Lunnon Metals (LM8) H2 2026 earnings summary

Executive summary

• Achieved a strategic pivot to gold, delivering over 9,600oz gold in FY2026 and growing cash to $22.2M at year-end, with unaudited $41M by August 2026.

• Lady Herial open pit progressed from discovery to production in 18 months, generating significant cash flow and completed ahead of schedule.

• Board approved a $13M exploration budget for FY2027, targeting 43km of drilling, the largest in FBA's history.

• Debt-free at year-end after early repayment of a $6M term loan.

Financial highlights

• Revenue from gold sales: $40.7M (2025: nil).

• Gross profit: $22.8M (2025: nil).

• Net profit after tax: $12.2M (2025: loss $13.2M).

• Cash and equivalents: $22.1M at 30 June 2026 (2025: $15.3M).

• Net assets increased to $48.5M (2025: $34.1M).

Outlook and guidance

• FY2027 focus on gold exploration with $13M budget and over 43km drilling planned.

• Technical work underway for potential concurrent mining at Hustler and Lady Herial cut-back.

• Ongoing assessment of commercial arrangements for new gold opportunities.