• Significant gold assays returned for Lady Herial Upper Structure and Northwest Prospect
• New infill results support high grade areas within current planned open pit
• Once regulatory approvals received, Final Investment Decision can be made to commence clearing and open pit mining

Lunnon Metals Limited (ASX: LM8) has reported on the progress of activities at the Lady Herial gold deposit, a priority development and production opportunity at its Kambalda Gold & Nickel Project (KGNP). Further gold assays from step-out and infill definition reverse circulation (RC) drilling have been returned, confirming that the Upper Structure and Northwest Prospect (NWP) remain highly prospective in areas that will be below the future open pit walls. Significant results were recorded on each of the structures in the 'shadow' area, including 13m @ 3.28g/t Au, 16m @ 0.98g/t Au, and 10m @ 1.74g/t Au. The RC program also infilled wider spaced areas on the Upper, Lower and Middle Structures within the current development footprint, returning high-grade results such as 13m @ 4.78g/t Au, 17m @ 4.74g/t Au, and 5m @ 13.15g/t Au. The company will evaluate the opportunity to exploit the potential for additional gold on the Upper Structure and NWP, either through a future underground development or a second stage of open pit mining. The necessary Mining Proposal and Mine Closure Plan and Native Vegetation Clearing Permit have been submitted to the Western Australian Government, and once regulatory approvals are received, the Board will be in a position to make a Final Investment Decision, enabling clearing and open pit mining to commence.

The June 2025 Scoping Study (applied a gold price of $5,000/oz) recorded that the Lady Herial open pit could deliver approximately $31.3 million (pre-tax). The Feasibility Study will be evaluated at $5,750/oz and application of this price to the June 2025 Scoping Study financial model generates approximately $39.1 million (pre-tax). At prices approaching the current spot price ($6,250/oz) the June 2025 Scoping Study generates a forecast of approximately $44 million (pre-tax).