Asian Battery Metals (ASX:AZ9) confirms metallurgical performance at Oval Cu Ni PGE Project

Asian Battery Metals has delivered a technically grounded update on its flagship Oval Cu Ni PGE project in Mongolia, with metallurgical test work demonstrating strong copper recoveries and a straightforward processing pathway.

The results, reported in an ASX announcement dated 18 December 2025, provide a clearer picture of the project’s metallurgical characteristics at a point where investors are increasingly focused on recoverability, concentrate quality, and downstream marketability rather than discovery alone.

Highlights

• Copper bearing mineralogy at Oval is readily liberated

• Payable copper recoveries of 89–95% achieved across all composite samples

• Conventional two product flotation flowsheet established

• Concentrate analysis indicates no penalty elements present

The metallurgical program was undertaken on mineralised material from the Oval project within the Yambat licence, using composite samples derived from a single diamond drillhole that intersected disseminated, net textured, and massive sulphide mineralisation.

Test work was carried out at ALS Metallurgy in Perth and focused on differential rougher and cleaner flotation to generate separate copper and nickel concentrates.

Copper performance emerged as the standout outcome, with cleaner flotation tests delivering recoveries of 89–95% and concentrate grades ranging from 18.2% Cu to 24.5% Cu depending on the composite tested.

Mineralogical work showed chalcopyrite to be predominantly well liberated, with the less liberated fraction primarily associated with pyrrhotite and only limited association with silicates in certain samples.

This liberation profile underpins the strong recoveries achieved and supports the use of a conventional flotation circuit, while the establishment of a simple two product flowsheet further reduces technical complexity at this early stage of project evaluation.

Nickel results were described as encouraging but less advanced than copper, with separate nickel concentrates produced from the same composites and recoveries varying according to mineralisation type and processing configuration.

Pentlandite and violarite were identified as the principal nickel bearing minerals, occurring in different proportions across the composites.

Approximately 70% of combined nickel sulphides and intergrowths were classified as well liberated, while the remainder was mainly associated with pyrrhotite.

Asian Battery Metals Managing Director Gan Ochir Zunduisuren said,

“The initial test results are very promising. They confirm that copper from Oval can be recovered at exceptionally high levels using a straightforward flotation process. This gives us strong confidence that Oval can produce a clean, marketable copper concentrate. In addition, optimisation work on nickel and other by products is already delivering improvements, and we anticipate further gains as testing continues.”

Beyond the laboratory results, the company outlined several near term work streams, including the commencement of a concentrate marketing study and further metallurgical testing focused on optimising the nickel concentrate and assessing other by products.

In parallel, assay results are pending from recent drilling at Oval and the Maikhan Uul Cu Au VMS project, alongside the completion of technical and legal due diligence on the proposed Maikhan Uul acquisition.

In a broader industry context, the update positions Oval as a project with favourable metallurgical fundamentals at an early stage of development.

High copper recoveries, clean concentrate characteristics, and reliance on conventional processing routes reduce technical uncertainty as exploration and optimisation continue.

Planned Phase 4 drilling in Q1 2026 and ongoing metallurgical work will provide further insight into scale, continuity, and the contribution of nickel and associated metals to the overall project profile.

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