• June 2025 Scoping Study updated to Feasibility Study level for Lady Herial gold deposit
• Detailed mine design and schedule completed based on tendered contract rates and agreed processing and haulage costs, forecast production based 100% on Proved Ore Reserve
• Confirms robust short-mine life, high-grade gold open pit with strong positive cashflows

Lunnon Metals Limited (ASX: LM8) has completed a Feasibility Study on the Lady Herial gold deposit, its first gold discovery at the Kambalda Gold & Nickel Project. The study confirms a robust short-life, high-grade, low strip ratio open pit opportunity, with operating free cash flow (pre-tax) recorded as $40.4M (@ $6,250/oz), $42.9M (@ $6,500/oz) or $47.9M (@ $7,000/oz; spot gold sits at ~$6,900/oz). The deposit can be mined and processed within 8-10 months, delivering an initial Proved Ore Reserve of 268,250t @ 1.89g/t Au, containing ~16,270oz gold (14,806oz recovered), underpinned by 100% Measured Mineral Resource material. The modelled All-in-Cost is an excellent $2,354/oz gold produced. The Board is now positioned to approve a Final Investment Decision, enabling contracts to be signed and clearing/open pit mining to commence. Lunnon Metals has a carried forward tax loss of approximately $77.5M as at 30 June 2025.

Operating free cash flow (pre-tax) is recorded as $40.4M (@ $6,250/oz), $42.9M (@ $6,500/oz) or $47.9M (@ $7,000/oz; spot gold sits at ~$6,900/oz) for the Lady Herial open pit over an 8-10 month mine life.