Lunnon Metals (LM8) investor relations material

Capital position and portfolio

• At 4 Nov 2026, cash was $43m at 30 Sep, debt was nil, market capitalisation was ~ $70m and enterprise value ~ $27m; share price was $0.305.

• Mineral Resources stood at 73,200oz gold and 113,600t nickel metal, across the Foster-Baker project in the St Ives district.

Lady Herial delivery

• Open-pit mining ran from February to August 2026; completion came in under six months, 14,910oz was sold and production equalled 100.7% of Ore Reserve.

• Lady Herial generated $39m pre-tax unaudited free cash flow, 3.5% below feasibility; operating cost was $104/t, 7% lower, and all-in cost was $2,519/oz, 2.6% higher.

• Under the Ore Purchase Agreement, 206,885t at 1.59 g/t Au was sold to Gold Fields for 9,613oz.

Gold exploration and growth

• FY2027 exploration budget is $13m for over 43km of drilling, targeting significant discoveries across the under-explored former nickel belt.

• Exploration Target is conceptual: 25–30Mt at 1.5–2.5 g/t Au for 1.2–2.4Moz; it is not a Mineral Resource or Ore Reserve estimate.

• FY2026 drilling totalled 24.4km RC, 4.5km diamond and 9.3km aircore, a 150% YoY increase in drill metres.