Asian Battery Metals PLC had a strong operational and financial update for the March 2025 quarter, underpinned by the completion of an oversubscribed A$3.969 million capital raise and the start of Phase 3 drilling at its flagship Oval copper-nickel-platinum group elements (Cu-Ni-PGE) discovery, part of the 100%-owned Yambat Project in Mongolia.
Expanded exploration funded
The company ended the quarter with A$5.94 million in cash, providing funding for its expanded 2025 exploration program across key project areas.
The current Phase 3 drilling campaign at Oval is designed to test high-conductivity downhole electromagnetic plates and deep gravity anomalies, targeting both depth and lateral extensions of the high-grade sulphide system identified in 2024.
First assay results from the new drillholes are expected in the June quarter.
Drilling during the period confirmed continued high-grade mineralisation, with standout assays from hole OVD027 delivering 6.1 metres at 4.16% copper, 3.51% nickel and 0.93 grams per tonne of combined platinum, palladium and gold (E3), including cobalt credits.
Hole OVD026 returned 1.8 metres at 3.21% copper and 3.32% nickel, part of a broader intersection of nearly 20 metres of mineralised material.
The Phase 3 program will cover a minimum of 1,500 metres of diamond drilling and includes downhole surveys – core logging and sampling are ongoing.
Metallurgical test work is also underway at ALS Metallurgy in Perth, aimed at defining metal recoveries and processing characteristics across different sulphide mineralisation styles, with results due mid-year.
In addition to Oval, scout drilling has commenced at regional targets including Copper Ridge Cu-Au, MS1, and MS2.
An induced polarisation survey is also underway at CR Far East, highlighting the broader district potential of the Yambat Project.
Approvals and ESG targets met
The company secured all necessary government approvals and licence renewals for its Mongolian projects through to 2028, ensuring uninterrupted exploration access.
ESG objectives were also on the agenda during the quarter.
In Gobi-Altai Province, the company secured formal approval for the 2025 Environmental Management Plan covering its Yambat Project within the Yosonbulag and Taishir soums.
In support of responsible operations, water usage and waste management contracts were executed with the Yosonbulag Soum Authority.
The company also provided seasonal assistance to local herder communities affected by heavy snowfall, distributing hay and fodder as part of its planned engagement efforts.
The exploration licence for the Yambat Project was renewed through to 2028, ensuring continuity of fieldwork.
In neighbouring Dundgobi Province, Asian Battery Metals achieved similar regulatory milestones.
Authorities in Khuld soum and Undurshil soum granted approvals for the 2025 Environmental Management Plans for the Tsagaan Ders Lithium Project and Khukh Tag Graphite Project, respectively.
The exploration licence for the Khukh Tag Project was also renewed until 2028, supporting the company’s long-term exploration strategy in the region.
During the quarter, the company and its entities continued to support the Mongolian resource industry.
On January 17, the Orano Group signed an investment agreement to develop and operate the Zuuvch-Ovoo uranium mine in Mongolia’s southeastern Dornogovi province.
Mongolian prime minister Oyun-Erdene Luvsannamsrai said: “This agreement is a significant step forward in boosting inward investment and employment opportunities for the Mongolian people.
“It demonstrates our achievements in supporting economic growth and delivering on the aims set out it in the ‘New Recovery Policy’ and ‘Vision 2050’.
“Equally, it highlights our commitment to collaboration with our third neighbours. We look forward to further strengthening our strong relations with France.”
Asian Battery Metals also remains active on the investor front, delivering a presentation on its strategy and exploration updates at the PDAC 2025 conference in Toronto and the Mongolian Mineral Exploration Roundup in Ulaanbaatar.
Total exploration and evaluation spend for the quarter was A$699,000, with corporate and administrative costs of A$592,000.