Leeuwin Metals (ASX:LM1) secures tenure position to advance Marda development

Leeuwin Metals (ASX:LM1) Executive Chairman Christopher Piggott spoke with MarketOpen to further discuss the grant of Mining Lease M77/1300 at Evanston and its implications for the Marda Gold Project. The approval places all current Mineral Resources across Marda on granted Mining Leases, marking a shift from exploration towards development activities.

This discussion focuses on what this milestone enables operationally, how Evanston fits within the broader 342,300oz resource base, and how ongoing drilling and pending assays support the next phase of work across the project.

With Mining Lease M77/1300 granted, what development activities can now be advanced that were previously constrained?

The grant of Mining Lease M77/1300 at Evanston allows us to advance the next phase of activities across the Marda Gold Project. With this approval in place, we can now progress workstreams that support the advancement of the Evanston Mineral Resource towards a production scenario.

This marks a shift from exploration focused work to development related activities, with all current Mineral Resources now located on granted Mining Leases. That tenure position supports the progression of development options across the project.

In parallel, we continue to advance exploration programs, including pending assays and planned drilling, which remain aligned with the broader progression of the project.

With all Marda Mineral Resources now on granted Mining Leases, which key risks have been removed and what approvals still remain?

With all current Mineral Resources at Marda now located on granted Mining Leases, we have established the tenure required to support development options across the project. This removes a key constraint associated with advancing activities beyond exploration.

The grant of the Mining Lease followed the execution of an agreement with the Marlinyu Ghoorlie Native Title Claimant Group, which enabled the lease to be granted. This represents completion of an important step in securing access to progress the project.

From here, the Company is progressing development related workstreams at Evanston alongside ongoing exploration activities across Marda, including assays pending for 50 holes and drilling scheduled to recommence in May 2026.

How should Evanston’s 135,800oz resource be prioritised within the 342,300oz Marda inventory for development?

Evanston hosts a Mineral Resource of 135,800oz of gold and forms part of the broader 342,300oz Mineral Resource at the Marda Gold Project.

With the Mining Lease now granted over Evanston and all current Mineral Resources located on granted Mining Leases, this supports the advancement of development options across the project.

At the same time, the Company continues exploration across Marda aimed at further resource growth, including assays pending for 50 holes and drilling scheduled to recommence in May 2026.

With 50 assays pending and drilling restarting in May 2026, what outcomes are critical and what risks remain if results do not materially improve the resource?

Assays are pending for 50 holes from the drilling program commenced in January 2026, with drilling scheduled to recommence in May 2026.

This work forms part of ongoing exploration across the Marda Gold Project aimed at further resource growth.

These activities support the continued advancement of the project alongside development related workstreams at Evanston following the grant of the Mining Lease.

Positioning the project for the next phase

With all current Mineral Resources now located on granted Mining Leases, Leeuwin Metals has established the tenure position required to support the advancement of development options at the Marda Gold Project, while continuing exploration aimed at further resource growth.

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