Sunshine Metals Limited has recorded a notable high-grade intercept at its Liontown prospect within the Ravenswood Consolidated Project in North Queensland. The company’s recent reverse circulation drilling program, which covered 29 holes and 1,834 metres, yielded impressive assays including a standout 10‐metre interval grading 31.91 grams per tonne gold from 41 metres downhole, with a peak 2-metre segment reaching 121.5 grams per tonne. Additional intercepts reported include 9 metres at 6.31 grams per tonne from the surface, along with several intervals in the range of 2.4 to 2.6 grams per tonne gold. The drilling results bolster Sunshine Metals Limited’s strategy of targeting shallow, oxide gold mineralisation—located less than 50 metres underground—for processing at nearby toll mills. Currently, the Liontown inferred resource stands at 360,000 tonnes averaging 1.8 grams per tonne gold and 26 grams per tonne silver, equating to approximately 21,000 ounces of gold and 307,000 ounces of silver. The company is set to upgrade this classification from inferred to indicated pending the completion of metallurgical test work and data from additional assays expected in early June 2025. Looking ahead, Sunshine Metals Limited has a busy schedule of exploration and development milestones. The company plans to complete its remaining assay analysis later this month and then fast track metallurgical testing as well as mining studies through July. Further field activities have been slated for June, including new drilling at Salla Au-Cu-Zn and Plateau Au targets, alongside a VTEM survey at Coronation funded by a state government incentive. This forward momentum supports efforts to rapidly evaluate the commercial potential of its shallow oxide gold strategy during a period of high gold prices. Investor sentiment on the news can be viewed from two perspectives. On the bullish side, the strong drilling intersect and updated high-grade findings support the company’s approach, suggesting that an upgraded resource and imminent development studies could drive future value. On the bearish side, some risk remains as the resource upgrade and subsequent metallurgical analyses are still pending, meaning that any delays or disappointing processing results could temper near-term outlooks.