Annual Report to Shareholders
Released
Released
Announcement PDF
ANNUAL
REPORT
2025
CONTENTS
Corporate Directory
2
Chairman’s Letter
3
Managing Director’s Letter
4
Review of Operations
5
Directors’ Report
28
Auditor’s Independence Declaration
41
Independent Auditor’s Report
42
Consolidated Statement of Profit or Loss and Other Comprehensive Income
46
Consolidated Statement of Financial Position
47
Consolidated Statement of Changes in Equity
48
Consolidated Statement of Cash Flows
49
Notes to the Consolidated Financial Statements
50
Consolidated Entity Disclosure Statement
71
Director’s Declaration
72
Corporate Governance Statement
73
ASX Additional Information
74
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CORPORATE
DIRECTORY
This financial report includes the consolidated financial statements and notes of Future Battery
Minerals Limited and its controlled entities (‘the Group’). The Group’s functional and presentation
currency is AUD ($).
A description of the Group’s operations and of its principal activities is included in the review of
operations and activities in the Director’s report. The Director’s report is not part of the financial
report.
Directors
Auditors
Mr Neville Power, Non-Executive Chairman
Mr Nicholas Rathjen, Managing Director and CEO
Mr Robin Cox, Technical Director
Mr Robert Waugh, Non-Executive Director
BDO Audit Pty Ltd
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth WA 6000
CFO & Company Secretary
Bankers
Ms Silfia Morton
Principal Place of Business
National Australia Bank
100 St Georges Terrace
Perth WA 6000
Solicitors
Suite 10/ 38-40 Colin St
West Perth WA 6005
T: +61 8 6383 7817
F: +61 8 6245 9853
E: info@futurebatteryminerals.com.au
Thomson Geer
Level 27, Exchange Tower
2 The Esplanade
Perth WA 6000
Share Registry
Stock Exchange
Automic Registry Services
Level 5, 191 St Georges Terrace
Perth WA 6000
T: +1300 288 664
Australian Securities Exchange Limited
Level 40, Central Park
152-158 St George’s Terrace
Perth WA 6000
ASX Code: FBM
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Page I 2
CHAIRMAN’S LETTER
Dear Shareholders,
I am pleased to present Future Battery Minerals’ Annual Report for FY2025. Our business has continued to
successfully position itself, in alignment with ever changing global market conditions, towards pursuing the
highest value-growth pathway for our shareholders.
At the end of last year, we adopted a low-cost exploration strategy with the aim of capital preservation and to
align our business with broader lithium market conditions. This strategy involved a rationalisation of our project
portfolio and divestment of non-core tenement holdings in South Australia, the Nepean Nickel Project in W.A.,
and our Nevada Lithium Project in the USA. The proceeds from the sale of these assets augmented our cash
reserves and supported the Company’s primary focus to assess and capitalise on new gold- and lithium-focused
opportunities across our Coolgardie portfolio.
Our Miriam Project, now fully consolidated and free of third-party obligations, represents an exciting gold
opportunity in close proximity to several established gold mines, processing mills and transport infrastructure.
After detailed evaluation of historical results, soil sampling and magnetic geophysics, we commenced an initial
drilling programme at Miriam after the end of the financial year, targeting two high-potential gold prospects at
Forrest and Canyon. Initial results from this programme have been excellent, returning thick, high-grade gold
intercepts within shallow oxidised zones at Forrest. We now have a strong foundation for future exploration drilling
which advances with our Phase 2 programme at Miriam and further drilling targeting gold across the Coolgardie
Project, to support the delivery of future gold resource delineation.
We have also significantly expanded our landholdings in the W.A. Goldfields. Through staking new exploration
and prospecting leases proximate to our existing portfolio, we now hold one of the largest landholdings along the
Coolgardie Greenstone belt with over 75 km2 of prospective tenure. Future low-cost groundwork will target these
new prospects to delineate the scope of any gold opportunities adjacent to and complementing our activities at
Miriam and progress them to drill-ready status.
It has been a tumultuous year for global markets as the direction and magnitude of global trade continued to shift
in the wake of the Trump administration’s new trading policies. Gold prices have risen over 40% over the past
year to record highs of around A$5,500/oz, as markets refocus on gold’s historical role as a safe haven in times
of economic uncertainty.
While the growing momentum in the development of a sustainable western supply of critical minerals continues
to support an early-stage recovery in lithium markets, the magnitude of our emerging gold opportunity within the
Goldfields currently warrants our full attention. We will continue to preserve the long-term value of our lithium
opportunities at Kangaroo Hills and Miriam and remain diligent in our assessment of any near- to mid-term valuegrowth opportunities that complement our business development objectives.
I would like to take this opportunity to extend my gratitude to our executive and geological team, including key
contract partners, for their hard work and dedication over the past year. I also wish to warmly thank our
shareholders for their ongoing support. Stay tuned for what is shaping up to be an exciting year ahead for FBM
and I look forward to updating you further at the Company’s Annual General Meeting.
Neville Power
Non-Executive Chairman
Dated this 24th September 2025.
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MANAGING DIRECTOR’S
LETTER
Dear Shareholders,
Dear Shareholders,
It is my pleasure to be writing to you following a pivotal FY2025 for Future Battery Minerals. The implementation
of our low-cost exploration strategy and subsequent portfolio rationalization gave us the flexibility to achieve a
breadth of gold-focused exploration success within our Coolgardie portfolio.
Our Coolgardie projects possess significant underlying multi-commodity resource prospectivity, as evidenced by
the outstanding lithium results achieved at our Kangaroo Hills Lithium Project over four highly successful
exploration drilling programs, and the emerging lithium potential previously identified at the Miriam Project.
Seeking further leverage to the multi-commodity potential at Miriam, in May 2025 we acquired all residual mineral
interests for this tenure from Corazon Mining. This consolidating acquisition was quickly followed by a detailed
evaluation of historical and geological results, available magnetic geophysics and an infill geochemical surface
sampling programme. This soil sampling notably identified 15 new anomalous gold zones including the Canyon
target, a 1.75 km striking gold-in-soil anomaly with no historical drilling.
In July 2025, we achieved a significant milestone with the commencement of a Phase 1 Reverse Circulation (RC)
drill programme for gold at Miriam, with 10 holes targeting the Forrest prospect and 11 holes targeting Canyon
for a combined 1,900m drilled. Drilling at Forrest significantly exceeded our expectations, both confirming the
quality of historical gold lodes and delivering a strong basis for further extensions to existing lodes.
At Canyon, the results highlight a much larger potential gold system at Miriam and set the stage for further growthfocused exploration drilling over the next 12 months. The identified Miriam Shear zone was intercepted on the
eastern fringe of the Phase 1 Canyon drilling area. Critically, the Miriam Shear and contact zone extends along
a 6.2 km strike through the centre of the Miriam tenure and is coincident with the Forrest prospect and other
regional targets including Forrest South, Burbanks Monarch and now Canyon.
Heading into FY2026, we are set to systematically build on this foundation at Miriam with the upcoming Phase 2
programme, which aims to produce further extensions at Forrest, along with additional focus on regional targets
including Canyon and Forrest South.
In addition to Miriam, we have more than doubled our regional footprint in the W.A. Goldfields. Desktop evaluation
of historical results across these new tenements confirmed notable gold prospectivity at the Burbanks East
Project. Recent soil sampling undertaken at Burbanks East identified seven broad and discrete gold targets highly
coincident with historical gold-in soil geochemical anomalies.
Notably, these results mirror the gold targeting evaluative work and exploration strategy we deployed at Miriam
with success. It is our hope that we can replicate similar results at Burbanks East in the near future. Systematic
evaluation of the expanded Burbanks East tenure will continue to refine and advance these prospective gold
targets to drill-ready status, while grant of the expanded tenure applications is progressed in parallel.
I am incredibly grateful to our geological team who worked tirelessly over the last year to deliver these outstanding
results. With our robust cash position (A$6.4 million at end of financial year), we retain the balance sheet strength
and strategic flexibility to continue delivering exploration success and unlocking new gold opportunities across
our growing asset base in the W.A. Goldfields.
Nicholas Rathjen
CEO and Managing Director
Dated this 24th September 2025.
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REVIEW OF
OPERATIONS
COOLGARDIE GOLD PROJECTS, WESTERN AUSTRALIA
MIRIAM PROJECT
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, located just 1 km north of
Miriam, contains a mill and processing plant owned by Auric Mining. The Greenfields Mill, owned and operated
by FMR Investments, and Three Mile Hill, owned and operated by Focus Minerals, are approximately 16
kilometres by a sealed road to the north-east.
Figure 1: Regional map of FBM’s Coolgardie Projects and other nearby operations1
1 Three Mile Hill refer to Focus Minerals ASX Announcement dated 1st December 2023, MacPhersons and Geko refer to Beacon
Minerals’ Resource and Reserves. Burbanks refer to Horizon Minerals Reserves & Resources and Bullabulling refer to Minerals 260 ASX
Announcement dated 14th January 2025
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OPERATIONS
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 located in the W.A. Goldfields
region of Western Australia. 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 had any nexus to the
milestones in respect of the performance rights previously issued to Corazon, these 120,967,744 performance
rights held by Corazon were cancelled for no consideration as part of the transaction.
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 resulted in the extinguishment of this royalty.
FBM now holds 100% ownership of all tenure within its Coolgardie projects portfolio free from third-party
obligations/rights with respect to royalties (other than government and Native Title royalties) or offtake
agreements.
Review and evaluation of historical data and ground truthing
Following its 100% acquisition, FBM conducted 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 the Miriam Project.
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).
Through historical drilling, multiple prospective gold occurrences were identified within the Miriam Project
tenure, including Forrest, Forrest South, Jungle, Goroke and Burbanks Monarch.
Prospective gold targets identified through magnetic geophysical and geochemical review
A two-stage 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 15 anomalous zones (Figure 2) indicating potential subsurface gold mineralisation
warranting follow-up exploration. Several samples returned relatively high grades for soil sampling, ranging
between >0.1 g/t Au up to a peak of 3.03 g/t Au. This evidenced 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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REVIEW OF
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Figure 2: Miriam soil sampling results
Many of these gold anomalies were found to be coincident with the structural targets derived from the
geophysical litho-structural interpretation.
In particular, this resulted in the 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
(Figure 2).
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Phase 1 drilling programme at Miriam
In July 2025, FBM conducted a gold-focused Reverse Circulation (RC) drilling programme at Miriam. The
programme consisted of twenty-one (21) holes for approximately 1,900m drilled and was designed to target
gold mineralisation at the highly prospective Forrest and Canyon prospects.
Forrest prospect
FBM’s drilling at Forrest was designed to confirm and extend historic exploration conducted in the 1990s,
where multiple flat-lying lodes of gold mineralisation were identified within regolith but provided limited historical
understanding of bedrock potential. This historical drilling resulted in the discovery of shallow oxide gold
mineralisation over a strike of 600m and produced numerous shallow intercepts highlighting attractive
thicknesses and grades. Significant historical intersections at Forrest 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)
5m @ 7.35 g/t Au from 70m (MRC97-25)
However, this historical geological review also found that much of the data lacked detailed geological logging
and was missing key details with respect to depth of oxidation, lithology and texture. As a result, only limited
interpretation and modelling of the Forrest gold mineralisation could be achieved. However, the upside
potential of Forrest was recognised and hence it was a key focus of the Phase 1 drilling.
FBM designed a compact 10-hole program at Forrest to confirm the location, grade and thickness of the
identified gold lodes and to test potential dip, strike and plunge extensions (Figure 3). Drilling was also
designed to test potential extensions of mineralisation to the north-east and south-west.
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REVIEW OF
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Figure 3: Plan view of Forrest with Phase 1 and select historical drill hole results
Extensions and fresh rock discovery
The best result from the Phase 1 drilling at Forrest was hole FGRC004, which returned a thick gold intercept
of 33m @ 1.57 g/t Au from 35m downhole. This hole was designed to target a historic 30m line extension
from where historical hole BMRC97-35 previously intercepted 5m @ 3.31 g/t Au from 85m downhole (refer
Figure 4).
Hole FGRC004 exceeded expectations, significantly extending mineralisation further to the west, and included
a high-grade section of 16m @ 3.10 g/t Au from 44m downhole. The result also highlights the prospectivity
of this zone at Forrest and indicates that there is further potential for extensions to this significant lode to both
the north, south and down dip.
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REVIEW OF
OPERATIONS
Figure 4: Cross section of FGRC004 (6562930N)
In the southwest of Forrest, hole FGRC003 was designed to test a potential plunge extension of the modelled
lodes. The hole intercepted quartz veining with minor sulphides on the oxide/fresh rock contact at 75m down
hole depth and resulted in an intercept of 12m @ 1.56 g/t Au from 75m, including 3m @ 2.87 g/t Au from
79m downhole – highlighting the successful identification of the primary fresh rock lode at Forrest. Further
deeper drilling will be required to track this lode in fresh rock along strike.
Other successful extensional holes included FGRC007 (9m @ 2.83 g/t Au from 46m downhole) and
FGRC008 (3m @ 0.86 g/t Au from 81m downhole), which successfully intercepted a north-east extension of
the Forrest gold mineralisation.
Importantly, these results collectively highlight that the Forrest mineralised system remains open in multiple
directions. Remodelling of the system has greatly improved FBM’s understanding and supports potential to
extend the mineralisation to the south, north and west targeting key trends identified in FGRC004, FGRC007
and FGRC008 and surrounding historic holes.
Following the program, FBM was also able to more accurately model the oxidised and fresh rock boundaries
at Forrest. This work has helped identify several other potential sites of fresh rock primary gold mineralisation
in historic drilling. To date, FGRC003 has provided the best confirmed intercepts of fresh rock gold
mineralisation, however FBM have identified several zones for potential targeting. Historical air core (AC)
drilling over the southern extension of Forrest proved to be too shallow and ineffective in identifying this new
lode. This represents an additional opportunity for FBM to further test potential fresh rock extensions at Forrest.
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Infill intercepts
Historically identified lodes at Forrest were also able to be joined, including hole FGRC001 which intercepted
29m @ 1.45g/t Au from 32m downhole (which was targeting the historical intercept at hole MRC97-5 of 10m
@ 2.09 g/t Au from 30m downhole and 6m @ 0.44 g/t Au from 46m downhole).
The programme successfully intercepted the targeted lodes from historical drilling, including the thick highgrade intercepts at holes FGRC005 and FGRC006, which targeted the historical drill hole (MRC97-15) that
previously intercepted 12m @ 2.09 g/t Au from 60m downhole (refer Figure 5). Significant infill results included:
13m @ 2.21 g/t Au from 56m downhole, including 4m @ 4.30 g/t Au from 64m downhole (FGRC005)
14m @ 2.29 g/t Au from 30m downhole, including 8m @ 3.52 g/t Au from 36m downhole, and 4m @ 2.46
g/t Au from 54m (FGRC006)
Figure 5: Cross section of FGRC005 and FGRC006 (6562955N)
Significantly, these intercepts were all contained within weathered and oxidised mafic rock units and
associated with quartz veining. In some cases, remnant alteration could also be identified. FBM’s sampling
activities consisted of both single metre cone split samples and 4 metre speared composite samples. The
results reported a combination of both sample techniques and further assaying will be conducted on any 4m
composite which returns a value of >0.1 g/t Au, and selective multi-element assay will be conducted on zones
of interest.
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REVIEW OF
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Figure 6: Long section of Forrest gold lodes
Canyon prospect
The remaining 11 holes of the Phase 1 programme were drilled at the Canyon prospect, testing this highpotential 1.7 km geochemical and geophysical target. Canyon is located approximately 1.5 km south of Forrest
and on the same sheared contact.
Phase 1 drilling at Canyon consisted of 11 holes for approximately 880m targeting specific geophysical zones
within the large 1.75 km target defined by both elevated gold in surface soil samples and geophysical
anomalies. Nine (9) of the holes targeted a portion (approximately 200m) of an interpreted shear zone located
approximately 1.5 km south of the Forrest prospect.
The 9 holes tested a strike length of 200m of the interpreted shear where magnetic features had a high
coincidence to the Forrest magnetic signature. The shear zone was successfully located and intercepted within
three (3) holes: CYRC001, CYRC004 and CYRC007. Notably, all 3 holes were drilled on the eastern most
boundary of their respective fence lines and all resulted in anomalous gold intercepts within upper oxide zones.
All results to date are 4m composite samples only. All anomalous intercepts >0.1 g/t Au have been single
metre sampled and submitted for assaying, with results due in early October 2025. Selective multi-element
assaying is also underway with results expected during Q4 2025.
Hole CYRC001 produced the best result from Canyon, returning 20m @ 0.55 g/t Au from 28m. Both quartz
veining and remnant alteration was observed within the oxide intercept. Importantly, this highlights the
successful location of a gold bearing shear zone now termed the Miriam Shear, which remains open to the
east, north, and at depth.
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REVIEW OF
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Figure 2: Cross section 6561515mN pertaining to holes CYRC001 - CYRC003
As FBM further explores this significant gold bearing structure, substantial potential remains for zones along
strike to exhibit supergene enrichment of gold within the upper oxide zones similarly observed at Forrest and
for grades to increase within fresh rock at depth.
The Phase 1 RC drilling programme has been very successful in expanding FBM’s understanding of the
geology at Miriam and in the identification of the Miriam Shear zone, validating previous interpretations derived
from desktop evaluation of magnetic geophysics.
The Miriam Shear has been interpreted from drill chips exhibiting a strong mylonitic fabric dominantly present
within the more ductile ultramafic lithologies and are present proximally adjacent to the contact of more brittle
mafic units or basalt. The Miriam Shear and contact between the mafics and ultramafics can be traced along
a meandering 6.2 km strike through the centre of the Miriam tenure. Critically, this shear zone is coincident
with the Forrest prospect and other regional targets including Forrest South and Burbanks Monarch.
From a regional perspective, the Miriam Shear zone is located on the contact between the Lindsays Formation
to the west and the Brilliant Formation to the east. The contact and rheology of these two units is significant
as the Lindsays Formation consists of metamorphosed tholeiitic basalts which are typically more brittle in
nature while the Brilliant Formation consists of komatiitic ultramafics and high magnesium basalts which are
typically more ductile.
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FBM has interpreted this sheared contact to be a prospective conduit for gold. Additionally, any sites of cross
cutting faults or potential intrusions also possess strong prospectivity for gold deposition. The Lindsays and
Brilliant Formations form part of the larger Coolgardie Greenstone Domain which hosts numerous large scale
gold deposits.
Figure 7: Plan view of Miriam Project with new drill hole locations
Phase 2 RC drilling programme
Following the success of the Phase 1 programme at both Forrest and Canyon, FBM has elected to expand its
upcoming Phase 2 RC programme to over 3,000m of drilling signifying a doubling of previous planned drilling.
This programme has now commenced.
Phase 2 drilling will further test high-grade extensions at the Forrest prospect, where Phase 1 drilling
intercepted thick extensions to oxide gold mineralisation including 33m @ 1.57 g/t Au from 28m (FGRC004)
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REVIEW OF
OPERATIONS
and new primary bedrock gold lodes including 12m @ 1.56 g/t Au from 75m, including 1m @ 5.2 g/t Au
(FGRC003)1.
Within this programme, FBM will also focus on further defining the mineralised Miriam Shear zone at Canyon
with drilling to test mineralisation along strike as well as easterly extensions and fresh bedrock projections at
the 20m intercept @ 0.55 g/t Au from 28m (CYRC001). This programme is also set to test the Forrest South
regional prospect, where historical drilling returned 16m @ 0.93 g/t Au from 44m (LDC-7) 2.
1F
The Phase 2 programme is expected to be completed by late September with first assay results expected
between late October to early November 2025.
Advancing regional prospects for future drill testing
Heritage surveys completed in August 2025 have cleared the Jungle and Forrest South prospects (with the
latter set to be tested as part of the Phase 2 drilling), which are two prospective zones located further to the
south of Forrest. Wide spaced historical regolith drilling identified gold mineralisation at both prospect, which
remains open. Further drilling is required to understand the potential scale and grade potential of this
mineralisation. Key historical intercepts at Jungle include2:
16m @ 0.93 g/t Au from 44m (LDC7) – Forrest South
4m @ 3.77 g/t Au from 94m (FGC001) – Jungle
10m @ 0.62 g/t from 30m (DPR022) – Jungle
Limited regolith drilling has tested the occurrences at Goroke and Burbanks Monarch, and more work is
required to better evaluate the potential of these two prospects. Key historical intercepts include2:
5m @ 2.3 g/t Au from surface (MID014) – Goroke
12m @ 1.04 g/t Au from 15m (FGA059) – Goroke
5m @ 1.94 g/t Au from 25m (FGA073) – Burbanks Monarch
10m @ 0.90 g/t from 30m (FGA050) – Burbanks Monarch
An additional heritage survey is scheduled for October 2025 to clear the northern section of Miriam covering
the Burbanks Monarch, Goroke, and Burbanks Grand Junction West prospects. Having these surveys in place
will enable further evaluation and exploration of the untested northern regions of the highly prospective Miriam
Shear zone.
FBM plans to commence testing of these regional targets in subsequent drill programmes and further
refinement via surface geochemical sampling and geophysical surveys.
EXPANDED REGIONAL LANDHOLDINGS – NEW GOLD
OPPORTUNITIES IN THE W.A. GOLDFIELDS
FBM has been actively monitoring for new opportunities in the W.A. Goldfields and continues to evaluate new
tenement opportunities with substantial gold and lithium prospectivity for inclusion into its current project
portfolio.
Over the reporting period, FBM staked and submitted several applications to DEMIRS for a range of
Exploration Leases and Prospecting Leases covering new and prospective landholdings in the W.A. Goldfields.
2 Refer to FBM ASX announcement 27 May 2025
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These tenements are strategically located in close proximity to FBM’s other Coolgardie tenure at Kangaroo
Hills and Miriam.
These initiatives have resulted in three major land parcels currently staked at Burbanks East, Nepean South
and Kal North. FBM has conducted a detailed evaluation of these tenement holdings utilising both public
domain data for historical exploration works and field-based ground truthing, which included mapping and rock
chip sampling.
BURBANKS EAST PROJECT
Over the reporting period, FBM staked and submitted a total of nine prospecting applications over a 10 km2
area near Coolgardie, covering a 5 km strike of greenstone lithologies prospective for gold and LCT pegmatites
within a broader proven fertile gold belt.
Burbanks East is host to highly prospective bedrock geology consisting 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.
The Burbanks East Project is located directly east (~2 km) of the Burbanks Mine (current resource 466koz @
2.4 g/t Au) owned by Horizon Minerals (ASX: HRZ), located approximately 2.5 km from Miriam and 7 km from
Kangaroo Hills.
Burbank
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