MT MALCOLM MINES NL (ASX:M2M)

MINING PROJECT OVERVIEW

Geological Significance

Strategically located within the richly endowed Kilkenny Tectonic Zone, M2M’s Malcolm Gold Project occupies a commanding position in one of Western Australia’s most prospective gold regions. This corridor lies within the world-class Eastern Goldfields, which has produced over 100 million ounces of gold and hosts tier-one deposits near Leonora, such as the iconic Gwalia mine. The Kilkenny Zone is particularly significant for its structural complexity and geochemical profile, bearing strong similarities to the Carlin Trend in Nevada—one of the most prolific gold-producing regions globally. Both regions feature deep-seated fault systems, reactive carbonate host rocks, and gold associated with arsenic and antimony pathfinder elements, which together create optimal conditions for large-scale, sediment-hosted mineralisation. Importantly, while the Carlin Trend has been extensively mined, the Kilkenny Zone remains comparatively underexplored at depth, offering substantial discovery potential for modern explorers. M2M is well positioned to capitalise on this opportunity, further supported by access to established haul roads, nearby processing infrastructure, and a growing portfolio of high-priority targets.

Project Overview – M2M Tenements

M2M’s flagship prospect Golden Crown has been the central focus of recent exploration efforts. A successful bulk sampling program confirmed strong mineralisation, with gravity processing yielding 22.4 g/t Au and producing 337 ounces of gold doré, with 63% of the gold recovered via gravity. The company aims to deliver its first JORC-compliant resource estimate for Golden Crown later this year, reinforcing its potential to generate near term cash flow.
Following closely behind Golden Crown are Sunday Picnic, Dumbarton, and Emu Egg—each considered high-priority targets due to encouraging historical results and prospective geology. These prospects are expected to see increased activity once Golden Crown establishes sustainable positive cash flow. Calypso, formally M2M’s flagship prospect, boasts an extensive 40,000m drilling database, including diamond drilling, and remains a highly promising larger scale opportunity. Once cash flow is secured, the prospect is well-positioned for renewed exploration and development. Lower-priority prospects such as Mt Stewart, Dover Castle, and Malcolm King remain part of M2M’s broader exploration pipeline. These tenements offer long-term upside but will receive minimal attention until the company progresses its core gold targets.

 

 

GOLDEN CROWN PROSPECT

Prospect Overview

Golden Crown is M2M’s flagship asset and the most promising near term production prospect in its exploration portfolio. Located within the Malcolm Project area in Western Australia, the site holds historical significance, having produced approximately 1,720 ounces of gold between 1899 and 1904. While previously underexplored, Golden Crown became the company’s primary focus in late 2023 following the identification of high-grade mineralisation and a comprehensive exploration model. A non-JORC estimation released in September 2023 indicated a mineralised range of 120,000 to 150,000 tonnes grading between 10 to 15 g/t Au, corresponding to a potential contained gold inventory of 42,000 to 79,000 ounces. Since then, the company has taken proactive steps to advance and validate the prospect through targeted drilling and bulk sampling campaigns.

Bulk Sampling

M2M has delivered a highly successful bulk sampling program at Golden Crown, reinforcing the prospect’s technical viability and early-stage revenue potential. The program processed 978 WMT of ore, recovering 337 ounces of gold doré and generating $1,342,062 in sales through The Perth Mint. Gold recovery was strong at 94.3% through cyanide leach, and 63% recovered via gravity separation. The doré produced demonstrated consistently high purity, ranging from 85.6% to 95.2%. These impressive metallurgical results support the prospect’s potential for low-cost, high-recovery gold production, underlining the deposit’s economic viability and paving the way for further development.

Drilling Results and Targeted JORC Resource

M2M has completed 60 shallow and closely spaced RC drill holes, totalling 2,772 metres, with standout assay results confirming the high-grade nature of the mineralisation. Notable intercepts include:

• 14m @ 16.78 g/t Au (from 4m to 18m) incl. 1m @ 111 g/t Au (16-17m)
• 9m @ 21.12 g/t Au (from 12m to 21m) incl. 1m @ 65.66 g/t Au (16-17m)
• 3m @ 6.88 g/t Au (from 0m to 3m) incl. 1m @ 17.04 g/t Au (2-3m)
• 4m @ 5.23 g/t Au (from 22m to 26m) incl. 1m @ 15.61 g/t Au (24-25m)
• 4m @ 4.43 g/t Au (from 14m to 18m) incl. 1m @ 10.54 g/t Au (16-17m)

 

OTHER PRIORITY PROSPECTS

Dumbarton

Prospect Overview. Dumbarton presents a compelling brownfield opportunity, underpinned by high-grade historical production and strong geological parallels to nearby significant gold mines. Historically productive between 1899 and 1902, Dumbarton recorded gold production totalling 281 tonnes at an average grade of 22.53 g/t Au. The prospect’s geological setting closely resembles other historically significant underground mines in the region, such as the Richmond Gem and North Star mines, featuring sheared basalt, quartz veining, and carbonate alteration, all indicators of gold-bearing environments.

Recent Exploration and Drilling Activities. Recent exploration activities culminated in a drilling and sampling program completed in November 2022. This program involved 19 RC drill holes, yielding encouraging assay results, including:

• 6m @ 2.86 g/t Au (36-42m), incl. 2m @ 6.5 g/t Au (36-38m)
• 20m @ 1.34 g/t Au (77-97m), incl. 7m @ 2.22 g/t Au (77-84m)
• 8m @ 2.1 g/t Au (28-36m), incl. 1m @ 10.6 g/t Au (31-32m)
• 4m @ 2.52 g/t Au (25-29m), incl. 1m @ 9.11 g/t Au (26-27m)

Significant historical results from the area include 4m @ 7.44 g/t Au(35-39m), incl. 1m @ 18.30 g/t Au.

Planned Exploration Activities. M2M plans to progress Dumbarton through a targeted follow-up drilling program along 700m strike, aimed at expanding known mineralisation and supporting a maiden resource estimate. This includes step-out and infill drilling to test the continuity and extent of high-grade zones identified in previous campaigns, with the broader goal of advancing the prospect toward future development scenarios.

 

Sunday Picnic

Prospect Overview. Sunday Picnic stands out as a high-priority greenfield target, with historical data and structural context supporting its strong potential for gold discovery. Although the site has not yet been explored by M2M, historical data has revealed strong geochemical anomalies and high-grade gold intercepts which has led the company to prioritise it for future drilling. The geological framework consists of north-northwest trending faults and shear zones interpreted as splays associated with the significant Keith-Kilkenny Tectonic Zone (KKTZ), with cross-faulting structures considered instrumental in localising gold deposits.

Recent Exploration and Drilling Activities. While M2M has not yet commenced exploration at Sunday Picnic, historical drilling conducted by Pacrim Energy (2004 and 2006) revealed significant high-grade gold intercepts, including:

• 2m @ 35.35 g/t Au (89-91m), incl. 1m @ 49.5 g/t Au (89-90m)
• 2m @ 20.12 g/t Au (0-2m), incl. 1m @ 27.35 g/t Au (1-2m)
• 1m @ 7.03 g/t Au (9-10m)
• 1m @ 4.46 g/t Au (21-22m)

Planned Exploration Activities. M2M is preparing to initiate a 2,000-meter air-core drilling program at Sunday Picnic, designed to test along strike of the key shear structures and validate historical high-grade results. This initial phase will help refine the geological model, assess the scale of mineralisation, and guide further exploration plans.

 

Emu Egg

Prospect Overview. Emu Egg is a strategically located exploration target with significant surface anomalies and proximity to historic gold production, positioning it as a promising candidate for future discovery. Located near the Keith-Kilkenny Tectonic Zone, the prospect features high-intensity shear zones and a 4 km gold-in-soil anomaly—both strong indicators of shear-hosted gold mineralisation. Emu Egg is also situated adjacent to the historic Pig Well Mining Centre, which produced approximately 16,000 ounces of high-grade gold prior to 1973. The surrounding area contains numerous historical workings, costeans, and abandoned shafts, highlighting a long-standing presence of gold mining activity that remains underexplored in the modern era.

Recent Exploration and Drilling Activities. M2M completed a comprehensive historical data review at Emu Egg in 2022, compiling 3,297 soil samples and 391 drill holes into a validated database​. This work identified numerous untested targets and confirmed that past explorers had intersected significant shallow gold mineralisation. Notable historical drill intercepts include:

• 12m @ 2.23 g/t Au (26–38m), incl. 6m @ 3.92 g/t Au (30–36m)
• 6m @ 3.74 g/t Au (16–22m), incl. 2m @ 9.99 g/t Au
• 30m @ 1.35 g/t Au (30–60m), incl. 8m @ 3.61 g/t Au (46–54m)

Planned Exploration Activities. A Program of Work has been approved for RC drilling to follow up on historical intersections, test mineralisation at greater depth, and confirm the extent of the soil anomaly. M2M’s technical team has also developed a new geological model for Emu Egg, interpreting possible shear zone duplexing in the area​. The results of the next drilling phase will feed into this model and, if successful, allow the company to estimate a maiden gold resource.

 

Calypso

Prospect Overview.  Calypso was the original flagship prospect for M2M from the company’s inception in 2021 until late 2023. Located within the Malcolm Project area in Western Australia, Calypso remains the most developed prospect in the company’s portfolio. It features a robust drilling database of over 40,000 meters, including both historical work and more recent M2M-led programs. An exploration target released by the company outlines a range of 2.9 to 3.9 million tonnes grading 1.6 to 2.2 g/t Au, equating to a potential 150,000 to 275,000 ounces of contained gold.

Recent Exploration and Drilling Activities. M2M and historical operators have returned numerous high-grade intercepts through both RC and diamond drilling campaigns:

• 21m @ 4.01 g/t Au (343.25–359.46m) incl. 0.57m @ 25.81 g/t Au (352.05-352.62m)
• 00m @ 7.39 g/t Au (229–231m) and 18.04m @ 1.23 g/t Au (267.87–285.91m)
• 46m @ 2.41 g/t Au (272.84–285.30m)
• 7m @ 2.30 g/t Au (339–349m)
• 4m @ 0.98 g/t Au (5–40m) incl. 3.81m @ 10.4 g/t Au (8-11.6m)

Shift in Priority. While Calypso remains the most advanced prospect in M2M’s portfolio, its depth and higher development costs have led the company to prioritise prospects with faster, more cost-effective development potential. In late 2023, M2M decided to prioritise Golden Crown, reflecting a strategy focused on early-stage cash flow. Even so, Calypso retains substantial long-term value for the company. Its compelling structural setting, parallels to nearby high-grade deposits, and strong drilling history make it a standout target for future development. Once revenue from Golden Crown supports further exploration, M2M plans to resume work at Calypso, particularly along the T2-T3 corridor.

 

Mt Stewart

Prospect Overview. Mt Stewart is a gold prospect located along a sheared greenstone belt with a complex regolith profile. The area shows geological similarities to known mineralised systems in the region, with potential structurally controlled gold mineralisation along a contact zone between felsic intrusions and mafic-ultramafic sequences. Historically, Mt Stewart attracted explorer interest after encouraging air-core results in the early 2000s. However, follow-up diamond drilling in three holes (by a previous operator) failed to intersect the targeted mineralisation, underscoring the structural complexity of the prospect​.

 

Dover Castle

Prospect Overview. Dover Castle is a historically significant gold prospect that offers both compelling exploration potential and demonstrated high-grade mineralisation from its early production history. It lies within a greenstone-hosted shear zone and was historically mined between 1897 and 1907, producing 468 ounces of gold at an average grade exceeding 25 g/t Au. Auriferous quartz veining has been mapped in the area, and gold mineralisation remains open along strike.

 

Malcolm King

Prospect Overview. Malcolm King is a promising gold target situated within the Malcolm Dam area, home to several historical workings including Golden Crown. The prospect lies within a sheared greenstone sequence and is positioned near the Keith-Kilkenny Tectonic Zone—a major structural corridor associated with numerous gold and base metal deposits across the Eastern Goldfields. While currently progressing through Native Title negotiations, Malcolm King remains a strategic component of M2M’s long-term exploration pipeline, underpinned by promising historical results and favourable geology.

 

KEY PEOPLE

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  Trevor Dixon

  Managing Director

  Trevor is an entrepreneur with more than 30 years of experience within the mining and exploration sector of Western Australia. He was a founding vendor to listed companies including Jubilee Mines, Terrain Minerals, Regal Resources and Kin Mining NL where he served as the founding Managing Director and later performed the role of Chairman. Trevor has management experience in areas of contractual outcomes, Mining Act regulatory procedures and standards, Tenement Management and a long history of Native Title negotiations and resolutions. As a private individual, he managed the acquisition of prospective mineral projects and operated a mining services business within the northeastern goldfields. Trevor is a member of the Australian Institute of Company Directors.

• 

  Robert Downey

  Non-Executive Chairman

  Robert Downey is a seasoned corporate lawyer specialising in international resources law, corporate law, and capital markets. Admitted as a barrister and solicitor in Western Australia in 1999, he is a founding partner at Dominion Legal, a boutique law firm in Perth. He has extensive experience advising ASX, TSX, and AIM-listed companies on dual listings, cross-jurisdiction capital raising, and mergers and acquisitions. Downey currently holds directorships with M2M, Zeotech Limited (ASX: ZEO), Connexion Telematics Ltd (ASX: CXZ), Askari Metals Ltd (ASX: AS2), and Everest Metals Corporation Ltd (ASX: EMC).

• 

  Daniel Tuffin

  Technical Non-Executive Director

  Daniel Tuffin is an experienced mining engineer with over 20 years in mine production, consulting, and project development. He serves as the Managing Director and CEO of Panther Metals Ltd (ASX: PNT), Executive Technical Director for Cavalier Resources Ltd (ASX: CVR), and is the co-founder and Chairman of Auralia Mining Consulting, a boutique mine consultancy. Tuffin holds degrees in Mining Engineering (BEng) from the University of Ballarat and in Mining and Engineering Surveying (BSc) from the Western Australian School of Mines (WASM). He also possesses a Diploma in Project Management, is a Fellow and Chartered Professional of the Australasian Institute of Mining and Metallurgy (AusIMM), and a member of the Australian Institute of Company Directors.

• 

  Gary Powell

  Non-Executive Director

  Gary Powell is a geologist and mining executive with over 35 years of local and international experience in mineral exploration, project development and gold mining. He is currently the Executive Technical Advisor of Burley Minerals Ltd and recently resigned as the Business Development Consultant for Red 5 Limited (ASX:RED) to pursue interests in private exploration companies. Powell is also a member of the AusIMM and the Australasian Institute of Geoscientists (AIG).

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  Vivek Sharma

  Exploration Manager

  Vivek Sharma currently serves as the Exploration Manager at Mt Malcolm Mines NL, bringing over 20 years of global experience in multi-commodity mineral exploration, notably in gold, nickel, lithium, iron ore, base metals, and rare earth minerals across Australian, Indian, and African regions. He holds a Master’s degree in Applied Geology from Dr. Harisingh Gour University, a Bachelor of Science in Geology from Awadesh Pratap Singh University, and an MBA in Finance from Sikkim Manipal University. His extensive career includes senior roles such as Senior Exploration Geologist at Solstice Minerals and Legacy Iron Ore Limited, Manager at NMDC Limited, Geologist at the Geological Survey of India, Officer Geology at Northeastern Electric Power Corp Ltd, and Assistant Professor in geology.

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  Henko Vos

  Company Secretary

  Henko is a member of the Governance Institute of Australia, the Australian Institute of Company Directors, Chartered Accountants Australia and New Zealand and a Registered Company Auditor with more than 20 years’ experience working within public practice, specifically within the area of corporate and accounting services both in Australia and South Africa. Mr Vos is an employee of Nexia Perth, a mid-tier corporate advisory and accounting firm, and also holds similar secretarial roles in other listed public companies across the industrial and resource sectors.