Miramar Resources (ASX:M2R) signs landmark joint venture with Sumitomo for Bangemall Project

Miramar Resources Limited (ASX: M2R) has executed a Non-Binding Term Sheet for a multi-year, multi-million-dollar Exploration Joint Venture with Sumitomo Metal Mining Oceania Pty Ltd at its 100% owned Bangemall nickel-copper-PGE projects in Western Australia.

The agreement will target large-scale Noril’sk-style deposits and represents a strong endorsement of Miramar’s exploration approach.

To provide further clarity, Executive Chairman Allan Kelly has answered a series of key investor questions about the Joint Venture structure, the geological opportunity, and the company’s broader strategic direction.

What makes this Joint Venture with Sumitomo significant for Miramar and its shareholders?

This Joint Venture marks an important milestone because it introduces a highly respected partner with centuries of mining expertise while providing a clear pathway for multi-year exploration.

Sumitomo Metal Mining Oceania Pty Ltd is a wholly owned subsidiary of Sumitomo Metal Mining Co. Ltd, which has more than 300 years of experience and operates or participates in projects across Japan, Chile, Canada, Peru, the United States and Australia.

Miramar retains responsibility for managing exploration activities, ensuring consistency in technical direction, while also gaining the resources to undertake larger programs.

“The JV with Sumitomo is a huge vote of confidence in Miramar’s exploration strategy and the work completed to date. It gives us the resources to systematically explore the project and we look forward to progressing towards a potentially very significant discovery.”

What are the key financial and operational terms of the Joint Venture?

The Joint Venture has a staged farm-in structure that ensures significant exploration will be carried out.

Upon signing, Sumitomo will reimburse Miramar approximately $275,000 for its share of the EIS co-funded VTEM survey currently underway.

A minimum expenditure of $600,000 is required within the first 36 months before any withdrawal option is available, ensuring early work is completed.

The first earn-in allows Sumitomo to secure 60% of the projects by spending $2.5 million over three years. A second earn-in provides the ability to increase to 80% with an additional $3 million over two years.

A final stage allows Sumitomo to move to 90% ownership through the completion of a Feasibility Study.

“Miramar will remain free-carried until Sumitomo elects to enter the pro-rata period upon completion of the first, second, or third earn-in. After this point, each party must contribute to expenditures pro-rata. Miramar will be responsible for managing the Joint Venture exploration activities and Sumitomo is looking forward to working with our strong technical team.”

What is the geological potential of the Bangemall projects?

The Bangemall projects cover 1,230 square kilometres across the Edmund and Collier Basins, which are intruded by 1,070-million-year-old Kulkatharra Dolerite sills.

These are part of the Warakurna Large Igneous Province and are the same age as the Giles Complex intrusions that host the Nebo and Babel deposits in the West Musgraves.

Since commencing exploration in 2021, Miramar has confirmed differentiated dolerite sills, mafic cumulate rocks and disseminated nickel and copper sulphides, all consistent with the Noril’sk model of mineralisation.

In February 2025, drilling at Mount Vernon intersected disseminated sulphides for the first time, validating the exploration concept and confirming the geological potential.

“The discovery of disseminated nickel and copper sulphides at Mount Vernon in February 2025 provided confirmation that the Noril’sk model is valid in the Bangemall region.”

The total value of the metals in the Noril’sk-Talnakh deposits is estimated to be over $1.4 trillion at 2020 metal prices, with some estimates pushing this figure closer to $1.5 trillion in 2022. These deposits contain vast quantities of nickel, copper and platinum group elements like platinum and palladium.

The massive Oktyabrysk orebody alone is considered possibly the most valuable single ore body on Earth, with its metal value exceeding half a trillion dollars, according to GeoScienceWorld.

“We are looking for extremely valuable deposits and Sumitomo agrees with our belief that Bangemall has significant potential for Noril’sk style nickel copper PGE mineralisation. The JV is a huge endorsement of our strategy.”

What exploration work is currently underway and what are the next steps?

Miramar is completing a detailed magnetic and VTEM survey across the Bangemall projects, which is co-funded under the Exploration Incentive Scheme.

This will provide high-resolution geophysical data that will underpin the next stage of exploration. Once data has been received and processed, the company will progress to systematic fieldwork, including mapping, rock chip sampling and ground electromagnetic surveys, which will refine drill targets for future testing.

“The upcoming fieldwork programs will allow us to refine and prioritise drill-ready targets as we continue the search for massive sulphide mineralisation.”

How does this agreement impact Miramar’s other projects and corporate strategy?

“With Bangemall now fully funded our existing capital can be focused on our highly prospective Gidji JV gold project located just 15 kilometres north of Kalgoorlie where we’ve made several supergene gold discoveries under the Gidji Paleochannel and also discovered that gold mineralisation from Northern Star’s 8-Mile Dam deposit continues onto our tenement.”

Miramar continues to advance other projects, including further geophysical surveys and additional drilling at the flagship Gidji JV Gold Project, while also initiating a sale process for non-core assets such as the Glandore and Randalls gold projects in the Eastern Goldfields.

Miramar Resources continues discussions with other potential joint venture partners over its Whaleshark IOCG project located east of Onslow, also in the Gascoyne region of WA.

This approach enables the company to focus on the highest value opportunities while rationalising the broader portfolio, and at the same time eligible shareholders are reminded that the Share Purchase Plan closes at 5:00pm AWST on Wednesday, 27 August 2025, providing an opportunity to participate in Miramar’s next stage of growth.

Strong foundation for growth

The Joint Venture with Sumitomo highlights the potential scale of the Bangemall projects and provides Miramar with the resources and financial backing to advance exploration in a disciplined and well-funded way.

While prioritising Bangemall, the company is also moving its gold assets forward and refining its portfolio, ensuring capital and management resources are directed to the most prospective opportunities.

With a strong partner, clear funding structure and near-term exploration milestones, Miramar is positioned for the next phase of growth and discovery.

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