Lunnon Metals (LM8) Investor presentation summary

Strategic location and asset overview

• Holds a significant position in the St Ives Gold camp, controlling ~10% of a corridor that has produced over 16Moz of gold since the 1980s.

• Assets include both gold and nickel projects in Kambalda, Western Australia, with proximity to major infrastructure and processing facilities.

• Market capitalization is approximately $112 million, with $9.8 million in cash and no debt as of December 2025.

• Board and management hold a 4.4% stake, with St Ives as a major 30.15% shareholder.

Gold project development and resources

• Lady Herial gold discovery advanced from first drill hole to fully approved mine in 20 months.

• Gold Mineral Resource totals 36,300oz (JORC 2012), with Ore Reserves of 16,270oz at 1.89g/t Au as of January 2026.

• Ore Purchase Agreement with SIGMC (Gold Fields subsidiary) secures sale of mined material, with 70% of free cash flow to LM8.

• Robust feasibility study shows strong margins and sensitivity to gold price and operating costs.

• Pipeline of additional gold targets includes Hustler, Guiding Star, Cooee, and Paringa West.

Nickel assets and outlook

• Nickel Mineral Resource totals 113,600t (JORC 2012), with high-grade deposits at Foster (58,400t) and Baker (33,700t).

• Kambalda Nickel Concentrator, owned by BHP, is 20km north and currently on care and maintenance.

• Both Baker and Foster mines are fully approved, offering 0.7–0.75Mtpa at 3.0–3.3% Ni.

• Baker mine generates pre-tax free cash flow of ~$70 million and NPV8% of ~$50 million at A$23,000/t Ni.

• Nickel market exposure is counter-cyclical to gold, providing portfolio diversification.