en.Wedoany.com Reported - Aurum Resources Ltd (ASX:AUE) has announced the Pre-Feasibility Study (PFS) and initial Ore Reserve estimate for its Boundiali Gold Project in Côte d'Ivoire, planning to develop a large-scale open-pit mine with an estimated mine life of 11 years, targeting first gold production in the first half of 2028.
The initial Ore Reserve stands at 42.1 million tonnes at 0.9 g/t gold, containing 1.21 million ounces of gold from four deposits, with a 77% conversion rate from Indicated Mineral Resources. Based on this reserve, the total mine life mill feed is 66.2 million tonnes at 0.82 g/t gold, containing 1.7 million ounces, with expected gold production of 1.5 million ounces over 11 years. The first five years are planned to produce 923,000 ounces, with an average annual output of 185,000 ounces and first-year production of 201,000 ounces.
The PFS, based on a consensus gold price forecast of $4,076 per ounce, demonstrates robust project economics. Under this scenario, Boundiali is expected to generate approximately $2 billion in after-tax free cash flow, with an after-tax Net Present Value (NPV) of $1.5 billion (discounted at 5%) and an Internal Rate of Return (IRR) of 119%. Pre-production capital expenditure is estimated at $342 million, including contingency.
Dr. Caigen Wang, Managing Director, stated that approximately 28 months after acquiring the project, the PFS confirms the deposit's potential as a large-scale project, with upside potential across all input parameters. The development plan centers on five open pits, supported by a 6 million tonne per annum processing plant utilizing conventional crushing, grinding, gravity recovery, and carbon-in-leach processes. Environmental approvals for the three core mining permits have been granted, clearing a key regulatory hurdle for the mining license application. The company has also identified multiple avenues to improve project outcomes during the Definitive Feasibility Study (DFS) phase, including enhancing recovery rates at the BMT3 deposit through flotation, converting Inferred Resources to higher confidence categories, expanding plant capacity, and reducing mining costs.
Dr. Wang noted that based on the Ore Reserve, the entire mine life plan targets recovering nearly 1 million ounces of gold within the first five years, with first-year production exceeding 200,000 ounces, and that most of the Boundiali system remains untested by drilling. The company operates 16 owned diamond drill rigs continuously, with a strong track record of converting Inferred Resources to Indicated Resources, which increased by 24% last month alone. Northern neighbor Perseus Mining participated as a cornerstone investor in the company's March placement, and Zhaojin Mining also appears on the shareholder register.
The company will immediately commence DFS work, targeting a final investment decision by the end of 2026. Key work streams include detailed mine design, geotechnical studies, optimization work, and a 100,000-meter per year drilling program. A major resource update is planned for the third quarter of 2026. As of March 31, 2026, the company held A$61 million in cash and is assembling a senior mining and project construction leadership team.
Aurum Resources is a gold explorer and developer focused on Côte d'Ivoire. Its flagship Boundiali Gold Project has rapidly progressed from a greenfield acquisition in late 2023 to a Mineral Resource of 3.22 million ounces, supported by over 215,000 meters of drilling completed by the company's own rig fleet. The company is also advancing the Napié Gold Project and continuing exploration to expand its resource base.
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