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Augustus Minerals Limited (ASX:AUG)

ALERT: Price-sensitive ASX Announcement for AUG
Current share price for AUG : $0.024 -0.013 (-35.14%)+
Announcement
Release
15 Oct 2026 8:15AM
Price at Release
$0.037
Full Release
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Summary
Augustus Minerals Limited (ASX: AUG) announced a Papua New Guinea progress update covering its subsidiary ACM Contract Mining (PNG) Ltd’s activities at the Mt Kare Gold Project and Vanapa River Project, highlighting that ACM PNG holds Exploration Licence Application ELA2446 for Mt Kare in Enga Province, about 15km from the Porgera Gold Mine, and ELA2955 for the Vanapa River area in Central Province near Port Moresby and about 40km from the Tolukuma Gold Mine; the company emphasises Mt Kare’s significance as an alkalic epithermal gold deposit with geological similarities to Porgera, notes Mt Kare’s contested licence status with ACM PNG currently second-in-time and no guarantee of grant, and outlines a strategy centred on potential underground development, drilling and feasibility work should a licence be awarded. During 2026 ACM PNG purchased all available open-file MRA data for Mt Kare and commissioned Geosyntec Consultants to prepare a comprehensive Technical Information Memorandum compiling historical exploration, geology, mineralisation styles and resource estimates since discovery in 1987, while for Vanapa River it purchased historic data, reviewed artisanal alluvial workings, and considered an airborne magnetic survey to map structures, lithology and alteration beneath tropical cover. The update also stresses extensive landowner and stakeholder engagement across Enga, Hela and Central Provinces, humanitarian support provided in September 2026 to assist Mt Kare landowners to re-establish the Mt Kare settlement, and attendance by ACM PNG executives at the People’s Party Foundation Dinner hosted by the Enga Governor with Prime Minister James Marape, with Augustus concluding that its data compilation, community engagement and government relationships leave it well positioned to move quickly if either PNG application is granted.
Key Points
  • AUG provided a Papua New Guinea progress update through subsidiary ACM Contract Mining (PNG) Ltd.
  • ACM PNG holds Exploration Licence Application ELA2446 over the Mt Kare Gold Project in Enga Province near the Porgera Gold Mine.
  • ACM PNG holds Exploration Licence Application ELA2955 over the Vanapa River region in Central Province near Port Moresby and about 40km from the Tolukuma Gold Mine.
  • Mt Kare is described as an alkalic epithermal gold deposit with geological analogies to Porgera, including roscoelite mineralisation and bonanza gold zones.
  • Augustus said ACM PNG is second-in-time for Mt Kare after changes to the application order, but the application remains contested and there is no guarantee a licence will be granted.
  • The company outlined a proposed Mt Kare strategy involving portal access, underground development, underground diamond drilling and feasibility studies if the licence is awarded.
  • ACM PNG purchased all available open-file Mt Kare data from the PNG Minerals Resources Authority in 2026.
  • Augustus engaged Geosyntec Consultants Pty Ltd to prepare a Technical Information Memorandum on Mt Kare covering historical exploration, geology, geochemistry, mineralisation styles and historical resource estimates.
  • The memorandum includes historical context that Mt Kare was discovered in 1987 and that artisanal miners reportedly recovered more than about 1 million ounces of alluvial gold between 1988 and 1991.
  • For Vanapa River, ACM PNG purchased historic MRA data, reviewed the project area and sought proposals for an airborne magnetic survey.
  • The Vanapa River project covers about 1,900 square kilometres within the New Guinea Mobile Belt and is prospective for epithermal-porphyry style mineralisation.
  • Augustus highlighted strong and ongoing landowner engagement in Enga, Hela and Central Provinces as critical to progressing exploration licence applications in PNG.
  • ACM PNG held multiple Mt Kare and Vanapa River landowner meetings in 2025 and 2026.
  • In September 2026 ACM PNG provided humanitarian supplies to help Mt Kare customary landowners re-establish the Mt Kare settlement.
  • ACM PNG executives and management attended the People’s Party Foundation Dinner in May 2026 at the invitation of Enga Governor Sir Peter Ipatas, where Prime Minister James Marape was keynote speaker.
  • Augustus concluded that its groundwork in data acquisition, technical review and relationship building positions it to act quickly if either Mt Kare or Vanapa River is granted.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.