 million tonnes at 0.82 grams per tonne gold (1.7 million ounces) across five open pits, with a strip ratio of 6.86 waste to ore and 86.7% processing recovery yielding 1.524 million ounces total gold production over the mine life.

11-Year Mine Life with 923,000 Ounces Produced in First Five Years Enables Early Cash Flow

Designed for an 11-year lifespan processing 6 million tonnes annually, the Boundiali project’s Pre-Feasibility Study outlines an annual production profile supporting early revenue and capital recovery. In the initial five years, 30.4 million tonnes will be processed at an average grade of 1.1 grams per tonne, recovering 923,000 ounces at roughly 185,000 ounces per year. The first production year targets 201,000 ounces recovered, establishing momentum as operations ramp up.

The full life-of-mine plan forecasts total gold production of 1.524 million ounces, averaging 139,000 ounces annually over 11 years. Mining involves 66.3 million tonnes of ore and 455 million tonnes of waste across five open pits, with a strip ratio of 6.86 reflecting deposit geometry. The plan includes 23% of contained gold from the Inferred Resource category, indicating potential for further resource upgrades and drilling upside during Definitive Feasibility Study. This production schedule confirms the project’s suitability for large-scale industrial gold mining with strong early-year cash flows supporting financial returns.

Board Approves Progression to Definitive Feasibility Study with Final Investment Decision Set for Late 2026

The Aurum Resources Board has approved advancing Boundiali to the Definitive Feasibility Study phase, targeting a Final Investment Decision by late Q4 2026. This advancement marks progression from assessing project viability to detailed engineering, contracting, and execution planning for construction. The company is concurrently advancing Definitive Feasibility Study work packages alongside ongoing drilling and early contractor engagement under an owner-builder model to enable efficient site mobilization post-approval.

First gold production is scheduled for H1 2028, establishing an approximately 18-month timeline from Final Investment Decision to ore processing. Early construction activities will include process plant setup, site infrastructure, and pre-production mining to build ore stockpiles before mill commissioning. Key appointments supporting development acceleration include Richard Edginton as General Manager Mining, Luke Stacey as Project Director, and Ting Xu as Chief Financial Officer, with further hires planned. Environmental approvals have been granted by Côte d'Ivoire’s Ministry of Environment and Ecological Transition via É tude d'Impact Environnemental et Social Approfondie (EIESA) certificates, reducing regulatory risks.

Mineral Resource Base Expanded to 3.22 Million Ounces with 24% Increase in Indicated Resources

The Boundiali Mineral Resource Estimate now totals 3.22 million ounces of gold, with Indicated Resources rising 24% to 1.70 million ounces. This growth follows the ongoing 100,000-metre drilling campaign, which continues to define and extend mineralisation. The maiden Ore Reserve of 1.21 million ounces was derived from the Indicated Resource, reflecting a 77% conversion rate and leaving significant resource potential for further definition and upgrading during Definitive Feasibility Study work.

Recent BDT2 drilling highlights include intercepts such as 6.54 metres at 13.36 grams per tonne from 272 metres depth, featuring a 3.70-metre section at 23.32 grams per tonne and a 1.7-metre interval at 70.35 grams per tonne (hole DSDD0445). Other significant intercepts include 40.60 metres at 1.06 grams per tonne from 299.40 metres, 26 metres at 1.48 grams per tonne from 175 metres, 23 metres at 1.32 grams per tonne from 376 metres, 21 metres at 1.12 grams per tonne from 228 metres, and 2 metres at 12.82 grams per tonne from 50 metres depth. These results demonstrate both strike extension and high-grade shoots, supporting resource expansion and mine plan optimization in the upcoming feasibility phase.

Napié Gold Project Shows Extensive Exploration Potential with Only 13% of 30-Kilometre Shear Zone Drilled

Aurum Resources’ Napié Gold Project in Côte d'Ivoire features a 30-kilometre mineral shear zone, of which only 13% has been systematically drilled. No drilling occurred at Napié during Q2 2026, as exploration efforts focused on Boundiali’s development. Napié hosts a Mineral Resource of 1.16 million ounces across Tchaga and Gogbala deposits at an average grade of 1.2 grams per tonne gold, applying a variable cut-off of 0.3 grams per tonne above 300 metres and 1.0 grams per tonne below.

The Tchaga and Gogbala deposits cover just 4.4 kilometres of the shear zone, indicating significant unexplored strike and depth potential. The Mineral Resource includes 0.35 million ounces in the Indicated category (8.9 million tonnes at 1.2 grams per tonne) and 0.82 million ounces in the Inferred category (21.2 million tonnes at 1.2 grams per tonne). With 71% of the resource in the Inferred category, the project offers considerable exploration upside through drilling extensions and new discoveries along the shear zone. Napié represents a key long-term exploration asset complementing the Boundiali development focus.

Managing Director’s Share Purchase and Strong Cash Position Bolster Development Momentum

Managing Director Dr Caigen Wang invested A$840,000 in Aurum Resources during the quarter, acquiring 1.4 million shares at A$0.60 each. This increased his stake to 4.0% of the company’s equity, aligning his interests with shareholders and demonstrating confidence in Boundiali’s development and the broader exploration portfolio. Such insider investment is viewed positively by the market as a sign of management commitment.

Aurum Resources held A$54.7 million cash as of 30 June 2026, providing ample liquidity to fund ongoing Definitive Feasibility Study activities, drilling, and project advancement through the anticipated Final Investment Decision in late Q4 2026. This strong cash position enables parallel work package progress without external financing dependence, offering flexibility in project execution and contractor engagement. It also ensures financial readiness for operational opportunities or strategic initiatives while maintaining contingency reserves typical in project development.

Environmental Approvals and West African Operating Context Mitigate Development Risks

The Côte d'Ivoire Ministry of Environment and Ecological Transition granted environmental approvals for Boundiali via É tude d'Impact Environnemental et Social Approfondie (EIESA) certificates. This regulatory milestone confirms environmental and social impact assessment acceptance, significantly reducing development risks by ensuring compliance with national regulations. The approvals validate the company’s environmental and social management plans and enhance certainty for progressing toward Final Investment Decision and construction.

Aurum Resources’ focus on two Côte d'Ivoire gold projects aligns with strategic positioning in West Africa, a region with established mining infrastructure, international exploration presence, and supportive government policies for responsible resource development. The company’s ongoing regulatory engagement and environmental approvals demonstrate effective risk management. Nonetheless, investors should consider country-specific risks such as foreign exchange fluctuations, political stability, and regulatory continuity. Aurum’s track record suggests strong jurisdictional management, though continued government relations remain critical for project success.

Ongoing Drilling and Contractor Engagement Propel Definitive Feasibility Study Progress

The company continues its 100,000-metre drilling program at Boundiali, with recent quarter results from the BDT2 deposit reinforcing resource definition. This drilling is essential for Definitive Feasibility Study advancement, providing data for detailed mine planning, geotechnical analysis, and resource category upgrades required for Ore Reserve conversions. Recent intercepts confirm both thick lower-grade mineralised zones suitable for bulk mining and higher-grade shoots that may enable selective extraction strategies.

Aurum Resources is advancing Definitive Feasibility Study work packages concurrently with drilling under an owner-builder construction model, intending to internally manage development and construction activities rather than relying on a single engineering-procurement-construction contractor. This approach offers execution flexibility but demands strong internal project management and coordination. Key appointments, including the Project Director, support this strategy through detailed feasibility and construction planning. Investors should monitor completion of major Definitive Feasibility Study components such as mine planning, processing plant engineering, and infrastructure feasibility, as these milestones are critical to de-risking and progressing toward Final Investment Decision.