AURUM RESOURCES LIMITED (AUE)
Share Price Analysis and Chart

12/06/2026

1

Speculative Buy

$1.50

185.71%

Aurum Resources has completed its pre-feasibility study (PFS) for its Boundiali Gold Project in Cote d'Ivoire. The study outlined a maiden Ore Reserve of 1.21Moz and average production of 185kozpa during the first five years, Bell Potter highlights.

The broker assesses strong project economics, including a post-tax NPV of around US$1.5bn, an internal rate of return of 119% and a payback period of less than one year. It's felt recent resource growth leaves scope for further improvements.

Management has commenced the definitive feasibility study (DFS), targeting completion in late 2026 and first production in early 2028.

Bell Potter retains a Speculative Buy rating and lifts its target to $1.50 from $1.30.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -4.30 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -4.20 cents.

11/08/2026

1

Speculative Buy

$1.40

166.67%

Canaccord Genuity maintains a Speculative Buy rating for Aurum Resources with a $1.40 target price following encouraging drilling results from the Boundiali Gold Project.

A 9,452m batch of drilling across the BMT1, BMT2, and BMT3 deposits intersected multiple zones of high-grade mineralisation outside current resource boundaries, highlighted by an intercept of 1.76m at 150.9g/t gold from 486m depth.

The analyst notes the deepest intersections demonstrate mineralisation remains open down plunge and support the possibility of uncovering higher-grade shoot controls to underpin future underground mine development.

While the recently delivered pre-feasibility study outlines an 11-year, 1.5Moz operation, the broker's estimates apply more conservative assumptions of US$380m in initial capital expenditure and US$2,500/oz in all-in sustaining costs to reflect broad cost escalation.

With 16 diamond rigs currently active across the site, a further resource update is anticipated in the September quarter of 2026 ahead of a definitive feasibility study funded by existing cash reserves of $55m.