AURUM RESOURCES LIMITED (AUE)
Share Price Analysis and Chart

07/09/2026

1

Speculative Buy

$1.50

150.00%

Bell Potter retains its $1.50 target and Speculative Buy rating for Aurum Resources after further high-grade results from the 3.22Moz Boundiali gold project in Cote d’Ivoire.

Assays from 22 holes returned wide high-grade and resource-grade intersections within and beyond the current resource envelope, the analysts highlight. It's also noted mineralisation remains open along strike and at depth.

The broker expects the results to increase resource size and confidence in the planned early-Q4 CY26 update. These factors are expected to support conversion of inferred resources to indicated and ultimately ore reserves for the definitive feasibility study (DFS).

Commentary notes Aurum remains well funded, while Perseus Mining’s ((PRU)) 9.9% interest reinforces its strategic appeal.

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.

07/09/2026

1

Speculative Buy

$1.40

133.33%

Canaccord Genuity maintains a Speculative Buy rating for Aurum Resources with a $1.40 target price following the release of a 5,774m batch of diamond drilling results from the Boundiali Gold Project in Cote d'Ivoire.

The latest infill and extensional drilling at the BST1 tenement confirms mineralisation extends down-dip and outside the current resource envelope, highlighted by 5.63m at 31.8g/t gold from 32m.

The analyst notes that several strong intercepts occurring at relatively shallow depths provide flexibility for future open-pit scheduling and potentially enhance early mine grades.

A resource update is expected early in the December quarter of 2026 to underpin an upcoming definitive feasibility study, supported by a strong $55m cash balance.

Valuation remains based on a 1.5m ounce operation producing 139koz annually, though Canaccord Genuity applies more conservative assumptions than the recent pre-feasibility study, including US$380m in initial capital expenditure and an all-in sustaining cost of US$2,500 per ounce.