Lunnon Metals (LM8) AGM 2024 presentation summary

FY2024 achievements and operational highlights

• Mineral Resources increased by 29.4% to 4.2Mt at 2.7% Ni, totaling 113,600t contained nickel, with first-time resources at Fisher, Silver Lake, and East Trough and notable growth at Baker and Foster South deposits.

• Safety performance was strong with zero fatalities or lost time injuries, and workforce diversity was maintained at 33% female overall and 40% in executive roles.

• Exploration included 142 drill holes totaling 26.2km, with 1.32Mt @ 2.0% Ni added to resources and a $2.2 million commitment to greenfields discovery at Long South Gap.

• Cash preservation measures led to a significant drop in monthly spend, workforce reduction, and cash and equivalents of $21.9M as of June 30, 2024.

• Permitting milestones included approval of the Mining Proposal and Closure Plan for Baker, and progress on community agreements in the Goldfields region.

Market and sector context

• The year was marked by a strong first half with share price highs, followed by sector-wide challenges including announcements of mine and concentrator closures by major players.

• Cost-cutting measures were implemented in response to market conditions, including a 50% reduction in site staff and a shift in focus toward gold exploration.

Nickel and gold portfolio developments

• Nickel Mineral Resource Estimates at Baker and Foster South grew by approximately 10% each, with the overall nickel resource reaching 113,600t.

• The Baker Mine is now permitted, and no further surface drilling is required at the Foster-Baker area.

• Gold exploration is emerging as a key opportunity, with shallow, high-grade potential at Lady Herial and analogues to established deposits identified.