Maronan Metals Advances Maronan Project with Strong PEA, MDL Grant, and $39.6M Capital Raised

Robust Project Economics Backed by Record Metal Prices

Silver’s relentless climb to record highs amid supply deficits and strong industrial demand, coupled with ongoing central bank gold buying and copper’s steady support from electrification trends, have materially enhanced the economics of Maronan Metals Limited’s (ASX:MMA) flagship Maronan Project. This supportive commodity environment underpins the company’s confidence as it advances its 100%-owned silver-lead and copper-gold deposit near Cloncurry, Queensland.

Key Milestones Propel Project Development

The year to 30 June 2026 was transformative for Maronan, highlighted by a positive Preliminary Economic Assessment (PEA) released in September 2025 for the shallow Starter Zone. The PEA outlined a 10-year operation producing approximately 5.4 million ounces of silver equivalent annually, with a rapid four-year payback period based on just 22% of the global resource. Following this, the company initiated a Pre-Feasibility Study (PFS) to evaluate higher-throughput options across the broader resource.

In March 2026, Maronan secured a crucial regulatory milestone with the grant of Mineral Development Licence (MDL) 2028. Achieved in under twelve months and following the finalisation of Native Title agreements with the Mitakoodi and Mayi groups, the MDL authorises excavation of a boxcut and development of an underground exploration decline to 200 metres depth, facilitating bulk sampling and accelerated resource definition drilling.

Capital Raises Strengthen Balance Sheet and Strategic Partnerships

Maronan bolstered its financial position with two significant equity raises. An institutional placement in October 2025 raised A$16 million, supplemented by a Share Purchase Plan that added A$1.6 million. These funds were earmarked for feasibility and environmental studies, drilling, and early site works. In May 2026, Canadian minerals investor Kinterra Capital committed A$22 million in a strategic placement, acquiring a near-20% stake and bringing both capital and expertise to the project. This partnership signals strong external validation of Maronan’s technical merits and development pathway.

With cash and short-term investments totaling A$33.4 million at fiscal year-end, Maronan is well funded to advance its expanded drilling program and PFS. The broadened shareholder base also benefits from Red Metal Limited’s in-specie distribution of shares, which expanded direct ownership without diluting capital.

Drilling and Metallurgical Progress Supports Resource Growth

The company completed over 10,000 metres of infill drilling within the Starter Zone during the year, bringing total drilling since acquisition to more than 37,000 metres. Results include high-grade silver-lead and copper-gold intercepts consistent with geological models, supporting plans to upgrade resource classification and potentially expand mine life and scale.

Metallurgical testwork has demonstrated strong gold recoveries up to 88% and copper recoveries exceeding 96% for primary ore types, reinforcing the amenability of the deposit to conventional flotation processing. Ongoing testwork aims to optimise processing under both toll treatment and standalone plant scenarios, feeding into the Definitive Feasibility Study now underway.

Leadership Transition and Governance Enhancements

Managing Director Richard Carlton, who has steered Maronan since its 2022 listing and through key milestones this year, will transition to a non-executive director role effective 1 December 2026. The Board acknowledges his leadership during a pivotal phase. Governance has been strengthened with the appointment of a Chief Financial Officer and a Contracts & Compliance Manager, alongside the establishment of a Remuneration & Nomination Committee.

Directors and key management participated in equity incentives, including options and performance rights tied to project financing and development milestones, aligning management interests with shareholder value creation.

Financial Performance and Outlook

Maronan reported a loss after tax of $9.25 million for FY2026, reflecting ongoing exploration, drilling, and development expenditure. The company’s cash position improved markedly due to capital raises, ending the year with $18.3 million in cash and $15.1 million in term deposits. Operating expenses and exploration costs increased in line with the expanded work program.

The company’s risk management framework has been enhanced to address geological, regulatory, environmental, and financial risks inherent in mining development. No dividends were declared, consistent with the company’s stage of growth.

What Comes Next for Maronan Metals

Looking ahead, Maronan is focused on delivering an updated Mineral Resource Estimate in the second half of 2026 to underpin the PFS, which aims to evaluate larger-scale mining scenarios beyond the Starter Zone. The company will also progress applications for a Mining Lease and continue stakeholder engagement to maintain its social licence to operate.

The transition of the Managing Director role introduces an element of leadership change at a critical juncture. Meanwhile, the strategic partnership with Kinterra Capital and the strong drilling results position Maronan to potentially unlock significant value as it moves closer to a Definitive Feasibility Study and final investment decision.