EverGreen Lithium Accelerates Gold Exploration with New Acquisitions and Drilling Plans

Leonora Goldfields Project – Building on a Solid Base

EverGreen Lithium (ASX – EG1) continues to deepen its footprint in Western Australia's prolific Goldfields region with its flagship Leonora Goldfields Project. The project currently holds a JORC-compliant inferred gold resource of 63,000 ounces spread across 15 tenements. Recent detailed geological mapping at key prospects such as Craig’s Rest, Victor Bore, and Great Northern has set the stage for an inaugural drilling campaign aimed at upgrading this resource to indicated status and extending mineralisation both along strike and at depth.

Historical drilling results, including a standout intercept of 5 metres at 57.9 grams per tonne gold, underscore the high-grade potential of the project. The company is actively pursuing the conversion of five prospecting licences to mining leases, a move that would facilitate future mining operations and optimise pit development. The project’s proximity to sealed roads, grid power, and a skilled regional workforce, along with two large-scale gold mills within 40 kilometres, provides a strong infrastructure advantage.

Strategic Acquisitions Expand Exploration Horizons

In addition to Leonora, EverGreen Lithium has secured rights to two other promising gold projects – Queens and Mt Monger. The Queens Gold Project, acquired through Golden Manifesto Pty Ltd, comprises multiple prospecting and exploration licences near Leonora. This project is strategically divided into three zones; Queens North, Central, and South; each offering distinct exploration opportunities, including polymetallic potential and high-priority geophysical targets along the Craig’s Fault.

Similarly, the Mt Monger Gold Project, acquired via Trumpeter Resources Pty Ltd, offers a contiguous tenement package southeast of Kalgoorlie. Notable historical intercepts such as 40 metres at 2.49 grams per tonne gold highlight the project’s potential. Its proximity to Vault Minerals’ Randalls mill, less than 5 kilometres away, presents attractive toll treatment options. Both acquisitions include staged share considerations and performance milestones tied to resource growth, reflecting a measured approach to capital deployment.

Financial Position and Operational Outlook

EverGreen Lithium reported cash and cash equivalents of $1.52 million as of 30 September 2025, down from $2.14 million at the previous quarter’s end. The increase in operating costs, particularly corporate and administrative expenses, is largely attributable to annual ASX listing fees and costs associated with recent acquisitions. Staff costs also rose due to payroll tax and director bonuses. Exploration and evaluation expenditure decreased compared to the prior quarter, reflecting a shift from acquisition-related outlays to preparatory work for drilling campaigns.

The company is progressing regulatory approvals and contractor arrangements for upcoming drilling at Craig’s Rest and Victor Bore, aiming to extend known mineralisation and upgrade resource classifications. Meanwhile, no material updates were reported for the Bynoe Project, where prior drilling confirmed consistent gold-bearing intervals.

Positioning for Growth in a Competitive Landscape

EverGreen Lithium’s expanding portfolio situates it near world-class deposits such as Red 5’s King of the Hills and Northern Star Resources’ Thunderbox operations. The combination of high-grade intercepts, strategic acquisitions, and robust infrastructure access enhances the company’s prospects for resource growth and near-term development. However, the path forward hinges on successful drilling outcomes and the timely conversion of prospecting licences to mining leases.