FBM Eliminates Royalties, Faces Pressure to Deliver on Miriam Exploration

Consolidating Ownership

Future Battery Minerals Ltd (ASX: FBM) has taken a decisive step in its exploration strategy by acquiring full ownership of the Miriam Project in Western Australia's prolific Goldfields region. The company purchased the remaining 15% interest and all associated gold and base metal rights from Corazon Mining Ltd for A$350,000 in cash. This move complements FBM's existing lithium rights, effectively consolidating all mineral interests under one roof.

In a parallel transaction, FBM exercised its option to extinguish a 2% Net Smelter Return royalty over the project for A$65,000, removing a significant encumbrance and granting the company unfettered control over future revenues. Post-acquisition, the entire Coolgardie tenure portfolio is free from third-party royalty or offtake obligations, a strategic advantage in the competitive mining sector.

Exploration Prospects and Infrastructure

The Miriam Project sits within the Coolgardie Greenstone Belt, an area known for its rich gold deposits and favourable geology. Historical records and artisanal mining evidence highlight multiple gold occurrences at sites such as Forest, Goroke, and Burbanks Monarch. FBM is currently validating these data sets and conducting geophysical reviews to refine target zones.

Crucially, the project benefits from proximity to established processing infrastructure, including the Burbanks Mill just 1 km away, and other nearby facilities like the Greenfields and Three Mile Hill mills. This infrastructure availability enhances the commercial viability of any future discoveries, offering multiple pathways to monetisation.

Upcoming Drilling and Funding

With all necessary permits and native title surveys in place, FBM plans to commence a maiden reverse circulation (RC) drilling program in July 2025. This program will focus on high-priority gold targets identified through recent geophysical work and historical data analysis. The company’s strong balance sheet, boasting A$7.4 million in cash and zero debt as of March 31, 2025, provides ample runway to execute its exploration agenda without immediate capital constraints.

CEO Nick Rathjen emphasised the strategic importance of this acquisition, noting that full ownership and royalty clearance provide FBM with the flexibility to time and scale exploration activities optimally. The company is also advancing due diligence on other potential acquisitions, signalling an aggressive growth posture in the gold and lithium sectors.

Strategic Implications

This consolidation at Miriam not only strengthens FBM’s asset base but also positions the company to leverage the Eastern Goldfields’ infrastructure-rich environment. The dual focus on lithium and gold exploration aligns with market demand for battery minerals and precious metals, potentially enhancing shareholder value as exploration results unfold.