Final Lady Herial Results Deliver on Feasibility Study

Key points

• Total open pit production of 303,437 tonnes @ 1.68 g/t Au
• August operating costs tallied, Lunnon Metals invoiced $5.1 million
• Lady Herial generated ~$39 million free cash flow for Lunnon Metals
• Excellent reconciliation against January 2026 Feasibility Study

Full summary

Lunnon Metals Limited (ASX: LM8) has completed open pit mining operations at the Lady Herial gold mine, surpassing the feasibility study schedule. Total ore mined in August was 303,437 tonnes at 1.68 g/t Au, resulting in 14,910 oz of gold sold. Lunnon Metals invoiced $5.1 million for August's gold delivery, with direct operating costs of $1.2 million. The mine has generated approximately $39 million in free cash flow for Lunnon Metals. The final reconciliation against the feasibility study shows close alignment in revenue, gold content, A$ gold price, and unit cost/oz. Total operating costs were 5.1% higher due to additional tonnes, resulting in free cash flow within 3.5% of the feasibility study estimate. The cash balance as of August 31, 2026, is $41.4 million, with a $13 million self-funded FY2027 drill program underway.

Guidance

Free cash flow within 3.5% of the feasibility study estimate

Outlook

Lunnon Metals has a positive outlook for future exploration and mining activities, with a focus on the Kambalda Gold & Nickel Project.