Oval Cu·Ni·PGE
Flagship Oval Cu-Ni-PGE discovery with growing strike, strong metallurgy and broader district-scale upside across the Yambat tenement.
Yesonbulag soum, Govi-Altai · Drilling
- Exploration licence
- XV-020515 & XV-023028
- Area
- 139.34 km²
- Ownership
- 100% owned
- Province
- Govi-Altai
Cautionary statement — The information presented is not materially different from the information presented and signed off by the competent person.
Overview
Oval Cu-Ni-PGE is the Company's flagship project and the cornerstone of its high-grade magmatic sulphide discovery strategy in Mongolia. Discovered on completely greenfields terrain in 2024, Oval represents one of the most significant copper-nickel sulphide discoveries made in Mongolia in recent years.
Since the initial discovery, follow-up diamond drilling and downhole electromagnetic (DHEM) surveys have consistently intersected high-grade copper-nickel sulphide mineralisation, demonstrating strong continuity and substantial growth potential. Several drill intercepts compare favourably with those reported from recent high-grade copper-nickel sulphide discoveries globally. Since 2023, the Company has completed more than 65 diamond drillholes for over 11,400 metres across Oval, North Oval, Copper Ridge and regional target areas.
During 2025, drilling expanded the interpreted mineralised intrusion by approximately 60%, increasing its strike extent from around 550 metres to approximately 880 metres. The system remains open both along strike and at depth, highlighting significant exploration upside. Metallurgical test work has also delivered excellent copper recoveries, further strengthening the project's potential development pathway.
Yambat tenement hosts more than a single discovery. Oval has validated a geophysical targeting model that now guides exploration across a cluster of look-alike intrusive areas including North Oval, MS1, MS2, the newly identified MS4 and Copper Ridge, supporting a broader district-scale growth case.
Location and tenure
The project licence is located in Govi-Altai Province in southwestern Mongolia, approximately 300km north of the Chinese border and within reach of established infrastructure and high-voltage power. The Company holds the project through Exploration Licence XV-020515, covering 106.07km² on a 100% owned basis. Together with the adjacent Bayan Sair licence, the Company's landholding in the district covers more than 139km² of prospective ground.
The project is situated within the Central Asian Orogenic Belt, one of the world's most prospective metallogenic provinces. Yambat forms part of an emerging mineral district that hosts multiple copper and nickel exploration targets, including the Company's adjacent Bayan Sair license and the nearby Red Hill copper-gold discovery. The strategic acquisition of the Bayan Sair licence expanded the Company's footprint over prospective intrusive trends identified through regional exploration, reinforcing the potential for a district-scale copper-nickel sulphide system beyond the Oval discovery.
Geology and mineralisation
Oval is a magmatic Cu-Ni-PGE sulphide system hosted within a Permian mafic-ultramafic intrusion, comparable to numerous fertile magmatic sulphide systems recognised throughout the Central Asian Orogenic Belt. The mineralised gabbroic intrusion is surrounded by a distinctive halo of spotted hornfels, forming an oval-shaped geological footprint that inspired the project's name. The intrusion measures approximately 900 m by 100 m and is associated with extensive gossan development and copper staining along its margins.
Mineralisation occurs as disseminated, net-textured, semi-massive and massive sulphides containing copper, nickel, cobalt and platinum-group elements (reported by the Company as "E3", being the sum of platinum, palladium and gold). Drilling has demonstrated a robust magmatic sulphide system with multiple styles of mineralisation, including high-grade massive sulphide accumulations.
The increasing abundance of gabbro-diorite dykes at depth suggests the intrusion may narrow downward toward a deeper magmatic feeder conduit. Such feeder zones are commonly associated with the concentration of high-grade sulphide mineralisation in magmatic systems and represent a compelling target for future exploration.
To date, 52 diamond drillholes for approximately 8,600 metres have been completed across the Oval and North Oval prospects, confirming the continuity and growth potential of the mineralised system.
Notable drill intercepts
The following table summarises notable drill intercepts. Please note that full details for all reported intercepts are available in the Appendices A through F of the "Annual Report and Financial Statements 2025" announced on 27 March 2026.
| Drillhole | Intercept | Announcement | Reference |
|---|---|---|---|
| OVD021 | 8.8m @ 6.08% Cu, 3.19% Ni, 1.63g/t E3, 0.11% Co — among the highest-grade intercepts drilled in recent years | 28 Oct 2024 — Outstanding Copper-Nickel Discovery | View ↗ |
| OVD027 | 6.1m @ 4.16% Cu, 3.51% Ni, 0.93g/t E3, 0.13% Co from 98.2m | 13 Jan 2025 — High Grade Massive Sulphide Intercepts Confirmed at Oval | View ↗ |
| OVD034 | 1.3m @ 4.70% Cu, 3.65% Ni, 1.19g/t E3, 0.12% Co from 79.6m (massive sulphide), within 34.0m @ 0.51% Cu, 0.47% Ni | 11 Jun 2025 — Assay Results Confirm High-Grade Mineralisation at Oval | View ↗ |
| OVD033 | 88.5m @ 0.62% Cu, 0.45% Ni, 0.22g/t E3 from 79.0m, including higher-grade zones | 11 Jun 2025 — Assay Results Confirm High-Grade Mineralisation at Oval | View ↗ |
| OVD051 | 9.3m @ 1.06% Cu, 0.48% Ni from 108.2m, including 3.8m @ 1.46% Cu, 0.66% Ni | 29 Jan 2026 — Significant Exploration Advances at Oval Cu-Ni-PGE Project | View ↗ |
Metallurgy
Independent test work completed by ALS Metallurgy in Perth has demonstrated that Oval mineralisation responds well to conventional flotation processing, delivering strong metallurgical performance and supporting the project's development potential.
- Payable copper recoveries of 89–95% across all composite samples tested (Previously announced in ASX announcement dated 18 December 2025 “Excellent Copper Recoveries Confirmed At The Oval Project”).
- A simple two-product flotation flowsheet producing separate copper and nickel concentrates
- A clean, marketable copper concentrate with no penalty elements identified
- Nickel and by-product recovery optimisation ongoing, with stepwise improvements already achieved
These results significantly de-risk the project's development pathway and provide further confidence in Oval's potential to evolve into a future source of copper and critical minerals.
Next steps
The Company is advancing plans for the next drilling. The program is expected to test down-dip and along-strike extensions of the Oval intrusion, including the interpreted deeper feeder zone, evaluate the broader intrusive cluster including the newly modelled anomaly, and advance the project toward an initial Mineral Resource estimate.