How McLaren’s $1.5M Raise and Drilling Boost Could Transform Its Titanium Project

Capital Raise and Drilling Momentum

McLaren Minerals Limited (ASX: MML) has taken significant strides in advancing its McLaren Titanium Project in Western Australia, announcing a $1.5 million capital raise through a WA Shortfall Placement. This injection of funds is earmarked to accelerate ongoing exploration and feasibility activities, underpinning the company’s commitment to unlocking the value of its substantial heavy mineral resource.

The company’s 6,000-metre air core drilling program, initiated in February 2025, was approximately 40% complete by the end of the March quarter. Early results have been encouraging, with consistent intersections of visible heavy mineralisation across targeted zones. Notably, drilling in the northern infill grid has revealed a 10-metre vertical extension of mineral-hosting sediments beyond previous estimates, potentially expanding the resource base.

Resource Quality and Operational Insights

The mineral assemblage continues to be dominated by ilmenite, with promising expectations for rutile and zircon in favourable ratios, and a low presence of deleterious materials. McLaren has collected six tonnes of mineralised sediment from 69 drill holes, which have been dispatched to IHC Mining in Queensland for metallurgical test work. This testing aims to validate the processing flowsheet and optimise slimes management strategies, critical steps toward producing a high-grade sulphate ilmenite concentrate with low radioactive elements.

Additional analytical samples have been sent to Perth for heavy mineral separation, multi-element analysis, and geochemical assessment of saprolite and basement material, with results anticipated in the second quarter of 2025.

Operationally, the discovery of pressurised saline groundwater at approximately 20 metres depth in the northwest drilling area could provide a valuable local water source, potentially reducing operational costs. The confirmation of gypsum deposits nearby also presents an opportunity for on-site sourcing to support slimes settling, further enhancing cost efficiencies.

Leadership Transition and Investor Engagement

In a notable boardroom development, Michael Arnett has been appointed as Non-Executive Chair, effective March 1, 2025, succeeding Campbell Smyth who retired at the end of March. Arnett brings over two decades of leadership experience in mining and legal sectors, including chairmanships at NRW Holdings Ltd and Genmin Ltd, positioning him well to steer McLaren through its transition from exploration to development.

Managing Director Simon Finnis has actively engaged with investors, presenting at the RIU Explorers Conference and conducting multiple broker meetings to communicate the company’s strategic progress and outlook.

Looking Ahead

With the Pre-Feasibility Study (PFS) on track for delivery in the second quarter of 2025, McLaren Minerals is poised to provide further clarity on the project’s economic potential. The pending metallurgical and analytical results will be critical in confirming resource quality and informing development decisions. Meanwhile, the operational benefits of the newly identified groundwater and gypsum deposits could enhance project economics if validated.