• Small Mining Proposal Lodged for Stage 1 Development
• Low-CAPEX Stage 1 Heap Leach Design Defined
• Highly Scalable Metallurgical Processing Strategy
• Strong Metallurgical Performance with Gold Recoveries Exceeding 80%
• Owner-Operator Model to Control Costs

OzAurum Resources Ltd (ASX: OZM) is pleased to provide an update on the ongoing heap leach Feasibility Study for its 100%-owned Mulgabbie North Gold Project, highlighting strong progress toward a capital-light, staged development strategy at a time of record Australian dollar gold prices. Key highlights include the lodgment of the Stage 1 Small Mining Proposal, the completion of the Stage 1 heap leach design utilizing 2 cells from a larger 32-cell scalable plan, and the commencement of environmental permitting works for Stage 2. The metallurgical processing design leverages existing infrastructure and features a staged expansion pathway, with the first column leach test delivering gold recoveries exceeding 80%. The company plans to adopt an owner-operator model across mining, processing, and civil works to maintain tight control over capital and operating costs. OzAurum has also secured key infrastructure, such as the agglomeration plant, at a very low capital cost, further enhancing the project's economics. The current record Australian gold price of approximately A$7,200/oz significantly strengthens the investment case for advancing Mulgabbie North toward production.

OzAurum is focused on bringing the Mulgabbie North Gold Project into production in a disciplined, staged, and capital-efficient manner. The company's staged development strategy, coupled with an owner-operator model and the leveraging of existing infrastructure, is designed to deliver low operating costs and capital efficiency. The current high Australian dollar gold price environment further enhances the project's economics and development optionality.