Leeuwin Metals Limited (ASX: LM1), Subiaco-based, is developing the Marda Gold Project as its flagship asset: over 500km2 of granted tenure in WA's Goldfields, including a 3km corridor of unmined, high-grade gold mineralisation at Marda Central. Marda's maiden JORC Mineral Resource Estimate, declared Dec 2025 at 10.2Mt @ 1.05 g/t Au for 342,300oz (Indicated 2.1Mt @ 1.10 g/t for 73,800oz; Inferred 8.1Mt @ 1.03 g/t for 268,500oz, above a 0.30 g/t cut-off), was upgraded in Jul 2026 to 11.4Mt @ 1.03 g/t Au for 378,600oz (Indicated 104,000oz, Inferred 274,600oz), all on existing mining leases. In Aug 2026 the company defined a maiden Exploration Target lying entirely outside that resource. A drilling program begun in January 2026 supported the upgrade, with a 10,000m RC program across all six Exploration Target deposits planned for Q4 2026; the company hired a chief development officer to advance Marda towards production and has signed an MOU with Bain and MEGA to advance the project, but no scoping study, PFS or DFS has been completed. Secondary assets include the William Lake nickel project (Manitoba, Canada), the Cross Lake lithium project and the West Pilbara iron ore project.
Lifecycle Milestones
Not yet determined: mill, tailings facility, grid power.
Jurisdiction (40%)9/10
Western Australia: Fraser PPI 2025 is 88.53 of 100 (rank 13 of 68), which maps to 9 on this site's scale. Western Australia (Goldfields) is a Tier-1, well-established Australian mining jurisdiction.
Infrastructure (40%)6.4/10
Confirmed road access at Marda Gold Project, WA Goldfields, Western Australia; existing mill, grid power, and tailings facility not yet researched, counted at a neutral 5/10 until established.
Nearby producing mine (20%)Not yet researched
No project coordinates on file yet, so distance to a producing mine can't be measured.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer stake on file; largest strategic holder is Forrestania Resources Limited (12.71%) See holders
Not an operating producer, so it isn't the toehold-then-takeout pattern the research documents; a missing producer stake isn't held against a company.
Weight 25% - Distance to a producing mineSub-score: Not yet researched
Distance not yet researched: no project coordinates on file
Distance can't be measured without coordinates, so excluded rather than counted as far.
Weight 22.5% - Lifecycle stageSub-score:3.5/10
Stage: Resource Definition
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 57% here - JurisdictionSub-score:9/10
Australia: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 26% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 17% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Executive Chairman of Leeuwin Metals Ltd (ASX: LM1), appointed in a board restructuring announced September 2024. Geologist with an extensive background in gold and nickel exploration, including a role as Senior Geologist at Bellevue Gold Ltd (ASX: BGL) where he was involved in the discoveries of the Tribune, Viago and Deacon deposits, defining over 3Moz. Source: lifeofminepodcast.com; listcorp.com Leeuwin Metals Marda-resource coverage.
Non-Executive Director of Leeuwin Metals Ltd (ASX: LM1), appointed in the same September 2024 board restructuring as Chris Piggott. Source: tipranks.com Leeuwin Metals board-restructuring coverage.
Chief Executive Officer and Managing Director of Horizon Gold Limited, effective February 2, 2026; also a non-executive director of Leeuwin Metals Ltd. Mining engineer with 20+ years of technical/corporate experience in gold, base metals and nickel across Australia, Africa and Southeast Asia; most recently Managing Director of Blackstone Minerals leading nickel sulphide ventures.
Non-Executive Independent Chairman of Liberty Metals Ltd (ASX: LIB) and Chief Financial Officer & Company Secretary of Leeuwin Metals Ltd (ASX: LM1, which he also founded). Chartered accountant with 14+ years of experience in the resources sector across Australia, Canada, Europe and Africa in corporate/financial management roles for ASX-listed companies spanning precious, base-metal and industrial-mineral commodities. Also currently Non-Executive Director & Company Secretary at Trigg Minerals Limited / American Tungsten & Antimony Ltd (ASX: AT4, since Aug 2024) and previously held roles at Auteco Minerals. Source: simplywall.st Liberty Metals management profile; leeuwinmetals.com; marketindex.com.au director profile. Real, currently-concurrent multi-board officer -- his Trigg/AT4 and Auteco roles are left as an honest career-history gap (current/ambiguous tenure timing, not a clean confirmed prior/ended role).
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
No smart-money tracking (institutional/large-investor activity) for this miner yet — this is a planned feature, not live data.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
A plain-language summary of this company's technical-report findings isn't written yet. See the cited figures on this page and the documents below.