Lunnon Metals generated approximately $39 million in pre-tax, unaudited free cash flow from its Lady Herial open pit gold mine in Western Australia following the receipt and settlement of final operational invoices.

Open pit mining operations concluded in early August 2026, ahead of the schedule outlined in the January 2026 Feasibility Study. Total open pit production reached 303,437 tonnes at 1.68 g/t Au mined, resulting in 14,910 ounces of gold sold at a 91% metallurgical recovery under an Ore Purchase Agreement with St Ives Gold Mining Co. Pty Ltd, a subsidiary of major shareholder Gold Fields Ltd.

August operating costs were tallied alongside the final invoice sent to Gold Fields. Lunnon Metals invoiced $5.1 million for gold mined during August, compared to direct operating costs of $1.2 million, excluding GST and on an unaudited basis.

A formal reconciliation against the January 2026 Feasibility Study showed actual physical and financial outcomes aligning closely with initial forecasts. The operation delivered 100.7% of the gold ounces forecast in the study, with actual pre-tax free cash flow on a 100% basis landing at $55.7 million, compared to the initial $57.7 million estimate. Actual ore tonnes mined exceeded the Feasibility Study estimate of 268,247 tonnes by 13.1%, driven by minor additional ore blocks and occasional dilution, which contributed to an 11% lower head grade of 1.68 g/t Au. Total operating costs reached $31.62 million, representing a 5.1% increase driven primarily by haulage and processing expenses associated with the extra tonnage.

Completion of mining fully depleted the Ore Reserve reported in the January 2026 study. The underlying Mineral Resource estimate remains unchanged post-mining, aside from the extraction of 200,000 tonnes at 2.7 g/t Au containing 17,100 gold ounces from the Measured Resource category within the final open pit void.

Lunnon Metals is advancing a $13 million self-funded FY2027 drill program across the Foster-Baker gold project tenure at Kambalda, backed by an unaudited cash balance of $41.4 million as of 31 August 2026.

Read the full announcement: Final Lady Herial Results Deliver on Feasibility Study