Aurum Resources Ltd (ASX:AUE) is positioning itself as an emerging multi-asset gold developer in Côte d’Ivoire, underpinned by a growing 3.28-million-ounce (Moz) resource base and a strategy designed to evolve from explorer to producer within the next 12–24 months.
With a central processing hub planned at Boundiali, a second growth pillar at Napié and an in-house drilling fleet that materially lowers discovery costs, Aurum is pursuing scale in one of the world’s fastest-growing gold provinces.
Investment snapshot
As at February 16, 2026, Aurum's key investment figures included:
- Share price: A$0.765
- Shares on issue: 347.8M
- Market capitalisation: A$266.1M
- Cash (unaudited, 31 December 2025): ~A$40.1M
- Enterprise value: ~A$226.0M
The company’s global gold resource stands at 3.28Moz in Côte d’Ivoire, comprising:
- 2.41Moz at the Boundiali Gold Project
- 0.87Moz at the Napié Gold Project
Building a multi-asset gold platform
Aurum’s strategy is to build a substantial multi-asset gold business in Côte d’Ivoire anchored by a high-capacity central processing facility at Boundiali, integrated with phased development at Napié.
The company has consolidated a previously fragmented landholding into a dominant district-scale position at Boundiali and, through the acquisition of Mako Gold, added the 0.87Moz Napié asset as a second development pillar.
Management is led by a team that previously built the 3.83Moz Abujar Gold Mine from discovery to ~200,000-ounces-per-annum production, highlighting a clear focus on execution and speed to value.
Boundiali: The central processing hub
Boundiali is the cornerstone of Aurum’s growth plan. The project hosts 2.41Moz at 1.0 g/t gold, including:
- 26Mt at 1.1 g/t for 920koz (Indicated)
- 51Mt at 0.9 g/t for 1.49Moz (Inferred)
The company is advancing a hub-and-spoke operational model, with plans to establish a centralised CIP/CIL processing plant at Boundiali to unlock value from multiple deposits across the district.
More than 100,000 metres of diamond drilling is underway in 2026, with the next mineral resource update expected in Q1 CY2026.
Metallurgy supports the development case
Preliminary metallurgical testwork indicates:
- Free-milling ore suitable for a single-stage SAG mill circuit
- 95–99% overall gold recoveries at a P80 of 106µm
- 50–60% gravity recoverable gold
- Reduced reagent consumption relative to whole ore cyanidation
A pre-feasibility study (PFS) is on track for delivery in Q1 2026, expected to outline initial NPV and capital cost parameters.
High-grade growth across multiple deposits
Boundiali comprises several deposits and corridors, including BD, BM and BST.
At the Nyangboue Gold Corridor (BD JV), 1.1Moz has been discovered across three deposits (BDT1, BDT2 and BDT3), with mineralisation open in all directions. Drilling continues to target both resource expansion and undrilled prospects.
The BM Gold JV hosts 0.9Moz across BMT1 and BMT3, with high-grade plunging shoots in NNE-trending shear zones. Only ~5km of a 57km mineralised shear system has been drill-tested, highlighting substantial exploration upside.
At BST1, 0.36Moz has been defined from shallow drilling, with mineralisation open and multiple drill-ready targets identified.
Napié: The second growth engine
The 0.87Moz Napié Gold Project provides Aurum with a second development pillar.
Current resources stand at 22.5Mt at 1.20 g/t for 868koz across the Tchaga and Gogbala deposits.
Importantly:
- Over 93% of the mineral resource is shallower than 150 metres
- Approximately 26 kilometres of gold-bearing shear remains undrilled
- Preliminary metallurgical testwork returned average recoveries above 94%
- A resource update is expected in Q1 CY2026, alongside the Boundiali update.
- Structural advantage: Owner-operated drilling fleet
- Aurum’s technical edge lies in its owner-operated fleet of 12 diamond drill rigs.
- The company reports a drilling cost of approximately US$45 per metre, compared with an industry average of around US$220 per metre.
This materially lowers discovery costs, removes contractor bottlenecks and enables continuous, multi-rig programs regardless of market cycles — accelerating resource growth and improving ounce-per-share leverage.
Côte d’Ivoire: Jurisdictional tailwinds
Côte d’Ivoire is emerging as a premier gold jurisdiction in West Africa, hosting eight operating gold mines producing more than 1.5Moz per annum collectively, supported by modern mining legislation and strong infrastructure.
Boundiali sits within the same greenstone belt as Syama (11.5Moz), Sissingué (~1Moz) and Koné (6Moz), underscoring the geological endowment of the region.
2026: A catalyst-rich year
Key milestones slated for 2026 include:
- Boundiali resource update – Q1 2026
- Napié resource update – Q1 2026
- Boundiali PFS – Q1 2026
- Environmental approval – Q2 2026
- Mining licence grant – Q3 2026
- DFS and project funding planning – H2 2026
These steps collectively de-risk the pathway to financing and construction.
The big picture
Aurum Resources is transitioning from a high-impact explorer to an emerging developer, supported by:
- A 3.28Moz and growing gold resource base
- District-scale consolidation at Boundiali
- A second development asset at Napié
- Strong metallurgy and infrastructure
- A structural cost advantage through owner-drilling
- A defined development roadmap toward PFS, DFS and funding in 2026
If Aurum can continue to convert drilling success into resource growth and deliver a robust PFS at Boundiali, it may begin to close the valuation gap between explorer and developer — and take a significant step toward its ambition of becoming the next West African gold major.