MT Malcolm Mines Confirms 1.37% Copper at Braiser With Four Targets Now in Pipeline

Integrated review expands Malcolm Project target pipeline with copper grades up to 1.37% Cu

Mt Malcolm Mines (ASX: M2M) has completed an integrated geological review across its Malcolm Project near Leonora in the Eastern Goldfields of Western Australia, generating a pipeline of copper and gold exploration targets across four prospect areas: Braiser, Malcolm South, Harry’s, and Wool Shed.

The standout result comes from Braiser, where laboratory rock chip assays confirmed grades of up to 1.37% Cu and 0.44 g/t Au, analysed by ICPMS at SGS Perth. The review integrated historical drilling, geological mapping, regolith data, aeromagnetic data, historical geochemistry, and recent pXRF soil and rock chip programs, expanding M2M’s exploration inventory with a combination of greenfields targets alongside its existing brownfields work.

Braiser prospect delivers the standout result

Braiser is the most advanced target in the current pipeline, with laboratory-confirmed copper results that establish a defined stratigraphic corridor for follow-up work.

The five key assay results from Table 1 of the announcement are:

The geological setting is a NNW-trending mafic corridor dominated by gabbro/diorite, basalt, and dolerite. Copper mineralisation occurs within or adjacent to a quartz-sericite/ferruginous schist contact, interpreted as a stratigraphically controlled corridor. Visible malachite, a secondary copper mineral that forms through the weathering of primary copper sulphides, was recorded at several of the higher-grade sample locations. Its presence alongside elevated copper assays indicates a hydrothermal copper-bearing system beneath the surface.

The Cu-As-Co geochemical signature across the highest-grade samples supports a potential hydrothermal mineralising system with possible IOCG (iron oxide copper-gold) affinity. Historical exploration by Kennecott provides additional geological context: a rock chip assayed 1,250 ppm Cu, and two subsequent shallow drill holes returned results of up to 2,900 ppm Cu. The company notes explicitly, however, that this historical data is useful for geological context only and does not demonstrate continuity with the recent rock chip grades.

Planned next steps at Braiser include additional geological mapping and targeted rock chip and channel sampling along the quartz-sericite/ferruginous stratigraphic corridor, followed by shallow RC drill testing subject to continuity being demonstrated.

Three additional targets broaden the exploration pipeline

Malcolm South — geophysical and geochemical convergence

Malcolm South (E37/1419) is defined by the coincidence of two independent datasets: an As-Sb-W-Bi-Tl pXRF pathfinder anomaly overlying a compact, high-amplitude aeromagnetic feature. Maximum pXRF screening values of 27 ppm As, 28 ppm Sb, and 32 ppm W were recorded across a 230-sample grid surveyed during the June 2026 quarter.

The anomaly cluster is spatially coincident with a historical 2–6 ppb Au auger zone and the interpreted Forgotten Four Shear Zone. Importantly, the source of the magnetic anomaly remains unconfirmed and will require drilling to establish. Next steps include laboratory verification of priority pXRF samples, historical aircore spoil resampling, and refinement of drill geometry.

Harry’s — structural corridor with multi-element signature

Harry’s (P37/9367 and P37/9368) hosts a well-defined As-W-Bi multi-element pXRF anomaly coincident with a magnetic low and interpreted structural complexity across a corridor exceeding 2 km in length. Maximum pXRF screening values include 48 ppm As, 46 ppm W, and 28 ppm Bi, though these figures require laboratory verification before quantitative use. Historical auger gold anomalism across the tenement provides additional target generation support.

Next steps include laboratory validation of the anomalous soils, detailed structural mapping, and potential drill testing subject to results.

Wool Shed — deeper testing warranted under transported cover

Wool Shed presents a more complex assessment challenge. The area is covered by extensive alluvial and colluvial material, with historical drilling indicating transported cover locally approaching 100 m thick. The 250-sample pXRF program returned generally subdued responses consistent with this cover, with maximum values including 20 ppm As and 44 ppm Sb.

M2M considers the current pXRF soil response alone insufficient to define a bedrock mineralised target here. Elevated Sb values retain interest given antimony’s association with gold mineralisation in the region. The preferred next step is subsurface geochemical testing, with aircore drilling considered more appropriate than reliance on surface soil data.

What this means for Mt Malcolm Mines investors

In exploration, target generation is the critical first step before capital is committed to drilling. Companies use multiple datasets — geophysics, geochemistry, and geological mapping — to identify where drilling is most likely to intersect mineralisation. The value is in narrowing the search area and building confidence before spending on drill programs.

The Braiser result carries particular weight here. Laboratory-confirmed copper grades above 1% from surface rock chips, within a defined geological corridor, is a meaningful signal at this stage of exploration. It justifies the cost of follow-up work and, subject to continuity being demonstrated, potential RC drill testing. Grades at this level from outcrop samples in the Archaean Eastern Goldfields are not routine.

It is worth understanding what pXRF means in this context. Portable X-ray fluorescence (pXRF) is a field screening tool used to rank targets and guide sampling decisions. It measures pathfinder elements quickly in the field but is not a laboratory assay and does not confirm mineralisation grades. At Malcolm South, Harry’s, and Wool Shed, the pXRF results are used to prioritise which samples go to the laboratory next — they are directional, not definitive.

M2M now has a tiered target pipeline: Braiser as the most advanced with lab-confirmed copper, Malcolm South as a defined geophysical and geochemical target with the source unconfirmed, and Harry’s and Wool Shed as earlier-stage prospects requiring further work tailored to their respective geological settings.

Work at the Calypso gold prospect near Leonora illustrates how M2M’s phased exploration approach progresses targets from initial drilling through to JORC resource definition, the same staged framework being applied across the Malcolm Project’s current pipeline.

Trevor Dixon, Managing Director

“The value of this work is that we are progressively developing regional geological targets that can be tested. At Braiser, recent laboratory rock-chip results of up to approximately 1.37% copper occur within a geological corridor containing historical copper-cobalt occurrences, quartz veining and a recognised mafic–schist stratigraphic contact…”

For investors, the significance of multiple concurrent targets is that it reduces reliance on any single outcome. The project sits within the Archaean Eastern Goldfields of the Yilgarn Craton, a proven jurisdiction for both gold and base metals discovery. Each of the four prospect areas offers a distinct geological thesis, and the company’s integrated approach means follow-up work at each target can proceed in parallel, with programs tailored to the specific regolith and structural conditions at each site.

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