Maronan Metals Advances with Key Licence and Strong Metallurgical Gains

• Grant of Mineral Development Licence 2028 for Maronan Silver Project
• Gold recoveries up to 88% and copper recoveries over 96%
• Expanded surface drilling with second diamond rig mobilised
• New CFO and Compliance & Contracts Manager appointed
• Well capitalised after $17.6 million capital raise

Mineral Development Licence Boosts Project Momentum

The granting of Mineral Development Licence (MDL) 2028 by the Queensland Department of Environment, Tourism, Science and Innovation represents a major regulatory milestone for Maronan Metals Limited (ASX:MMA). Covering the Maronan deposit and infrastructure area, the licence was approved within 12 months of application, underscoring the project's low permitting risk in a supportive jurisdiction. This licence authorises underground exploration activities such as excavation of a boxcut and development of a decline to 200 metres depth, bulk sampling, and accelerated resource drilling to underpin Ore Reserve estimation. While the MDL does not equate to mining approval or funding commitment, it materially strengthens Maronan’s regulatory standing and fast-tracks development-level studies.

This regulatory progress builds on the company’s earlier success in securing environmental and native title approvals and reflects a strategic push to move the Maronan Silver Project closer to production readiness. The licence enables critical underground work that was previously constrained, facilitating a deeper understanding of mineralisation continuity beyond drill core. Maronan’s approach now focuses on finalising landholder compensation agreements and preparing for future Mining Lease applications, signalling a clear pathway toward mine development. The swift MDL grant echoes the company’s recent regulatory achievements at the project, which were highlighted in the grant of Mineral Development Licence 2028 announcement earlier this year.

Metallurgical Testwork Confirms Strong Recoveries

Complementing regulatory progress, metallurgical testwork released during the quarter reinforced the Maronan deposit’s processing potential. The updated flotation program evaluated primary, transitional, and leached copper-gold ore types, with primary ore comprising roughly 89% of the total copper-gold resource. Gold recoveries to concentrate reached up to 88%, a marked improvement over previous results that ranged between 50% and 70%. Copper recoveries exceeded 96% in cleaner flotation concentrates for primary ores, confirming the mineralisation’s amenability to conventional flotation methods with low penalty elements.

Variability in recovery rates across transitional and leached ore types was noted, prompting ongoing optimisation efforts to enhance processing performance across all domains. These metallurgical insights underpin the company’s feasibility and development studies, providing increased confidence in the project’s economics and future concentrate marketing. The strong recoveries and flotation characteristics align with the promising outcomes reported in the gold recoveries up to 88% update issued in January 2026.

Expanded Drilling Program Targets Resource Growth

Following a wet season pause, Maronan has ramped up its surface diamond drilling program with a second rig mobilised in April. The expanded 2026 drilling campaign aims to grow the Indicated Resource base and support mine development studies within the Starter Zone. The December 2025 quarter saw four infill diamond holes completed, with assay results pending, which will be critical for refining mine design and resource confidence. The addition of a second drill rig signals an acceleration of resource delineation and development workstreams, reflecting the company’s commitment to advancing the project on a fast-track timeline.

These drilling activities dovetail with ongoing compliance and tendering processes related to the newly granted MDL, including exploration decline development. The drilling and technical workstreams are well supported by a strong balance sheet following a $17.6 million capital raise completed in the prior period, providing Maronan with the financial flexibility to pursue its development objectives. This financial strength and active investor engagement were highlighted during major industry conferences and presentations throughout the quarter, reinforcing market awareness of Maronan’s advancing silver and copper-gold asset. The company’s capital position and development focus echo themes from the capital raise and approvals progress update earlier this year.

Leadership Team Strengthened Amid Project Advancement

In parallel with operational progress, Maronan bolstered its executive ranks with the appointment of Lindi Lochner as Chief Financial Officer and Mark Brown as Compliance & Contracts Manager. Managing Director Richard Carlton returned to full-time duties after personal leave, providing continuity in leadership during this pivotal phase. These appointments enhance the company’s capacity to manage the increasing complexity of regulatory compliance, contract negotiation, and financial oversight as the project advances toward development readiness.

With a strengthened leadership team, improved metallurgical data, regulatory approvals in hand, and an expanded drilling program underway, Maronan Metals is positioning itself to capitalise on the Maronan Silver Project’s considerable potential. However, assay results from recent drilling and finalisation of landholder agreements remain key upcoming milestones that will influence the project’s next steps.

Bottom Line?

Maronan Metals has laid critical groundwork for development with its MDL grant and metallurgical gains, but upcoming assay results and landholder agreements will be pivotal in defining the project’s trajectory.

Questions in the middle?

• How will assay results from recent infill drilling impact resource confidence and mine planning?
• What progress will Maronan make on landholder compensation agreements and Mining Lease applications?
• Can metallurgical optimisation overcome variability in transitional and leached ore recoveries?