# LM1: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03143456 Publisher: asx Original announcement: 2026-09-24T06:13:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-24T07:14:08.502Z Atlas analysis updated: 2026-09-24T07:14:08.502Z - Company: Leeuwin Metals Ltd - Ticker: LM1 - Exchange: ASX - Region: Western Australia - Primary commodity: Gold - Secondary commodities: Nickel, Lithium, Iron ore, Copper, Pge - Document categories: Drill results, Resource update, Agreement transaction - Extracted: 2026-09-24 07:14:09 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Leeuwin Metals Ltd's annual report highlights a successful year for its Marda Gold Project in Western Australia, with a maiden Mineral Resource Estimate of 342,300 oz announced in December 2025, subsequently upgraded to 378,600 oz post-year-end. The company also reported high-grade drill intercepts at Evanston and identified new targets, while strategically managing its non-core assets through a joint venture and ongoing reviews. Reasoning: The annual report details substantial growth in the Marda Gold Project's mineral resource, including a significant upgrade in contained gold and an increase in Indicated ounces, alongside successful drilling campaigns that extended high-grade mineralization. Strategic asset management and the securing of mining leases further de-risk the project. - Positive factor: Significant increase in contained gold ounces in the updated MRE. - Positive factor: Strong increase in Indicated ounces, improving resource confidence. - Positive factor: High-grade drill intercepts extending mineralization at Evanston. - Positive factor: Strategic management of non-core assets and new acquisitions. - Positive factor: All resources located on granted Mining Leases, enabling development. - Negative factor: Some drill results are historical re-releases, reducing novelty for those specific facts. - Negative factor: True widths are not disclosed for drill intercepts. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 40 ## Classification and evidence **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: Indicated ounces increased by 41% in the updated Mineral Resource Estimate. Evidence · text > Indicated ounces up 41% **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: Total tonnage increased from 10.2 Mt to 11.4 Mt in the updated Mineral Resource Estimate. Evidence · text > upgraded to 11.4 Mt @ 1.03 g/t Au for 378,600 oz **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: Contained gold ounces increased from 342,300 oz to 378,600 oz in the updated Mineral Resource Estimate. Evidence · text > upgraded to 11.4 Mt @ 1.03 g/t Au for 378,600 oz **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The Mineral Resource Estimates were compiled by Competent Persons Mr Paul Hetherington and Ms Emily Henry. Evidence · text > The information in this report that relates to the Estimation and Reporting of Mineral Resources for the July 2026 Mineral Resource update is based on information compiled by Ms Emily Henry, who is a Member of the Australasian Institute of Mining and Metallurgy \(MAusIMM\) and an independent consultant employed by Exora Consulting Pty Ltd. The December 2025 maiden Mineral Resource Estimate was compiled by Mr Paul Hetherington, a Fellow of the Australasian Institute of Mining and Metallurgy \(FAusIMM\) and an independent consultant employed by Cube Consulting. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resource Estimates were prepared in accordance with the JORC Code \(2012 Edition\). Evidence · text > JORC Code \(2012 Edition\) **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: Cut-off grades of 0.30 g/t Au and 1.50 g/t Au \(underground\) are disclosed for the resource estimates. Evidence · text > Reported above a 0.30 g/t Au cut-off grade within an A$6,500/oz optimised pit shell, with an underground component at Python reported above 1.50 g/t Au. **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: A maiden Mineral Resource Estimate was announced in December 2025. Evidence · text > Maiden Mineral Resource Estimate of 10.2 Mt @ 1.05 g/t Au for 342,300 oz announced in December 2025 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The Mineral Resource Estimate was updated post year end on 29 July 2026. Evidence · text > Post year end, the Mineral Resource Estimate was upgraded to 11.4 Mt @ 1.03 g/t Au for 378,600 oz **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: Several drill intercepts, such as 4m @ 10.68 g/t Au and 1m @ 26.4 g/t Au, represent exceptionally high-grade zones. Evidence · text > 4 m @ 10.68 g/t Au from 60 m \(MGRC0041\) **Step-Out Extension** Polarity: positive Definition: Mineralization extended beyond the previously known limit. Why it applies: Drilling at Evanston, specifically MGRC0083, extended the higher-grade shoot beyond the existing resource area. Evidence · text > MGRC0083 targeted the interpreted higher-grade shoot and an extension of a DHEM anomaly approximately 250 m down dip of the existing pit, extending the shoot beyond the resource area. **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The company states that drilling, sampling, and assaying are undertaken using documented QA/QC procedures including certified reference materials, blanks, and duplicates. Evidence · text > Drilling, sampling and assaying are undertaken using documented QA/QC procedures including the routine insertion of certified reference materials, blanks and duplicates, and drill collar and downhole survey data are validated before being incorporated into the geological database. **Apparent Width Only** Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: The drill intercepts are reported as downhole lengths without true width estimates. Evidence · text > 9m @ 5.23g/t Au **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: Historical drill intercepts from Red Boomerang and Deception Hill are re-announced in this report. Evidence · text > A systematic review of the historical database identified multiple significant intercepts at the Red Boomerang and Deception Hill prospects, both within the Marda Gold Project and none of which are included in the Mineral Resource \(see ASX announcement dated 23 June 2026\). Historical intercepts included: 66 m @ 1.12 g/t Au from 13 m, incl. 18 m @ 2.32 g/t Au from 16 m \(EVB0317\) ## Extracted facts Stored fact records: 40. Some facts used in scoring do not have a stored record. ## Drill Results (28) ### MGRC0018 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-drill-facts-10) Marda North · gold #### Identity - Hole ID: MGRC0018 - Project: Marda North - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: LM1 #### Geometry - Grade: 5 - Grade Unit: g/t - Intercept: 5 m - From: 229 m - To: 234 m - Intercept Depth: 229 m #### Classification - Program: exploration - Sample Type: drill - Group ID: MGRC0018:229-234 - Mining Method: mixed #### Location - Location: Python pit - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This high-grade intercept demonstrates good continuity of mineralization at depth, which is a positive for resource extension. - Positive factor: High-grade intercept \(5.0 g/t Au\) is exceptional for gold. - Positive factor: Extends mineralization down dip beneath existing pit. - Negative factor: Apparent width only, true width not stated. Evidence · text > 5 m @ 5.0 g/t Au from 229 m to end of hole, incl. 1 m @ 10.0 g/t Au from 231 m \(MGRC0018\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### MGRC0018 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-drill-facts-11) Marda North · gold #### Identity - Hole ID: MGRC0018 - Project: Marda North - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: LM1 #### Geometry - Grade: 10 - Grade Unit: g/t - Intercept: 1 m - From: 231 m - To: 232 m - Intercept Depth: 231 m #### Classification - Program: exploration - Sample Type: drill - Group ID: MGRC0018:231-232 - Mining Method: mixed #### Location - Location: Python pit - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This bonanza-grade sub-interval confirms the presence of very high-grade zones within the broader intercept, which is highly positive. - Positive factor: Bonanza grade intercept \(10.0 g/t Au\) indicates very high-grade mineralization. - Negative factor: Narrow intercept length \(1m\). - Negative factor: Apparent width only, true width not stated. Evidence · text > 1 m @ 10.0 g/t Au from 231 m \(MGRC0018\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### MGRC0027 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-drill-facts-12) Marda North · gold #### Identity - Hole ID: MGRC0027 - Project: Marda North - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: LM1 #### Geometry - Grade: 1.29 - Grade Unit: g/t - Intercept: 23 m - From: 207 m - To: 230 m - Intercept Depth: 207 m #### Classification - Program: exploration - Sample Type: drill - Group ID: MGRC0027:207-230 - Mining Method: mixed #### Location - Location: Python pit - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This wide intercept with moderate grade confirms good continuity of mineralization beneath the Python pit, supporting resource expansion. - Positive factor: Significant intercept length \(23m\) with moderate grade \(1.29 g/t Au\) confirms continuity. - Positive factor: Extends mineralization beneath existing pit. - Negative factor: Apparent width only, true width not stated. Evidence · text > 23 m @ 1.29 g/t Au from 207 m, incl. 10 m @ 2.3 g/t Au, plus 16 m @ 0.78 g/t Au from 244 m \(MGRC0027\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### MGRC0027 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-drill-facts-13) Marda North · gold #### Identity - Hole ID: MGRC0027 - Project: Marda North - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: LM1 #### Geometry - Grade: 2.3 - Grade Unit: g/t - Intercept: 10 m - From: 207 m - To: 217 m - Intercept Depth: 207 m #### Classification - Program: exploration - Sample Type: drill - Group ID: MGRC0027:207-217 - Mining Method: mixed #### Location - Location: Python pit - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This strong-grade sub-interval enhances the overall prospectivity of the mineralization at depth. - Positive factor: Strong grade \(2.3 g/t Au\) over a good width \(10m\) within the broader intercept. - Negative factor: Apparent width only, true width not stated. Evidence · text > 10 m @ 2.3 g/t Au \(MGRC0027\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### MGRC0027 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-drill-facts-14) Marda North · gold #### Identity - Hole ID: MGRC0027 - Project: Marda North - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: LM1 #### Geometry - Grade: 0.78 - Grade Unit: g/t - Intercept: 16 m - From: 244 m - To: 260 m - Intercept Depth: 244 m #### Classification - Program: exploration - Sample Type: drill - Group ID: MGRC0027:244-260 - Mining Method: mixed #### Location - Location: Python pit - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This intercept indicates broader zones of mineralization, contributing to the overall understanding of the deposit's geometry. - Positive factor: Good intercept length \(16m\) with weak but continuous gold mineralization. - Negative factor: Apparent width only, true width not stated. Evidence · text > 16 m @ 0.78 g/t Au from 244 m \(MGRC0027\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### MGRC0023 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-drill-facts-15) Marda North · gold #### Identity - Hole ID: MGRC0023 - Project: Marda North - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: LM1 #### Geometry - Grade: 1.15 - Grade Unit: g/t - Intercept: 9 m - From: 193 m - To: 202 m - Intercept Depth: 193 m #### Classification - Program: exploration - Sample Type: drill - Group ID: MGRC0023:193-202 - Mining Method: mixed #### Location - Location: Python pit - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This intercept provides further evidence of continuous mineralization at moderate grades, supporting the project's potential. - Positive factor: Moderate grade \(1.15 g/t Au\) over a good width \(9m\) confirms mineralization. - Negative factor: Apparent width only, true width not stated. Evidence · text > 9 m @ 1.15 g/t Au from 193 m \(MGRC0023\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### MGRC0041 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-drill-facts-16) Marda North · gold #### Identity - Hole ID: MGRC0041 - Project: Marda North - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: LM1 #### Geometry - Grade: 5.23 - Grade Unit: g/t - Intercept: 9 m - From: 57 m - To: 66 m - Intercept Depth: 57 m #### Classification - Program: exploration - Sample Type: drill - Group ID: MGRC0041:57-66 - Mining Method: mixed #### Location - Location: Evanston - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This high-grade, shallow intercept from the maiden Evanston program is highly positive, confirming significant mineralization and validating the target. - Positive factor: Exceptional grade \(5.23 g/t Au\) over a good width \(9m\) at shallow depth. - Positive factor: Part of the maiden RC program at Evanston, validating historical data. - Negative factor: Apparent width only, true width not stated. Evidence · text > 9 m @ 5.23 g/t Au from 57 m, incl. 4 m @ 10.68 g/t Au from 60 m \(MGRC0041\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### MGRC0041 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-drill-facts-17) Marda North · gold #### Identity - Hole ID: MGRC0041 - Project: Marda North - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: LM1 #### Geometry - Grade: 10.68 - Grade Unit: g/t - Intercept: 4 m - From: 60 m - To: 64 m - Intercept Depth: 60 m #### Classification - Program: exploration - Sample Type: drill - Group ID: MGRC0041:60-64 - Mining Method: mixed #### Location - Location: Evanston - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This bonanza-grade sub-interval significantly enhances the prospectivity of the Evanston target, indicating high-value mineralization. - Positive factor: Bonanza grade \(10.68 g/t Au\) over a good width \(4m\) indicates very high-grade zones. - Negative factor: Apparent width only, true width not stated. Evidence · text > 4 m @ 10.68 g/t Au from 60 m \(MGRC0041\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### MGRC0035 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-drill-facts-18) Marda North · gold #### Identity - Hole ID: MGRC0035 - Project: Marda North - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: LM1 #### Geometry - Grade: 6.05 - Grade Unit: g/t - Intercept: 8 m - From: 12 m - To: 20 m - Intercept Depth: 12 m #### Classification - Program: exploration - Sample Type: drill - Group ID: MGRC0035:12-20 - Mining Method: mixed #### Location - Location: Evanston - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This shallow, high-grade intercept is very positive, indicating easily accessible, high-value mineralization at Evanston. - Positive factor: Exceptional grade \(6.05 g/t Au\) over a good width \(8m\) at very shallow depth \(from 12m\). - Negative factor: Apparent width only, true width not stated. Evidence · text > 8 m @ 6.05 g/t Au from 12 m \(MGRC0035\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### MGRC0042 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-drill-facts-19) Marda North · gold #### Identity - Hole ID: MGRC0042 - Project: Marda North - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: LM1 #### Geometry - Grade: 3.12 - Grade Unit: g/t - Intercept: 11 m - From: 85 m - To: 96 m - Intercept Depth: 85 m #### Classification - Program: exploration - Sample Type: drill - Group ID: MGRC0042:85-96 - Mining Method: mixed #### Location - Location: Evanston - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This strong-grade, wide intercept further confirms significant mineralization at Evanston, contributing to resource potential. - Positive factor: Strong grade \(3.12 g/t Au\) over a good width \(11m\) at moderate depth. - Negative factor: Apparent width only, true width not stated. Evidence · text > 11 m @ 3.12 g/t Au from 85 m, incl. 6 m @ 4.88 g/t Au from 85 m \(MGRC0042\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### MGRC0042 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-drill-facts-20) Marda North · gold #### Identity - Hole ID: MGRC0042 - Project: Marda North - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: LM1 #### Geometry - Grade: 4.88 - Grade Unit: g/t - Intercept: 6 m - From: 85 m - To: 91 m - Intercept Depth: 85 m #### Classification - Program: exploration - Sample Type: drill - Group ID: MGRC0042:85-91 - Mining Method: mixed #### Location - Location: Evanston - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This strong-grade sub-interval further highlights the high-grade potential within the Evanston mineralization. - Positive factor: Strong grade \(4.88 g/t Au\) over a good width \(6m\) within the broader intercept. - Negative factor: Apparent width only, true width not stated. Evidence · text > 6 m @ 4.88 g/t Au from 85 m \(MGRC0042\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### MGRC0065 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-drill-facts-21) Marda North · gold #### Identity - Hole ID: MGRC0065 - Project: Marda North - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: LM1 #### Geometry - Grade: 3.55 - Grade Unit: g/t - Intercept: 7 m - From: 17 m - To: 24 m - Intercept Depth: 17 m #### Classification - Program: exploration - Sample Type: drill - Group ID: MGRC0065:17-24 - Mining Method: mixed #### Location - Location: Evanston - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This shallow, strong-grade intercept contributes to the understanding of near-surface mineralization at Evanston. - Positive factor: Strong grade \(3.55 g/t Au\) over a good width \(7m\) at shallow depth. - Negative factor: Apparent width only, true width not stated. Evidence · text > 7 m @ 3.55 g/t Au from 17 m, incl. 2 m @ 7.85 g/t Au from 21 m \(MGRC0065\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### MGRC0065 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-drill-facts-22) Marda North · gold #### Identity - Hole ID: MGRC0065 - Project: Marda North - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: LM1 #### Geometry - Grade: 7.85 - Grade Unit: g/t - Intercept: 2 m - From: 21 m - To: 23 m - Intercept Depth: 21 m #### Classification - Program: exploration - Sample Type: drill - Group ID: MGRC0065:21-23 - Mining Method: mixed #### Location - Location: Evanston - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This high-grade sub-interval further enhances the shallow, high-grade potential at Evanston. - Positive factor: Exceptional grade \(7.85 g/t Au\) within a shallow intercept. - Negative factor: Narrow intercept length \(2m\). - Negative factor: Apparent width only, true width not stated. Evidence · text > 2 m @ 7.85 g/t Au from 21 m \(MGRC0065\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### MGRC0083 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-drill-facts-23) Marda North · gold #### Identity - Hole ID: MGRC0083 - Project: Marda North - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: LM1 #### Geometry - Grade: 3.2 - Grade Unit: g/t - Intercept: 13 m - From: 91 m - To: 104 m - Intercept Depth: 91 m #### Classification - Program: exploration - Sample Type: drill - Group ID: MGRC0083:91-104 - Mining Method: mixed #### Location - Location: Evanston - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This intercept represents a significant step-out success, extending high-grade mineralization and demonstrating further growth potential at Evanston. - Positive factor: Strong grade \(3.2 g/t Au\) over a good width \(13m\). - Positive factor: Extends the higher-grade shoot beyond the existing resource area, indicating significant step-out success. - Negative factor: Apparent width only, true width not stated. Evidence · text > 13 m @ 3.2 g/t Au from 91 m, incl. 3 m @ 10.05 g/t Au from 93 m \(MGRC0083\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### MGRC0083 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-drill-facts-24) Marda North · gold #### Identity - Hole ID: MGRC0083 - Project: Marda North - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: LM1 #### Geometry - Grade: 10.05 - Grade Unit: g/t - Intercept: 3 m - From: 93 m - To: 96 m - Intercept Depth: 93 m #### Classification - Program: exploration - Sample Type: drill - Group ID: MGRC0083:93-96 - Mining Method: mixed #### Location - Location: Evanston - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This bonanza-grade sub-interval confirms the high-grade nature of the extended mineralization, significantly enhancing the value of the step-out success. - Positive factor: Bonanza grade \(10.05 g/t Au\) within a significant step-out intercept. - Negative factor: Narrow intercept length \(3m\). - Negative factor: Apparent width only, true width not stated. Evidence · text > 3 m @ 10.05 g/t Au from 93 m \(MGRC0083\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### MGRC0109 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-drill-facts-25) Marda North · gold #### Identity - Hole ID: MGRC0109 - Project: Marda North - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: LM1 #### Geometry - Grade: 1.72 - Grade Unit: g/t - Intercept: 14 m - From: 98 m - To: 112 m - Intercept Depth: 98 m #### Classification - Program: exploration - Sample Type: drill - Group ID: MGRC0109:98-112 - Mining Method: mixed #### Location - Location: Evanston - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This intercept contributes to the understanding of mineralization continuity at Evanston, supporting resource definition. - Positive factor: Moderate grade \(1.72 g/t Au\) over a good width \(14m\) at moderate depth. - Negative factor: Apparent width only, true width not stated. Evidence · text > 14 m @ 1.72 g/t Au from 98 m, incl. 3 m @ 4.75 g/t Au from 98 m \(MGRC0109\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### MGRC0109 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-drill-facts-26) Marda North · gold #### Identity - Hole ID: MGRC0109 - Project: Marda North - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: LM1 #### Geometry - Grade: 4.75 - Grade Unit: g/t - Intercept: 3 m - From: 98 m - To: 101 m - Intercept Depth: 98 m #### Classification - Program: exploration - Sample Type: drill - Group ID: MGRC0109:98-101 - Mining Method: mixed #### Location - Location: Evanston - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This strong-grade sub-interval enhances the overall prospectivity of the Evanston mineralization. - Positive factor: Strong grade \(4.75 g/t Au\) within a moderate depth intercept. - Negative factor: Narrow intercept length \(3m\). - Negative factor: Apparent width only, true width not stated. Evidence · text > 3 m @ 4.75 g/t Au from 98 m \(MGRC0109\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### MGRC0084 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-drill-facts-27) Marda North · gold #### Identity - Hole ID: MGRC0084 - Project: Marda North - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: LM1 #### Geometry - Grade: 1 - Grade Unit: g/t - Intercept: 10 m - From: 96 m - To: 106 m - Intercept Depth: 96 m #### Classification - Program: exploration - Sample Type: drill - Group ID: MGRC0084:96-106 - Mining Method: mixed #### Location - Location: Evanston - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This intercept provides further evidence of continuous mineralization at Evanston, supporting resource definition. - Positive factor: Moderate grade \(1.0 g/t Au\) over a good width \(10m\) at moderate depth. - Negative factor: Apparent width only, true width not stated. Evidence · text > 10 m @ 1.0 g/t Au from 96 m \(MGRC0084\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### EVB0317 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-drill-facts-28) Marda North · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: EVB0317 - Project: Marda North - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: LM1 #### Geometry - Grade: 1.12 - Grade Unit: g/t - Intercept: 66 m - From: 13 m - To: 79 m - Intercept Depth: 13 m #### Classification - Program: exploration - Sample Type: drill - Group ID: EVB0317:13-79 - Mining Method: mixed #### Location - Location: Red Boomerang - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This historical, wide, shallow intercept highlights significant potential at Red Boomerang, warranting follow-up drilling. - Positive factor: Very wide intercept \(66m\) with moderate grade \(1.12 g/t Au\) at shallow depth. - Positive factor: Identified as a new target outside current resource. - Negative factor: Historical data, not new assays. - Negative factor: Apparent width only, true width not stated. Evidence · text > 66 m @ 1.12 g/t Au from 13 m, incl. 18 m @ 2.32 g/t Au from 16 m \(EVB0317\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### EVB0317 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-drill-facts-29) Marda North · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: EVB0317 - Project: Marda North - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: LM1 #### Geometry - Grade: 2.32 - Grade Unit: g/t - Intercept: 18 m - From: 16 m - To: 34 m - Intercept Depth: 16 m #### Classification - Program: exploration - Sample Type: drill - Group ID: EVB0317:16-34 - Mining Method: mixed #### Location - Location: Red Boomerang - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This strong-grade sub-interval within the historical data further supports the prospectivity of Red Boomerang. - Positive factor: Strong grade \(2.32 g/t Au\) over a good width \(18m\) within the historical intercept. - Negative factor: Historical data, not new assays. - Negative factor: Apparent width only, true width not stated. Evidence · text > 18 m @ 2.32 g/t Au from 16 m \(EVB0317\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### EVB0246 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-drill-facts-30) Marda North · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: EVB0246 - Project: Marda North - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: LM1 #### Geometry - Grade: 4.33 - Grade Unit: g/t - Intercept: 12 m - From: 64 m - To: 76 m - Intercept Depth: 64 m #### Classification - Program: exploration - Sample Type: drill - Group ID: EVB0246:64-76 - Mining Method: mixed #### Location - Location: Red Boomerang - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This historical, strong-grade intercept indicates significant potential at Red Boomerang, justifying planned drilling. - Positive factor: Strong grade \(4.33 g/t Au\) over a good width \(12m\) at moderate depth. - Positive factor: Identified as a new target outside current resource. - Negative factor: Historical data, not new assays. - Negative factor: Apparent width only, true width not stated. Evidence · text > 12 m @ 4.33 g/t Au from 64 m, incl. 1 m @ 26.4 g/t Au from 67 m \(EVB0246\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### EVB0246 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-drill-facts-31) Marda North · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: EVB0246 - Project: Marda North - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: LM1 #### Geometry - Grade: 26.4 - Grade Unit: g/t - Intercept: 1 m - From: 67 m - To: 68 m - Intercept Depth: 67 m #### Classification - Program: exploration - Sample Type: drill - Group ID: EVB0246:67-68 - Mining Method: mixed #### Location - Location: Red Boomerang - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This bonanza-grade sub-interval from historical data highlights the exceptional grade potential at Red Boomerang. - Positive factor: Bonanza grade \(26.4 g/t Au\) within the historical intercept, indicating very high-grade zones. - Negative factor: Narrow intercept length \(1m\). - Negative factor: Historical data, not new assays. - Negative factor: Apparent width only, true width not stated. Evidence · text > 1 m @ 26.4 g/t Au from 67 m \(EVB0246\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### EVB0152 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-drill-facts-32) Marda North · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: EVB0152 - Project: Marda North - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: LM1 #### Geometry - Grade: 1.79 - Grade Unit: g/t - Intercept: 24 m - From: 0 m - To: 24 m - Intercept Depth: 0 m #### Classification - Program: exploration - Sample Type: drill - Group ID: EVB0152:0-24 - Mining Method: mixed #### Location - Location: Red Boomerang - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This historical, wide, near-surface intercept indicates significant bulk tonnage potential at Red Boomerang. - Positive factor: Wide intercept \(24m\) with moderate grade \(1.79 g/t Au\) from surface. - Positive factor: Identified as a new target outside current resource. - Negative factor: Historical data, not new assays. - Negative factor: Apparent width only, true width not stated. Evidence · text > 24 m @ 1.79 g/t Au from 0 m, incl. 15 m @ 2.72 g/t Au from 8 m \(EVB0152\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### EVB0152 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-drill-facts-33) Marda North · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: EVB0152 - Project: Marda North - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: LM1 #### Geometry - Grade: 2.72 - Grade Unit: g/t - Intercept: 15 m - From: 8 m - To: 23 m - Intercept Depth: 8 m #### Classification - Program: exploration - Sample Type: drill - Group ID: EVB0152:8-23 - Mining Method: mixed #### Location - Location: Red Boomerang - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This strong-grade sub-interval from historical data further supports the prospectivity of Red Boomerang. - Positive factor: Strong grade \(2.72 g/t Au\) over a good width \(15m\) within the historical intercept. - Negative factor: Historical data, not new assays. - Negative factor: Apparent width only, true width not stated. Evidence · text > 15 m @ 2.72 g/t Au from 8 m \(EVB0152\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### EVB0116 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-drill-facts-34) Marda North · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: EVB0116 - Project: Marda North - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: LM1 #### Geometry - Grade: 1.46 - Grade Unit: g/t - Intercept: 21 m - From: 26 m - To: 47 m - Intercept Depth: 26 m #### Classification - Program: exploration - Sample Type: drill - Group ID: EVB0116:26-47 - Mining Method: mixed #### Location - Location: Red Boomerang - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This historical, wide intercept indicates good mineralization at Red Boomerang, supporting future exploration. - Positive factor: Wide intercept \(21m\) with moderate grade \(1.46 g/t Au\) at shallow depth. - Positive factor: Identified as a new target outside current resource. - Negative factor: Historical data, not new assays. - Negative factor: Apparent width only, true width not stated. Evidence · text > 21 m @ 1.46 g/t Au from 26 m, incl. 1 m @ 10.4 g/t Au from 36 m \(EVB0116\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### EVB0116 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-drill-facts-35) Marda North · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: EVB0116 - Project: Marda North - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: LM1 #### Geometry - Grade: 10.4 - Grade Unit: g/t - Intercept: 1 m - From: 36 m - To: 37 m - Intercept Depth: 36 m #### Classification - Program: exploration - Sample Type: drill - Group ID: EVB0116:36-37 - Mining Method: mixed #### Location - Location: Red Boomerang - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This bonanza-grade sub-interval from historical data further highlights the high-grade potential at Red Boomerang. - Positive factor: Bonanza grade \(10.4 g/t Au\) within the historical intercept. - Negative factor: Narrow intercept length \(1m\). - Negative factor: Historical data, not new assays. - Negative factor: Apparent width only, true width not stated. Evidence · text > 1 m @ 10.4 g/t Au from 36 m \(EVB0116\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### DHB105 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-drill-facts-36) Marda North · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: DHB105 - Project: Marda North - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: LM1 #### Geometry - Grade: 2.41 - Grade Unit: g/t - Intercept: 10 m - From: 50 m - To: 60 m - Intercept Depth: 50 m #### Classification - Program: exploration - Sample Type: drill - Group ID: DHB105:50-60 - Mining Method: mixed #### Location - Location: Deception Hill - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This historical, strong-grade intercept indicates good potential at Deception Hill, supporting future exploration. - Positive factor: Strong grade \(2.41 g/t Au\) over a good width \(10m\) at moderate depth. - Positive factor: Identified as a new target outside current resource. - Negative factor: Historical data, not new assays. - Negative factor: Apparent width only, true width not stated. Evidence · text > 10 m @ 2.41 g/t Au from 50 m, incl. 1 m @ 15 g/t Au from 51 m \(DHB105\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### DHB105 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-drill-facts-37) Marda North · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: DHB105 - Project: Marda North - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: LM1 #### Geometry - Grade: 15 - Grade Unit: g/t - Intercept: 1 m - From: 51 m - To: 52 m - Intercept Depth: 51 m #### Classification - Program: exploration - Sample Type: drill - Group ID: DHB105:51-52 - Mining Method: mixed #### Location - Location: Deception Hill - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This bonanza-grade sub-interval from historical data further highlights the high-grade potential at Deception Hill. - Positive factor: Bonanza grade \(15.0 g/t Au\) within the historical intercept. - Negative factor: Narrow intercept length \(1m\). - Negative factor: Historical data, not new assays. - Negative factor: Apparent width only, true width not stated. Evidence · text > 1 m @ 15 g/t Au from 51 m \(DHB105\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ## Resource Estimates (12) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-resource-facts-0) Marda Gold Project · gold #### Identity - Project: Marda Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: LM1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Hetherington - Resource group id: resource:e4b0250c932edf1274f1 #### Resource Data - Category: indicated - Tonnes: 2100000 - Grade: 1.1 - Grade Unit: g/t - Contained Metal: 73800 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: This is a substantial indicated resource, forming a key part of the maiden MRE, demonstrating good geological confidence. - Positive factor: Indicated resource provides a good level of geological confidence. Evidence · table > 2.1 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-resource-facts-1) Marda Gold Project · gold #### Identity - Project: Marda Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: LM1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Hetherington - Resource group id: resource:6b7ad070d40aac29d259 #### Resource Data - Category: inferred - Tonnes: 8100000 - Grade: 1.03 - Grade Unit: g/t - Contained Metal: 268500 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The inferred resource contributes significantly to the overall contained ounces, indicating future growth potential, though with lower confidence. - Positive factor: Large inferred resource adds significant potential scale to the project. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 8.1 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-resource-facts-2) Marda Gold Project · gold #### Identity - Project: Marda Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: LM1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Paul Hetherington - Resource group id: resource:3fa9547ad4ae251398c1 #### Resource Data - Tonnes: 10200000 - Grade: 1.05 - Grade Unit: g/t - Contained Metal: 342300 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The maiden MRE of over 340,000 ounces of gold provides a strong foundation for the project, delivered at a low discovery cost. - Positive factor: Maiden Mineral Resource Estimate establishes a significant gold inventory for the project. Evidence · table > 10.2 Context: Total #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-resource-facts-3) Marda Gold Project · gold #### Identity - Project: Marda Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: LM1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Emily Henry - Resource group id: resource:48d1c3c6b48fa5a565c5 #### Resource Data - Category: indicated - Tonnes: 3100000 - Grade: 1.04 - Grade Unit: g/t - Contained Metal: 104000 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-29 - Prior Tonnes: 2100000 - Prior Grade: 1.1 - Prior Contained Metal: 73800 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The 41% increase in indicated ounces is a highly positive development, significantly de-risking the project and providing a stronger base for future studies, despite a minor grade reduction. - Positive factor: Significant increase in indicated ounces \(41%\) improves resource confidence and de-risks the project. - Positive factor: Substantial contained metal growth in the indicated category. - Negative factor: Slight decrease in average grade for the indicated category. Evidence · table > 3.1 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 3100000 against 2100000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 1.04 against 1.1 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 104000 against 73800 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-resource-facts-4) Marda Gold Project · gold #### Identity - Project: Marda Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: LM1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Emily Henry - Resource group id: resource:89b10a68f1d31d3b1d7d #### Resource Data - Category: inferred - Tonnes: 8300000 - Grade: 1.03 - Grade Unit: g/t - Contained Metal: 274600 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-29 - Prior Tonnes: 8100000 - Prior Grade: 1.03 - Prior Contained Metal: 268500 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The inferred resource shows continued growth, contributing to the overall project scale and indicating further exploration upside. - Positive factor: Increase in inferred ounces adds to the overall resource scale and future potential. Evidence · table > 8.3 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 274600 from 268500 ### Fact 6 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-resource-facts-5) Marda Gold Project · gold #### Identity - Project: Marda Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: LM1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Emily Henry - Resource group id: resource:32141b565dece4bf77f1 #### Resource Data - Tonnes: 11400000 - Grade: 1.03 - Grade Unit: g/t - Contained Metal: 378600 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-29 - Prior Tonnes: 10200000 - Prior Grade: 1.05 - Prior Contained Metal: 342300 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The updated MRE shows substantial growth in contained gold, driven by successful drilling, reinforcing the project's potential, despite a minor reduction in overall grade. - Positive factor: Overall contained gold ounces increased by 36,300 oz, demonstrating successful resource growth. - Positive factor: Total tonnage increased significantly. - Negative factor: Slight decrease in overall average grade. Evidence · table > 11.4 Context: Total #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 378600 against 342300 previously ### Evanston [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-resource-facts-6) Marda Gold Project · gold #### Identity - Project: Marda Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: LM1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Emily Henry - Resource group id: resource:8b621b9fe2b4889c4b47 - Deposit or zone: Evanston #### Resource Data - Tonnes: 5400000 - Grade: 0.96 - Grade Unit: g/t - Contained Metal: 165500 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-29 - Prior Tonnes: 4300000 - Prior Grade: 0.98 - Prior Contained Metal: 135800 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The Evanston resource shows strong growth, contributing significantly to the overall Marda Gold Project, reflecting successful drilling efforts. - Positive factor: Evanston resource increased by 22%, adding significant ounces to the project. - Positive factor: Successful drilling incorporated into the update. - Negative factor: Slight decrease in average grade for Evanston. Evidence · text > lifting the Evanston resource by 22% to 5.4 Mt @ 0.96 g/t Au for 165,500 oz #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 5400000 against 4300000 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 165500 against 135800 previously ### Evanston [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-resource-facts-7) Marda Gold Project · gold #### Identity - Project: Marda Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: LM1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Emily Henry - Resource group id: resource:f22b4b1dc4247a9d0fee - Deposit or zone: Evanston #### Resource Data - Tonnes: 2400000 - Grade: 1.49 - Grade Unit: g/t - Contained Metal: 115400 - Contained Unit: oz - Cutoff Grade: 0.8 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-29 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The substantial high-grade component within the Evanston resource highlights the potential for economically attractive mining, even at a higher cut-off grade. - Positive factor: High-grade component of Evanston resource adds significant value. - Positive factor: Demonstrates potential for higher-grade mining scenarios. Evidence · text > including a higher-grade component of 2.4 Mt @ 1.49 g/t Au for 115,400 oz #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### Dugite [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-resource-facts-8) Marda Gold Project · gold #### Identity - Project: Marda Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: LM1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Emily Henry - Resource group id: resource:0eb41b96845fc4c7ca76 - Deposit or zone: Dugite #### Resource Data - Contained Metal: 6600 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-29 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The maiden resource at Dugite is a positive step, indicating new discovery, though more details on tonnage and grade would provide better context. - Positive factor: Maiden resource for Dugite establishes a new mineralized zone. - Negative factor: Only contained metal is reported, without tonnage or grade. Evidence · text > added a maiden Mineral Resource of 6,600 oz at Dugite #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### Marda Central [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-resource-facts-9) Marda Gold Project · gold #### Identity - Project: Marda Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: LM1 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Emily Henry - Resource group id: resource:662264e0f9fb2c336053 - Deposit or zone: Marda Central #### Resource Data - Grade: 1.25 - Grade Unit: g/t - Contained Metal: 94400 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-07-29 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Marda Central contributes significantly to the overall resource, with a good grade, indicating a valuable component of the project. - Positive factor: Marda Central shows a good contained gold figure with a solid average grade. - Negative factor: Tonnage for Marda Central is not explicitly stated. Evidence · text > taking Marda Central to 94,400 oz @ 1.25 g/t Au #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### Fact 11 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-resource-facts-38) West Pilbara Iron Ore Project · iron\_ore #### Identity - Project: West Pilbara Iron Ore Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: LM1 #### Resource scope - Resource group id: resource:6a8ae5b33908131a28e2 #### Prior Estimate - Resource Date: 2026-08-17 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The joint venture agreement is a positive strategic move, allowing Leeuwin to retain exposure to the iron ore and copper potential of the West Pilbara project without incurring exploration costs, while focusing capital on its Marda Gold Project. - Positive factor: Secures funding for exploration from Arrow Minerals, reducing Leeuwin's capital outlay. - Positive factor: Retains a significant free-carried interest \(30%\) through to Bankable Feasibility Study and Decision to Mine. - Positive factor: Allows Leeuwin to focus capital on its core gold assets. - Negative factor: Reduces Leeuwin's ownership in the project. Evidence · text > Post year end nn 17 August 2026, Leeuwin agreed a joint venture and option with Arrow Minerals over the West Pilbara Iron Ore Project, under which Arrow funds exploration and Leeuwin retains a free-carried 30% interest #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 12 [Link to this fact](https://atlas-staging.minestarters.com/news/lm1-annual-report-to-shareholders--8ea1bd87-d545-4dd4-9b4b-0af9c818e923#fact-resource-facts-39) Forrestania and Lake Johnston · gold #### Identity - Project: Forrestania and Lake Johnston - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: LM1 #### Resource scope - Resource group id: resource:42e5deaa67227d0b6190 #### Prior Estimate - Resource Date: 2026-09-10 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: The acquisition of new tenements in known gold-bearing greenstone belts expands Leeuwin's exploration footprint in Western Australia, with a scrip-based consideration preserving capital. - Positive factor: Acquires new exploration tenure in prospective greenstone belts. - Positive factor: Expands Leeuwin's gold exploration portfolio in Western Australia. - Positive factor: Consideration is primarily scrip-based, preserving cash. - Negative factor: Introduces a 1% royalty on gross revenue from minerals mined. Evidence · text > On 10 September 2026, after year end, Leeuwin entered into a binding agreement with Mining Equities Pty Ltd to acquire a 100% interest in granted Exploration Licence E63/2427 \(Lake Johnston\) and Exploration Licence applications E77/3376 \(Marvel Loch\) and E77/3413 \(Forrestania\), covering approximately 105 km² within the Southern Cross, Forrestania and Lake Johnston greenstone belts. The Marvel Loch application neighbours the Marvel Loch gold mine. Consideration is 350,000 Leeuwin shares and a 1% royalty. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.