BUX

Maiden drill at Madman intersected genuine hydrothermal breccia and quartz-sulphide veining with textures consistent with Paterson Orogen Au-Cu systems (Havieron, Telfer), and importantly recovered pyrrhotite—the only magnetic mineral phase capable of explaining the ~1 km² geophysical anomaly. However, no gold assays yet, and management cautions that additional drilling is required to explain the full magnetic signature and confirm economic gold grades.

BUX has commenced maiden drilling at Madman targeting a Havieron-lookalike magnetic anomaly with strong geophysical and geochemical similarities to major Au-Cu deposits in the Paterson Orogen. Early-stage exploration play with no prior on-ground work; results will be critical to validate the compelling geophysical model.

BUX exited its 49% Copper Wolf JV with IGO for ~AUD$5.9M, eliminating IGO's veto rights and restoring full autonomy over 30.5 km² of prospective Arizona porphyry copper ground including Wolverine and Sun Devil targets. The capital injection strengthens the balance sheet to fund standalone exploration on what management frames as a modern, underexplored Laramide porphyry system.

BUX secured A$1.136M placement from UK sophisticated investors at A$0.035/share to fund imminent drilling at the Madman target in WA and general portfolio exploration. The repeat pricing and UK institutional backing suggest stable investor confidence, though the raise size is modest relative to near-term drilling commitments.