STEP-OUT DRILLING GROWS EVANSTON GOLD FOOTPRINT

Shallow intercepts beyond existing resource highlight expansion potential at Marda Gold Project

Leeuwin Metals Ltd (ASX:LM1) has reported significant step-out drill results from the Evanston Mine within its Marda Gold Project, located north of Southern Cross in Western Australia, extending gold mineralisation beyond the existing resource footprint.

The results come from drilling outside the current resource area and returned shallow gold intercepts within 100 metres of surface. Assays are pending for a further 50 reverse circulation (RC) holes, with approximately 4,600 metres of samples currently at the laboratory.

Standout intercepts

Among the most notable results reported were:

14m @ 1.72g/t gold from 98m, including 3m @ 4.75g/t gold from 98m (MGRC0109)
9m @ 1.70g/t gold from 77m, including 4m @ 3.01g/t gold from 77m (MGRC0114)
14m @ 1.14g/t gold from 96m, including 1m @ 5.14g/t gold from 96m (MGRC0108)

The current 10,000m drilling program at Evanston is targeting shallow step-outs and down-dip extensions along the 1.6km Evanston trend. Drilling remains ongoing and is expected to be completed in March, with further assay results anticipated over the next two to six weeks.

The broader Marda Gold Project hosts a global Mineral Resource of 342,300 ounces of gold, comprising 2.1Mt at 1.1g/t Au for 73,800 ounces in the Indicated category and 8.1Mt at 1.03g/t Au for 268,500 ounces in the Inferred category, as previously announced on 10 December 2025.

Planning is also underway for RC drilling at Marda Central in April, where testing will focus on high-grade workings trends and shoots beneath existing open pits.

Leeuwin Executive Chairman, Christopher Piggott, said:

These new results build on the recent drilling and are extensions from the existing resource at Evanston. With shallow intercepts and true widths within the top 100m of surface, these results point to additional resource growth at Evanston.

There is a significant amount of assays pending with drilling still ongoing. Looking to the coming work programs, we are also very excited about the prospect of drill testing the significant workings we have identified at Marda Central and the shoots beneath the existing pits. The Company has several work streams ongoing and it remains an exciting time to be a LM1 shareholder.