Belararox Limited (ASX: BRX), the base metals and gold explorer, has advanced its international portfolio with exploration and drilling programs in Argentina and Botswana, and the recapitalisation of its Australian interests. Belararox’s flagship Toro–Malambo–Tambo (TMT) copper-gold project in Argentina and Kalahari Copper Belt (KCB) project in Botswana remain the central focus, placing Belararox in a position to reap the reward of global growth in copper demand.
The Belara Project in New South Wales and the Bullabulling Project in Western Australia are also among the interests of the company, on which an option agreement with Minerals 260 was entered into to reduce costs and sharpen priorities regarding overseas growth.
Key Findings and Results
Belararox released a series of exploration milestones during FY2025:
- Argentina (TMT Project): Tambo South’s initial pass drilling encountered wide anomalous sulphide copper intervals with covellite and hypogene chalcocite, consistent with porphyry system models.
- Botswana (KCB Project): The Department of Environmental Affairs received the Environmental Impact Assessment, and operations were permitted to commence at Kareng West. A 10-hole inaugural reverse circulation drilling campaign started in August 2025.
- Belara Project (NSW): The mineral resource remains intact at 5.0Mt at 3.41% ZnEq, which includes zinc, copper, lead, silver, and gold.
- Bullabulling Project (WA): Option agreement with Minerals 260 involves the company having the right to take up the project for $600,000, with all tenement costs and liabilities.
Economic and Strategic Benefits
Copper remains a core enabler for worldwide electrification, energizing renewable energy technologies, electric vehicles (EVs), and grid infrastructures. Prices have remained robust up to 2025, bolstered by supply concerns driving long-term demand projections.
Commenting on the year, Chairman Neil Warburton said:
“The business is now financially well-positioned and poised to execute its FY2026 exploration plan to achieve a significant exploration success at the TMT Project and copper drilling targets within Botswana.”
He added that both flagship projects are strategically located in under-explored but highly prospective belts that flank significant world-class deposits.
Resource and Exploration Updates
At the TMT Project in Argentina, significant civil works consisted of road construction, adding up to 52 km, and camp enlargement to accommodate up to 75 staff. Five drill pads were installed, and drilling successfully validated early-stage copper mineralisation typical of porphyry-style systems.
In Botswana, soil sampling and geophysics campaigns in six tenements returned over 20 copper anomaly targets. Gravity and AMT surveys also confirmed structural attributes critical to sediment-hosted copper deposits. The first drill program for Kareng West (PL0085) will test four high-grade targets along mineralized structures in neighboring projects.
At Belara Project, extension exploration beyond the Native Bee and Belara deposits found new targets such as Ben Buckly/Governors Hill, with assays to 0.97% Cu, 188 g/t Ag, and 14.9% Pb. Rehabilitation activities for the environment are also ongoing as per approved plans.
Market and Strategic Context
Belararox’s copper emphasis is consistent with the direction of market trends in the future. Copper consumption is expected to grow 30% over the next decade, led by EVs, clean energy, and infrastructure upgrades, according to analysts. Competitors Sandfire Resources and Cobre Ltd are already developing proximate deposits on the Kalahari Copper Belt, a testament to the region’s increasing prominence.
San Juan province in Argentina, where TMT is located, has already attracted the attention of major mining companies like Lundin, Glencore, and McEwen Mining. This provides Belararox jurisdictional advantages and access to available infrastructure.
Investor Outlook
By the end of September 2025, Belararox was quoted at $0.087 per share with a market cap of $17.2 million. The firm raised $15.7 million in a placement earlier in the year and raised a further $8.5 million through a two-tranche placement in September.
These funds provide support to Belararox’s balance sheet prior to extensive drilling programs in FY2026. Investor sentiment remains focused on the prospect of the company making copper discoveries aligned with worldwide demand for electrification.
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Final Thoughts
Belararox has positioned itself geographically across copper-rich jurisdictions, advancing exploration in Argentina and Botswana while establishing its Australian portfolio. With drilling activities across both flagship properties and robust funding backing, the company is well placed to capitalize on sustained global copper demand and supply chain diversification in FY2026.
FAQs
- What is Belararox Limited (ASX: BRX) focused on?
Belararox Limited is a mineral exploration company focused on copper and gold projects. Its flagship assets are the Toro–Malambo–Tambo (TMT) Project in Argentina and the Kalahari Copper Belt (KCB) Project in Botswana. - Where is the TMT Project located?
The Toro–Malambo–Tambo (TMT) Project covers 32,000 hectares in the Valle del Cura region of San Juan province, Argentina. It is situated between the El Indio and Maricunga metallogenic belts, known for world-class copper-gold porphyry deposits. - What exploration results has Belararox achieved recently?
Drilling at Tambo South in Argentina intersected wide zones of anomalous copper mineralisation, consistent with porphyry system models. In Botswana, geophysical and soil sampling programs identified more than 20 areas of interest, with drilling initiated in 2025. - What is the Belara Project in New South Wales?
The Belara Project is a 643 sq.km landholding in the Lachlan Fold Belt, NSW. It hosts a JORC-compliant mineral resource estimate of 5.0Mt at 3.41% ZnEq, containing zinc, copper, lead, silver, and gold. - How is Belararox funding its exploration programs?
In FY2025, Belararox raised $15.7 million through share placements and secured an additional $8.5 million in September 2025. This funding supports drilling programs in Argentina and Botswana. - Why is copper important for Belararox’s strategy?
Copper is critical for renewable energy, electric vehicles, and global electrification. With demand forecast to rise by 30% over the next decade, Belararox’s projects are well positioned to benefit from tightening global supply. - What is the market outlook for Belararox?
As of September 2025, Belararox’s share price was $0.087, with a market capitalisation of $17.2 million. Investor interest is centred on the company’s progress in unlocking copper resources in Argentina and Botswana.
