OzAurum Resources Delivers Outstanding Heap Leach Results at Mulgabbie

Outstanding Heap Leach Results Propel OzAurum Toward Low-Cost Gold Production

OzAurum Resources Ltd (ASX: OZM) has delivered exceptional heap leach metallurgical results from its Mulgabbie North Gold Project in Western Australia, marking a significant milestone in the company's journey toward near-term gold production. The latest column test work demonstrates the project's potential for low-cost, rapid-recovery gold processing that could position OzAurum as an emerging producer in the prolific Eastern Goldfields region.

The heap leach results OzAurum Resources Ltd achieved showcase 90% gold recovery from shallow oxide ore with rapid leaching kinetics, supporting a compelling development pathway that could see the company transition from explorer to producer within months.

Key Performance Highlights Drive Production Confidence

The metallurgical test work has exceeded expectations across multiple parameters critical to heap leach operations. Furthermore, these results provide strong technical validation for the company's development strategy.

Recovery Performance:

• Column 1 (MNODH 019): Achieved 90% gold recovery from 2.51 g/t Au oxide ore
• Column 2 (MNODH 020): Delivered 75% recovery from 1.35 g/t Au deeper ore zones
• Consistent performance across varying oxidation profiles demonstrates robust processing capabilities

Rapid Processing Kinetics:

• >60% recovery within 7 days
• >80% recovery within 14 days
• Fast extraction rates support accelerated cash flow generation potential

Operational Efficiency Indicators:

CEO Andrew Pumphrey commented: "These results clearly demonstrate the strong potential for a low-cost heap leach operation at Mulgabbie North. Achieving 80% recovery within just 14 days is particularly exciting as it underpins rapid gold production and early cashflow generation potential. With plant refurbishment progressing well, we are increasingly confident in advancing towards a near-term production scenario."

Understanding Heap Leach Processing: A Low-Cost Gold Extraction Method

What is heap leach processing?

Heap leach processing involves stacking crushed ore in large pads and applying a cyanide solution that percolates through the material to dissolve gold. The gold-bearing solution is then collected and processed to recover the precious metal.

This method is particularly attractive for oxide gold deposits due to its numerous advantages. In addition, the technology offers significant operational benefits compared to conventional processing methods.

Key Benefits:

• Lower capital costs compared to conventional mills
• Shorter construction timelines
• Operational flexibility for varying ore grades
• Reduced environmental footprint

Why it matters for investors

Heap leach operations typically require significantly less upfront capital than traditional processing plants, allowing companies to achieve production faster with lower financial risk. The rapid recovery rates demonstrated at Mulgabbie North suggest the potential for accelerated payback periods and early cash flow generation.

The heap leach results OzAurum Resources Ltd reported demonstrate this technology's effectiveness for the project's ore characteristics, with 90% recovery rates validating the processing route selection. Moreover, the rapid kinetics provide additional confidence in the development pathway.

Production Infrastructure Rapidly Advancing

OzAurum's transition to production is being de-risked through systematic plant refurbishment and equipment acquisition. Furthermore, the company has secured experienced technical partnerships to support development.

Plant Development Progress:

• Design engineering: ~90% complete
• Equipment relocation: Successfully moved to Polaris Engineering Henderson facility
• Additional equipment secured: Conveyors, cement silo, cyanide tank, and carbon columns
• Steel integrity confirmed: Thickness testing completed on all major components
• Commissioning pathway: Dry commissioning to be completed before on-site installation

Shannon Melvin, Managing Director, Polaris Engineering Services: "We are progressing ahead nicely as the design engineering is +/- 90% complete, all plant has been relocated to our workshops and is currently being refurbished."

The systematic approach to plant refurbishment demonstrates OzAurum's commitment to de-risking the production transition while maintaining cost discipline. In addition, this methodical process reduces execution risk for investors.

Geological Foundation Supports Scalable Development

The Mulgabbie North project sits on the Relief Shear, a significant gold mineralisation corridor extending 8km within OzAurum's tenure. This geological setting provides multiple development opportunities for long-term growth.

Geological Advantages:

Strategic Location Benefits:

• 2km from Carosue Dam operations (Northern Star Limited)
• 135km northeast of Kalgoorlie – established mining region
• Proven geological environment – Eastern Goldfields gold province
• Infrastructure access via Kalgoorlie-Pinjin Road

The project's position within the same geological environment as major producing mines provides confidence in the mineral system's continuity and exploration upside. However, individual geological characteristics distinguish Mulgabbie North's specific opportunities.

Geological Structure and Mineralisation

The Mulgabbie North gold mineralisation occurs within the Relief Shear, a gold-bearing corridor up to 50m in true width. High-grade gold mineralisation develops where faults intersect with the Relief Shear, creating structural controls that concentrate gold deposition.

Geological Characteristics:

• North-south striking faults associated with large gold deposits in the Eastern Goldfields
• Quartz veining with pyrite and arsenopyrite mineralisation
• Sandstone host rock providing brittle conditions favourable for gold concentration
• Multiple fault orientations creating intersection zones for mineralisation enhancement

The geological observations indicate that sandstone appears to be the dominant host for high-grade gold mineralisation, similar to the productive Carosue Dam basin approximately 2km from Mulgabbie North. Consequently, this geological similarity provides confidence in the mineral system's potential for expansion.

Resource Base Supports Multi-Stage Development

OzAurum's 260,000-ounce mineral resource at Mulgabbie North provides a solid foundation for staged development. Furthermore, the resource classification demonstrates strong confidence levels for mine planning.

Current Mineral Resource (JORC 2012):

The resource demonstrates several key advantages for development planning. In addition, the tonnage base provides flexibility for various production scenarios.

Resource Characteristics:

• Strong measured and indicated categories supporting near-term mine planning
• Consistent grades across resource classifications
• Significant tonnage base enabling staged development approach
• Growth potential along the 8km Relief Shear corridor

Investment Thesis: From Explorer to Producer

OzAurum Resources presents a compelling investment opportunity as it transitions from exploration to production. The heap leach results OzAurum Resources Ltd achieved provide technical validation for this strategic shift.

Near-Term Catalysts:

1. Plant commissioning completion – Expected within months
2. Mining permits and approvals – Progressing for Stage 1 development
3. Resource expansion drilling – Testing depth extensions and along-strike targets
4. Production commencement – Heap leach operations targeting rapid cash generation

Competitive Positioning

The company has established several competitive advantages that distinguish it from other emerging producers. Moreover, these advantages support a de-risked development pathway.

Key Differentiators:

• Low-cost development pathway through heap leach processing
• Rapid production timeline compared to conventional mine development
• Established mining region with supporting infrastructure
• Experienced management team with local geological expertise

Financial Advantages:

• Reduced capital intensity versus traditional processing methods
• Fast payback potential from rapid recovery rates
• Operational flexibility to process varying ore types
• Expansion optionality across 8km mineralised corridor

Why Investors Should Monitor OzAurum's Progress

OzAurum Resources has positioned itself at a critical inflection point, with exceptional metallurgical results confirming the viability of near-term gold production. However, several factors warrant continued investor attention beyond the initial technical success.

Operational Excellence Demonstrated:

• Proven processing capabilities with 90% recovery rates
• Rapid extraction kinetics supporting accelerated cash flows
• Systematic development approach reducing execution risk
• Experienced technical partnerships (Polaris Engineering Services)

Strategic Market Position:

• Prime location in established gold province
• Scalable development model from Stage 1 to regional producer
• Resource expansion potential along proven geological structures
• Infrastructure advantages in accessible mining region

Timeline Advantages Drive Investment Appeal

The company's development timeline offers significant advantages compared to greenfield projects. Furthermore, the heap leach results OzAurum Resources Ltd reported validate this accelerated pathway.

Development Timeline Benefits:

• Near-term production pathway – months rather than years
• De-risked development process through proven technologies
• Multiple expansion opportunities across extensive tenure
• Early mover advantage in emerging production scenario

The combination of outstanding metallurgical results, advanced plant refurbishment, and strategic location positions OzAurum as a compelling story in the Australian gold sector. Consequently, multiple near-term catalysts create investment opportunity for emerging gold production exposure.

Key Investment Tracking Points:

OzAurum Resources has demonstrated exceptional heap leach metallurgy results that support a low-cost, rapid-recovery gold production scenario. With plant refurbishment ~90% complete and proven 90% gold recovery rates, investors should monitor the company's progression toward production commencement. The 260,000-ounce resource base and 8km mineralised corridor provide scalable development opportunities that could transform OzAurum from explorer to significant regional gold producer.

The heap leach results OzAurum Resources Ltd achieved represent a significant technical milestone that validates the company's processing route and supports accelerated development timelines. With 90% gold recovery achieved in column testing and rapid extraction kinetics demonstrated, the project shows strong potential for early cash flow generation.

With multiple near-term catalysts approaching, the company warrants close attention from investors seeking exposure to emerging gold production opportunities in the Eastern Goldfields region. For instance, the systematic approach to plant refurbishment and proven metallurgical performance create a compelling development story with reduced execution risk.

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