Blaze Minerals secures 90% interest in Ugandan tungsten

• Blaze Minerals has agreed to acquire up to a 90% stake in two Ugandan tungsten projects.
• The explorer is issuing 381.3 million shares to help fund transaction and exploration costs.
• The acquisition expands the company's asset footprint into a historically productive tungsten region.

Blaze Minerals (ASX:BLZ) has entered into a binding agreement to acquire up to a 90% interest in two tungsten projects in Uganda.

The agreement covers the Bahati and Buyaga projects, which surround historical mines where past production at Bahati yielded roughly 270 tonnes of wolfram.

"This is a transformational acquisition for the company, providing direct exposure to an advanced exploration opportunity in a stable, friendly mining jurisdiction," said Blaze Minerals Executive Director Mathew Walker.

Due diligence sampling at the Bahati mine returned high-grade channel samples, including 1 m at 20.78%, alongside a 250km2 land package at Buyaga.

To support acquisition payments and initial work programmes, the company announced a proposed placement of 381.3 million shares at $0.0005 per share.

Following the announcement, the Blaze Minerals share price was unchanged at $0.0001.

The exploration firm previously expanded its portfolio in June 2025 by acquiring an 80% interest in the Loulombo base metals project.