L1M announces strategic reset to focus on gold and copper, lithium to be divested

Our exploration Investment Lightning Minerals (ASX: L1M) has just detailed its strategic reset to focus on gold-copper in Australia.

The main takeaway for us was that L1M is going all in on its gold and copper assets with plans to divest or partner out its lithium assets.

This is the project where L1M drilled 20.4m @ 2.4g/t gold from shallow depths last year and has been planning a big phase 2 follow-up drilling program.

Here’s how L1M is now structuring its portfolio:

(source)

We think the pivot makes sense given the gold price environment and the strong early results from Mt Turner.

(L1M also has a pipeline of gold and copper projects in the Lachlan Fold Belt in NSW and the Eastern Goldfields of WA which should now get some attention too)

One thing that stood out to us in this announcement was the mention of a potential “haul-and-treat” development pathway at Mt Turner.

Instead of building a standalone processing plant, L1M could truck ore to an existing facility nearby.

If it is able to show enough resource and form an agreement to process nearby, that would be a great outcome with a lower capex route to nearer term potential production.

The next drilling campaign at Mt Turner is scheduled to begin in May 2026 which is just weeks away now.

Here is where most of the results from the phase 1 drill program came from (including that 20.4m @ 2.4g/t intercept at Pit 3):

(source)

Here is the drilling priorities at Mt Turner form back in December, L1M is planning to be back drilling here next month:

(source)

These plans included a deep hole into the porphyry target, so if this goes ahead as a part of the drilling it could be of interest to see what lies adjacent to the gold mineralisation.

What we want to see next from L1M

Drilling commencement at Mt Turner in May 🔲

L1M confirmed that the next drilling campaign at Mt Turner is scheduled to begin in May 2026. We want to see the drill rig turning and results flowing from the phase 2 program, especially from the follow-up holes around Pit 3 and the porphyry target.

Lithium divestment or partnership progress 🔲

L1M flagged that it would look to divest or partner its lithium portfolio across Australia, Brazil and Canada. We want to see this process progress - any deal would free up capital and management bandwidth to focus on the gold and copper story.

NSW and WA project updates 🔲

With the strategic reset now locked in, we want to see targeted exploration programs kick off at L1M’s Lachlan Fold Belt projects in NSW and WA based gold projects.