Lunnon Metals Limited (ASX: LM8) has updated the Mineral Resource estimate for its Hustler gold deposit at the Kambalda project, marking a 21% increase in tonnage and a 20% lift in total contained gold. The deposit now hosts 826,000 tonnes at 1.4 g/t gold, representing 36,200 ounces. This latest figure follows successful infill drilling programs, which allowed the company to better define and extend mineralised structures at depth.

The current update marks a steady progression from the previous estimate released in March 2026, which sat at 682,000 tonnes at 1.4 g/t gold for 30,200 ounces. While infill drilling slightly refined the grade in the Indicated category, the expanded footprint of the Inferred resource has driven the overall growth in contained gold. The company is now evaluating how to integrate this deposit with potential future mining stages at the adjacent Lady Herial open pit, which is already operating under an ore purchase agreement.

Lunnon Metals is treating these prospects as the immediate priority for the company’s development pipeline. Exploration activity remains aggressive, with a substantial budget allocated to continue defining the potential of the broader tenement package.

"Hustler and a possible cut-back at Lady Herial are sitting in pole position as the next potential development opportunities. With a strong and growing cash balance, and a $13 million drill campaign already underway, shareholders can expect robust news flow throughout the coming months."

— Edmund Ainscough, Managing Director

The company is currently fast-tracking the permitting process for both the Hustler deposit and the Lady Herial expansion. By leveraging existing haulage infrastructure and established commercial relationships, Lunnon Metals aims to streamline the transition of these resources toward a production decision. The ongoing $13 million drill campaign is expected to provide continued data as the company refines its plans for the next phase of development in the upcoming financial year.

Because the project is situated within an established mining district, access to processing facilities remains a key logistical advantage. The company continues to work with its partners to replicate the success of the current Lady Herial mining operations. With the resource base at Hustler now expanded, technical and financial analyses are underway to confirm the economic viability of a combined mining approach. These steps are designed to position the company to leverage its existing regional infrastructure while maintaining momentum in its broader exploration efforts across the project area.

Read the full announcement: Hustler & Lady Herial Mineral Resource Updates