BPM Minerals (ASX:BPM) has released a project update on its Forelands Gold Project in Western Australia, disclosing that a 20,000-metre drilling campaign is underway at the Bonnie & Clyde target, where the first drill hole returned intersections of 4 metres at 20.6 grams per tonne gold and 8 metres at 9.2 grams per tonne gold.

Key Points

  • A 20,000-metre drilling campaign is underway at the Forelands Gold Project, located approximately 150 kilometres east of Kalgoorlie
  • The first drill hole at the Bonnie & Clyde target returned 4 metres at 20.6 g/t Au and 8 metres at 9.2 g/t Au
  • The Forelands Gold Project covers a 630 square kilometre landholding with 75 kilometres of strike on the Yilgarn Craton–Albany Fraser Orogen margin
  • As at 30 September 2026, the company held $8.3 million in cash, plus approximately $3.0 million from BPMOB option exercises
  • BPM Minerals had 156.7 million shares on issue and a market capitalisation of $51 million at 33 cents per share as at 10 November 2026

Bonnie & Clyde Target Drilling Results

The Bonnie & Clyde target at the Forelands Gold Project has returned results from its first drill hole, with intersections of 4 metres at 20.6 grams per tonne gold and 8 metres at 9.2 grams per tonne gold, according to the company's project update. The 20,000-metre drilling campaign is currently underway at the project. The Forelands Gold Project is situated approximately 150 kilometres east of Kalgoorlie and is described in the filing as being located on the Yilgarn Craton–Albany Fraser Orogen margin, with access via the Trans-Access Road and proximity to multiple operating and proposed mills.

Forelands Gold Project Land Package

The Forelands Gold Project encompasses a 630 square kilometre landholding with 75 kilometres of strike, which the filing describes as largely untouched and characterised as a multi-year discovery pipeline. The project is situated within a region that the filing notes has seen merger and acquisition activity and hosts multiple operating and proposed processing facilities. The competent person for the exploration results and exploration targets is Mr Oliver Judd, Chief Executive Officer and Member of the Australasian Institute of Mining and Metallurgy, who has consented to inclusion of the information in the form and context in which it appears.

Corporate Structure and Capital Position

As at 30 September 2026, BPM Minerals reported cash of $8.3 million, with an additional approximately $3.0 million from the exercise of BPMOB options. The company had 156.7 million shares on issue, 25 million options and performance rights on issue, and a market capitalisation of $51 million based on a share price of 33 cents as at 10 November 2026. Board and management hold approximately 8% of the company, while small-cap institutions and funds hold approximately 12%, according to the shareholder breakdown disclosed in the filing.