Leeuwin Metals Hits Gold in All 10 Holes at Surface Tailings Eyeing Low-Cost Recovery

Gold confirmed in historic tailings at Marda Central

Leeuwin Metals (ASX: LM1) has confirmed gold throughout all ten holes of its maiden handheld auger sampling programme at the historic Butcher Bird tailings, located at Marda Central within the Marda Gold Project in Western Australia. The results point to a potential low-cost, near-surface gold recovery opportunity, subject to further sampling and metallurgical test work.

The programme returned grades ranging from 0.48 g/t Au to 0.91 g/t Au, with an average of 0.60 g/t Au across all ten one-metre samples. The peak result of 0.91 g/t Au came from hole MGAU00004. Critically, only the top 1m has been tested to date, and the tailings are estimated to be up to approximately 2m thick, leaving potential for additional mineralised material at depth.

A 3D UAV Lidar surface scan estimates approximately 12,000 m³ of tailings material sitting at surface across an area of roughly 120m x 60m. The tailings are immediately adjacent to a major road, a logistical advantage that is central to the low-cost processing thesis. No tonnage estimate, Exploration Target, or Mineral Resource has been declared for the tailings; the 3D scan volume is a survey estimate only.

Christopher Piggott, Executive Chairman

“These early auger results are very encouraging and reinforce the opportunity we see in the historic tailings at Marda Central. With approximately 12,000 m³ of material sitting at surface, immediately next to a major road, and consistent gold grades averaging 0.60 g/t Au in only the top metre, these tailings represent a potential source of quick, low-cost cashflow while we continue to advance the broader Marda Gold Project. We look forward to expanding this work and assessing processing options as we test the full thickness of the tailings.”

The full set of auger results from JORC Table 1 is summarised below:

What are historic mine tailings, and why do they matter?

Tailings are the fine-grained material left over after ore has been processed to extract minerals. In gold mining, the ore is crushed and treated, but not all of the gold is recovered during that process. The residual material, still containing gold that older methods could not capture, is stockpiled at surface as tailings.

That matters for a few specific reasons:

• Tailings are already at surface, so there is no need to drill underground or blast through rock to access them, which significantly reduces recovery costs.
• Modern processing technology can recover gold that older methods left behind, meaning grades that were once uneconomic can now be viable.
• The surface location eliminates the need for underground access, reducing both time to production and capital requirements.
• Road-adjacent tailings like those at Butcher Bird further lower haulage and logistics costs, compressing the cost curve even further.

For Leeuwin’s specific situation, the combination of surface access, road proximity, and consistent grade across all ten holes makes the Butcher Bird tailings a credible early cashflow candidate in principle. Whether that potential can be realised depends on the outcome of further sampling and metallurgical test work.

Marda Gold Project — the broader context

The Butcher Bird tailings sit within a much larger asset. The Marda Gold Project hosts a global Mineral Resource of 378,600 oz Au (11.4 Mt @ 1.03 g/t Au), reported above a 0.30 g/t Au cut-off, with all Mineral Resources located on granted Mining Leases.

The resource breaks down as follows:

• Indicated: 3.1 Mt @ 1.04 g/t Au for 104,000 oz
• Inferred: 8.3 Mt @ 1.03 g/t Au for 274,600 oz

Beyond the current resource, the project carries an Exploration Target of 4.3–6.6 Mt @ 0.9–1.0 g/t Au for approximately 142,000–186,000 oz of gold. The potential quantity and grade of this Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource, and it is uncertain whether further exploration will result in the estimation of a Mineral Resource.

The tailings work is best understood as a potential near-term optionality layer sitting on top of an established, growing resource base.

The tailings programme sits alongside a broader drilling campaign that returned a major gold discovery at Marda, confirming that the project’s mineralisation extends well beyond the historic resource footprint.

What’s next for LM1

Leeuwin has a clear programme of work across its portfolio. For the Butcher Bird tailings and the broader project, planned next steps include:

• Further systematic auger sampling to test the full thickness of the tailings, up to approximately 2m
• Metallurgical and processing test work to assess gold recovery potential and the feasibility of early, low-cost cashflow
• Ongoing targeting at the Marda Gold Project, with drilling planned for Q4 2026
• Soil sampling planned at the Gascoyne Project
• Strategic review of the Canadian lithium assets ongoing, to unlock value from non-core holdings
• West Pilbara Iron Ore JV with Arrow Minerals (ASX: AMD) progressing, with Leeuwin retaining a 30% free-carried interest to a Decision to Mine and receiving Arrow shares

The company is pursuing multiple value levers simultaneously. The tailings represent a potential near-term cashflow pathway while the main Marda exploration programme and broader portfolio management continue in parallel.

For readers wanting the full geological picture behind the project’s resource growth trajectory, our deep-dive into Leeuwin’s Evanston high-grade results covers the intercept data, structural interpretation, and what the extension of mineralisation means for the Exploration Target range.

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