Golden Crown Bulk Sampling Yields 223 Ounces Gold Doré at 22.4 g/WMT

Strong Bulk Sampling Results at Golden Crown

Mt Malcolm Mines NL (ASX: M2M) has reported a robust quarter ending March 31, 2025, highlighted by the successful completion of bulk sampling at its Golden Crown Prospect in Western Australia's Eastern Goldfields. The company processed 367 Wet Metric Tonnes (WMT) of high-grade mineralised material, recovering 223.3 ounces of gold doré and generating revenue of $931,189 from sales to the Perth Mint.

The gravity recovery gold (GRG) grades reached an impressive 22.4 grams per WMT, underscoring the exceptional grade and amenability of the mineralisation to gravity processing. To date, the bulk sampling program has yielded a cumulative 345.7 ounces of gold doré from 979 WMT, reinforcing Golden Crown’s potential as a near-term production opportunity.

Exploration and Stockpile Potential

In addition to bulk sampling, Mt Malcolm has defined an Exploration Target for five stockpiles estimated between 2,200 and 2,500 WMT at grades of 2.6 to 3.0 g/t Au. This target is supported by 48 surface grab samples, some grading as high as 42.74 g/t Au, and LiDAR surveys conducted in late 2024. These stockpiles represent a promising near-term cash flow source, with ongoing efforts to refine tonnage and grade estimates through direct measurement.

Preliminary tailings evaluation from previous batches suggests economic gold grades remain, with heap leach processing identified as a potential method to enhance overall recovery and project economics. This dual approach of processing both stockpiles and tailings could significantly improve resource utilisation and cash flow generation.

Operational Insights and Risk Mitigation

The bulk sampling program has provided critical operational data, including geotechnical and metallurgical insights that enhance resource confidence and validate the efficiency of gravity recovery techniques. The program was completed without any Lost Time Injuries, reflecting strong operational discipline. These learnings are instrumental in de-risking future mining operations by confirming grade continuity and refining processing strategies ahead of potential scale-up.

Broader Malcolm Project Exploration

Beyond Golden Crown, Mt Malcolm continues to advance exploration across its extensive Malcolm Project portfolio, including prospects such as Emu Egg, Sunday Picnic, Mt Feldtmann, and Lake Johnston. The company has secured drilling permits for key brownfields targets in 2025 and is integrating historical data with new geological models to sharpen exploration focus. Notably, Lake Johnston is emerging as a significant lithium and rare earth element exploration area, complementing the company’s gold-focused assets.

Financial Position and Outlook

Mt Malcolm spent $502,000 on exploration and evaluation and $156,000 on processing costs during the quarter, with no mine production or development activities reported. The company maintains a positive cash flow position, ending the quarter with $125,000 in cash and access to a $500,000 unsecured loan facility extended through October 2025. Related party payments totaled $109,000, primarily director fees and loan interest.

Looking ahead, Mt Malcolm plans to extend high-grade mineralised zones at Golden Crown, integrate bulk sampling data into resource estimation, explore cost-effective processing for stockpiles and tailings, and commence resource definition drilling at Dumbarton. These initiatives aim to build on the quarter’s momentum and advance the company’s development pipeline.