LM8.ASX: Exploration Budget Targets Significant Gold Potential

Exploration Budget Targets Significant Gold Potential

Stock	Lunnon Metals Ltd (LM8.ASX)
Release Time	29 Jun 2026, 8:22 a.m.
Price Sensitive	Yes

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Lunnon Metals Announces $13M Exploration Budget for Gold Prospectivity

Key Points

Lunnon Metals' Board approves $13 million exploration budget for FY2027
Expanded program to evaluate gold potential at St Ives
Aiming to complete over 43km of drilling
Represents the most metres drilled in a single year in FBA's 60-year history

Full Summary

Lunnon Metals Limited (ASX: LM8) has announced a $13 million exploration budget for FY2027 to fully evaluate the gold potential of its Foster-Baker gold project (FBA) in the St Ives gold camp. The budget is part of a two-year program aiming to complete over 43km of drilling, representing the most metres drilled in a single year in FBA's 60-year history. The FBA project is under-explored for gold, with previous exploration largely focused on nickel. The exploration target estimates between 25-30 million tonnes for a potential gold content of between 1.2-2.4 million ounces to a depth of 400m, with grades ranging between 1.5 g/t Au and 2.5 g/t Au. The exploration target is conceptual in nature, and there has been insufficient exploration to estimate a gold Mineral Resource other than those previously reported.

Guidance

FY2027 exploration budget of $13 million

Outlook

Lunnon Metals aims to complete over 43km of drilling in FY2027 to evaluate the gold potential of the FBA project in St Ives.