EverGreen Lithium Uncovers Gold Potential at Bynoe, Plans Aggressive 2025 Exploration

• 2024 drilling confirms multiple gold anomalous intervals at Bynoe
• No significant lithium-caesium-tantalum mineralisation detected despite pegmatite presence
• 2025 exploration to focus on expanded gold and pegmatite sampling and drilling
• Company continues project generation targeting gold and copper assets in Australia
• Steve Morris appointed Non-Executive Director to bolster governance and industry expertise

2024 Drilling Results Highlight Gold Anomalies

EverGreen Lithium Limited (ASX: EG1) has released the final assay results from its 2024 drilling campaign at the Bynoe Project, located 50km south of Darwin in Australia's Northern Territory. The results confirm the presence of anomalous gold mineralisation across multiple prospects within the lease, with notable intercepts including 4 metres at 1.02 grams per tonne (g/t) gold from 80 metres depth and a 20-metre interval at 0.21 g/t gold. These findings reinforce the potential for economically significant gold mineralisation in the region, particularly at targets such as the Far East Belt and Toolebuc prospects.

Despite the encouraging gold results, the drilling program did not identify any significant lithium-caesium-tantalum (LCT) mineralisation within the pegmatite bodies intersected, primarily in the western section of the lease. This outcome contrasts with initial visual indications of spodumene-bearing pegmatites, underscoring the complexities of mineralogical assessment and the importance of rigorous laboratory verification.

Strategic Shift to Gold and Pegmatite Exploration in 2025

In response to the 2024 results, EverGreen Lithium plans to intensify its exploration focus on gold and pegmatite prospects throughout 2025. The company intends to expand geochemical sampling, including rock chip and soil surveys, across underexplored areas of the Bynoe lease. Follow-up drilling campaigns are also scheduled to test priority targets identified during the previous program, aiming to delineate the extent and continuity of gold mineralisation and refine the geological model.

This strategic pivot reflects both the promising gold assay results and the absence of significant lithium mineralisation, suggesting that the Bynoe Project may offer a dual commodity opportunity, albeit with gold currently taking precedence. The company’s commitment to data transparency and quality assurance remains strong, with further investigations planned to better understand the pegmatite occurrences and their mineral potential.

Broader Portfolio and Corporate Developments

Beyond Bynoe, EverGreen Lithium continues to pursue project generation activities, actively reviewing potential acquisitions and partnerships in gold and copper assets across Australia. This approach aims to diversify and strengthen the company’s exploration portfolio, positioning it to capitalize on emerging opportunities in critical minerals and metals.

On the governance front, the appointment of Mr. Steve Morris as Non-Executive Director adds significant financial markets and mining sector expertise to the board. With over 25 years of experience, including leadership roles at Patersons Securities and Auric Mining Limited, Morris is expected to support EverGreen’s growth ambitions and exploration objectives effectively.

Financial Position and Operational Context

As of 31 March 2025, EverGreen Lithium reported cash and cash equivalents of $2.786 million, down from $3.294 million at the end of the previous quarter. Exploration expenditure decreased significantly due to the Northern Territory’s wet season, which limited field activities. Staff costs saw a temporary increase due to a one-off termination payment, while corporate and administration costs remained stable.

The company’s financial management appears prudent, maintaining sufficient funding to support planned exploration activities over the coming quarters. The reported variances against the original Use of Funds statement primarily reflect timing differences in exploration activity rather than structural budget changes.

Outlook and Market Implications

EverGreen Lithium’s 2024 drilling results at Bynoe mark a meaningful step in defining the project’s gold potential, even as lithium targets remain elusive. The upcoming 2025 exploration campaign will be critical in testing the continuity and economic viability of the gold mineralisation and further assessing the pegmatite bodies for lithium and associated minerals.

Investors and analysts will be watching closely to see how the company balances its dual focus on gold and lithium, and whether new project generation efforts yield additional high-potential assets. The appointment of an experienced director signals a maturation in corporate governance that may support more strategic decision-making as the company advances.

Bottom Line?

EverGreen Lithium’s pivot to gold exploration at Bynoe sets the stage for a pivotal 2025 season that could redefine its resource profile and market positioning.

Questions in the middle?

• Will the expanded 2025 drilling confirm economically viable gold resources at Bynoe?
• Can further investigation of pegmatites reveal overlooked lithium or other critical minerals?
• How will EverGreen’s project generation activities reshape its asset portfolio and strategic focus?