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Highlights

  • Strategic shift from lithium to gold: Evergreen Lithium acquires Leonora Goldfields Project in WA’s prolific gold belt.

  • Promising resource base: Includes 63,000 oz inferred JORC gold resource and an exploration target of 592,000 oz at 3.6 g/t.

  • Strong infrastructure access: Project is within 80km of four established processing facilities.

Evergreen Lithium Ltd (ASX:EG1) is redefining its corporate trajectory, stepping beyond its lithium-focused roots with the acquisition of the Leonora Goldfields Project (LGP) in Western Australia. The move positions Evergreen as a serious emerging gold producer within one of Australia’s richest gold-producing regions.

Situated in the heart of the Leonora region, the LGP comprises 13 mining leases and prospecting licences, as well as two exploration tenements, forming a highly prospective landholding surrounded by major deposits. The project lies near globally significant assets such as Kin of the Hills, which boasts over 4 million ounces (Moz), and the legendary Sons of Gwalia deposit, which contains more than 6 Moz.

Evergreen has inherited a JORC-compliant inferred gold resource of 63,000 ounces. In addition, exploration targets based on historical and modern drilling data point to potential upside of up to 592,000 ounces, with an impressive average grade of 3.6 grams per tonne (g/t). 

One of the key advantages of the LGP acquisition is its proximity to well-established infrastructure. With four gold processing plants located within 80km, Evergreen is well-placed to capitalize on toll treatment or future operational synergies. 

Commenting on the acquisition, Evergreen said it intends to accelerate exploration and development activities across the tenement package, aiming to bring the project into production in the shortest feasible timeline. 

The strategic pivot was positively received by the market, with EG1 shares rising 12.82% to AU$0.044 at the time of writing on 5 May 2025.