Leeuwin Metals (ASX:LM1) has upgraded the resource estimate for its Marda project in Western Australia, lifting the global resource to 11.4 million tonnes at 1.03 grams per tonne gold for a total of 378,600 contained ounces.

The update, announced on July 29, 2026, was reported above a 0.30 g/t gold cut-off grade and follows exploration work completed within six months of the company’s December 2025 maiden resource. The revised inventory includes Indicated Mineral Resources of 3.1 million tonnes at 1.04 g/t gold for 104,000 ounces and Inferred Mineral Resources of 8.3 million tonnes at 1.03 g/t gold for 274,600 ounces. All reported mineral resources are situated on granted leases, which means the company is now moving from resource definition toward the studies and permitting steps needed to assess development options.

The Evanston deposit recorded the largest increase, with total ounces rising 22% to 165,500 ounces across 5.4 million tonnes at 0.96 g/t gold. That estimate includes a higher-grade component of 2.4 million tonnes at 1.49 g/t gold for 115,400 ounces, reported above a 0.80 g/t cut-off grade. Leeuwin said the Evanston upgrade incorporates data from 69 additional drillholes completed during the CY26 drilling campaign, which refined geological interpretations across the 1.6-kilometre mineralised corridor.

Marda Central also contributed to the updated global inventory, with a combined resource of 94,400 ounces at 1.25 g/t gold. This includes a maiden estimate at Dugite of 6,600 ounces at 1.15 g/t gold, derived from recent drilling targeting down-dip and stretched strike.

Other deposits included in the updated Marda inventory are Die Hardy, with 76,000 ounces, and Golden Orb, with 24,700 ounces. Leeuwin said growth across Marda is now focused at Golden Orb, Deception Hill, and Mt King, indicating the company is continuing to test whether additional drilling can expand the broader resource base beyond the areas already defined.

“To grow our global resource to 378,600oz, and to lift Evanston by 22% in total ounces and 53% in Indicated ounces, only six months from our maiden resource, demonstrates the strength of the system at Marda and the ongoing prospectivity, and we are just getting started,” Leeuwin chair Chris Piggott said on July 29, 2026.

“Importantly, all of our mineral resources sit on granted mining leases, providing a strong platform for development studies and permitting we are now commencing.

“Evanston now stands at 165,500oz with a higher-grade component of 115,400oz at 1.49 grams per tonne. This will remain a key focus… through CY26. Growth across Marda is now focused at Golden Orb, Deception Hill, and Mt King. The more we grow the resource, the more value we create for shareholders.”

LM1 was trading at 18 cents on the day, down around 5%.

Disclaimer: This content has been prepared as part of a partnership with Leeuwin Metals Ltd and is intended for informational purposes only. The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions.