Investor Insight
Azzuro Resources is positioning itself as the next big ASX-listed Mongolian metals player by developing a premier portfolio in Southwest Mongolia, highlighted by a significant, shallow magmatic copper-nickel sulphide discovery at its flagship Oval copper-nickel project and near-term catalyst upside at the neighboring Red Hill copper-gold project.
Overview
As of April 2026, Mongolia is regarded as one of the world’s most mineral‑rich jurisdictions, with mining contributing approximately a quarter of the country’s GDP and roughly 87 percent of its exports.
Australian-listed exploration company Azzuro Resources (ASX:AZ9) is focused on unlocking this opportunity, discovering and developing essential copper nickel and base and precious metals within southwest Mongolia.
The company was formerly known as Asian Battery Metals, with its name change taking effect and a new website launched on Jun 10, 2026. Its asset portfolio is anchored by the high-grade Oval copper-nickel discovery and bolstered by a growing regional project pipeline that introduces diverse mineralized styles. It also acquired the Red Hill project, formerly known as Maikhan Uul, which sits about 8 kilometers from Oval.
Operating on the direct doorstep of China, the consumer of half the global copper and battery metals supply, Azzuro is strategically positioned to capture immediate value from cross-border infrastructure and major regional smelting networks. Its operations are guided by an expert technical team and board holding deep in-country operating depth, including former leaders of Mongolia-focused company Aspire Mining Gan-Ochir Zunduisuren and David Paull.
Company Highlights
- Mining-friendly Jurisdiction: Mongolia is among the top 5 Asian jurisdictions for mineral potential according to the Fraser Institute, and mining contributes approximately 87 percent to the country’s exports.
- High-Grade Flagship Discovery: The flagship Oval project hosts a high-grade magmatic copper-nickel-PGE sulphide system with mineralization confirmed from surface down to 290 meters depth, with copper recoveries of up to 95 percent.
- Industry Validation: The company holds technical endorsement and non-dilutive funding from mining giant BHP (ASX:BHP,NYSE:BHP,LSE:BHP), under BHP’s 2023 Xplor Cohort Program.
- Proven In-Country Leadership: Azzuro’s management team and board members include Gan-Ochir Zunduisuren and David Paull, former leaders of the Mongolia-focused company Aspire Mining.
Key Projects
Oval Cu-Ni-PGE Project
Located in Govi-Altai Province in southwestern Mongolia and approximately 300 kilometers north of the Chinese border, Azzuro Resources’ flagship Oval discovery (within Yambat tenement) represents a significant, new magmatic copper-nickel-PGE sulphide system. Exploration drilling at the site has revealed mineralization from 100 to 290 meters and outstanding copper recoveries of 89 to 95 percent.
Visual results from a late 2025 step-out drilling have also expanded the interpreted mineralised footprint, with the intrusive body now shown to be extending over approximately 880 metres in strike, a 30 percent increase since early 2025.
Plans are in place for a Phase 4 drilling, which is expected to test down-dip and along-strike extensions of the Oval intrusion, evaluate the broader intrusive cluster, including the newly modelled anomaly and advance the project toward an initial mineral resource estimate (MRE).
Red Hill Cu-Au Project
Red Hill, formerly known as Maikhan Uul, is situated approximately 8 kilometers from Oval, becoming a strategic acquisition for Azzuro. It also serves as a high-value complementary copper-gold asset tied to an active mining license granted until 2045.
The 79.14-hectare project features thick volcanogenic massive sulphide (VMS) targets at Red Hill alongside shallow, high-grade gold-silver mineralization at the adjacent North Hill target. Exploration campaigns have confirmed a 272-meter continuous strike length with high-grade massive sulphide intercepts.
Management Team
Gan-Ochir Zunduisuren – Managing Director
Bringing over 20 years of mining industry experience encompassing mineral exploration, project development, operations, and corporate finance, Zunduisuren holds deep Mongolian operating expertise as a former senior board member at Aspire Mining and Oyu Tolgoi. He is also a Member of the Australasian Institute of Mining and Metallurgy (AusIMM).
Phil Rundell — CFO/Company Secretary
Phil Rundell, CA, DipBus (Accounting), is a Chartered Accountant and former Partner of PwC (formerly Coopers & Lybrand) and former Director of Ferrier Hodgson. He specialises in company secretarial, compliance, accounting and corporate reconstruction services. Phil served as Company Secretary of Aspire Mining Limited for over 12 years, including as CFO, and was Company Secretary and CFO of Peak Rare Earths Limited from 2020 to 2025. He brings extensive experience in ASX-listed companies, corporate governance, financial management and regulatory compliance.
David Paull — Non Executive Chairman
A highly experienced mining executive with over 30 years of leadership in the global mineral resources industry, Paull is a Fellow of the Securities Institute of Australia (FSIA) with expertise in corporate strategy, project development, capital markets, governance and resource sector leadership. He served as Managing Director and Executive Chairman of Mongolia-focused company Aspire Mining from 2010 to 2021, and currently serves as a director of Yilgarn Iron Pty and Maiden Iron Pty.
Bob Dennis — Technical Advisor
Dennis holds over 40 years of experience across mineral exploration, feasibility studies, due diligence, resource audits, geological reviews, mine geology and mining and metallurgical management. From copper, lead, zinc, silver, gold, cobalt, iron ore, manganese, tin, tungsten, zircon, molybdenum, graphite and lithium, his professional experience covers a broad range of commodities and deposit styles.