BPM is now drilling near the 8M Ounce Tropicana deposit in WA.

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Published 08-DEC-2025 13:31 P.M.

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Our exploration Investment BPM Minerals (ASX: BPM) just started drilling its WA gold project.

BPM’s gold project sits on a similar geological setting to the 8Moz gold Tropicana deposit.

(Source)

With this round of drilling, BPM is actually following up intercepts that the current owners of the Tropicana deposit ($63BN AngloGold Ashanti) drilled ~19 years ago.

Anglo hit ~3m at 65.8 g/t gold and 9.7m at 4.5 g/t gold from that project, but never really followed them up, choosing instead (understandably) to focus on drilling out the Tropicana discovery.

BPM is now the first company to come back and drill out that target since Anglo dropped the ground all those years ago.

Drill results from the current program are expected in early 2026.

Here is some of that drillcore (which had visible gold in them) from those drill programs:

(Source)

And here is where BPM plans to drill its 3,000m RC drill program:

(Source)

See our deep dive on the target here: BPM: About to drill WA gold project on same geological trend as nearby 8Moz Tropicana

BPM is also running a regional soil sampling program

Beyond the current drilling we are also looking forward to seeing the results from BPM’s regional soil sampling programs.

BPM confirmed today that the ground surrounding Beachcomber had now been granted - so we could see some results from here in the coming weeks.

A win for us from the soil sampling programs will be if we can see more targets like BPM’s “Bonnie”
And “Clyde” prospects.

Across those two targets BPM has identified a ~6km gold-in-soil anomaly.

Those targets are completely undrilled and have a similar footprint to the Tropicana discovery by Anglo and the recent discovery by Benz Mining:

(Source)

If we see a few more targets like these ranked for drilling later next year, we could see a fair bit of interest come into the stock - especially if this first round of drilling delivers strong results.