Lunnon Metals (LM8) investor relations material

Executive summary

• Mining at Lady Herial commenced in February 2026, generating positive cash flow and aligning with the Feasibility Study schedule despite a late, wet start.

• Over 38,000 tonnes at 1.56 g/t Au delivered during the quarter, with $2.0 million received and $7.8 million accrued from ore sales.

• Gold Mineral Resources increased to over 84,000oz, with new resources declared at Hustler and ongoing technical assessments for further open pit opportunities.

• Cash balance rose to $12.25 million, supported by a $6 million working capital facility.

• Exploration drilling totaled 5.8km, focusing on Foster-Baker and high-priority targets at Paringa West and Plentiful.

Financial highlights

• Cash at hand as of 31 March 2026: $12.25 million, up from $9.9 million at 31 December 2025.

• Invoiced $9.9 million to SIGM for Lady Herial ore, with $5.5 million in related expenses for the quarter.

• Net cash outflow from operating activities: $3.17 million for the quarter.

• $6 million term loan facility secured and fully drawn in February 2026.

• Estimated four quarters of funding available at current expenditure rates.

Outlook and guidance

• Mining at Lady Herial is on schedule, with open pit completion forecast for August 2026.

• Free cash flow (pre-tax) for Lady Herial is forecast at ~$40.6 million at $6,500/oz gold price, offsetting higher diesel costs.

• Focus for the next quarter includes delivery of scheduled ore, technical assessments for further open pit activity, and ramping up exploration as cash flows are secured.

• All material assumptions from the January 2026 Feasibility Study remain unchanged.