Lunnon Metals (LM8) AGM 2025 presentation summary

Strategic location and asset overview

• Holds a 23km² area in the prolific St Ives Gold camp, representing about 10% of the corridor with over 16Moz historical gold production and 1.6Mt nickel district exposure.

• Projects are located near major gold and nickel operations, with strong infrastructure and proximity to BHP's Kambalda Nickel Concentrator.

• Maintains a strong cash position of $13.3M as of 30 September 2025, with no debt and a market cap of $60M.

Gold exploration and development progress

• Lady Herial gold deposit advanced from discovery to Mineral Resource Estimate (MRE) in under 15 months, with 573,000 tonnes @ 1.6g/t Au for 29,000 ounces.

• Scoping Study for Lady Herial outlines robust pre-tax free cash flow sensitivity, with a 70% share to LM8 and fixed operating costs and recoveries.

• Ore Purchase Agreement with SIGMC (Gold Fields subsidiary) enables sale of mined material >0.5g/t Au, with free cash flow split 70%/30%.

• Pipeline of gold targets includes Hustler, Guiding Star, Cooee, Plentiful, and Koombana, with successful WA government EIS grants supporting exploration.

• Plentiful prospect extends mineralised structure over 450m, delivering consistent widths and grades.

Nickel asset highlights

• Nickel Mineral Resource totals 4.2Mt @ 2.7% Ni for 113,600 tonnes of contained nickel as of 30 June 2025.

• Baker and Foster mines present high-grade, low-capex restart opportunities, with Baker generating an estimated pre-tax free cash flow of A$70M and NPV8% of A$50M at A$23,000/t Ni.

• Both Baker and Foster mines are fully approved for mining and dewatering/re-entry, respectively.