Lunnon Metals Ltd

Lunnon Metals Ltd listed on the ASX in June 2021, raising A$15 million to commence an aggressive exploration campaign at Kambalda / St Ives. The Company grew rapidly on the back of multiple successes, including the discovery and then delineation of the Baker nickel shoot, declaring a first-time Mineral Resource within 9 months of its discovery and then doubling it again to tonnes of contained nickel metal at over 3% in the next 6 months. The end of 2023 and 2024 as a whole were tough times in the nickel sector and the commodity price continues to trade in a tight range around nickel metal, with Indonesia dominating world supply. So, early in 2024, the Company executed a complete dead stop on nickel, and adopted a 100% gold focused discovery effort. Confident in the knowledge that St Ives is one of Australia's great gold camps (>16Moz produced since the early 1980s) and buoyed by the fact that our Foster-Baker project sat between two of the great gold mining areas at St Ives (Victory-Defiance & Argo-Apollo-Hamlet & Athena), Lunnon has now drilled over 22km for gold, and 310 holes, leading most recently to the discovery of Lady Herial. Lady Herial delivered its first Mineral Resource in May 2025 and shortly thereafter, strong physical and financial results in a Scoping Study, indicating that the project could generate close to $45M in operating free cash flow (pre-tax, 100% basis) from a shallow, high grade open pit in under 12 months. With a strong cash balance over $15M, a pipeline of high quality targets in one of Australia's great gold camps and line of sight on generating free cash from its discoveries, FY2026 and beyond certainly has a golden glow to it.