Asian Battery Metals PLC (ASX:AZ9) has signed a binding agreement with Best Resources LLC for an exclusive option to acquire the Maikhan Uul copper-gold project, located just 8 kilometres from its flagship Oval copper-nickel-platinum group element (Cu-Ni-PGE) discovery in southwestern Mongolia. 
The project holds a mining licence valid until 2045 and contains near-surface volcanogenic massive sulphide (VMS) style copper-gold mineralisation. Not only does this agreement expand AZ9’s project area, it also gives the company the potential to extend the resource beyond the current 215-metre drilling depth.
Maikhan Uul, Yambat and Bayan Sair location.
In addition, Asian Battery Metals has been granted a new 3,327-hectare mineral exploration tenement south of its Yambat Project. The Bayan Sair tenement covers part of a regional magnetic high interpreted as a possible extension of the MS1 and Oval intrusive zones, with initial geophysics planned later in 2025.
“The Maikhan Uul Cu-Au Project is a natural extension of our regional copper-focused exploration strategy and is strongly synergistic with our existing Oval Cu-Ni discovery within the Yambat Project, both geographically and operationally. With shallow VMS-style mineralisation, a long-standing mining license, and close proximity to existing infrastructure, this project gives us exciting near-term optionality as we build a critical mass around our core asset in Mongolia,” AZ9 MD Gan-Ochir Zunduisuren said.
“We are also pleased to secure a new tenement covering the south side of the current tenement, an important step to increase our regional footprint. This award by the government is a credit to our team and our recent successes.”
Maikhan Uul project overview
The Maikhan Uul project lies 300 kilometres from the Chinese border in Govi-Altai aimag. Historical drilling has defined multiple mineralised zones up to 12 metres thick, open at depth, within altered rhyolite porphyry units. 
A 2015 foreign resource estimate under the Mongolian classification system outlined 5.03 million tonnes grading 0.58% copper and 0.16 g/t gold (non-JORC compliant). 
The project benefits from nearby infrastructure and high-voltage power access. Asian Battery Metals will undertake a staged six-month due diligence program, including electromagnetic surveys, 200–300 metres of confirmation drilling, and an independent review to assess JORC 2012 compliance.
Binding option agreement terms
Under the binding exclusive right agreement, Asian Battery Metals has paid US$50,000 for the six-month due diligence option. If successful, the company will acquire either the mining licence or 100% of Best Resources’ shares for US$890,000, payable within 10 business days of transfer. 
This transaction forms part of the company’s strategy to consolidate a critical minerals hub in Mongolia, complementing the Oval discovery and other regional assets.
Due diligence will include: 
Deployment of SAMSON EM to identify potential conductors prior to confirmation drilling.
Undertake approximately 200-300 metres of confirmation drilling in the higher-grade resource areas. Drilling is currently scheduled to commence in Q3 2025.
CP evaluation of the data supporting the Resource, estimation method and classification into the JORC system or otherwise, formulation of further work programs to allow future classification as a JORC Resource.
Independent legal review.
Bayan Sair exploration licence
The Bayan Sair tenement, secured through government tender, lies immediately south of the Yambat Project and is largely covered by Quaternary sediments. 
Bayan Sair and Yambat tenement on Reduction to the Pole (RTP) map and Bayan Sair and Yambat tenement on satellite map.
A strong magnetic high in the eastern section, located around 4 kilometres from the MS1 intrusion, highlights its potential. No known mineral occurrences have been recorded to date, but its proximity to mineralised mafic intrusions makes it a priority target. Planned work includes induced polarisation surveys to identify possible mineralised zones before follow-up drilling.
By Jonathan Jackson

Published Date:2025-08-15