BPM to drill giant WA gold target in next 5-10 days

Disclosure: S3 Consortium Pty Ltd (the Company) and Associated Entities own 3,294,732 BPM Shares and 1,043,750 BPM Options at the time of publishing this article. The Company has been engaged by BPM to share our commentary on the progress of our Investment in BPM over time. This information is general in nature about a speculative investment and does not constitute personal advice. It does not consider your objectives, financial situation, or needs. Any forward-looking statements are uncertain and not a guaranteed outcome.

We think gold is about to go on another run after consolidating for the last ~9 months.

And we think the next rally could see it break previous highs.

We’ve even bought some $6,500 gold by March 2027 call options - just in case gold does something crazy inside the next 5 months.

(of course we could be wrong - it’s impossible to predict where gold prices will go, also we don’t know what we are doing with call options)

IF we ARE right and gold DOES end up running - our Investment BPM Minerals (ASX:BPM) will be drilling its long-awaited giant WA gold target in the coming days into a market where gold prices are running.

AND, most importantly a market is willing to reward exploration success.

BPM just received FINAL APPROVALS to drill its giant Bonnie and Clyde Prospect in WA.

With drilling “set to commence” in the next 5-10 days.

(source)

Finally, after a ~10 month wait...

BPM will, for the first time ever, be drilling a ~6km long, 1g/t soil anomaly that’s never been drilled - sitting across a footprint large enough to be WA’s next major gold discovery...

(a bigger footprint than the 8M ounce Tropicana Gold deposit to the north - more on that in a second)

BPM’s project also has old exploration data (including an old diamond drillhole) on another one of its prospects nearby (Dragonfly) that “confirms Tropicana-style mineralisation” (source)

Tropicana-style mineralisation - yes like the 8M ounce Tropicana deposit...

So maybe we should be calling it “Bonnie, Clyde and Dragonfly”?

Adding Dragonfly into the mix makes BPM’s project a ~8km long soil anomaly.

(source)

For context, 8km of strike is across a similar footprint to the discovery Benz Mining made in WA - Benz share price is up from ~18c to ~$4 in the last 18 months:

The past performance is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.

BPM says that drilling on the project is set to commence in the next 5-10 days.

BPM’s drilling approvals are for 70 holes, over 10,000m.

So it's no small, single hole program either - we should definitely have a very good idea of whether or not BPM’s got a monster discovery on its hands by the end of this program.

Inside the next 5-10 days drilling begins.

And then presumably, 4-6 weeks after, we could start to see the first batch of assay results.

That’s when we will know if BPM’s made a major new WA gold discovery or not.

BPM’s Bonnie and Clyde sits across an area so large it’s comparable to that of the 8Moz Tropicana deposit owned by $75BN AngloGold and $6.0BN Regis Resources.

AND the Glenburgh discovery - which has turned Benz Mining into a $1.3BN capped company (share price is up from ~18c to $4 in the last two years).

(Source)

We’ve been waiting for this drilling event ever since BPM first announced it as a priority target in November last year. (source)

Since then BPM’s managed to bring two big institutional investors onto its register (probably because they also like the target) - Terra Capital and Tribeca Investment Partners at 23c.

Both of those funds have played the gold sector pretty well during the run up in December and January.

Tribeca is coming off a 10+ bagger on US-listed Hycroft Mining and the fund overall was up ~120% for CY2025. (source)

And Terra Capital, who were long gold in a big way well before the rest of the market have had ~118% returns in their natural resources fund... (source) (source)

It's not often we see institutional investors come onto the register of a pre-discovery junior explorer.

Which tells us they are liking what they see with Bonnie and Clyde...

They aren’t the only fund managers with eyes on Bonnie and Clyde either.

Tom Woolrych, fund manager from Deutsche Rohstoff AG, gave BPM and these targets a shout out on the Money of Mine podcast a few weeks ago, when explaining why he personally bought BPM shares - listen here.

BPM is currently trading just below where Tribeca and Terra came onto the register.

BPM is currently capped at $29M and had $6.6M cash in the bank at 30 June 2026.

So again, BPM has a target with a footprint large enough to be WA’s next major gold discovery AND (fingers crossed) the right type of geology similar to some of the mega mines in the area.

The best part (but also the scariest) is that the targets have NEVER been drilled before.

So BPM will be the first company to have a proper crack at a discovery on this mega target.

That starts in a few days.

While we wait for that drilling to start - we will also have assays coming from the project BPM is drilling right now.

The 6km long Bonnie & Clyde prospect isn't the only target BPM can drill chasing an 8M ounce Tropicana look-alike.

(Source) (Source)

BPM has 75km of mineralised strike within its project, and has a pipeline of other drill targets.

The one BPM’s drilling right now is called “Beachcomber”, where BPM has just completed ~35 holes - following up its last two rounds of drilling.

The last round of drilling confirmed the gold at this prospect was open at depth and to the south.

BPM’s current round of drilling is filling in the gaps of the two previous programs.

(hopefully leading to a maiden JORC resource for the project after assays in Q4)

Looking at this image - BPM will basically be getting more data over ~300m of strike and ~250m of depth.

(hopefully we see those previous hits replicated and improved - like 3m @ 65.8g/t gold and 9m @ 7.77g/t gold)

(source)

Assay results from this drill program are expected “throughout Q3-2026”.

Any find here - even if it's a few hundred thousand ounces of gold, could start to bring a lot more interest in the other targets BPM has sitting across its ~75km of strike.

Then BPM can use the interest in the stock (and its bigger market cap) to have a real crack at making a large new discovery on completely undrilled targets.

Below is BPM’s broader ground package where there is still a lot of work to be done to fully investigate potential discoveries:

(Source)

With BPM currently capped at just $29M, all we really need is for one of these targets to come in as a major new discovery and we think the market cap of BPM could multiply from where it is today.

The structural geologist behind a 5.5M ounce discovery mapped these targets

A big part of why we like BPM’s targets are because they were mapped and interpreted by structural geologist Dr Barry Murphy.

(source)

Dr Murphy was behind Predictive Discovery’s monster find in Guinea.

A small cap stock which made a 5.5M ounce discovery and turned it into an over $2BN valued acquisition/merger in under 6 years.

The past performance of Predictive is not and should not be taken as an indication of future performance of BPM. Caution should be exercised in assessing past performance. BPM, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.

Interestingly, Predictive’s find was also made with a similar target generation model:

1. Do structural mapping across a project area - Dr Murphy did this for BPM.
2. Do some soil sampling and find big targets - BPM’s already done this. BPM actually had more results out in today’s announcement.
3. Then drill those targets to see if there is gold in them - BPM starts drilling in the next 5-10 days.

Here is how Predictive’s target looked, sitting across ~1.5km (after some soil sampling and shallow auger drilling):

(source)

So far, BPM’s target is multiples the size of that.

What we haven’t seen yet is drilling.

(source)

One thing to note here is that we are conscious of these targets just being soil anomalies.

There have been thousands of gold-in-soil targets drilled where nothing economic was discovered.

There is always a risk BPM finds nothing at any of its regional targets.

Ultimately though, for BPM to achieve our Big Bet we will need the company to make a material discovery as follows:

Our BPM Big Bet:

“BPM discovers and defines a large resource, leading to a long term re-rate in the company’s share price by >1,000%”

NOTE: our “Big Bet” is what we HOPE the ultimate success scenario looks like for this particular Investment over the long term (3+ years). There is no guarantee that our Big Bet will ever come true. There is a lot of work to be done, many risks involved, including development risk, country risk and commodity price risk - just some of which we list in our BPM Investment Memo.

Success will require a significant amount of luck. Past performance is not an indicator of future performance.

What’s next for BPM?

Bonnie & Clyde targets (Drilling in 5-10 days)

After today’s announcement we have three key bits of newsflow to look out for on these prospects over the coming weeks/months:

Here are the catalysts we will be tracking:

• ✅ Key tenement granted
• ✅ Heritage survey
• ✅ Soil sampling (1,500 samples taken, assays 4-6 weeks away from today)
• ✅ Geophysical survey results.
• ✅ Program of Work - APPROVED TODAY
• 🔲 RC drilling begins (STARTING IN 5-10 DAYS)
• 🔲 Drill results

Beachcomber Phase 2 drilling (7,500m)

As mentioned earlier, here we want to see BPM extend the gold discovered with BPM’s first round of drilling on this prospect.

Here are the catalysts we are tracking across this prospect:

• ✅ Drilling commenced
• 🔄 Drilling completed
• 🔄 Assay results - expected “throughout Q3-2026”

What could go wrong?

In the short term the key risk for BPM will be “exploration risk”.

BPM is currently in the middle of a second phase of drilling on its Beachcomber prospect.

There is no guarantee that BPM replicates the results from its first round of drilling on that project.

Given there are historic drilling results on the project already, the market will likely build in expectations that BPM can at least replicate those results.

IF drilling fails to deliver any economic mineralisation OR extensions to the known gold mineralisation on its project the market could re-rate the stock lower.

Exploration risk

BPM is still a long way from a discovery, and even further from defining a resource. Just because AngloGold drilled a few holes back in the day, it doesn’t guarantee BPM will hit anything significant in its follow-up drilling. BPM is an early-stage exploration company, and could come up empty-handed.

Source: “What could go wrong” - BPM Investment Memo 21-Aug-2025

Other risks

Like any early-stage exploration company, BPM carries significant risk, here we aim to identify a few more risks.

Large gold-in-soil anomalies do not always correlate to economic mineralisation underground. Even with structural mapping backing the target, there is a high statistical probability that maiden drilling yields lower grades than expected or comes up empty.

Running an extensive 10,000-meter drilling program requires significant capital and results in a high cash burn rate. If exploration is prolonged, BPM will likely need to raise additional equity capital in the future, which would dilute existing shareholders.

Drilling schedules and laboratory assay processing times are frequently exposed to unexpected operational and logistical delays. Extended wait times for assay results could slow news flow and weigh on short-term market momentum.

The market sentiment for junior explorers is heavily tied to the macro environment and underlying commodity trends. Should gold prices pull back or consolidate, BPM's valuation could suffer regardless of its on-ground progress.

Investors should consider these risks carefully and seek professional advice tailored to their personal circumstances before investing.

Our BPM Investment Memo

You can read our BPM Investment Memo in the link below.

We use this memo to track the progress of all our Investments over time.

Our BPM Investment Memo covers:

• What does BPM do?
• The macro theme for BPM
• Our BPM Big Bet
• What we want to see BPM achieve
• Why we are Invested in BPM
• The key risks to our Investment Thesis
• Our Investment Plan