McLaren Minerals Hits Bonanza Grades and Advances Feasibility Study

Drilling Campaign Delivers Exceptional Heavy Mineral Grades

McLaren Minerals Ltd (ASX:MML) has wrapped up a major 2026 drilling campaign at its McLaren Titanium Project in Western Australia, completing 663 holes for 11,568 metres; achieving 100% of planned drill collars and 86% of planned metres. The results confirm broad zones of heavy mineralisation, with 55% of intersections exceeding 4% heavy minerals (HM) and 87% above 2% HM. Notably, bonanza grades as high as 34.6% HM were recorded, including a standout intercept grading 34.61% HM over one metre near surface.

The drilling also identified a new south-eastern extension outside the current Indicated Resource footprint, with strong mineralisation such as 7.62% HM from 22 metres downhole and maximum grades over 30%. This expansion supports the company's geological model of continuous mineralised strand systems and basement-controlled depositional traps, with all reported intersections starting from surface. Follow-up assays from this extension are pending.

Bankable Feasibility Study Progresses on Schedule

The first stage of the Bankable Feasibility Study (BFS) for McLaren was completed on time and within budget, marking a key milestone for the project’s development. The drilling program was designed to upgrade and infill historical data, enabling an updated Mineral Resource Estimate and progression toward a maiden Ore Reserve. The company is now focused on compiling and verifying assay results, conducting mineralogical and metallurgical testing, and advancing the BFS and Ore Reserve estimation workstreams in the coming quarter.

Eastern Shoreline Target Drilling Completed

Following heritage clearance from the Ngadju people, McLaren completed drilling of its Eastern Shoreline Target, testing approximately 12 kilometres of a previously untested paleo-shoreline system. This target is interpreted as an older depositional sequence analogous to the "Lower Strand" horizon within the main deposit. While laboratory results are awaited, the drilling has enhanced understanding of the mineralising architecture and basement features of the broader system, potentially adding value to the resource base.

Barossa Zircon Project Awaiting Tenement Transfer

Meanwhile, McLaren continues to await the transfer of tenements for its Barossa Zircon Project in South Australia from Iluka Resources Limited. The company has begun planning an initial exploration program to commence promptly once tenure is granted, aiming to unlock the district-scale zircon and rare earth element potential of the project.

Funding and Financial Position

To support ongoing BFS and exploration activities, McLaren successfully completed a Share Purchase Plan raising A$1.65 million, including a A$150,000 placement to its major shareholder. At quarter end, the company held cash reserves of A$2.625 million. Exploration expenditure for the quarter was approximately A$0.9 million, with the company maintaining a disciplined cost structure while advancing key workstreams.