Sunshine Metals Limited (SHN) has delivered an upgraded Mineral Resource Estimate for its Ravenswood Consolidated project in Queensland. The update follows an intensive drilling campaign conducted between November 2025 and March 2026, which involved 161 reverse circulation drill holes totaling 7,913 metres. The total project resource now stands at 7.27 million tonnes at 3.19g/t gold equivalent. This new data confirms a notable increase in the project’s gold-dominant portion, which has expanded by 13% in contained gold, 21% in contained silver, and 28% in total tonnes.

The drilling was specifically designed to enhance confidence in the resource model, particularly within shallow oxide and transitional zones. These efforts have successfully elevated the project's quality, with 75% of the gold-focused study area now sitting in the Measured or Indicated categories. Furthermore, fresh metallurgical test work, utilizing conventional gravity and leaching methods at an 80-micron grind, returned an average recovery rate of 92.3%.

"Successful recent drilling and improved gold recoveries from metallurgical test work have laid a platform to upgrade the Liontown Resource. We are incorporating the upgraded Resource into a Liontown Mining Study update, which will also recognise the upside of owner-operator milling through our recently acquired Mt Moss Processing Facility."

— Dr. Damien Keys, Managing Director

The company is now moving quickly to integrate these findings into its forward planning. The updated Liontown Mining Study is scheduled for release between July and August 2026. This study will incorporate the benefits of owner-operator milling, a strategic shift facilitated by the recent acquisition of the Mt Moss Processing Facility. Sunshine Metals anticipates commencing the milling of Liontown ore at this site by mid-2027.

In the background, the technical team continues to refine its geological models. Ongoing metallurgical test work remains a key focus for the company, specifically aimed at converting the remaining Inferred resources into the Indicated category within the shallow gold domain. This work is expected to further solidify the project's technical standing as the company progresses toward its production milestones. By tightening drill spacing to approximately 12.5 metres by 12.5 metres, the firm has achieved higher precision in its resource estimation, which provides a clearer path for the forthcoming operational updates. The firm is currently consolidating these results to ensure the mining study remains robust and reflective of the latest drill data and metallurgical performance metrics.

Read the full announcement: Significant Upgrade to Liontown Resource