Quarterly Activities/Appendix 5B Cash Flow Report
Released
Released
Announcement PDF
24 July 2025
QUARTERLY ACTIVITIES REPORT – JUNE 2025
HIGHLIGHTS
Acquisition of 100% ownership of Miriam Project and Rapid Advancement of Multiple
Prospective Gold Targets
•
Acquisition of the gold and base metal rights and remaining 15% of the residual lithium rights at the Miriam
Project from Corazon Mining Ltd (ASX: CZN) for A$350,000 cash and royalty option exercised by FBM to
acquire the existing 2% Net Smelter Return royalty over Miriam Project for A$65,000 cash.
•
Extensive review of historical drilling data highlighted consistent and continuous gold mineralisation
previously intersected over a strike of more than 600m at the Forrest prospect with drilling at Forrest
intercepted shallow gold believed to be regolith and fresh rock hosted including:
─
12m @ 2.09 g/t Au from 60m (MRC97-15)
─
10m @ 2.51 g/t Au from 30m (FGA002)
─
10m @ 2.09 g/t Au from 30m and 4m @ 4.86 g/t Au from 73m (MRC97-5)
─
5m @ 7.35 g/t Au from 70m (MRC97-25)
•
Gold mineralisation at Forrest remains open at depth and to the northeast and southwest; these zones
represent priority targets for initial Miriam gold targeted drilling.
•
Litho-structural interpretation of aeromagnetic data over Miriam identified thirteen (13) new structural gold
targets, individually up to 1.75km long across a 6km tenure strike.
•
Fifteen (15) anomalous gold zones identified from detailed review of recent and historical surface
geochemistry at with a peak value of 3.03 g/t Au highlighting the potential for shallow, high-grade gold
discoveries at Miriam. Resulting in the emergence of the 1.75km geochemical and geophysical Canyon
target.
•
Initial RC drilling programme commenced subsequent to end of quarter at Miriam, targeting the Forrest
and Canyon prospects and was completed in July totalling 1,900m.
Expansion of Burbanks East increases landholding of Coolgardie Project
•
Seven new contiguous tenement applications at Burbanks East, covering a 5km strike of greenstone
lithologies prospective for gold located within a broader proven fertile gold belt.
•
Extensive review of all historical exploration drilling and soil sampling data completed, which identified six
(6) broad surface gold anomalies (with limited historical drill testing), including a 2.7km anomaly that has
no historical drill testing.
•
Historical Air Core (AC) and Rotary Air Blast (RAB) drilling returned numerous shallow significant
intercepts in regolith, including:
─
8m @ 3.37 g/t Au from 32m (KSC3339)
─
6m @ 1.84 g/t Au from 44m (KSC3336)
─
10m @ 0.9 g/t Au from 36m including 2m @ 3.1 g/t Au (LEB122)
─
3m @ 4.57 g/t Au from 28m (KSC3314)
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Corporate and Business Development
•
FBM’s entire 75km2 Coolgardie tenure portfolio now 100%-owned (including all lithium and gold rights)
and free from any existing third-party royalty or offtake obligations.
•
Detailed evaluation of a range of additional regional consolidation opportunities, strategic partnerships and
potentially value accretive acquisitions undertaken during the quarter.
•
FBM remains well-funded to undertake all planned exploration activities through 2025 and beyond with a
strong cash balance of A$6.4 million and zero debt (excluding typical trade creditors) as at 30 June 2025.
SEPTEMBER 2025 QUARTER PLANNED ACTIVITY
Miriam Project
•
First assay results from initial phase one RC program expected in early September 2025.
•
Second phase of RC drilling to follow in September shortly after results from initial drill program.
•
Detailed geological logging at Forrest to support refinement of Miriam’s geological model, with Forrest
targeted to be advanced to initial Mineral Resource Estimate (MRE) status in early Q4 CY2025.
•
Second heritage survey at Miriam to commence in the September quarter, covering prospective areas
which FBM intends to test in subsequent CY2026 drilling.
Burbanks East
•
Litho-structural review utilising all geophysical magnetic data over the Burbanks East tenure in progress
targeting prospective bedrock structures or intrusions targeting completion in July 2025
•
Further ground truthing to define new gold targets while Burbanks East progresses toward grant.
Business Development
•
FBM continues to assess further regional consolidation opportunities, strategic partnerships and potentially
value accretive acquisitions.
FBM Managing Director, Nicholas Rathjen, commented:
“It has been a transformational June 2025 quarter for FBM having acquired two gold projects and undertaken
early-stage gold exploration programs at these projects. What began as a preliminary review of gold-focused
geological and historical drill data at Miriam has rapidly grown into a regional-scale gold opportunity that
extends across our broader Coolgardie portfolio. The Miriam Project, now fully consolidated and wholly
owned by FBM offers strong gold resource prospectivity, being located within 15km of operating gold mills
and established transport infrastructure.”
“Our proactive approach to expanding our tenure across the Coolgardie belt coupled with our geological
capabilities, has secured the company one of the largest landholdings on the belt with 75km2 of prospective
greenstone and uncovering multiple high priority gold targets for follow-up drilling. FBM now has a strong
array of high priority targets to rapidly expand the gold potential at Coolgardie”
“Post quarter, we’ve completed the initial gold focused RC drilling at Miriam. This drilling focused on the
Forrest prospect targeting new intercepts of shallow, high-grade gold to validate historical results, in addition
to testing the potential for extensions of mineralisation to the north-east and south-west. We also began
testing the recently identified large 1.75km structural and chemical Canyon gold target in the program. We
look forward to receiving first assay results from this programme in early September 2025.”
“FBM remains financially and strategically nimble to rapidly execute its proven low-cost exploration strategy
and grow its pipeline of prospective gold targets for future drill testing through 2025 and beyond.”
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MIRIAM PROJECT (100%), WESTERN AUSTRALIA
Acquisition of 100% interest, including all gold and base metal rights
In May 2025, FBM executed a binding purchase agreement with Corazon Mining Limited (Corazon) for the
acquisition of 100% ownership of all mineral interests in the Miriam Project (Miriam) located in the W.A
Goldfield’s region of Western Australia for $350,000 cash. This acquisition included the remaining 15% interest
in Lithium interests in the Miriam Project and 100% of all gold and base metal rights.
Given that Corazon no longer has an interest in the Miriam Project and no longer have any nexus to the
milestones in respect to the performance rights previously issued to Corazon pursuant to the Prior Acquisition,
the 120,967,744 performance rights held by Corazon were cancelled for no consideration.
The Company also exercised its option to acquire the existing 2% NSR royalty over the Miriam Project
(covering all minerals) from a third party for A$65,000, which will result in the extinguishment of this royalty
over the Miriam Project. Upon acquisition and extinguishment of this royalty, and completion of the Acquisition,
FBM held 100% ownership of all tenure within its Coolgardie projects portfolio free from nongovernment/Native Title third-party obligations or rights with respect to royalties or offtake.
CLICK VIDEO: Site Trip – Acquisition of Miriam
Overview of gold prospectivity
The Miriam Project tenure covers a region of the Coolgardie Greenstone Belt overlying a suite of mafic and
ultramafic units along with felsic intrusives. Miriam also overlies formations and structural trends that host
multiple nearby gold deposits, including Horizon Minerals’ Burbanks (466 koz @ 2.4 g/t Au), Beacon Minerals’
McPhersons Reward (132 koz @ 1.2 g/t Au) and Focus Minerals’ Coolgardie Operations (2.7 Moz @ 1.8 g/t
Au). 1
0F
Any future gold discoveries at the Miriam Project will benefit from exceptional commercialisation optionality
with several operating gold mills in close proximity to the area. The Burbanks Mine, which is located only 1 km
north of the Miriam Project tenure, contains a mill and processing plant owned by Auric Mining. The Greenfields
Mill, owned and operated by FMR Investments, and the Three Mile Hill Mill, owned and operated by Focus
Minerals, are approximately 16 kilometres by a sealed road to the north-east.
Refer to Horizon Minerals Reserves & Resources, Beacon Minerals ASX announcement dated 6th November 2024 and Focus
Minerals ASX Announcement dated 1st December 2023
1
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Figure 1: Regional map of FBM’s Coolgardie Projects and other nearby operations 2
1F
Review and evaluation of historical data and ground truthing
FBM completed a detailed review of existing historical gold data for the Miriam Project. This involved the
collating and validating of all available geological and drilling data within the region to better understand the
potential of these recorded gold occurrences, and the broader gold and base metals prospectivity at Miriam.
While modern exploration is limited within the Miriam Project tenure area, multiple gold occurrences have been
recorded and are available on the Mines and Mineral Deposits Public Database (MINEDEX), provided by the
Department of Mines and Industry Regulation and Safety (DEMIRS).
Evidence of historic artisanal mining is readily apparent within and outlying the Miriam Project tenure from
when the region was subject to intense gold prospecting following initial discovery in the 1890’s. It was within
these historic shafts and workings where spodumene bearing pegmatites were first observed in 2022. FBM’s
review highlighted that no drilling had occurred since the early 2000’s and that significant recent gold
exploration drilling appears to have been limited to the Forrest prospect. Many of the holes drilled for Nickel
prospectivity at Miriam were not assayed for gold.
2
Bullabulling refer to Minerals 260 ASX Announcement dated 14th January 2025
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Figure 2: Miriam Project drill hole location map
Through historical drilling, multiple prospective gold occurrences were identified within the Miriam Project
tenure, including Forrest, Goroke and Burbanks Monarch.
Forrest prospect
At Forrest, drilling during the late 1990’s discovered and intersected multiple flat-lying lodes of gold
mineralisation within regolith and bed rock. Mineralisation is consistent over a strike length greater than 600m
with multiple near surface intersections. FBM has identified multiple areas where the Forrest system may
remain open, particularly to the northeast and southwest.
Significant intersections returned from this drilling included:
12m @ 2.09 g/t Au from 60m (MRC97-15)
10m @ 2.51 g/t Au from 30m (FGA002)
10m @ 2.09 g/t Au from 30m and 4m @ 4.86 g/t Au from 73m (MRC97-5)
7m @ 3.42 g/t Au from 60m (MRC97-15)
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5m @ 7.35 g/t Au from 70m (MRC97-25)
8m @ 1.63 g/t Au from 28m (MRC97-17)
8m @ 1.17 g/t Au from 51m (MRC97-12)
Forrest South and Jungle prospects
Wide spaced drilling conducted to the south of Forrest has also intercepted two additional prospective zones
known as Forrest South and Jungle. The intercepts remain open and further drilling is required to understand
the potential scale of mineralisation, however these prospects represent opportunities for further growth. Key
intercepts include:
16m @ 0.93g/t Au from 44m (LDC7) Forrest South
4m @ 3.77g/t Au from 94m (FGC001) Jungle
10m @ 0.62g/t Au from 30m (DPR022) Jungle
Goroke and Burbanks Monarch prospects
FBM has also investigated other regional occurrences such as Goroke (5m @ 2.3 g/t Au from surface and
12m @ 1.04g/t from 15m) and Burbanks Monarch (10m @ 0.9 g/t Au from 30m). Only limited drilling has tested
these occurrences, and more work is required to better evaluate their potential. Key intercepts from Goroke
and Burbanks Monarch include:
5m @ 2.3 g/t Au from surface (MID014) Goroke
12m @ 1.04g/t Au from 15m (FGA059) Goroke
5m @ 1.94g/t Au from 25m (FGA073) Burbanks Monarch
10m @ 0.90g/t Au from 30m (FGA050) Burbanks Monarch
Prospective gold targets identified through magnetic geophysical and geochemical review
A two staged target generative and detailed litho-structural interpretation of geophysical magnetics and surface
geochemical data was completed in June 2025.
FBM interpreted the previously acquired geophysical magnetic data sets with a focus on identifying structures
and targets prospective for gold deposition. This work resulted in the identification of 13 prospective targets
which include both broad and discrete structures of interest. The targets include a combination of
lithological changes, localised demagnetisation, faulting and offsetting, which may all be significant for gold
mineralisation. Many targets showed analogous geophysical characteristics of known mineralisation at the
Forrest prospect where gold mineralisation sits on the boundary to a small magnetic high feature. This is
interpreted to represent a faulted or sheared contact between mafic and ultramafic units which is likely to
extend to the north and south.
In addition, the Company collated all surface geochemical sampling conducted on the tenement, with a focus
on soil sampling. The evaluated results also included approximately 300 samples recently collected by FBM
and submitted to LabWest for analysis. This process involved the use of Ultrafine+™, an Ultra Fine Fraction
process which tests clay particle size fraction soils for gold and gold pathfinder elements.
The review found, fifteen (15) anomalous zones (figure 3) indicating potential subsurface gold
mineralisation have been identified and warrant follow-up exploration. Several samples returned
relatively high grades for soil sampling, ranging between >0.1 g/t Au and a peak of 3.03 g/t Au. This evidences
the fertility of Miriam and the surrounding area and highlights the strong underlying potential for further shallow
oxide or bedrock gold discoveries.
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Figure 3: Miriam soil sampling results
Importantly, many of these gold anomalies are coincident with the structural targets derived from the
geophysical litho-structural interpretation. FBM considers the targets where strong coincidence have been
observed to be of top priority for upcoming drill testing.
A key observation is that FBM can draw insights from the known mineralisation at Forrest – where bedrock
intercepts from drilling share a strong correlation to elevated gold-in-soils and distinct magnetic features – and
identify commonalities to other targets.
This resulted in FBM’s identification of the Canyon target, representing a large approximate 1.75 km long
gold anomaly in soils overlapping with the previously identified 1.75 km structural target (refer Figure
3).
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Upcoming work programmes at Miriam
Subsequent to end of the June quarter, FBM completed the Phase 1 RC gold drilling programme at Miriam.
The programme consisted of twenty-one holes for approximately 1,900m drilled and was designed to target
gold mineralisation at Forrest and the newly defined Canyon prospect.
Drilling at Forrest aimed to confirm the thickness and grade of gold lodes previously identified in historical
drilling, and to test potential dip and plunge extensions. Drilling will also test the potential for extensions of
mineralisation to the north-east and south-west. At the Canyon prospect drilling was focused on testing of a
1.75km structural target with similar geophysical attributes to, and sitting along strike from, Forrest, which is
located 1km to the north.
First assay results from this RC drill programme are expected to be received in early September 2025.
Following receipt of these results, FBM plans to commence Phase 2 RC drilling at Forrest and Canyon later in
September, along with other key regional targets. The Phase 1 drilling results from the Forrest prospect will
be incorporated into the Company’s geological model and are set to both inform future planned exploration of
Miriam and support an initial gold MRE scheduled for release in Q4 2025.
In parallel, FBM field personnel are also currently conducting further ground truthing of the recently identified
geochemical and structural anomalies in preparation for the drill testing of priority targets in subsequent drilling
programmes.
CLICK VIDEO: On-Site Video Update at Miriam Project
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BURBANKS EAST PROJECT (100%), WESTERN AUSTRALIA
Expansion of Burbanks East project tenure
On 5 June 2025, FBM announced it had staked seven new prospective tenements to extend its existing
Burbanks East Project area near Coolgardie (refers Figure 1 and 4). The new tenements cover a 5km strike
of greenstone lithologies prospective for gold and LCT pegmatites within a broader proven fertile gold belt.
This new tenure expands FBM’s Burbanks East Project area to over 10km2 and increases the Company’s
landholdings in the Coolgardie Greenstone Belt to over 75 km2
The new extension area now provides FBM with a significantly larger footprint to explore, covering highly
prospective bedrock geology. The underlying bedrock consists of Mafic and Ultramafic units which have been
serpentinised to greenschist facies, otherwise known as Archaean greenstones which have been intruded by
younger felsic and mafic units. These intrusions and associated deformation structures are considered a
significant control on gold mineralisation. Importantly the Burbanks East project area is located on the same
package of rocks known as the Hampton Ultramafic suite which host the MacPhersons Reward Gold mine and
form part of the larger Tindall’s anticline and the richly gold endowed Coolgardie Belt. FBM is currently collating
all historic drilling and surface geochemistry from the Burbanks East project area to define new gold targets
that may be tested through systematic exploration.
Burbanks East Agreement
FBM reached an agreement with the competing applicant, under which the applicant agreed to withdraw their
applications in exchange for A$75,000 in cash and A$75,000 in FBM shares calculated at the 10-day Value
Weighted Average Price (VWAP) immediately prior to the date of issue, subject to a six-month escrow period.
Broad surface gold anomalies identified at Burbanks East
Following the Company’s expansion of Burbanks East, FBM commenced an extensive review of all available
historical data covering its new tenements.
Across these new tenements, most of the area had already been tested using surface geochemistry. FBM’s
review of these historical geochemical results pleasingly uncovered six (6) broad (>20ppb) gold anomalies,
showing limited follow-up drill testing.
Investigation into shallow RAB and AC drilling conducted by exploration companies, Croesus Mining NL,
Monarch Resource Limited, Mt Kersey Mining and Cazaly Resources during the late 1990’s and early 2000’s
and RC drilling completed by Beacon Minerals in 2024, highlighted numerous significant gold intercepts
within regolith, including:
8m @ 3.37 g/t Au from 32m (KSC3339)
6m @ 1.84 g/t Au from 44m (KSC3336)
10m @ 0.9 g/t Au from 36m including 2m @ 3.1 g/t Au (LEB122)
3m @ 4.57 g/t Au from 28m (KSC3314)
While most of the drilling is shallow in nature and wide-spaced, many of the anomalous intercepts are poorly
understood or not closed out and remain open to future testing. Additionally, most of the anomalous surficial
gold targets have no basement fresh rock drill testing, including a 2.7km striking target which has no
reported exploration drilling.
The results of this review strongly validate the Company’s low-cost, systematic approach to exploration,
contributing meaningfully to FBM’s understanding of the surrounding region and enabling the Company to
leverage future resource potential through further derisking of the Company’s exploration techniques.
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Figure 4: Burbanks East – Historical Drill Hole Location Map
Upcoming work programmes at Burbanks East
In collaboration with Southern Geoscience, FBM is currently compiling the geophysical magnetic data of the
Burbanks East area. Once this data has been compiled, a detailed structural review of the bedrock will be
conducted in order to identify structures or intrusions which may be significant for gold mineralisation. The
Company expects completion of this review in August 2025.
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BROADER OPPORTUNITIES, WESTERN AUSTRALIA
Strategic setting matched to market conditions
FBM actively monitors developments in the W.A. Goldfields for new opportunities and continues to evaluate
new tenement opportunities with substantial gold prospectivity for inclusion into its current project portfolio.
At the same time, the Company aims to align the commencement of future exploration drilling at its Coolgardie
Lithium Projects with more favourable lithium market conditions. In the interim, FBM is focussed on low-cost
preservation of the underlying value that exists within its Kangaroo Hills and Miriam lithium tenure.
CORPORATE
Cashflows for the quarter
Attached to this report is the Appendix 5B containing the Company’s cashflow statement for the June 2025
quarter.
Cash outflows for the quarter included A$598k incurred on exploration and evaluation expenditure, the
acquisition of the remaining 15% interest in Coolgardie Nickel, royalty option payment related to Miriam, and
the Burbanks East tenement applications. There were A$356k of administration and corporate costs paid
during the quarter, and as disclosed on Section 6 of Appendix 5B; A$128k of payments were made to related
parties, including the Directors and their associates pursuant to existing director fee agreements for Executive
and Non-Executive Directors.
As at 30 June 2025, the Company had available cash of approximately A$6.4 million and zero debt (excluding
typical trade creditors).
Capital structure
Securities on Issue as at 30 June 2025:
• 673,161,028 fully paid ordinary shares (quoted)
• 3,000,000 options exercisable at A$0.15 on or before 28/11/2026
• 2,000,000 options exercisable at A$0.11 on or before 03/02/2028
• 5,000,000 options exercisable at A$0.14 on or before 24/05/2029
• 5,000,000 options exercisable at A$0.10 on or before 24/05/2029
• 5,000,000 options exercisable at A$0.18 on or before 24/05/2029
• 1,250,000 options exercisable at A$0.50 on or before 10/08/2026
• 2,000,000 options exercisable at A$0.10 on or before 13/12/2028
• 2,000,000 options exercisable at A$0.14 on or before 13/12/2028
• 58,355,429 Performance Rights (various classes)
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JUNE 2025 QUARTER: ASX ANNOUNCEMENTS
This Quarterly Activities Report contains information extracted from ASX market announcements reported in
accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves” (2012 JORC Code). Further details (including 2012 JORC Code reporting
tables where applicable) of exploration results referred to in this Quarterly Activities Report can be found in the
following announcements lodged on the Company’s ASX platform:
22 July 2025
Completion of Phase 1 Gold Drilling at Miriam
14 July 2025
Gold RC Drill Program Commences at Miriam
1 Jul 2025
Burbanks East Historical Shallow Drill Results of up to 8m at 3.37g/t Gold
25 Jun 2025
Soil Sampling Results Identify 1.75km Gold Anomaly at Miriam
17 Jun 2025
New Gold Targets Identified at Miriam Project
5 Jun 2025
FBM Expands Gold Tenure at Coolgardie
27 May 2025
Key Gold Prospects Identified at Miriam
19 May 2025
FBM Moves to 100% Ownership of Miriam Project Including Gold and Base Metal Rights
These announcements are available for viewing on the Company’s website futurebatteryminerals.com.au
under the Investors tab. Future Battery Minerals confirms that it is not aware of any new information or data
that materially affects the information included in any original ASX announcement.
This announcement has been authorised for release by the Board of Directors of Future Battery
Minerals.
For further information please visit futurebatteryminerals.com.au or contact:
Nicholas Rathjen
CEO & Managing Director
E: nrathjen@futurebatteryminerals.com.au
T: +61 (08) 6383 7817
Robin Cox
Technical Director
E: rcox@futurebatteryminerals.com.au
T: +61 (08) 6383 7817
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Competent Persons Statement
The information in this announcement that relates to exploration results is based on and fairly represents information
compiled by Mr Robin Cox BSc (E.Geol), a Competent Person, who is a Member of the Australian Institute of Mining and
Metallurgy. Mr Cox is the Company’s Chief Geologist and has sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent
Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves. Mr Cox consents to the inclusion in this announcement of the matters based on his information in the
form and context in which it appears.
The information in this announcement that relates to Geophysical Results is based on and fairly represents information
compiled by Mr Matthew Hutchens BSc. Hons. (Geophysics) MAIG Principal Geophysicist at Southern Geoscience, a
Competent Person, who is a Member of the Australian Institute of Geoscientists (AIG). Mr Hutchens is a consultant to the
company and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration
and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian
Code for Reporting of Exploration Results, Mineral resources and Ore Reserves. Mr Hutchens consents to the inclusion in
this announcement of the matters based on his information in the form and context in which it appears.
Forward-Looking Statements
This document may include forward-looking statements. Forward-looking statements include, but are not limited to,
statements concerning Future Battery Minerals Limited’s planned exploration programme and other statements that are
not historical facts. When used in this document, the words such as “could,” “plan,” “estimate,” “expect,” “intend,” “may”,
“potential”, “should,” and similar expressions are forward-looking statements. Although Future Battery Minerals Limited
believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks
and uncertainties, and no assurance can be given that actual results will be consistent with these forward-looking
statements.
Previously Reported Results
The information in this announcement that relates to Exploration Results is extracted from the ASX announcements
(Original Announcements), as referenced, which are available at www.futurebatteryminerals.com.au. FBM confirms that it
is not aware of any new information or data that materially affects the information included in the Original Announcements
and, that all material assumptions and technical parameters underpinning the estimates in the Original Announcements
continue to apply and have not materially changed. FBM confirms that the form and context in which the Competent
Persons’ findings are presented have not been materially modified from the original announcement.
Future Battery Minerals Ltd
info@futurebatteryminerals.com.au
Suite 10, 38 Colin St, West Perth WA 6005
+61 8 6383 7817
ABN 91 148 966 545
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