Aurum Resources Limited
Aurum Resources' Boundiali Gold Project in northern Cote d'Ivoire is a multi-license project (six named deposits across three tenements) hosting a mineral resource that has grown past 3.2 million ounces of gold; a June 2026 PFS and maiden probable ore reserve of 1.21 million ounces (drawn from four of the six deposits: BDT1, BDT2, BMT3 and BST) underpin an 11-year, roughly 185,000 oz/year mine plan targeting first gold in H1 2028, with a Definitive Feasibility Study targeted for completion by the end of 2026. Ownership is mixed across the PFS-feeding deposits -- 100% at BST (tenement BST) vs. approximately 80% (earning up to 88%) at BDT1/BDT2/BMT3 (tenements BD and BM) -- and a standard Cote d'Ivoire government 10% free-carried interest applies at the future mining-company level; the project is NOT uniformly 100%-owned as previously described here. Perseus Mining holds a 9.9% strategic stake in the company.
Notable vs. Peers
- Jurisdiction risk score of 5/10 is meaningfully riskier than the peer average of 7.8/10.
- Financials score of 7.4/10 is stronger than the peer average of 5.3/10.
Lifecycle Milestones
Combined view across 5 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
- 119.4%Boundiali PFS Project (BDT1, BDT2, BMT3, BST)
- 11 yrsBoundiali PFS Project (BDT1, BDT2, BMT3, BST)
Jurisdiction (40%)5/10
Cote d'Ivoire is one of West Africa's more politically stable and mining-friendly jurisdictions with an established mining code, but still carries materially higher sovereign, security, and infrastructure risk than Tier-1 jurisdictions.
Infrastructure (40%)No verified figure
Researched with nothing found: no source we could cite confirms or rules out an existing mill, road access, grid power, or tailings facility at Boundiali PFS Project (BDT1, BDT2, BMT3, BST) (checked Sep 30, 2026; recheck due Mar 29, 2027). Counts at a neutral 5/10 until one does.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Syama (Resolute Mining Limited), 146 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score:8.7/10
Perseus Mining Limited holds 9.9% (reported 23 Mar 2026) See holders
An operating producer's stake scores 8 at 5%, rising to 10 at 20% (the take-over-bid threshold) and holding there up to 50%.
Weight 25% · 34% here - Distance to a producing mineSub-score:1.8/10
Nearest producing mine: Syama (Resolute Mining Limited), 146 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 31% here - Lifecycle stageSub-score:8/10
Stage: Pre-Feasibility Study
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 20% here - JurisdictionSub-score:5/10
Côte d'Ivoire: jurisdiction score 5/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 9% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 6% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
EV/NPV of 0.08x sits in the 10th percentile among 21 pfs-stage gold peers ranked on EV/NPV -- and its jurisdiction score of 5/10 is low enough to plausibly explain much of that discount: a known, identifiable risk the market may be pricing correctly today. This is the headline Risk/Reward Asymmetry pattern this screen looks for -- a specific risk (e.g. a permitting dispute or comparable jurisdiction issue) that, if it resolves favorably, could re-rate the stock sharply. A mechanical screen only: this does not by itself confirm there IS a resolvable catalyst, or that it resolves favorably -- see this company's own profile page for any completed, cited research into why it trades at a discount, where that research exists.
A relative screen, not a probability and not a reason to buy. This flags companies trading unusually cheap on EV/NPV (market cap plus debt minus cash, per dollar of attributable study NPV) vs. peers of the same lifecycle stage and commodity, for a real, identifiable reason (a jurisdiction risk, a specific dispute, an incident, a financing gap) that may or may not ever resolve favorably. "Unexplained" candidates carry no identified driver at all -- a more speculative bucket than a named catalyst. The year chip is the study behind the NPV; amber means it is more than 5 years old (still the study on file, so it stays in this screen).
Your Rankings
Management Team
Managing Director of Aurum Resources Limited. Founded and led Tietto Minerals (ASX:TIE) for 13 years through exploration, ASX listing and production at Abujar, Côte d'Ivoire. Bachelor's, Master's and PhD in Mining Engineering; Fellow AusIMM; 25 years of experience across Australia, China, Africa and Canada.
Executive Director of Aurum Resources Limited. ~30 years as a geologist on gold and metals projects; recently Executive Director at Tietto Minerals through IPO to production.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Perseus Mining, a West African gold producer, closed a 9.9% cash strategic investment in Aurum Resources on 23 March 2026 (39,500,000 shares) -- a producer stake. Franklin Gold and Precious Metals Fund holds a further 2.19% as at 31 July 2026. Managing director Dr Caigen Wang bought 1,400,000 shares (about A$840,000) on the open market on 9 June 2026, a substantial personal commitment made while the company was advancing its Boundiali gold project in Cote d'Ivoire.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Aurum Resources is developing the Boundiali gold project in northern Côte d'Ivoire, six deposits across three tenements: it holds 80% of the BD and BM tenements, with a local Ivorian partner holding 20%, and 100% of the BST tenement, and Perseus Mining holds 9.9% of the company. Attributable indicated resources total 1,398,000 oz of gold, with no measured category, plus 1,284,000 oz inferred, based on drilling to 30 April 2026. The June 2026 pre-feasibility study, with a maiden probable reserve of 42.1 Mt at 0.9 g/t for 1.21 Moz from the BDT1, BDT2, BMT3 and BST deposits, plans a 6 Mtpa open-pit operation producing 1.5 Moz over 11 years and shows a post-tax NPV5% of US$1,493M and a 119.4% IRR at a consensus gold price of US$4,076/oz, with initial capital of US$342.3M and an all-in sustaining cost of US$2,049/oz. A definitive feasibility study is targeted for the end of 2026, with first gold targeted for the first half of 2028.
Aurum Resources' Pre-Feasibility Study and maiden Probable Ore Reserve for the Boundiali Gold Project, northern Côte d'Ivoire (June quarter 2026): maiden Probable Ore Reserve of 42.1 Mt at 0.9 g/t gold for 1.21 Moz (77% conversion of Indicated Resources into Reserves, across four deposits). Mineral Resource increased to 3.22 Moz gold (Indicated lifted 24% to 1.70 Moz). 6 Mtpa open-pit operation across five pits, life-of-mine mining inventory of 66.2 Mt at 0.82 g/t producing 1.5 Moz gold over 11 years at 86.7% average recovery. At a gold price assumption of US$4,076/oz: post-tax free cash flow ~US$2.0B, EBITDA ~US$3.1B, post-tax NPV5% of US$1.5B, IRR of 119%. Targeting a Final Investment Decision Q4 CY2026, first gold H1 CY2028; ended the June quarter with A$54.6M cash.