Azzuro Resources sets out Q4 work program and 2027 resource goals for Mongolian copper projects

Azzuro Resources PLC (ASX: AZ9) lodged an updated corporate presentation with the Australian Securities Exchange on 25 September 2026, setting out its strategy, project pipeline and upcoming catalysts for its two 100%-owned projects in southwestern Mongolia: the Red Hill copper-gold volcanogenic massive sulphide (VMS) project and the Oval copper-nickel-platinum group element (Cu-Ni-PGE) project, which lie about 8 km apart. The company was formerly known as Asian Battery Metals PLC.

Red Hill, acquired in April 2026, is the near-term focus. Phase 1 drilling between April and June 2026 completed 15 holes (12 diamond and 3 reverse circulation) for 1,884 metres, confirming VMS mineralisation over about 550 metres of strike and roughly 150 metres below surface, open to the east, west and down-dip. The presentation restates the maiden JORC Exploration Target announced on 24 August 2026 of 15–30 million tonnes at 0.71–0.9% copper and 0.26–0.4 g/t gold; the company cautions that the target is conceptual and that there has been insufficient exploration to estimate a Mineral Resource. Phase 2 drilling began in September 2026 with an initial focus on a shallow gold zone, and the company estimates that 11 drillholes totalling 1,760 metres are needed to reach an Inferred Resource.

At Oval, mineralisation has been confirmed over more than 880 metres of strike, with an Exploration Target of 6–25 million tonnes at 0.59–1.5% copper equivalent and copper recoveries of 89–95% in metallurgical testwork. The planned program comprises 13 drillholes for 4,375 metres: three holes (290 m) aimed at converting mineralisation to an Inferred Resource and ten holes (4,085 m) to test untested magnetic bodies, alongside a 3D induced polarisation (IP) survey.

For Q4 2026, Azzuro lists Phase 2 drilling and assays on Red Hill's shallow gold zone, downhole electromagnetic (DHEM) surveys on the 2026 diamond holes, integration of gravity and DHEM data to generate deeper targets, and metallurgical testwork to characterise concentrate. At Oval, the quarter's work includes the 3D IP survey, a Phase 2 diamond drilling program and further DHEM conductor targeting. For the first half of 2027, the company is aiming for maiden JORC Inferred Resources at both projects, along with a metallurgical scoping study and an early-stage economic assessment (PEA/CEA).

According to the presentation, Azzuro had a market capitalisation of A$11.5 million and a share price of A$0.014 as at 23 September 2026, and cash of A$2.8 million at 30 June 2026. The company describes its 2026 exploration program as fully funded. It also cites S&P Global Market Intelligence data putting Mongolia's estimated 2026 total copper cash cost at 162.7 US cents per pound, 26% below the 219.6-cent global weighted average.

Source: Azzuro Resources PLC corporate presentation lodged with the ASX (25 September 2026), via Market Index.