Lunnon Metals (LM8) Q1 2027 TU earnings summary

Executive summary

• Lady Herial mining finished in early August, ahead of schedule; open-pit results closely reconciled with the January 2026 Feasibility Study, and cash ended September at $43.0m.

• A $13m FY2027 exploration program began across the Foster-Baker area, with 9.9km drilled in the quarter and a 43.4km full-year plan.

Financial highlights

• Quarter customer receipts were $35.1m, including GST and unaudited, relating to the Lady Herial Ore Purchase Agreement; production payments were $7.6m.

• Cash rose from $22.2m at 30 June to $43.0m at 30 September; net operating cash inflow was $20.9m, investing outflow $87k and financing outflow $11k.

• Lady Herial actual revenue was $93.26m versus $92.54m in the Feasibility Study; pre-tax free cash flow was $55.7m on a 100% basis and $39.0m for the 70% share.

Outlook and guidance

• FY2027 exploration budget is $13m, targeting 43.4km of drilling; December-quarter plans include 4,500m diamond drilling, 4,200m RC drilling and 635m of core/metallurgical work.

• Update Lady Herial and Hustler Mineral Resource Estimates, then complete the scoping study and technical assessment of a Lady Herial cut-back and potential Hustler pit.

• No further Lady Herial revenue is forecast after mining completion; near-term activity shifts to exploration, with potential additional cash generation dependent on advancing LDH2 or Hustler.