Evergreen Lithium Adds Over 15 Million Shares in WA Gold Projects with Minimal Cash

Strategic Expansion in Western Australia’s Goldfields

Evergreen Lithium Limited (ASX – EG1) has announced a significant expansion of its gold exploration portfolio through the acquisition of the Queens Gold Project and the Mt Monger Gold Project, both located in Western Australia’s renowned Goldfields region. These acquisitions complement Evergreen’s existing Leonora Goldfields Project, reinforcing its ambition to emerge as a notable gold producer in one of the world’s most prolific gold mining districts.

The Queens Gold Project comprises a package of eight prospecting licenses and two exploration licenses situated near Leonora, strategically positioned close to Evergreen’s current assets. The project benefits from proximity to major gold operations such as Red 5’s King of the Hills and Northern Star’s Thunderbox, providing access to established infrastructure including sealed roads and grid power.

Mt Monger – Historical Data and Exploration Upside

The Mt Monger Gold Project, located approximately 70 kilometres southeast of Kalgoorlie, consists of a contiguous tenement package with a rich history of gold production and exploration. Historic drilling has revealed notable gold intersections, including intervals of up to 40 metres at 2.49 grams per tonne and shorter high-grade zones exceeding 17 grams per tonne. The project lies adjacent to Vault Minerals’ Randalls mill and near Lefroy’s recent discoveries, underscoring its potential.

Evergreen’s acquisition terms are structured to minimize upfront cash exposure, with staged share considerations and performance milestones tied to resource growth. This approach preserves the company’s cash reserves for exploration and development activities, aligning payments with project success.

Focused Exploration Plans and Synergies

Evergreen plans to initiate targeted exploration programs at both projects. At Queens, geophysical surveys and drilling will focus on high-priority targets identified along significant fault zones, integrating findings with the Leonora Goldfields operations. At Mt Monger, reverse circulation drilling will test depth extensions and structural trends across several prospects, including Duchess of York and Gladiator.

Chairman Simon Lill emphasized the strategic value of these acquisitions, highlighting the substantial exploration upside and the opportunity to consolidate tenements in historically productive areas. The company’s approach leverages existing infrastructure and regional expertise to accelerate resource delineation and development.

While the acquisitions mark a major step forward, the realization of their full potential depends on forthcoming exploration results and regulatory approvals. Evergreen’s methodical acquisition and exploration strategy reflects a balanced approach to growth in a competitive gold market.