Leeuwin Metals (ASX:LM1) raises $5.8 million to extend high-grade gold zones at Marda

Leeuwin Metals (ASX:LM1) has secured firm commitments to raise $5.8 million through a strongly supported placement, ensuring the company is well funded to continue expanding its Marda Gold Project in Western Australia.

With 10,000 metres of reverse circulation drilling due to commence in November and 31 assay results pending, the coming months are expected to generate sustained exploration news flow.

Highlights

• $5.8 million placement to institutional and sophisticated investors, conducted at $0.235 per share

• Total post-raising cash position of approximately $7 million

• 10,000m RC drilling program scheduled to begin in November 2025

• Downhole and surface electromagnetic (EM) surveys in progress

• Recent high-grade intercepts include 9m at 5.23 g/t gold from 57m and 8m at 6.05 g/t from 12m

• Assays pending for 31 holes at the Evanston prospect

Leeuwin’s capital raising was conducted at a 9.6 per cent discount to its previous closing price and the maximum level available under ASX Listing Rules 7.1 and 7.1A.

The placement was led by Shaw and Partners with Cumulus Wealth and Leeuwin Wealth acting as co-managers.

Upon completion, the company will have approximately $7 million in cash, positioning it to accelerate drilling across the 1.6 kilometre Evanston trend, the most advanced of Marda’s gold prospects.

The Evanston prospect has already delivered a series of promising intercepts, including 9 metres at 5.23 grams per tonne gold from 57 metres (including 4 metres at 10.68 g/t from 60 metres) and 8 metres at 6.05 g/t from 12 metres.

The gold mineralisation occurs within laminated cherts and mafic units that are shaped by large scale folding, remaining open along strike and at depth.

Its geometry, defined by a shallow southwest plunging anticline, supports efficient drilling and near true width intercepts, while ongoing electromagnetic surveys are refining conductive targets for the next phase of exploration.

This modern application of downhole EM is expected to aid in identifying extensions of the known sulphide associated mineralisation that previous exploration, limited over the past two decades, had not tested.

Leeuwin’s Executive Chairman, Christopher Piggott, said the strong investor response reflected confidence in Marda’s capacity to deliver value:

“With assays pending for a further 31 holes and DHEM surveys underway, we are well funded to advance the recent high grade results at Evanston. The proceeds enable a large scale RC program to build scale, test extensions and target DHEM anomalies.”

The Marda Gold Project sits on granted mining leases near existing infrastructure, providing flexibility for ongoing exploration and future development.

The current drilling initiative aims to extend known mineralisation and develop a detailed geological model to support Leeuwin’s inaugural Mineral Resource Estimate, complementing the company’s broader Australian and Canadian portfolio of nickel, copper, lithium, and iron ore assets.

While gold remains the immediate focus, the placement underscores Leeuwin Metals commitment to systematic exploration.

Proceeds will also fund business development and general working capital, allowing the company to advance non core assets while maintaining momentum at Marda.

The next phase will see drill planning informed by pending assays and EM data, with resource evaluation already underway.

The company expects to maintain consistent operational and exploration updates through late 2025 and into early 2026, building towards a maiden resource statement.

For investors watching Western Australia’s mid tier gold scene, Leeuwin’s approach is one of deliberate acceleration, backed by solid technical groundwork, clear geological rationale and a funding structure that keeps the drills turning.

With modern exploration tools now applied to a historically underexplored field, Marda’s next chapter is about defining continuity and scale rather than discovery alone.

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