Aurum Resources Ltd (ASX:AUE) has delivered a pre-feasibility study (PFS) and maiden ore reserve for its Boundiali Gold Project in Côte d'Ivoire, outlining a large-scale open pit development with a projected 11-year mine life and first gold targeted in the first half of 2028.
The maiden probable ore reserve stands at 42.1 million tonnes grading 0.9 g/t gold for 1.21 million ounces from four deposits, representing a 77% conversion of indicated mineral resources into reserves. The reserve underpins a life-of-mine mining inventory of 66.2 million tonnes at 0.82 g/t gold for 1.7 million ounces and forecast production of 1.5 million ounces over 11 years. Aurum expects the first five years to deliver 923,000 ounces, averaging 185,000 ounces annually, with 201,000 ounces produced in the first year.
Maiden Probable Ore Reserve Estimate as at 30 April 2026 (JORC Code 2012).
Strong economics support development case
The PFS highlights robust project economics based on a consensus gold price forecast of US$4,076/oz. Under this scenario, Boundiali is projected to generate post-tax free cash flow of about US$2 billion, post-tax net present value (NPV) of US$1.5 billion and an internal rate of return (IRR) of 119%. Pre-production capital is estimated at US$342 million, including contingency allowances.
“Our Boundiali PFS confirms our initial belief that this project had the makings of something big. Now around 28 months since picking up this ground, we have delivered a study, that outlines a project with the potential to deliver very strong free cashflows, and more importantly we see upside on every input," managing director Dr Caigen Wang said.
"Using the consensus forecast mean gold price (US$4,076/oz), the LOM Plan has the potential to produce 1.5Moz of gold over 11 years and generate post-tax NPV(5%) of approximately US$1.5 billion, an IRR of 119% and US$2 billion of free cashflow on a modest pre-production capital of US$342 million including US$34.2M contingency.
"With the Ore Reserve as the foundation, the LOM plan, which incorporates Inferred Resources that we expect to convert through ongoing infill drilling, delivers nearly 1Moz of recovered gold over the first five years, with first-year production of +200,000oz.
"These ounces, which were found by drilling only the most obvious outcropping anomalies; remembering the bulk of the Boundiali system has not been drill tested. Well we are working on that, we have 16 self-owned diamond rigs drilling continuously and a conversion track record from Inferred to Indicated our peers cannot match, with 24% Indicated uplift delivered last month alone.
"We expect further resource growth to lift gold production beyond year five, and there are many opportunities to streamline mine scheduling and unlock further value through optimisation. Given Aurum’s DNA, we will conduct studies to examine owner mining and capture contractor margins.”
Annual production by resource category and head grade.
Project positioned for further growth
The Boundiali development plan centres on five open pits feeding a 6Mtpa processing plant using conventional crushing, grinding, gravity recovery and carbon-in-leach technology. Environmental approvals have been secured across the project's three core tenements, clearing a key regulatory hurdle for future mining licences.
The company has also identified several opportunities to improve project outcomes during the definitive feasibility study (DFS), including enhanced recoveries at the BMT3 deposit through flotation, conversion of inferred resources into higher-confidence categories, increased plant throughput and mining cost reductions.
DFS underway as Aurum targets investment decision
Aurum will immediately begin DFS activities, targeting a final investment decision in late 2026. Key workstreams include detailed mine design, geotechnical studies, optimisation work and continued resource conversion drilling under its 100,000-metre annual drilling program. A major resource update is planned for the September quarter of 2026.
Wang said the company remained focused on maintaining development momentum.
“Our rapid progress has attracted interest, with northern neighbour Perseus Mining cornerstoning our March placement and Zhaojin also on our register. Our strategy remains clear: complete the DFS in late 2026, take FID, and target first gold in 2028.
"Environmental approvals for all three tenements open the door to mining licences; we have A$61M cash at 31 March 2026 and are putting senior mining and project build leadership in place. In our view, the PFS represents the baseline of what Boundiali can be and we are focused on the multiples of value sitting above it for our shareholders.”
About Aurum Resources
Aurum Resources is a gold explorer and developer focused on Côte d'Ivoire.
Its flagship Boundiali Gold Project has grown rapidly from a greenfields acquisition in late 2023 to a 3.22Moz mineral resource, supported by more than 215,000 metres of drilling completed using the company's self-owned diamond drilling fleet. The company is also advancing the Napié Gold Project and continues aggressive exploration aimed at expanding and upgrading its resource base.