• RC results received from further 30 holes at Liontown, with exceptional silver and gold intercepted near surface
• Drilling program expanded by ~37 additional holes (1,890m) to further test high-grade mineralisation
• Liontown Resource contains 5.5 Moz of silver at 27.1g/t Ag, with the Mining Study considering 803Koz Ag at 31.6g/t Ag

Sunshine Metals Limited (ASX:SHN) has received high-grade gold and silver near-surface results from grade control drilling at Liontown, part of the Ravenswood Consolidated Project in North Queensland. The latest results are from the eastern end of the shallow oxide gold resource and have prompted an immediate expansion of the drilling program. The program now comprises 84 holes for a total of 3,333m, with 68 holes (2,657m) completed to date primarily at the eastern end of the Shallow Au Resource. Drilling has returned the highest silver grades recorded to date at Liontown, including 5m @ 0.86g/t Au & 1,870g/t Ag from 33m, 8m @ 7.31g/t Au & 1,321g/t Ag from 10m, and 2m @ 7.65g/t Au & 1,198g/t Ag from 39m. The Liontown Resource currently contains 5.5 Moz of silver at 27.1g/t Ag, with the Liontown Mining Study considering 803Koz Ag at 31.6g/t Ag. The Gold Mining Study is progressing well and remains on schedule for delivery in January 2026, with the company now refining the study to incorporate the high-grade silver zones.

The Liontown Resource remains open to the east, and further results from the ongoing drilling program are expected to be received and reported throughout January and February 2026. Sunshine is also planning a Sybil magnetic survey to commence in Q1 2026.