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Leeuwin Metals Ltd (ASX:LM1) has marked a pivotal quarter with the awarding of Mining Lease M77/1300 over the Evanston deposit at its Marda Gold Project in Western Australia, following an agreement with the Marlinyu Ghoorlie Native Title Claimant Group. Additionally, the company signed a Collaboration Memorandum of Understanding with Bain Global Resources and MEGA Resources to explore development, mining, processing, and funding strategies. Supported by encouraging drill results and a cash reserve of around $3.7 million, Leeuwin is progressing the project toward a development phase.
Key Highlights
- Leeuwin Metals Ltd (LM1) announced the granting of Mining Lease M77/1300 at Evanston, placing all current Mineral Resources at Marda within granted Mining Leases.
- The company formalized a Collaboration MOU with Bain Global Resources and MEGA Resources to assess development and financing options for the Marda Gold Project.
- Notable drill intercepts at Evanston and Golden Orb include 3m @ 4.2g/t gold and 19m @ 1g/t gold, underpinning resource expansion.
- A Mineral Resource upgrade is underway across Golden Orb, Evanston, and Marda Central, with drilling planned at Red Boomerang and Deception Hill prospects in H2 2026.
- Cash balance of approximately $3.7 million as of 30 June 2026 supports ongoing exploration and resource growth initiatives.
Mining Lease Grant at Evanston Removes Key Regulatory Hurdle for Development
The awarding of Mining Lease M77/1300 over the Evanston deposit marks a crucial milestone for Leeuwin Metals, ensuring all current Mineral Resources within the Marda Gold Project are now situated on granted Mining Leases. This regulatory step, achieved after finalizing an agreement with the Marlinyu Ghoorlie Native Title Claimant Group, eliminates a major obstacle in advancing the project toward production. The company announced the grant on 20 April 2026, confirming successful completion of the Native Title consultation process.
With the mining lease secured, key development activities at Evanston, including mine permitting and design, can proceed on granted tenure. This transition from exploration to early development stages supports advancing the Evanston resource toward production, while exploration continues across Marda targeting further resource growth.
Strong Drill Results at Evanston and Golden Orb Propel Resource Growth
In April 2026, Leeuwin Metals reported positive drill outcomes from Evanston and Golden Orb deposits, revealing near-surface gold mineralisation extending existing resources. At Evanston, shallow intercepts within the top 100 metres demonstrate development-friendly characteristics. Highlights include 3 metres at 4.19 g/t gold from 12 metres depth (including 1 metre at 8.91 g/t), 19 metres at 1 g/t gold from 20 metres (including 3 metres at 2.31 g/t), and 5 metres at 1.8 g/t from 38 metres depth plus 1 metre at 1.7 g/t from 57 metres.
Golden Orb drilling tested strike and down-dip extensions with significant intercepts such as 11 metres at 1.44 g/t gold from 176 metres depth (including 4 metres at 3.35 g/t) and 6 metres at 1 g/t from 130 metres (including 3 metres at 1.48 g/t). These results confirm exploration targets remain open beneath the existing pit and at Golden Orb West. A Mineral Resource upgrade is underway across Golden Orb, Evanston, and Marda Central based on recent drilling, expected to support further resource growth.
Strategic Collaboration with Bain Global and MEGA Resources to Advance Development
During the June quarter, Leeuwin Metals entered a Collaboration Memorandum of Understanding with Bain Global Resources and MEGA Resources to jointly evaluate development, mining, processing, and funding options for the Marda Gold Project. Executive Chairman Christopher Piggott stated this partnership combines robust mine development, operational, and funding expertise with Leeuwin's expanding Marda resource. The MOU marks a shift toward commercial discussions with experienced industry players capable of advancing the project to production.
This collaboration framework aims to explore multiple development pathways, addressing critical commercial considerations such as mining methodology, processing solutions, and financing structures. Engaging partners with operational and financial expertise positions Leeuwin Metals to transition from resource definition to detailed development planning. The MOU is non-binding but establishes a formal partnership to conduct evaluations throughout 2026 and beyond.
Marda Gold Project Contains 342,300 Ounces of Gold Mineral Resource
Located about 100 kilometres north of Southern Cross within Western Australia's Yilgarn Craton, the Marda Gold Project covers an extensive contiguous tenement package in the Marda–Diemals Greenstone Belt. As of 10 December 2025, the project hosts a Mineral Resource totaling 10.2 million tonnes at 1.05 g/t gold for 342,300 ounces. This includes Indicated Resources of 2.1 million tonnes at 1.10 g/t (73,800 ounces) and Inferred Resources of 8.1 million tonnes at 1.03 g/t (268,500 ounces).
The Evanston deposit remains the primary growth focus, featuring shallow, sulphide-associated stratiform gold in laminated cherts within a broadly folded sequence. The deposit extends approximately 1.6 kilometres along a shallow south-west plunging anticline with near-surface, flat-lying lenses open along strike and at depth. Evanston's Mineral Resource totals 135,800 ounces, comprising Indicated Resources of 1.5 million tonnes at 1.0 g/t (49,200 ounces) and Inferred Resources of 2.8 million tonnes at 0.97 g/t (86,600 ounces), including a higher-grade core of 96,300 ounces at 1.52 g/t. Golden Orb holds Inferred Resources of 510 kilotonnes at 1.56 g/t for 25,700 ounces.
Regional Exploration Targets at Red Boomerang and Deception Hill Offer Upside Potential
Beyond the current 342,300-ounce Mineral Resource, Leeuwin Metals has identified significant historical gold intercepts at the Red Boomerang and Deception Hill prospects during regional targeting. These prospects are not part of the current resource estimate but represent exploration upside. Noteworthy historical intercepts include 24 metres at 1.79 g/t gold from surface and 12 metres at 4.33 g/t gold (including 1 metre at 26.4 g/t) at separate locations, highlighting the broader project's prospectivity.
Drilling at Red Boomerang and Deception Hill is planned for the second half of 2026, marking the next phase of regional exploration. Situated within the Marda–Diemals Greenstone Belt, these targets have historically shown gold potential. Systematic exploration and drilling aim to build a pipeline of potential resource additions beyond Evanston, Golden Orb, and Marda Central, supporting Leeuwin Metals' goal of advancing Marda toward development while growing the resource base.
High-Impact Drilling Program Initiated in May 2026 to Support Resource Expansion
In May 2026, Leeuwin Metals launched a high-impact reverse circulation drilling program, with RC rigs operating at sites including Allens Find at Marda Central. This campaign is designed to drive resource growth across multiple deposits within the Marda Gold Project. Results from this drilling underpin the ongoing Mineral Resource upgrade across Golden Orb, Evanston, and Marda Central.
The timing of this program, extending through the June quarter, aligns with the company's dual focus on resource growth and development pathway advancement at Marda. Combined with the April 2026 drill results, these efforts provide a strong technical foundation for the Mineral Resource upgrade and support development discussions with partners Bain Global Resources and MEGA Resources.
Robust Cash Position of $3.7 Million Supports Exploration and Development
As of 30 June 2026, Leeuwin Metals reported a cash balance of approximately $3.7 million, funding its exploration and resource growth initiatives at Marda. This financial position supports ongoing operations including the Mineral Resource upgrade, regional drilling at Red Boomerang and Deception Hill, and early development activities at Evanston.
The company's sufficient cash reserves provide operational runway to meet planned milestones without immediate capital raising. While current funds cover exploration and evaluation phases, advancing to pre-construction or construction stages would likely require additional financing.
Executive Chairman Highlights Transformative Quarter for Leeuwin Metals
Executive Chairman Christopher Piggott described the June 2026 quarter as transformational, emphasizing that the Evanston Mining Lease grant places all Marda Mineral Resources on granted leases. He also noted the Collaboration MOU with Bain and MEGA Resources brings substantial mine development, operational, and funding expertise to complement the expanding Marda resource.
Piggott expressed confidence in the project's trajectory, highlighting regulatory de-risking through the mining lease and commercial validation via the partnership. He anticipates a strong newsflow period as Marda advances toward development, including updates on the Mineral Resource upgrade, drilling at Red Boomerang and Deception Hill, and outcomes from the development partnership evaluations.
June 2026 Quarterly Report Reflects Comprehensive Project Progress
The June 2026 quarterly activities report illustrates Leeuwin Metals' multifaceted advancement of the Marda Gold Project. Achievements include the Evanston Mining Lease grant, positive drill results at Evanston and Golden Orb, initiation of a high-impact RC drilling program, execution of a Collaboration MOU with strategic partners, and commencement of a Mineral Resource upgrade across three deposits. This integrated approach builds both technical and commercial foundations for project progression.
The company's focus on simultaneous resource growth and development planning marks a shift from exploration to combined resource definition and early-stage development. The timing of key milestones positions Leeuwin Metals for a strong newsflow phase in H2 2026 and beyond, offering investors multiple indicators to track as the company pursues its objective of advancing Marda toward development.
