Highlights

  • Aurumin completed non-dilutive asset sales of iron ore rights and Mt Palmer, injecting capital without equity dilution.
  • The 100%-owned Sandstone Gold Project holds a 946,000-ounce resource in the East Murchison mineral province.
  • Two Mile Hill features a prominent tonalite stock with gold recoveries exceeding 90% under standard processing circuits.
  • Aurumin shares delivered a 69.36% capital gain over the prior 12 months as investors endorsed the balance sheet strategy.

Capital without dilution. A near-million-ounce resource. And an existing plant site ready to be rebuilt. Aurumin (ASX:AUN) took a disciplined approach to funding its flagship 946,000-ounce Sandstone Gold Project in late 2026, completing strategic non-dilutive asset sales — iron ore rights and the Mt Palmer project — to finance metallurgical optimization studies and open-pit scoping work.

Corporate Structure and Exploration Asset Footprint

Aurumin is an Australian mineral exploration and development enterprise listed on the ASX. Its philosophy centres on acquiring historical gold mining centres with established resource endowments and expanding them through modern structural geology and consolidated regional footprints.

The cornerstone asset is the 100%-owned Sandstone Gold Project in the East Murchison mineral province of Western Australia. Sandstone encompasses multiple advanced deposits including Two Mile Hill and Shillington, alongside a historic 800,000-tonne-per-day processing plant footprint. The Johnson Range Project, situated midway between Southern Cross and Sandstone, adds high-grade satellite feed potential.

Gold Geology and Processing Credentials

Gold is the exclusive commodity guiding Aurumin's strategy. The company aims to establish an economically robust open-pit and underground mining complex using conventional gravity and cyanide leaching circuits.

At Sandstone, gold mineralisation occurs within banded iron formations, sheared mafic volcanics, and intrusive tonalite plugs. The Two Mile Hill tonalite hosts broad, stockwork-style gold mineralisation amenable to bulk underground mining, while surrounding deposits offer near-surface open-pit ore. Technical work confirmed gold recoveries exceeding 90% across these material types.

Asset Rationalisation and Development Catalysts

The major catalyst was the execution of non-dilutive transactions that injected development capital without diluting equity holders. Management completed the sale of non-gold rights — including iron ore and lithium rights across certain tenements — and divested the Mt Palmer project.

Proceeds funded metallurgical optimization and structural geological remodeling at Sandstone. Management is now advancing open-pit optimization studies to model a phased production restart utilising the existing plant site infrastructure.

Financial Performance and Market Context

Shares in Aurumin closed unchanged at $0.105 on 2 October 2026, with no shares traded on the day. The company commanded a market capitalisation of $53.76 million.

Over the prior 12 months, Aurumin shares delivered a capital gain of 69.36%, reflecting investor endorsement of balance sheet strengthening, successful non-dilutive divestments, and the strategic value of a near-million-ounce Sandstone resource during a strong gold market cycle.

Near-Term Growth Drivers and Project Risks

Key catalysts include updated pit optimizations for Sandstone, potential regional toll-treating or joint venture arrangements, and assay results from targeted drilling campaigns.

Refurbishing or rebuilding a processing plant requires substantial project debt and equity capital, exposing shareholders to funding hurdles. Operational risks include underground geotechnical stability, skilled labour availability, and environmental approvals. The company remains exposed to gold price volatility and construction cost inflation across Western Australia.