Litchfield Minerals: BHP backing, big targets and the reality of exploration

In this episode, James Whelan chats with Matthew Pustahya from Litchfield Minerals (LMS.ASX) about what is really going on behind the scenes at the company.

The big headline is Litchfield’s BHP Explore award for 2026, and what that funding and technical support means for the team, the strategy, and the search for bigger systems across the Unugallabi area and the wider region.

We also get into the practical side of exploration, including:
- why Litchfield is taking a mineral systems approach
- how the team reverse engineers Tier 1 and Tier 2 targets
- the role of MT, gravity and magnetic data
- why decision gates between drill campaigns matter
- the trade-offs between fast news flow and proper long-term discovery work
- how weather, logistics, lab delays and capacity constraints affect timelines

This one is less about flashy headlines and more about the real work that goes into trying to build a serious explorer on the ASX.