KUALA LUMPUR (Oct 22): Bahvest Resources Bhd (KL:BAHVEST) said it had entered into an exclusive prospecting and contract of works agreement with Aurelius Borneo Mining Sdn Bhd, which is involved in gold mining.

Prospecting is the first stage of the geological analysis of a territory in search of gold.

According to the salient terms of the agreement, it was stipulated that Bahvest’s wholly owned subsidiary Wullersdorf Resources Sdn Bhd (WRSB) shall collaborate with Aurelius exclusively to explore, prospect, sample, survey and drill for gold containing ore at Mt Andrassy in Tawau, Sabah, spanning across 18,000 hectares.

There is also a profit-sharing arrangement from any future potential gold mined: 70% for WRSB and 30% for Aurelius.

In April, Bahvest said WRSB has received approval from the federal government's mining regulator for its gold mining operations.

Aurelius was incorporated in Malaysia on Oct 5, 2021, and its directors are Datuk Lee Vui Han @ Anthony Lee Vui Han and Soo Kan Hung @ Soo Chin Yau.

Lee is currently the third largest shareholder in Bahvest with an 8.14% stake.

He first emerged as a substantial shareholder in Bahvest in November 2023, after the purchase of a 5.44% stake.

Bahvest’s share price went up two sen or 2.6% to 80 sen, giving it a market capitalisation of RM1.46 billion.