AURUM RESOURCES LIMITED (AUE)
Share Price Analysis and Chart

30/10/2026

1

Speculative Buy

$1.45

195.92%

Bell Potter welcomes Aurum Resources' Boundiali resource update, with gold resources rising 19% to 3.84Moz and higher-confidence Indicated resources increasing 37%.

It is believed stronger resource confidence and grades will support reserves approaching 2Moz and early production of around 200,000oz annually.

A definitive feasibility study (DFS) is due before year-end, while ongoing drilling is seen as offering further resource upside.

Cash of $95m supports development, with major gold producers on the register adding strategic appeal.

Bell Potter retains a Speculative Buy rating and target of $1.45.

FORECAST
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -4.20 cents.
Bell Potter forecasts a full year FY28 dividend of 0.00 cents and EPS of 9.10 cents.

30/10/2026

1

Speculative Buy

$1.50

206.12%

Canaccord Genuity maintains a Speculative Buy rating for Aurum Resources with its target price unchanged at $1.50 following an updated mineral resource estimate for the Boundiali Gold Project in Cote d'Ivoire.

Total resources increased 19% to 3.84Moz at 1.0g/t gold across 125.1Mt, driven by resource conversion and expansion across core deposits alongside a maiden 130koz resource at BMT2.

Higher-confidence Indicated Resources expanded 37% to 2.33Moz at 1.0g/t gold, offering a stronger foundation for the definitive feasibility study due later in 2026.

The higher-grade inventory component grew by 650koz to 2.0Moz at 1.7g/t gold, providing key flexibility for mine scheduling and optimisation work.

The analyst considers the larger resource base a key driver to enhance future ore reserve conversion beyond the current 1.21Moz reserve established in the June 2026 pre-feasibility study.