Leinster South Drilling Yields 13.87 g/t Gold; Cash Position $3.87M

Exploration Momentum at Leinster South

Metal Hawk Limited (ASX – MHK) has delivered a robust update on its exploration activities for the quarter ending 30 September 2025, highlighting significant progress at its Leinster South Project in Western Australia. The company completed a maiden reverse circulation (RC) drilling program comprising 55 holes and 5,528 metres of drilling, targeting multiple prospects within the project area.

The drilling campaign yielded encouraging high-grade gold intersections, notably at the Thylacine, Siberian Tiger, and Tysons prospects. At Thylacine, 24 holes over a 500-metre strike length revealed consistent gold mineralisation, with standout results including 1 metre at 13.87 grams per tonne (g/t) from 47 metres and 4 metres at 3.43 g/t from 13 metres. These results suggest continuity of quartz vein structures at depth, despite generally narrow vein thicknesses.

Expanding the Exploration Footprint

Beyond RC drilling, Metal Hawk has initiated diamond drilling at Thylacine to probe deeper down-dip targets and unexplained magnetic anomalies within the host gabbro. Complementing this, the company has completed extensive aeromagnetic and radiometric surveys over Leinster South and the adjacent Pepperill Hill tenements, while planning a high-resolution Sub-Audio Magnetics (SAM) geophysical survey to further delineate structural trends and potential mineralised zones.

First-pass drilling at the Tysons prospect, situated along a granite-greenstone contact, also returned promising shallow gold mineralisation, including a 13-metre zone grading 0.71 g/t gold. This area, historically underexplored, is now a priority for follow-up geochemical sampling, mapping, and targeted geophysics to refine future drill targets.

Strategic Portfolio Rationalisation

In a notable corporate development, Metal Hawk completed the sale of its Berehaven and Viking Projects to Mount Burgess Mining N.L. (ASX – MTB) as part of a project rationalisation strategy. The transaction, finalized in mid-October, resulted in Metal Hawk acquiring a 17.4% equity stake in MTB, aligning interests and potentially benefiting from MTB’s development of these assets.

Financially, Metal Hawk ended the quarter with a healthy cash balance of $3.87 million, having invested approximately $716,000 in exploration activities primarily focused on Leinster South. The company’s disciplined capital management and focused exploration approach position it well for advancing its gold discovery potential.

Looking Ahead

Looking forward, Metal Hawk plans to continue its diamond drilling program through mid-November, alongside ongoing regional exploration efforts to identify new gold targets. The integration of geophysical data from the SAM and airborne surveys is expected to sharpen targeting precision and support the next phases of drilling. The company’s strategic focus on the granite-greenstone contact zones and deeper mineralisation at Thylacine could unlock further value in this underexplored region.