Highlights

  • McLaren receives bonanza-grade assays confirming mineralisation extensions at its WA titanium project.
  • Prefeasibility Study (PFS) and Mineral Resource update advancing towards completion in Q4 2025.
  • AUD 1.28m raised through an oversubscribed placement to fund PFS and resource work.

McLaren Minerals Limited (ASX:MML) has released its quarterly report for the three-month period ending 30 September 2025, providing a detailed update on activities at its wholly owned McLaren Titanium Project in Western Australia.

High-Grade Drill Results Reinforce Resource Extensions

During the period, the company received initial assay results from its Phase 1 drilling program, comprising 192 holes for 4,067 metres drilled. The assays confirmed extensions of mineralisation up to 500 metres north of the Indicated Resource boundary, with results reaching up to 12.5% heavy minerals (HM).

Further results obtained in August and September validated the continuity of high-grade mineralisation to the east and north, supporting the ongoing Mineral Resource update, which is now nearing completion.

Post quarter, additional assays delivered on 14 October 2025 revealed bonanza-grade intercepts from previously untested zones. Key intersections included:

  • MM61 – 27m @ 8% HM from surface, including 6m @ 24.7% HM from 21m and 1.5m @ 29.43% HM from 25.5m.
  • MM39 – 21m @ 4.18% HM from surface, including 4.5m @ 10.03% HM from 16.5m.
  • MM62 – 18m @ 4.59% HM from 3m, including 4.5m @ 10.02% HM from 13.5m.
  • MM48 – 9m @ 6.39% HM from surface, including 1.5m @ 13.22% HM from 7.5m.

All assays from the Phase 1 program have now been received, and the updated Mineral Resource Estimate (MRE) is expected in the coming weeks.

Prefeasibility Study Progress and Metallurgical Validation

The Prefeasibility Study (PFS) for the McLaren Titanium Project is progressing, with metallurgical, engineering, and marketing studies completed. Testing during the quarter confirmed that conventional flocculants and gypsum can be effectively used for slimes management and that thickened slimes perform to benchmark levels for rakeability and pumpability.

These findings support a practical co-disposal process with coarse tails, helping define a cost-efficient process design. The PFS, which includes an updated MRE, economic analysis, and mine planning, is scheduled for completion in Q4 2025.

A marketing report by Specialised Mineral Services confirmed that the McLaren ilmenite concentrate meets the quality criteria for smelter feedstock and is likely to be in demand upon commencement of production.

Corporate Developments and Funding

During the quarter, McLaren completed a two-tranche, oversubscribed placement led by CPS Capital, raising AUD 1.282m, including AUD 150k in director participation approved by shareholders. The funds are allocated towards PFS completion, engineering studies, resource estimation, and general working capital.

McLaren also continued discussions with potential offtake partners and evaluated growth opportunities within the sulfate ilmenite market in the Middle East and Asia, alongside reviewing additional mineral sands projects.

Outlook

For the December quarter, McLaren plans to finalise the Mineral Resource update, complete and publish the PFS, initiate Bankable Feasibility Study (BFS) planning, and progress early-stage permitting and environmental baseline work. The company’s focus remains on advancing its titanium project in alignment with global demand trends in mineral sands and pigment feedstock markets.

Share Performance

MML’s shares were trading at AUD 0.025 per share on 30 October 2025, down by 3.84% from its previous close of AUD 0.026.