Highlights

  • 342,300oz gold resource at the Marda Gold Project.
  • High-grade intercepts up to 9.54g/t gold in diamond drilling.
  • Drill program expanded to 54,000m with assays pending.

Leeuwin Metals Ltd (ASX:LM1) is an Australian gold exploration and development company headquartered in Subiaco, Western Australia. Led by Executive Chairman Christopher Piggott, the company is focused on advancing gold assets within one of Australia’s most prolific mineral provinces.

Its flagship asset is the Marda Gold Project, located approximately 130km north of Southern Cross in Western Australia. The project spans roughly 500km² within the highly prospective Yilgarn Craton, a region that hosts numerous multi-million-ounce gold operations.

Resource Base

The Marda Gold Project hosts a global mineral resource of 342,300 ounces of gold, comprising:

  • Indicated Resource: 2.1Mt @ 1.1g/t for 73,800oz
  • Inferred Resource: 8.1Mt @ 1.03g/t for 268,500oz

Within the broader tenure, the Evanston Mine area contains 135,800oz, representing a key development focus.

Share Price & Market Position

LM1 shares are trading at AUD 0.16 at the time of writing on 3 March 2026, within a 52-week range of $0.08 to $0.31. As a micro-cap ASX gold explorer, the company’s valuation is closely tied to exploration success, resource growth, and prevailing gold market conditions.

Recent Drilling Results

Exploration at Marda has delivered multiple encouraging intercepts:

  • 14m @ 1.72g/t (including 3m @ 4.75g/t)
  • 9m @ 1.70g/t (including 4m @ 3.01g/t)
  • 13m @ 3.2g/t (including 3m @ 10.05g/t)
  • 8m @ 9.54g/t (including 5.8m @ 13.15g/t)

The drilling campaign has expanded from 10,000 metres to 54,000 metres, with five rigs currently operating. Approximately 50 holes (~4,600 metres) remain pending assay results.

Exploration Strategy

The expanded drilling program is aimed at:

  • Increasing resource confidence
  • Extending known mineralised zones
  • Supporting potential future development studies

In addition to gold, the company maintains exposure to lithium and nickel-PGE assets through its Cross Lake and William Lake projects, providing commodity diversification.

Risks & Considerations

As an exploration-stage company, LM1 faces sector-specific risks including:

  • Exploration uncertainty
  • Assay variability
  • Commodity price fluctuations
  • Funding and permitting requirements
  • Share price volatility typical of micro-cap stocks