Future Battery Minerals surges 38% after high-grade gold discovery at Forrest Prospect

High-grade gold results lift Future Battery Minerals as Phase 2 drilling confirms multi-lode system

When it comes to junior miners on the ASX, the old saying still rings true: grade is king. Future Battery Minerals (ASX: FBM) proved that point this week, with its share price jumping 38% after Phase 2 RC drilling at the Forrest Prospect confirmed a multi-lode gold system. Among the standout results was the company’s highest-grade intercept to date, 12 metres at 12 grams per tonne of gold, a clear sign the system has serious depth and scale.

These results have now extended the mineralised zone to more than 500 metres, while also revealing open extensions that could host additional high-grade gold targets. What makes this particularly interesting is that Forrest is shaping up not just as a side project, but as a potential value driver alongside FBM’s core lithium assets. In a market where most explorers are chasing the next lithium hit, FBM’s emerging gold potential adds a strategic layer of diversification and optionality that investors often overlook.

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Investors pile in as Future Battery Minerals uncovers large-scale gold system

The Miriam Project has evolved far beyond its early days as a shallow oxide gold play. What began as a near-surface target is now shaping up to be a large-scale, stacked lode system hosting high-grade mineralisation a potential game-changer for Future Battery Minerals. The company, once viewed primarily as a battery metals junior, is quickly transforming into a credible dual-commodity explorer with genuine near-term gold development potential.

The latest Phase 2 drilling results delivered some of the strongest intercepts yet:

• 12m at 12.18 g/t gold from 48m — the highest grade to date
• 25m at 3.28 g/t gold from 119m
• 12m at 1.35 g/t gold from 16m
• 21m at 1.00 g/t gold from 18m

The market’s bullish reaction was well justified. These results not only extend the mineralised strike to more than 500m but also point to deeper continuation, suggesting that the system could be far larger than initially thought. That’s what has investors excited, this isn’t just about higher grades, but scale and continuity, two factors that often define the difference between a small explorer and a future producer.

Future Battery Minerals targets deeper extensions as Phase 3 drilling begins in November

With Phase 3 drilling scheduled for late November 2025, the next key step will be testing those deeper and lateral extensions that could underpin a maiden JORC resource in 2026. As CEO Nick Rathjen put it, “Our Phase 2 drilling at Forrest has been a resounding success. These results have unlocked extensions to existing gold mineralisation in multiple directions and include our highest gram-metre intercept to date.”

The investors Takeaway for FBM

From a financial standpoint, Future Battery Minerals (ASX: FBM) appears to be in a solid short-term position. The company holds around A$5.3 million in cash and carries no debt, giving it enough liquidity to complete its upcoming Phase 3 drilling campaign without the need for immediate capital raising. With the strong Phase 2 results already in hand and clear evidence of mineralisation continuity, FBM is in a stronger position to attract institutional funding if further exploration success continues.

That said, investors should remain aware that FBM is still an early-stage explorer with no current resource or production profile. The company’s value proposition remains tied to exploration success, meaning the upcoming Phase 3 drilling results will be critical in determining whether Miriam can transition from a promising discovery into a defined, economically viable gold deposit. In short, the fundamentals are improving, but the story remains speculative until more data confirms the scale and consistency of the system.