FBM’s Gold Prospects Open at Canyon and Forrest: What Risks Lie Ahead for Investors?

Phase 2 Drilling Validates Canyon as a Fertile Gold System

Future Battery Minerals Ltd (ASX, FBM) has received the final assay results from its Phase 2 Reverse Circulation (RC) drilling program at the Miriam Project in Western Australia's prolific Goldfields region. The results from 10 holes drilled at the Canyon prospect confirm a fertile and mineralised gold system that remains open both to the north and at depth. Notably, significant intercepts such as 12 metres at 0.95 grams per tonne (g/t) gold from 52 metres depth, including 4 metres at 1.92 g/t, highlight the prospect's growing potential.

These new intercepts extend the mineralisation down-dip from earlier Phase 1 drilling, which returned 18 metres at 0.92 g/t gold. However, only about 200 metres of the 1.7-kilometre Canyon strike length has been tested so far, leaving a substantial 1.5 kilometres available for further exploration. Future Battery Minerals plans to undertake cost-effective aircore drilling in 2026 to systematically test this remaining strike.

Phase 3 Drilling to Focus on High-Grade Forrest Prospect

Building on the success of Phase 2, the company is poised to commence a Phase 3 RC drilling program focused exclusively on the Forrest prospect. This program, comprising approximately 3,000 metres of drilling, aims to expand the footprint of recently identified fresh rock gold lodes and extend shallow oxide gold zones. Previous Phase 2 results at Forrest were particularly encouraging, with intercepts such as 12 metres at 12.18 g/t gold and 25 metres at 3.28 g/t gold, including a high-grade 6-metre interval at 10.76 g/t.

The Phase 3 drilling is scheduled to conclude by the end of 2025, with assay results expected between late January and early February 2026. These results will be critical in defining the scale and grade continuity of the Forrest gold system.

Expanding Regional Exploration and Corporate Developments

Looking beyond the immediate drilling programs, Future Battery Minerals has outlined an extensive regional exploration campaign for early 2026. This will include first-pass aircore and targeted RC drilling at the Jungle, Burbanks Monarch, and Goroke prospects, supported by geochemical soil sampling and ground-based geophysical surveys. Recent soil sampling results over northern targets are anticipated by late December 2025, setting the stage for a robust exploration push in the new year.

Financially, the company remains well-positioned with a cash balance of A$5.3 million and zero debt as of 30 September 2025, ensuring sufficient funding for its ambitious exploration agenda. Additionally, shareholders have approved a corporate rebranding, with Future Battery Minerals set to change its name and ASX ticker to Ore Resources Ltd (ASX, OR3) in the coming weeks, signaling a strategic evolution aligned with its expanding gold portfolio.

Outlook and Strategic Implications

The confirmation of a fertile gold system at Canyon, combined with high-grade intercepts at Forrest, underscores the growing prospectivity of the Miriam Project. The planned Phase 3 drilling and regional exploration programs are poised to unlock further value and potentially delineate a larger-scale gold mineralised system along the Miriam shear zone. Investors and analysts will be watching closely for upcoming assay results and the impact of the corporate rebranding on market perception.