Key Highlights

•  The updated resource is 125.1 million tonnes at 1.0g/t gold for 3.84 million ounces, up 19%, with indicated ounces up 37% to 2.33 million.

•  A maiden resource at BMT2 of 4.4 million tonnes at 0.9g/t for 130,000 ounces is the seventh deposit at Boundiali with a reported resource.

•  The DFS and reserve update are targeted for late 2026, and no final investment decision has been made.

Aurum Resources (ASX:AUE) has released an updated mineral resource estimate for its Boundiali gold project in Côte d'Ivoire, reported on 28 October 2026. The update lifts total contained gold by 19% to 3.84 million ounces and increases the higher-confidence indicated category by 37%.

The estimate was prepared by SLR Consulting under the JORC Code (2012) using drilling data up to 30 September 2026. It is designed to feed into a definitive feasibility study (DFS) that Aurum is targeting for completion late this year.

The updated estimate

The total resource stands at 125.1 million tonnes grading 1.0 grams per tonne gold for 3.84 million ounces. Of that, the indicated category contains 71.5 million tonnes at 1.0g/t for 2.33 million ounces, while the inferred category contains 53.6 million tonnes at 0.9g/t for 1.50 million ounces. No resources in the measured category were reported.

Inferred ounces fell by about 1%, reflecting the conversion of material into the indicated category. Infill drilling at the BST1, BMT1 and BMT3 deposits upgraded about 0.62 million ounces from inferred to indicated.

A maiden resource at BMT2 of 4.4 million tonnes at 0.9g/t for 130,000 ounces makes it the seventh deposit at Boundiali with a reported resource. BDT2 is the largest single deposit at 1.02 million ounces, followed by BST1 at 820,000 ounces and BMT3 at 810,000 ounces. The company also identified a higher-grade component totalling 2 million ounces at 1.7g/t.

Cut-off grades of 0.42 to 0.45g/t were applied to material above 300 metres depth and 1.5g/t below 300 metres, a split commonly used to distinguish potential open-pit material from potential underground material.

Resources versus reserves

The resource update does not change Boundiali's ore reserve. The maiden probable ore reserve, published in June 2026, remains at 42.1 million tonnes at 0.9g/t for 1.21 million ounces. Reserves are the portion of resources that have been shown to be economically mineable under defined assumptions, and Aurum plans to update the reserve as part of the DFS.

Managing director Dr Caigen Wang said the drilling had been "deliberately planned" to support the reserve update. He said rigs were directed at the three deposits "to convert inferred resources into indicated", with the aim of later converting indicated material into reserves.

Dr Wang added that Aurum, which operates its own fleet of 16 diamond drill rigs, had taken Boundiali from a greenfield discovery to its current size "in approximately 35 months".

Why it matters

Indicated resources can be used in feasibility-level studies to support ore reserves, while inferred material generally cannot. The increase in indicated ounces therefore matters more for project planning than the headline total. It enlarges the pool of material that could be considered for conversion to reserves, although such conversion is not guaranteed. Including its 1.16 million ounce Napié project, Aurum now reports group resources of about 5 million ounces.

The company said it held more than $95 million in cash at 30 September, although that figure was unaudited at the time of reporting.

Risks and next steps

The DFS and reserve update have not been completed, and a final investment decision (FID) has not been made. Resource estimates carry geological and grade uncertainty, particularly in the inferred category, and the average grade of about 1g/t means project economics will be sensitive to gold prices, mining costs and metallurgical recoveries. First gold, targeted for the first half of 2028, depends on financing, permitting and construction proceeding on schedule.

Aurum's disclosed next steps are to complete the DFS and reserve update in late 2026, move towards an FID and continue its 150,000-metre drilling programme. The company said all deposits remain open along strike and at depth, and several prospects have yet to be drilled.