Asian Battery Metals (ASX:AZ9) strengthens Mongolian copper footprint with Maikhan Uul acquisition

Asian Battery Metals has moved to consolidate its position in Mongolia’s emerging copper province by exercising its option to acquire the Maikhan Uul Copper Gold Project in the country’s southwest.

The acquisition adds a volcanogenic massive sulphide copper gold system located close to the company’s Oval Cu Ni PGE discovery and introduces a long dated mining licence that extends to 2045, providing a foundation for further exploration work in the district.

Highlights

• Asian Battery Metals has exercised its right to acquire 100% of the Maikhan Uul Cu Au Project.
• The project holds a mining licence valid to 2045 covering approximately 79.14 ha.
• Due diligence drilling confirmed thick massive sulphide mineralisation including 14.5 m @ 2.23% Cu and 0.73 g/t Au.
• The project sits about 8 km from the company’s Oval Cu Ni PGE discovery in southwestern Mongolia.
• Exploration work including geophysics, resource evaluation and drilling is planned to commence in Q1 2026.

The transaction is structured through Asian Battery Metals’ Mongolian subsidiary Innova Mineral LLC, which has entered into a binding sale and purchase agreement with Best Resources LLC to acquire the project and its associated licence.

The total acquisition consideration is US$890,000, consisting of an initial US$89,000 payment related to corporate income tax on the licence transfer and a further US$801,000 payable following satisfaction of the conditions precedent.

Those conditions include confirmation that no competent state authority has imposed additional requirements affecting the licence transfer, receipt of an official tax confirmation letter following the tax payment, and formal registration of the licence transfer to Innova.

Completion is expected to occur within 45 days of the agreement, subject to those conditions being satisfied.

From a geological standpoint, Maikhan Uul represents a volcanogenic massive sulphide system that historical exploration suggests extends to depths of at least 215 m and remains open both along strike and at depth.

The due diligence program undertaken by the company included confirmation drilling which reinforced the presence and continuity of copper and gold mineralisation across the system.

One of the more notable intercepts was returned from drillhole MU2501, which recorded 14.5 m grading 2.23% Cu and 0.73 g/t Au from 132.5 m depth.

The broader drilling dataset from the due diligence work includes numerous mineralised intervals across both MU2501 and MU2502, indicating multiple zones of copper and gold mineralisation within the system.

Strategically, the location of the project is notable given its proximity to the company’s Oval Cu Ni PGE discovery, allowing the Maikhan Uul asset to be incorporated into Asian Battery Metals’ broader regional exploration strategy.

The company has been assembling a portfolio of projects in Mongolia that includes the Yambat project area, as well as graphite and lithium interests at Khukh Tag and Tsagaan Ders.

Managing director Gan Ochir Zunduisuren framed the acquisition as a logical expansion of the company’s regional exploration position.

“Completing the acquisition of the Maikhan Uul Cu Au Project is a key milestone for Asian Battery Metals and will materially strengthen our strategic footprint in Mongolia’s copper province. With a robust mining licence in place and encouraging validation results from due diligence drilling, we are well positioned to progress this asset alongside our broader critical minerals portfolio. We look forward to advancing systematic exploration work in 2026.”

Looking ahead, the company plans to integrate Maikhan Uul into its regional exploration programs.

Initial work will focus on compiling historical drilling data and validating databases, followed by geophysical surveys designed to refine exploration targets.

Resource evaluation work aimed at progressing toward JORC classification is also planned, alongside drilling campaigns scheduled to begin in Q1 2026 to test extensions of mineralisation both laterally and at depth.

In a broader industry context, copper exploration assets with established licences and existing mineralisation are attracting growing attention as demand expectations for energy transition metals continue to shape exploration strategies.

By adding Maikhan Uul to its Mongolian portfolio, Asian Battery Metals has positioned itself with another exploration stage copper gold system located close to existing discoveries, setting the stage for further drilling and resource definition work in the upcoming exploration seasons.

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