Highlights

  • Leeuwin Metals (ASX:LM1) has expanded the Marda Gold Project resource to 378,600 ounces.
  • Evanston remains a key growth area within the broader Marda portfolio.
  • Resources are located on granted Mining Leases, supporting future development planning.
  • Resource conversion, environmental work and milling strategy are key next steps.

Leeuwin Metals (ASX:LM1) is moving into a more advanced phase of its Marda Gold Project in Western Australia as the company builds scale through resource growth and begins focusing more closely on potential development pathways.

The latest resource upgrade strengthens the geological foundation of the project and shifts attention toward mine planning, resource conversion and processing options. For a junior explorer, the next phase will be less about simply adding ounces and more about demonstrating that the existing resource can support a commercially viable development strategy.

Recent Developments

On 29 July 2026, Leeuwin Metals announced an upgraded Mineral Resource Estimate for the Marda Gold Project of 378,600 ounces of gold.

The estimate comprises 3.1 million tonnes at 1.04 grams per tonne gold for 104,000 ounces in the Indicated category and 8.3 million tonnes at 1.03 g/t for 274,600 ounces in the Inferred category.

The resource was reported above a 0.30 g/t cut-off grade.

A major contributor to the increase was the Evanston deposit in the Marda North area, which now contains 165,500 ounces at 0.96 g/t.

Leeuwin reported that Evanston’s total ounces increased by 22%, while Indicated ounces rose 53% compared with its maiden resource six months earlier.

The company also highlighted a higher-grade component at Evanston comprising 115,400 ounces at 1.49 g/t.

The resource growth provides a stronger base for technical and development work across the broader Marda portfolio.

Business Overview

Leeuwin Metals (ASX:LM1) is an ASX-listed exploration company focused on gold opportunities in Western Australia.

Its flagship Marda Gold Project sits within an established mining region and contains multiple deposits that collectively form the company’s growing resource inventory.

Importantly, Leeuwin has stated that its resources are located on granted Mining Leases, which can reduce some of the tenure-related uncertainty associated with earlier-stage exploration projects.

The company’s strategy is centred on expanding and improving the confidence of the resource base while assessing the most capital-efficient route toward potential production.

That includes evaluating both standalone processing and third-party milling alternatives.

Evanston Growth

Evanston has emerged as an important component of the Marda development story.

The increase in both total and Indicated ounces is significant because higher-confidence resources can play a larger role in mine planning and future economic studies.

The higher-grade component also provides Leeuwin with additional optionality when considering mine sequencing and processing strategies.

Further drilling could potentially improve confidence in the existing resource and test whether mineralisation extends beyond currently defined boundaries.

For Leeuwin, continued growth at Evanston could materially influence how the broader Marda development concept evolves.

Development Pathway

With the resource base expanded, attention is increasingly shifting toward how Marda could be developed.

Leeuwin has been assessing both standalone processing and third-party milling options.

Toll treatment or third-party processing can potentially reduce upfront Capital requirements for smaller gold developers, although Economics depend on haulage, treatment terms and available capacity.

A standalone plant can provide greater control but typically requires significantly more capital and carries additional construction and operating risk.

The preferred route will ultimately depend on mine planning, metallurgy, scale and access to nearby infrastructure.

Environmental studies and further technical work will also be important in refining the potential development pathway.

What Could Matter Next

Resource conversion will be one of the main priorities.

A significant portion of the Marda resource remains in the Inferred category, meaning further drilling will be required before those ounces can contribute more confidently to advanced mine planning.

Additional regional exploration could also add scale beyond the existing deposits.

Leeuwin has flagged exploration opportunities across the broader Marda area, providing potential for further discoveries or extensions.

Environmental studies, mine design and processing strategy will also shape the next phase.

Any progress toward a more formal development study could provide investors with greater clarity around capital requirements, operating costs and project economics.

The gold price will remain an important external factor, particularly when assessing the viability of lower-grade portions of the resource.

Risks and Watchpoints

A large proportion of Marda’s resource remains classified as Inferred, which carries lower geological confidence.

Further drilling may not convert all of those ounces into higher categories.

Project economics are also yet to be fully established and will depend on grade, recoveries, mining costs, processing Options and capital requirements.

Funding remains another consideration. Advancing Marda through studies and toward development may require additional equity, Debt or strategic partnerships.

Future capital raisings could dilute existing shareholders.

Gold-price Volatility also remains relevant, while permitting and environmental approvals can affect project timelines.

The Bottom Line

Leeuwin Metals has strengthened the Marda Gold Project through a larger resource base and meaningful growth at Evanston.

The 378,600-ounce resource provides a more substantial foundation for mine planning, while granted Mining Leases and the evaluation of processing alternatives give the company several potential pathways forward.

The next phase will be about converting resources into higher-confidence categories and establishing a development model that is technically and financially viable.

For Leeuwin Metals (ASX:LM1), drilling, environmental work, mine planning and processing strategy will determine whether Marda can continue progressing from exploration toward development.