Aurumin entered a renewed drill-for-equity agreement with Topdrill to optimise drilling operations and conserve cash flow.

Under the arrangement, up to 50% of Aurumin's drilling expenses, valued at $1 million, can be converted into company shares issued to Topdrill.

The share issuance price is based on the five-day volume-weighted average price before each invoicing, with a six-month escrow period.

The agreement, which expires on September 30, enhances Aurumin's drilling capacity. The company plans to drill at the Sandstone Gold Operations in April.