Aurum Resources declares maiden 1.21Moz reserve at Côte d'Ivoire's Boundiali

A pre-feasibility study values the project at $1.5bn post-tax and targets first gold in 2028, following full definitive feasibility work later in 2026

RMRoy Mulenga

30 June 20262 min read

Aurum Resources declares maiden 1.21Moz reserve at Côte d'Ivoire's Boundiali

ASX-listed Aurum Resources declared a maiden probable ore reserve of 42.1 million tonnes at 0.9 grams per tonne gold, containing 1.21 million ounces, for its Boundiali gold project in northern Côte d'Ivoire, effective 30 April 2026. The reserve, drawn from four open-pit deposits known as BDT1, BDT2, BMT3 and BST, represents a 77% conversion of the project's indicated mineral resources and is underpinned by a pre-feasibility study the company says confirms a technically robust, large-scale open-pit development.

Strong headline economics

The pre-feasibility study puts Boundiali's post-tax net present value at $1.5 billion and its internal rate of return at 119% using consensus gold price assumptions, figures that reflect both the project's scale and the elevated gold price environment through 2026. Aurum's board has endorsed advancing straight to a definitive feasibility study, targeted for completion in late 2026, followed by a final investment decision and first gold guided for the first half of 2028.

Why it matters

Boundiali adds to a deep pipeline of Ivorian gold projects moving through development, alongside Montage Gold's Koné mine under construction and Turaco Gold's Afema project completing its own pre-feasibility study in the same period. For Aurum, a small-cap explorer, converting the bulk of its resource straight into reserve at a high conversion rate is a strong signal of geological confidence, and the scale of the projected NPV relative to the company's size makes Boundiali a natural target for either aggressive self-funded development or a corporate approach from a larger regional gold producer.

What happens next

The near-term milestone is completion of the definitive feasibility study in late 2026, which will need to confirm the pre-feasibility study's capital and operating cost assumptions in more detail before Aurum can take a final investment decision and begin construction toward the targeted 2028 first-gold date.