Leeuwin Metals Extends High-Grade Gold at Evanston with 10,000m Drill Program

Robust High-Grade Extensions at Evanston

Leeuwin Metals (ASX:LM1) has kicked off 2026 with a bang at its Marda Gold Project, reporting a flurry of high-grade gold intercepts from a 10,000-metre reverse circulation (RC) drilling program focused on the Evanston deposit. The campaign, completed by the end of March, has already confirmed extensions of the existing 135,800-ounce gold Mineral Resource, with assays still pending for around 50 holes.

Early highlights include a standout 13 metres at 3.2 grams per tonne (g/t) gold from 91 metres depth, including a blistering 3 metres at 10.05 g/t, which pushes the known mineralisation beyond the previous resource boundary. Subsequent step-out drilling further extended mineralisation along strike and down-dip, delivering intercepts such as 14 metres at 1.72 g/t and 9 metres at 1.70 g/t gold, all within the upper 100 metres from surface. These results align with down-hole electromagnetic (DHEM) anomalies identified in late 2025, validating the geophysical targeting approach and underscoring the potential for further resource growth at Evanston.

Notably, these intercepts extend approximately 250 metres down-dip from the current pit shell, hinting at a meaningful increase in the deposit's size and grade profile. The company is progressing towards a Mineral Resource update, with assay results expected to flow in over the coming weeks. This drilling momentum builds on the recent milestone of securing Mining Lease M77/1300 over Evanston, ensuring all resources now sit on granted tenure, a critical step for advancing development plans and operational certainty Mining Lease M77/1300 granted.

Broader Marda System Shows High-Grade Potential

Beyond Evanston, Leeuwin has bolstered confidence in the broader Marda Gold Project with impressive rock chip samples from the Mt King prospect to the north. Multiple samples returned grades well above 10 g/t gold, including a peak of 39.9 g/t from mullock vein material. These surface results support the prospectivity of the larger Marda system and provide fresh targets for upcoming drilling campaigns scheduled for later in 2026.

Meanwhile, planning is underway for the next phase of drilling at Marda Central, where the current Mineral Resource stands at 87,800 ounces at 1.26 g/t gold. This program aims to test high-grade shoots beneath existing open pits and newly identified high-grade trends, potentially adding further ounces to the project’s inventory.

Strategic Reviews and Financial Position

While exploration activity has been concentrated in Western Australia, Leeuwin Metals has also initiated strategic reviews of its Canadian critical minerals assets, namely the Cross Lake Lithium and William Lake nickel-platinum group element (Ni-PGE) projects. These assessments seek to determine the highest-value pathway forward, including options such as joint ventures, divestments, or self-funded exploration, though no fieldwork was conducted during the quarter.

Financially, the company ended the quarter with approximately A$5 million in cash, providing a solid runway to support its accelerated exploration efforts at Marda. Exploration and evaluation expenditure for the quarter was about A$0.8 million, primarily allocated to drilling and assays. The appointment of Rachel Backus as Exploration Manager during the quarter adds experienced leadership to drive systematic target advancement across the portfolio.

Leeuwin’s focus on resource growth at Marda is evident, with the project now hosting a combined Mineral Resource of 10.2 million tonnes at 1.05 g/t gold for 342,300 ounces, comprising both Indicated and Inferred categories. The company’s deliberate strategy of marrying geophysical targeting with aggressive drilling programs appears to be paying dividends, positioning Marda as a compelling exploration and development story in the Yilgarn Craton.

Investors will be watching how the pending assays from the 50 holes influence the upcoming resource update and whether the high-grade trends at Mt King and Marda Central translate into meaningful resource additions. Meanwhile, the strategic review outcomes for the Canadian critical minerals projects remain an open question, with potential implications for capital allocation and corporate focus.