• Strong performance at Lady Herial in the March quarter
• Mining progressing to schedule and now generating positive cash flow
• Over 38,000 tonnes @ 1.56 g/t Au delivered to Gold Fields
• Ore Purchase Agreement performing as expected

Lunnon Metals Limited (ASX: LM8) is pleased to provide an update on activities at the Lady Herial open pit gold mine, as at the end of March 2026. Mining commenced in late January 2026, with first ore blast occurring on 18 February 2026. To the end of March 2026, over 250,000 BCM (bank cubic metres) have been moved, enabling 38,287 tonnes @ 1.56 g/t Au for 1,752 oz to be delivered to the Mine Ore Pad (applying a metallurgical recovery of 91% under the Ore Purchase Agreement (OPA) terms). The OPA with St Ives Gold Mining Co. Pty Ltd (SIGM) requires each Ore Parcel to be signed off by both parties (a Certified Ore Parcel) with the Company issuing a notice to SIGM to collect the ore for processing. Lunnon Metals is paid 70% of the free cash flow generated in a month based on the imputed revenue from the recoverable gold contained in the Certified Ore Parcels. In relation to March Quarter activities, the Company has invoiced SIGM $9.9 million (GST exclusive, unaudited) with the Company's outgoing expenses directly related to the Lady Herial operation for the same period totalling approximately $5.5 million (GST exclusive, unaudited). Mining is progressing well and progress is in line with the schedule reported in the Feasibility Study (FS) lodged on the ASX on 16 January 2026. The A$ gold price realised under the OPA is higher than modelled in January 2026 and compensating for higher input costs, and therefore the Company can confirm that all material assumptions underpinning the forecast production and the forecast financial information derived from that forecast production continue to apply and have not materially changed from the original FS.

Applying a $6,500/oz gold price for the remainder of the project, a free cash flow (pre-tax) of approximately $40.6 million is forecast, as was modelled in the FS sensitivity analysis.

As currently scheduled, the Lady Herial open pit will be completed in August 2026, as planned. The Company is monitoring the impact that price fluctuations may have on operating costs whilst the average A$ gold price applicable under the OPA to date (which is higher than the base case price of A$6,250/oz modelled in the FS) will assist to offset any potential increase in operating costs.