Aurum Resources Ltd (ASX:AUE) managing director Dr Caigen Wang has strengthened his commitment to the company by investing $840,000 in Aurum through the purchase of 1.4 million shares at $0.60 per share.
The investment follows shareholder approval at the company's general meeting on June 9, 2026 and comes on the same terms offered to cornerstone investor Perseus Mining Ltd and participants in Aurum's recently completed $28.8 million capital raising.
The shares were issued at the same $0.60 per share price paid under the placement announced in March 2026, which raised $28.8 million to support the company's growth plans. Dr Wang's subscription is additional to the placement proceeds and represents a personal investment in the company.
Following the issue of the new shares, Dr Wang's holding in Aurum increases to 4% of the company's issued capital.
Confidence in Boundiali development
Aurum chairman Richard Simpson said the investment further aligned the managing director's interests with those of shareholders as the company advances its flagship Boundiali Gold Project.
"Dr Wang's personal investment, on the same terms as Placement participants, further aligns his interests with those of all shareholders as the company progresses development of the Boundiali Gold Project," Simpson said.
Management participation in capital raisings is often viewed as a positive signal by the market, particularly when executives invest personal funds on the same terms as external investors. In Aurum's case, Dr Wang's investment follows strong support from placement participants, including major gold producer Perseus Mining, and adds to the capital already secured through the March raising.
The additional funds do not form part of the placement proceeds but demonstrate management's confidence in Aurum's strategy and the ongoing development of the Boundiali Gold Project in Côte d'Ivoire.
Aurum Resources delivers maiden ore reserve and PFS for Boundiali Gold Project
Yesterday, Aurum delivered a pre-feasibility study (PFS) and maiden ore reserve for Boundiali, outlining a large-scale open pit gold operation with an initial 11-year mine life and first gold production targeted for the first half of 2028.
The study establishes a maiden probable ore reserve of 42.1 million tonnes grading 0.9 g/t gold for 1.21 million ounces from four deposits, converting 77% of the project's indicated mineral resources into reserves.
The maiden reserve supports a life-of-mine mining inventory of 66.2 million tonnes at 0.82 g/t gold for 1.7 million ounces and forecast gold production of 1.5 million ounces over the life of the operation.
Production is weighted towards the early years of mining, with Aurum expecting to produce 923,000 ounces during the first five years, averaging 185,000 ounces annually. First-year output is forecast at 201,000 ounces.
The PFS outlines a conventional open pit mining and processing operation designed to leverage the project's scale and resource base while delivering strong early cash flow.
Development pathway emerges
With the maiden reserve now established, Boundiali has advanced from a resource project to a development asset with a defined mining inventory and production schedule.
The reserve forms the foundation for project financing, permitting and detailed engineering work ahead of a final investment decision, while providing investors with greater confidence in the project's development potential.
Targeting first gold in the first half of 2028, Aurum is positioning Boundiali as a significant new West African gold producer, with the PFS demonstrating both the scale of the operation and the ability to generate substantial production over more than a decade.