Lunnon Metals (LM8) Q1 2025 TU earnings summary

Executive summary

• Significant gold exploration success at Lady Herial, confirming high-grade, thick, near-surface mineralisation and prompting expansion of the gold program to other prospects in the Foster area.

• Successful application for a WA Exploration Incentive Scheme (EIS) grant to test the Defiance West target for Beta/Hunt style gold systems.

• Strong cash position of $21.1 million at quarter end, supporting ongoing exploration and development activities.

• No safety or environmental incidents reported; positive community and heritage engagement with progress on formal agreements.

Financial highlights

• Cash balance at 30 September 2024 was $21.1 million, down from $22.0 million at 30 June 2024.

• Net payments for exploration, evaluation, and development totaled $0.57 million for the quarter.

• Quarterly spend was offset by $0.65 million in interest and other receipts, maintaining sustainable expenditure levels.

• Estimated 22 quarters of funding available at current expenditure rates.

Outlook and guidance

• December 2024 quarter to focus on follow-up RC and diamond drilling at Lady Herial and first-pass tests at Guiding Star and Koombana.

• EIS-funded drilling at Defiance West to test for analogues to high-grade gold systems.

• Pending contractor rates may enable reporting of Pre-Feasibility Study outcomes for Baker and Foster South.

• Machine intelligence to be applied for gold targeting at Foster-Baker.