Key Highlights

•  Aircore drilling at the Eastern Shoreline target points to an additional ancient shoreline east of the McLaren deposit.

•  The company says the distribution of marine sediments and the shape of the basement suggest a further palaeoshoreline.

•  An updated resource estimate is in preparation and may change published figures, and the announcement did not restate the existing resource grade or mineral assemblage.

McLaren Minerals (ASX:MML) has reported aircore drilling results that it says point to an additional ancient shoreline east of its McLaren titanium mineral sands deposit in Western Australia's Eucla Basin. The results were reported on 28 October 2026 and come from exploratory drilling on what the company calls its Eastern Shoreline target.

Mineral sands deposits often form along former coastlines, known as palaeoshorelines, where wave action concentrated heavy minerals such as ilmenite, rutile and zircon. Identifying a further shoreline could therefore indicate new ground for exploration beyond the existing deposit.

Drilling results

The programme comprised 20 exploratory aircore holes, from which 156 one-metre samples were analysed. The length-weighted average grade across those samples was 2.68% heavy minerals (HM), with no cut-off grade applied.

The best results came from two holes. Hole MAC610 returned 21 metres at 3.38% HM, including 5 metres at 7.07% HM from 16 metres. Hole MAC764 returned 18 metres at 5.05% HM, including 5 metres at 8.98% HM from 10 metres. The highest individual one-metre grades were 13.26% HM in MAC610 and 13.14% HM in MAC764.

All intervals are downhole lengths, and the company noted they are not true thicknesses. Continuity between the mineralised intervals has not been established.

According to the company, the distribution of marine sediments and the shape of the underlying basement suggest the presence of a further palaeoshoreline east of the deposit. It added that a possible extension to the south-west has been insufficiently tested.

Management comment

Managing director Simon Finnis described the results as a "good outcome". He noted that "the two best holes are 6km apart", and said there is plenty of scope for further exploration.

Finnis also acknowledged that the company already has a large resource base, saying there is "no real need to chase more tonnes". However, he said the results show "even more potential than we thought".

Context and significance

McLaren already has a mineral resource estimate of 529 million tonnes for the project, so the latest drilling is not primarily about adding volume. The announcement did not restate the grade or mineral assemblage of that resource, and the updated estimate now in preparation may change the published figures. Instead, the company is focused on converting its existing resource into an ore reserve and completing a bankable feasibility study (BFS).

In that context, the Eastern Shoreline results are best viewed as longer-term upside rather than a near-term change to the project. Higher-grade zones, if they can be shown to be continuous, could potentially influence mine planning or future development stages, but that has not been demonstrated.

Mineral sands are used in a range of applications. Titanium feedstocks such as ilmenite and rutile go into pigments, welding products and titanium metal, while zircon is used in ceramics and foundry applications. Demand for these products is linked to construction, manufacturing and industrial activity.

Limitations and next steps

These are early-stage exploration results from widely spaced holes and should be treated with appropriate caution. The two best intercepts are 6 kilometres apart, and the material between them has not been tested in detail. Grades are reported as total heavy minerals, without information on the proportion of valuable minerals within the heavy mineral fraction, which strongly affects economic value.

The broader project also faces typical development risks, including metallurgical performance, product pricing, funding and approvals, none of which are resolved by this drilling.

McLaren's disclosed next steps are to finalise an updated geological model and mineral resource estimate, complete metallurgical testwork and technical studies needed to define an ore reserve, and complete the BFS. The company has indicated that further exploration of the Eastern Shoreline and the south-western extension remains possible in future.