High-Grade Silver Intercept Raises Stakes for Liontown Resource Upgrade

Exceptional Drill Results Highlight Precious Metals Potential

Sunshine Metals Limited has delivered a compelling update from its Liontown deposit in Queensland, revealing exceptional high-grade gold and silver intercepts from a recently completed reverse circulation (RC) grade control drilling program. The standout result is a re-analysed 1-metre interval returning 136 grams per tonne (g/t) gold and an extraordinary 9,960 g/t silver from 18 metres depth, within a broader mineralised zone. This intercept not only confirms the richness of the deposit but also underscores the significant silver endowment that complements the gold mineralisation.

The expanded drilling program, completed in early February 2026, comprised 121 holes totaling 5,195 metres, focusing on the shallow gold resource that forms the basis of a recent mining study. This study outlined an initial production target of approximately 75,000 ounces of gold and 654,000 ounces of silver, indicating robust financial prospects for the project.

Strategic Resource Upgrade and Mining Study on the Horizon

With assay results from 68 holes already reported and the remainder expected shortly, Sunshine Metals plans to incorporate the full dataset into an updated and upgraded mineral resource estimate by April 2026. This will be followed by a revised mining study that integrates the new data, potentially enhancing the project's economic profile and supporting future development decisions.

Managing Director Dr Damien Keys emphasised the importance of silver in the Liontown system, noting that the gold-to-silver ratio of about 1:60 means silver adds significant value alongside the already high gold grades. The company is also poised to explore other nearby gold and silver-rich targets within the Liontown Dome, a geological feature interpreted to extend prospective stratigraphy over approximately 7 kilometres.

Broader Exploration Potential Across the Ravenswood Consolidated Project

The Liontown deposit is part of Sunshine Metals’ larger Ravenswood Consolidated Project, which hosts a suite of volcanogenic massive sulphide (VMS) deposits rich in gold, silver, zinc, copper, and lead. The combined resource across Liontown, Waterloo, and Orient deposits totals 7.4 million tonnes at 1.4 g/t gold, 31 g/t silver, and significant base metals. This diversified mineralisation enhances the project's appeal and offers multiple avenues for resource growth.

Additional prospects such as Cougartown, Tigertown, and Liontown South have shown promising gold and silver intersections in limited drilling, with follow-up programs planned to better define their potential. Sunshine Metals’ ongoing exploration strategy aims to unlock further value by systematically testing these targets throughout 2026.

Looking Ahead: Active Exploration and Development Milestones

Sunshine Metals has a busy schedule ahead, with final assay results from the current drilling expected in March, followed by a magnetic survey and commencement of new drilling programs at Sybil. The company will also present at the Gold Coast Gold Conference later this month, sharing insights into its advancing projects. These activities reflect Sunshine Metals’ commitment to progressing its portfolio and delivering value to shareholders.