Ground granted on an 8Moz Tropicana look-alike, two new institutional backers, and drilling in March

Disclosure: S3 Consortium Pty Ltd (the Company) and Associated Entities own 4,174,725 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.

A 6km gold-in-soil anomaly, that’s never been drilled before...

Large enough of an area to the 8Moz gold deposit nearby - sitting on the same geological structures...

Our Investment BPM Minerals (ASX:BPM) just got granted the ground covering its “Bonnie and Clyde”, and a 50-hole drill program is already in the works...

Those are the two targets sitting across a ~6km long gold in soil anomaly that have NEVER been drilled before...

... where BPM can go for a “moonshot” new discovery.

Big enough of a target to get two resource funds - Tribeca Investment Partners and Terra Capital - onto BPM’s register...

The two funds anchored BPM’s $3.5M raise today at 23c per share. (We also participated)

(source)

Bonnie and Clyde sit across an area so large it’s comparable to that of the 8Moz Tropicana deposit owned by $77BN AngloGold and $6.3BN Regis Resources.

AND the Glenburg discovery - which has re-rated Benz Mining’s share price by >600% inside the last 12 months:

(Source)

As if Bonnie and Clyde weren’t interesting enough already...

BPM reviewed old exploration data (including an old diamond drillhole) and said that another one of its prospects (Dragonfly) is:

“interpreted as part of the broader Bonnie & Clyde mineralised system” and more importantly...

The “historical diamond core from Dragonfly confirms Tropicana-style mineralisation”...

So, BPM has a target with a footprint large enough to be a major gold system and the geology looks like it may share similarities with a known mega discovery in the region.

And now it has two big NEW institutional investors along for the ride too...

Tribeca Investment Partners and Terra Capital.

Both have had some huge successes in the gold sector over the last 12 months.

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 like the two 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.

It’s always nice to hear fund managers give a shout out to the smaller stocks in our Portfolio.

Even better when the fund managers decide to invest alongside us...

After today’s announcement the countdown to drilling “Bonnie and Clyde” begins.

Here are the milestones we will be tracking over the coming weeks/months:

• Drilling approvals - BPM has already submitted a program of works for the 50 hole program.
  
• Heritage surveys - “anticipated to be completed in March/April”.
  
• Soil sampling - “in March with results expected in April/May”.
  
• Drilling starts - BPM is aiming for the second half of 2026, contingent on heritage/drilling approvals.

In the meantime, while waiting for the first drill program on Bonnie and Clyde...

BPM has 5,000m of drilling starting on another target in the coming weeks

As mentioned earlier, Bonnie and Clyde aren’t the only targets BPM can drill chasing an 8M ounce Tropicana look alike...

(we keep referring to Tropicana because BPM’s project sits along the same structures that host the 8M ounce Tropicana gold discovery).

(Source) (Source)

BPM has 75km of mineralised strike within its project, and has a pipeline of drill targets (years’ worth of exploration).

(more on those targets in a second)

The next one to be drilled is “Beachcomber”, which is where BPM just finished a 24-hole RC drill program and hit gold in every single hole...

(Source - BPM announcement)

BPM has a second, much bigger, 5,000m drill program permitted and ready to start in the coming weeks.

(“scheduled to restart in early March at Beachcomber”) (source)

The Beachcomber target was actually once held by AngloGold Ashanti (the majority owner of the massive Tropicana deposit).

After Anglo discovered Tropicana and redirected all its focus there, the ground BPM holds now was left alone for over a decade...

BPM then drilled the project, then ran some soil sampling and has managed to define gold mineralisation across ~700m of strike.

Just recently, BPM expanded the size of the target across ~700m with soil sampling to the north and south of the known mineralised area:

(source)

Mineralisation is open both along strike and down dip...

So the focus for the next round of drilling (coming inside the next few weeks) looks like it will be to test for extensions to the structures in the direction of the “open” arrows in the image below:

(source)

BPM finding more Tropicana style clues across its project...

As mentioned earlier BPM has over ~75km of strike BPM to test across its project.

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

(Source)

A big win for us over the next few months would be IF BPM can extend and replicate the Anglo hits, showing that Beachcomber is bigger than first thought...

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...

With BPM capped at just $27M, 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.

We are backing BPM’s team here

Both BPM’s Bonnie and Clyde and the 8M ounce Tropicana are in Proterozoic-aged gold systems.

And if you don't know what that is... it's fine, neither do we.

The vendors of the assets (and now a part of the BPM exploration team) Luke Blais and Dr Ross Chandler would definitely know what all that means.

Both won the 2023 Explorer of the Year for a rare earths discovery at Dreadnought Resources.

(source)

Oh, and BPM also has Dr Barry Murphy onboard as its consulting geologist...

Murphy was behind $2.2BN Predictive Discovery’s find in Guinea.

A small cap stock made a 5.5M ounce discovery which turned it into a ~$2.2BN valued acquisition in under 6 years...

(interestingly, Predictive’s discovery was also made after drilling out an interesting soil anomaly - hopefully he can help BPM do the same - fingers crossed).

(source)

We think a gold discovery for BPM could be especially valuable because:

1. The market has an obvious comparison to point to when it comes to success in this part of WA (The 8M ounce Tropicana discovery), and;
2. The project is in an area that should get both corporate and market interest into it IF a discovery is made.

BPM’s project sits across major cross cutting shear zones - similar to Tropicana...

(We are not geologists, but just by looking at the map below, we can see there is correlation between the shear zones and gold deposits forming nearby)

(source)

BPM’s project is also close to multiple operating processing plants within a 200km radius of the project, which means if BPM is able to make a new discovery, it would have inherent value to the owners of those mills.

The positive from that is that there will be a fundamental valuation backstop on the discovery guided by what those mill owners are willing to pay for the resources in the ground.

Alternatively, BPM also gets multiple picks of mill owners it could negotiate toll-milling deals with.

(source)

Obviously it's still far too early to be thinking about who and which mill might take BPM ore, but it's nice to know there are options IF something is found.

At this stage the company has no defined resource estimates so talks of production are premature and more speculative than anything else.

Ultimately we are Invested in BPM to see the company make a material discovery and we are backing the BPM team to do just that.

We are hoping BPM can deliver our Big Bet 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?

Drilling at WA gold project 🔄

In late January BPM released the drilling results from its maiden drill program on its project - at the Beachcomber Prospect and the soil sampling results were released soon after in early February which also provided data to warrant further drilling here.

And a followup drill campaign is already booked in with 5,000m of RC drilling currently planned to get underway in early March, so there isn’t long to wait for this, around 3-4 weeks.

Here are the milestones we will be tracking here:

● ✅ Drilling starts

● ✅ Drilling completion

● ✅ Assay results

● 🔄 Soil sampling assays

● 🔲 Next round of drilling (to start in early March)

Target generation works at WA gold project 🔄

We expect the market to really start taking an interest in BPM and its regional targets once all of the permitting is done on these parts of BPM’s project.

Next for the regional targets are heritage surveys and permitting - once all that’s done we can finally see BPM start to drill the highest priority targets...

(source)

As for the Bonnie and Clyde prospect here are the milestones we are tracking for that prospect:

● ✅ Tenement granted (today) (source)

● 🔲 Soil sampling (anticipated April)

● 🔲 Soil sampling result (anticipated April/May)

● 🔲 Heritage surveys (anticipated March/April)

● 🔲 Targets selected for further drilling (50 hole program Program of Work Submitted today)

What are the risks?

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

BPM plans to start its second round of drilling in February/March, there is a risk exploration results fail to deliver up to market expectation.

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 stock market investment, investing in BPM carries a range of risks which may affect the value of the company, some of which cannot be foreseen (this is the nature of risks).

Here we aim to identify a few more risks.

BPM is highly sensitive to movements in the gold price. A sustained downturn could hurt the project’s potential value and limit BPM’s ability to raise funds for exploration.

As a small company with a market cap of ~$27M, BPM is highly speculative. Even after recent share price moves, the current valuation may already reflect some of the anticipated upside.

Like all junior explorers, BPM is reliant on capital markets to fund exploration. Any future capital raise could dilute existing shareholders.

Finally, while WA is one of the more stable mining jurisdictions globally, there are always regulatory, environmental, heritage and permitting risks that could delay or prevent project development.

Investors should carefully consider these risks and seek professional advice suited 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