Takeaways:

  • Belararox (ASX: BRX) is exploring across Argentina’s San Juan and Botswana’s Kalahari Copper Belt.
  • The flagship TMT project is targeting copper, silver and gold through epithermal systems at Toro Central.
  • The Kalahari Copper Project (KCP) covers approximately 3,900 square kilometres in Botswana’s North-West Province.
  • Civil and road-clearing works have commenced for the 2025/2026 field season.
  • Both jurisdictions host established Tier-1 producers, providing proximity-based exploration Leverage.

Belararox (ASX:BRX) has continued to advance its dual-Jurisdiction copper exploration strategy in 2026, with active programs spanning Argentina’s San Juan province and Botswana’s Kalahari Copper Belt. The strategy is anchored around proximity to established Tier-1 producers, with the company aiming to Leverage its experienced discovery team to advance early-stage copper projects in two of the most prospective copper trends globally.

The dual-Jurisdiction approach reflects a broader investor preference for diversified geographic exposure, particularly in copper, where Commodity price strength is increasingly being matched against jurisdictional risk and permitting timelines. Belararox sits among the cohort of ASX-listed explorers chasing district-scale potential in both Latin America and Africa.

Argentina: TMT project and Toro Central

The flagship TMT project sits in San Juan, one of Argentina’s most established copper jurisdictions. The project area targets copper, silver and gold mineralisation, with successful drilling of an epithermal target at Toro Central beginning to vector toward potential additional discoveries across the broader target area.

Argentina’s copper sector has attracted increasing international attention, supported by improving fiscal frameworks, foreign direct Investment incentives and a pipeline of major projects in development. San Juan in particular is a long-established Mining Jurisdiction with strong infrastructure and established service capabilities.

Botswana: Kalahari Copper Project

The Kalahari Copper Project (KCP) covers approximately 3,900 square kilometres in Botswana’s North-West Province. The KCP positions Belararox within a structurally significant and underexplored segment of the Kalahari Copper Belt — a globally significant trend that has attracted multiple ASX-listed explorers and developers.

The Kalahari Copper Belt has produced major discoveries and supports operating mines across Botswana and Namibia. Belararox’s tenure in an under-explored part of the belt provides scope for new discoveries with a credible geological framework, although the company has emphasised the need for extensive ground work to refine targets.

2025/2026 field season

Activities during the most recent reporting quarter focused mainly on planning and preparation for the 2025/2026 field season, generally running between October and April. Civil and road-clearing works have commenced, marking the start of an active exploration phase for both projects.

Field season timing is critical for African and South American projects, with weather, infrastructure and crew availability all converging to constrain the exploration window. Belararox’s preparatory work positions it to maximise drilling and sampling productivity through the active period.

Why tier-one jurisdictions matter

Investor preference for tier-one jurisdictions has intensified as global Capital allocators tighten their criteria around geopolitical risk, permitting and ESG considerations. Argentina and Botswana both rank as more accessible jurisdictions for ASX explorers compared to higher-risk frontier locations, although each carries its own permitting, infrastructure and currency considerations.

Tier-one positioning also matters for financing. Project finance providers, offtake counterparties and Downstream partners typically apply lower jurisdictional risk premia to projects in established Mining countries, which can translate into better contract terms and lower cost of Capital as projects advance.

Sector context: ASX copper exploration

The ASX hosts a deep cohort of copper explorers spanning Australia, the Americas and Africa. Goldman Sachs’s longer-term copper price forecast of US$15,000 per tonne by 2035, alongside near-term prices around US$12,650 per tonne in 2026, has supported renewed investor interest in pre-resource exploration plays.

Belararox sits among smaller-cap names in the cohort but has differentiated itself with its dual-Jurisdiction strategy, experienced team and active field program. The company’s progress will be watched alongside peers including QMines (QML), Lodestar Minerals (LSR), Pivotal Metals (PVT) and Develop Global (DVP).