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Highlights:

  • FBM expands Coolgardie footprint with new gold tenure and advanced drilling plans at Miriam.
  • The company holds AUD 7.4million cash, divests non-core lithium assets, and reports zero debt.
  • FBM prepares for July drilling after confirming consistent shallow gold mineralisation at Forrest.

Future Battery Minerals Limited (ASX:FBM) shares rose 18.75% to AUD 0.0190 on 25 June 2025 after the company released an update on its Coolgardie Project and broader exploration strategy. The update outlines recent acquisitions confirmed gold mineralisation, and a cash-positive position aimed at enabling ongoing development work across multiple targets in Western Australia.

The company has increased its focus on the Coolgardie Greenstone Belt, where it now controls over 75km² of 100%-owned tenure. The belt is considered geologically significant, hosting more than 3.3 million ounces of historical gold production and six operational gold mills within a 50km radius, three of which are located within 15km.

In the first half of 2025, Future Battery Minerals acquired additional gold tenure to expand the Coolgardie Project. This included full mineral rights to the Miriam tenement and the staking and acquisition of Burbanks East. The expanded footprint covers a six-kilometre strike length through prospective greenstone terrain with historic gold intersections.

A review of historical drilling at Miriam highlighted multiple shallow intercepts, including:

  • 12m @ 2.09 g/t Au from 60m (MRC97-15)
  • 10m @ 2.51 g/t Au from 30m (FGA002)
  • 5m @ 7.35 g/t Au from 70m (MRC97-25)

These results support consistent mineralisation along a 600m strike at the Forrest prospect, which remains open to the northeast and southwest. A maiden reverse circulation (RC) drilling program is scheduled to begin in July 2025, focusing on Forrest.

Surface geochemistry and geophysical interpretation have further defined 13 structural gold targets and 15 gold-anomalous zones at Miriam, with some anomalies measuring up to 1.75km in length and gold values peaking at 3.03 g/t Au. These structural targets coincide with many areas of historical gold anomalism, indicating priority areas for future drilling.

The company’s nearby Burbanks East tenements extend the project area to more than 10km² and are situated 2.5km from Miriam. The area includes 5km of strike over greenstone lithologies and is located near known gold operations such as the Burbanks Mine (466koz) and Macphersons Reward (132koz).

Future Battery Minerals is also evaluating its Kal North Project, located 45km northeast of Kalgoorlie. This 27.9km² landholding lies close to known deposits such as Kanowna Belle (Northern Star Resources) and Gordon Sirdar (FMR). Surface sampling and airborne magnetics have identified several prospective structures, but no historical drilling has been conducted. Tenure is pending and will enable geochemical and aircore drilling once granted.

In terms of financials, the company reported a cash balance of AUD 7.4 million as of 31 March 2025 and carries no debt. The position follows the successful divestment of its non-core Nevada lithium assets in late 2024. Future Battery Minerals also continues to assess regional merger and acquisition options.

Elsewhere in the portfolio, the Kangaroo Hills Lithium Project remains an active asset, with thick pegmatite intercepts at the Big Red discovery. Drilling permits are in place, and lease applications are advancing. Similarly, the adjacent Miriam Lithium Project includes a spodumene outcrop and multiple pegmatite targets with permits secured for upcoming drilling activities.