Leeuwin Metals Ltd Drill Campaign Targets Marda Gold Project Expansion

Leeuwin Metals Commences Major 10,000m Drill Campaign at Marda Gold Project

Leeuwin Metals Ltd (ASX: LM1) has commenced an aggressive 10,000-metre RC drilling programme at its Evanston deposit within the Marda Gold Project, targeting significant resource expansion beyond the current 342,000-ounce gold resource. The campaign represents a major step-out programme designed to test shallow extensions and follow up on recently identified down-hole electromagnetic (DHEM) anomalies that suggest substantial mineralisation continues beyond current drill intercepts.

The Leeuwin Metals Ltd drill campaign at Marda Gold Project focuses on the Evanston deposit, which already hosts 135,800 ounces of the total Marda resource. This includes 1.5Mt @ 1.0g/t Au for 49,200oz Indicated and 2.8Mt @ 0.97g/t Au for 86,600oz Inferred resources. Recent drilling has confirmed high-grade, shallow mineralisation remains open along strike and down-dip, providing multiple vectors for resource growth.

Executive Chairman Christopher Piggott highlighted the significance of this development: "We see significant scope to continue growing Marda. Mineralisation remains open, and our EM work is pointing to potential continuation down-dip, alongside a pipeline of new targets. This 10,000m drill programme will aim to convert that potential upside into tangible resource growth and deliver strong newsflow for shareholders through 2026."

High-Grade Drilling Results Drive Expansion Strategy

Recent drilling campaigns have delivered consistently strong results that demonstrate the resource expansion potential at Evanston. The deposit continues to show shallow, high-grade gold mineralisation with exceptional continuity from near-surface levels.

Furthermore, these results have provided the confidence needed to launch this expanded drilling programme. The systematic approach has revealed multiple intercepts that exceed 3g/t Au, demonstrating the robust nature of the mineralised system.

Recent standout intercepts include:

These results highlight several key investment themes:

• Near-surface accessibility – Mineralisation beginning from just 17 metres depth significantly reduces potential mining costs

• Consistent high grades – Multiple intercepts above 3g/t Au demonstrate robust mineralisation

• Substantial widths – Intersections of 7-11 metres indicate sizeable ore zones

• Shallow depth profile – All intercepts within 85 metres of surface support low-cost extraction scenarios

The systematic nature of these results across multiple drill holes suggests the Evanston deposit hosts a coherent, large-scale mineralised system. In addition, the consistency of high-grade intersections provides confidence for the upcoming Leeuwin Metals Ltd drill campaign at Marda Gold Project.

Understanding Down-Hole Electromagnetic Surveys: A Key Targeting Tool

Down-hole electromagnetic (DHEM) surveys represent a sophisticated geophysical technique that measures electromagnetic responses within drill holes to identify conductive bodies. These are often associated with sulphide mineralisation that hosts gold deposits.

How DHEM Works for Gold Exploration

Electromagnetic pulses are transmitted down completed drill holes to generate measurable responses from conductive bodies. Sulphide minerals, which commonly contain gold, create distinct electromagnetic signatures that experienced geologists can interpret.

These responses create "anomalies" that indicate potential mineralisation zones beyond current drilling. Consequently, geologists use these anomalies to vector towards unexplored mineralised areas with greater precision than traditional exploration methods.

Why This Matters for Investors

DHEM surveys provide a cost-effective method to extend exploration beyond existing drill holes. At Evanston, recent DHEM work has identified multiple anomalies down-dip from current resource boundaries, suggesting mineralisation continues at depth.

This technology allows Leeuwin to target high-probability zones rather than conducting exploratory drilling. As a result, discovery success rates improve significantly whilst capital efficiency increases dramatically.

The identification of new DHEM anomalies at Evanston indicates the current 135,800-ounce resource may represent only a portion of the total mineralised system. However, systematic drilling will be required to test these geophysical targets.

Strategic Drilling Programme Targets Multiple Growth Vectors

The Leeuwin Metals Ltd drill campaign at Marda Gold Project represents a comprehensive approach to resource expansion, targeting multiple geological settings. This could significantly increase the Marda resource base through systematic exploration of identified targets.

Primary Drilling Objectives:

1. Down-dip extensions – Testing mineralisation continuation below current resource boundaries

2. Along-strike expansion – Exploring the 1.6-kilometre mineralised trend for additional resource zones

3. DHEM anomaly testing – Following up electromagnetic targets that suggest new mineralised positions

4. High-grade shoot definition – Defining continuity of the strongest grade zones for resource confidence

Geological Advantages at Evanston:

The geological setting at Evanston features sulphide-associated stratiform gold mineralisation in laminated cherts. This provides multiple advantages for resource expansion through predictable geological controls.

Moreover, the shallow structural geometry and predictable mineralisation style support systematic exploration success. The limited modern exploration in the area suggests significant untested potential remains.

Timeline and Expected Catalysts

Leeuwin has established a clear timeline for delivering results from the current drilling campaign. This provides investors with defined newsflow expectations throughout 2026.

Key Milestones:

• January 2026 – Drilling programme commenced

• February 2026 – First assay results expected

• Q1-Q2 2026 – Progressive drill results and geological interpretation

• Mid-2026 – Potential resource update incorporating new drilling

Upcoming Catalysts:

1. Assay results – Progressive release of drill results from February

2. Resource expansion – Potential resource upgrade following successful drilling

3. New target identification – Additional prospects from ongoing reviews

4. Development studies – Advancing economic evaluation of expanded resource

The company's systematic approach to exploration provides multiple opportunity points for value creation. Furthermore, the structured timeline ensures regular newsflow to keep shareholders informed of progress.

Investment Thesis: Premium Location Meets Expansion Potential

Leeuwin Metals presents a compelling investment proposition combining established resources, clear expansion potential, and strategic location advantages. This positions the company in one of Western Australia's premier gold regions with significant growth potential.

Key Investment Strengths:

The Southern Cross Regional Advantage

The Marda Gold Project's position within the Southern Cross greenstone belt provides significant strategic value. This region hosts numerous operating and historical gold mines, including major operations that have produced millions of ounces.

The established infrastructure, services, and regulatory framework in the region support efficient exploration. Additionally, the proximity to existing processing facilities provides potential future development advantages.

Financial Position and Competitive Positioning

Leeuwin maintains strong funding to support the accelerated exploration programme. This provides shareholders with confidence that the company can execute its growth strategy without near-term dilution concerns.

With 342,000 ounces already defined and clear expansion potential, Leeuwin offers investors exposure to both existing resource value and exploration upside. The combination of granted Mining Leases and established resources provides development optionality whilst ongoing exploration targets significant resource growth.

Why Investors Should Follow This Development

The commencement of this Leeuwin Metals Ltd drill campaign at Marda Gold Project positions the company as delivering on its growth strategy. The programme provides defined catalysts and clear value creation potential throughout 2026.

Compelling Tracking Reasons:

• Immediate newsflow – Assay results beginning February 2026 provide regular update opportunities

• Resource expansion potential – Current drilling targets could materially increase the 342,000oz resource base

• Strategic location – Southern Cross region provides established infrastructure and development advantages

• Multiple growth vectors – Expansion opportunities across 1.6km strike length and down-dip extensions

• Funded growth – Strong financial position supports aggressive exploration without dilution pressure

Risk-Adjusted Opportunity

Leeuwin offers investors a balanced risk-reward profile combining established resources on Mining Leases with significant exploration upside. The shallow, high-grade nature of mineralisation at Evanston supports both resource expansion potential and favourable future development economics.

The structured approach to exploration provides multiple opportunities for value recognition. However, investors should monitor drill results closely as they become available from February 2026.

Near-term Value Catalysts

The Leeuwin Metals Ltd drill campaign at Marda Gold Project has positioned the company strategically in Western Australia's premier Southern Cross gold region. With a significant resource base and clear expansion pathway, this 10,000-metre drilling programme provides defined catalysts for resource growth.

The combination of established resources and exploration upside makes LM1 a compelling story for investors seeking exposure to both proven resources and discovery potential in a proven gold district.

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