Lunnon Metals Limited · ASX:LM8
Lunnon Metals — 2022 Australian Nickel Conference
38 slides from Lunnon Metals's conference presentation, Oct 6, 2022
Slide 1: Company Presentation at 2022 Australian Nickel Conference
LUNNON METALS LIMITED ABN: 82 600 008 848 COMPANY PRESENTATION AT 2022 AUSTRALIAN NICKEL CONFERENCE BOARD/MANAGEMENT 6 October 2022 Mr Liam Twigger NON-EXECUTIVE CHAIRPERSON Mr Ian Junk PRESENTATION HIGHLIGHTS NON-EXECUTIVE DIRECTOR Mr Ashley McDonald • Completion of the acquisition of the Nickel Ri
Slide 2: Annexure 1 and 2: Historical WMC Drill Hole Collars and Intercepts
Annexure 1: Diamond Drill Hole Collar Table for Historical WMC Resources Ltd holes intersecting Silver Lake Hanging Wall Prospect EOH Elevation Drill Hole Hole ID Easting Northing Dip Azimuth Grid (m ASL) Depth Type (m) KD285 375,451 6,544,645 289 -90 0 602.89 Surface DD MGA94_51 KD286 375,566 6,544
Slide 3: Drill Intercepts for Historical WMC Holes (continued)
From Width Est true Cut-off % Hole ID Ni % Cu % Co % (drill depth) (m) (m) width (m) Ni KD633B 549.00 2.50 1.57 0.18 0.05 1.3 0.5 including 549.85 1.65 2.12 0.26 0.07 0.9 1.0 KD615 379.00 3.40 0.99 0.06 0.02 1.2 0.5 including 380.00 2.40 1.12 0.06 0.02 0.8 1.0 KD211 396.24 21.34 1.13 0.09 0.02 9.0 0
Slide 4: About the Kambalda Nickel Project (KNP)
ABOUT THE KAMBALDA NICKEL PROJECT (“KNP”) Lunnon Metals currently holds 100% of the mineral rights at the Foster and Baker elements of the KNP, subject to certain rights retained by St Ives Gold Mining Co. Pty Ltd (St Ives)*. Full details of the Company’s IPO and the transactions involved are in the
Slide 5: Competent Persons' Statement & Compliance
COMPETENT PERSONS’ STATEMENT & COMPLIANCE The information in this announcement that relates to nickel geology, nickel Mineral Resources, Exploration Results and the Exploration Target, is based on, and fairly represents, information and supporting documentation prepared by Mr. Aaron Wehrle, a Compet
Slide 6: JORC Table 1 Section 1 Sampling Techniques and Data
JORC TABLE 1 SECTION 1 SAMPLING TECHNIQUES AND DATA Criteria JORC Code explanation Commentary Sampling Nature and quality of sampling (e.g., WMC Historical data techniques cut channels, random chips, or • Sampling procedures followed by WMC Resources Ltd (“WMC”) in specific specialised industry stan
Slide 7: JORC Table 1: Drill Sample Recovery and Logging
Criteria JORC Code explanation Commentary Drill sample Method of recording and assessing • There are no available records for sample recovery for diamond or recovery core and chip sample recoveries and RC drilling completed by WMC; however, re-logging exercises results assessed. completed by Lunnon
Slide 8: JORC Table 1: Sub-sampling Techniques and Sample Preparation
Criteria JORC Code explanation Commentary For all sample types, the nature, methodology. quality and appropriateness of the • Portions of drill core distal to the main high-grade mineralisation sample preparation technique. were sometimes ‘chip sampled’ by WMC. Lunnon has chosen not Quality control
Slide 9: JORC Table 1: Verification of Sampling and Assaying
Criteria JORC Code explanation Commentary duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. Verification of The verification of significant • Significant intersections have not been independently verified and sa
Slide 10: JORC Table 1: Data Spacing and Distribution
Criteria JORC Code explanation Commentary development drive and stope locations. Data spacing Data spacing for reporting of WMC Historical data and distribution Exploration Results. • The typical drill spacing for the early WMC surface drill traverses is Whether the data spacing and approximately 12
Slide 11: Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary security of samples during field collection, transport and laboratory analysis. The historical drill core remaining after sampling was stored and catalogued at the KNO core farm (now Gold Fields, St Ives’ core farm) and it remains at this location to the pre
Slide 12: JORC Table 2: Mineral Tenement and Land Tenure
Criteria JORC Code explanation Commentary infrastructure tenements, M15/1668; M15/1669; M15/1670; and - 100% of the mineral rights to nickel and associated metals in the Silver Lake-Fisher project area of KNP, subject to the rights retained by SIGMC as tenement holder and as detailed in the Mineral
Slide 13: JORC Table 2: Data Aggregation Methods
Criteria JORC Code explanation Commentary tabulation of the following • Due to the long plunge extents and ribbon like nature of many of information for all Material drillholes: the known and potential nickel shoots at Silver Lake and Fisher, long • easting and northing of the projections are often
Slide 14: JORC Table 2: Balanced Reporting
Criteria JORC Code explanation Commentary should be included for any significant presentation. discovery being reported. These • Due to the long plunge extents and ribbon like nature of many of should include, but not be limited to a the known and potential nickel shoots at Silver Lake and Fisher, l
Slide 15: Lunnon Metals in the Land of the Giants
Lunnon Metals in “the Land of the Giants” 6 October 2022 Ed Ainscough
Slide 16: Important Notice & Disclaimer
Important Notice & Disclaimer This Presentation has been prepared by employees of Lunnon Metals Ltd (“Lunnon”, “LM8” or “the Company”) on its behalf and is a summary only, and contains summary information about Lunnon and its activities, which is current as at the date of this Presentation (unless o
Slide 17: A Journey Years in the Making
A Journey .… 20 years in the making World renowned nickel In last 12 months district January ➢ First high grades ➢ 4 historical mines, reported at Baker Significant opportunity sold with the gold in Aggressive discovery April 2001 ➢ Raised $30M ➢ Added Fisher & Silver ➢ Missed last nickel programme
Slide 18: Unrivalled: Kambalda Nickel District
Unrivalled : Kambalda nickel district Production^: Pre-WMC sale vs Total Life of Mine Past Nickel Production^ to date 4.3% 4.1% Mine Shut by Mt % Ni Ni kt 3.9% 342 203 Silver 3.7% Lake 1986 4.5 2.7 123 3.5% Ni % 3.3% 467 Fisher 1988 1.7 2.3 38 101 674 3.1% 2.9% Foster 1994 2.4 2.6 61 196 2.7% 253 2.
Slide 19: Lunnon Grows in the Land of the Giants
Lunnon grows in the “Land of the Giants” Silver Lake & Fisher acquisition* BHP Nickel West completed Concentrator Only historical Kambalda Ni mines to not Otter/Juan have received any exploration work since 313kt metal^ Long WMC ownership 220kt metal^ Silver Lake ➢ Kambalda’s FIRST nickel mine ➢ Pro
Slide 20: Kambalda Dome: Silver Lake-Fisher
Kambalda Dome : Silver Lake-Fisher* *see Announcement dated 12 April 2022 for details Production Prospective Metal/strike to date plus contact at Area km MRE^ surface (Ni kt) (Ni kt) (strike km) ASX:MCR To point of sale by WMC Resources ~$0.9B MCap (late 1990s/early 2000s) ASX:LM8 Fisher-SL 161 6.8
Slide 21: A Wealth of Data: 37 Years Operating History
A wealth of data : 37 years operating history Silver Lake 260km of historical diamond core Over 2,500m mineralised plunge extent Fisher Later faults key elements in focussing nickel Over 800m mineralised contact Isometric view of stacked WMC cross sections - looking down to the SW Cross section look
Slide 22: Proven Approach that Added 65% to MRE Y-o-Y
Proven approach that added 65% to MRE Y-o-Y Plan below: source ASX:IGO. Amended with Lunnon Rights Area boundary (yellow) on IGO’s 2011 Diggers presentation 3 tiered programme to grow Mineral Resource 1. Discovery - 3D seismic surveys, diamond holes targeting reflectors 2. Drill the “gaps”- target h
Slide 23: 3D Seismic - Target Generation - Diamond Drilling
3D Seismic - target generation - diamond drilling Cross section (look N) and plan view – amenability of sulphide channels to 3D seismic survey Targeting along strike of McLeay-Moran (72kt @ +4% Ni mined by IGO^) These reflectors strike directly on to the new nickel rights area ^source: sum of releva
Slide 24: Long Section – Silver Lake Gap
Long – Silver Lake “Gap” Fisher Silver Lake Hanging Wall Silver Lake Opportunity looks familiar (Baker) ❑ ~600m x 200m scale ❑ Drilled on broad 100m spacing ❑ Modest widths, low – modest grade ❑ Narrow, very high grade massive sulphides present 10
Slide 25: LM8: IPO - Drill - Discover - Define Resource
LM8 : IPO - Drill - Discover - Define Resource BAKER 568kt @ 2.8% Ni (15,800t Ni) Warren 211kt @ 3.1% Ni (6,400t Ni) 85H 687kt @ 2.4% Ni 75C (16,600t Ni) 413kt @ 2.3% Ni (9,500t Ni) 65% growth in Foster South Mineral Resource* 340kt @ 4.7% Ni Ni tonnes (16,000t Ni) A$0.22/lb Ni Diagrammatic represen
Slide 26: Baker
BAKER West Idough Open Pit (~300m distance) WMC diamond holes LEGEND – DRILL HISTORY Early 1970s Diamond hole (WMC) GDA94/MGA Zone 51 2021 Exploration Target Outline 0.47m @ 1.7% Ni Details of the 2021 Exploration Target are contained in the Independent Experts Report to the Company's 2021 Prospectu
Slide 27: Baker
BAKER West Idough Open Pit (~300m distance) LM8 1st pass RC post IPO LEGEND – DRILL HISTORY July-Oct 22 Diamond hole (WMC) 1m @ 7.4% Ni 1st pass RC (LM8) DHTEM survey high conductance GDA94/MGA Zone 51 plate 0 metres 100 metres 200 12 N
Slide 28: Baker
BAKER West Idough Open Pit (~300m distance) LM8 RC campaign LEGEND – DRILL HISTORY ~40m x 40m Nov-Dec 21 Diamond hole (WMC) 1st pass RC (LM8) 2021 RC campaign (LM8) 7m @ 9.22% Ni 10m @ 6.82% Ni GDA94/MGA Zone 51 0 metres 100 metres 200 12 N
Slide 29: Baker
BAKER 4m @ 4.02% Ni West Idough 10.1m @ 7.76% Ni Open Pit 15m @ 9.8% Ni (~300m distance) 23m @ 6.78% Ni 19m @ 6.01% Ni LEGEND - DOMAINS First-time MRE Main Base of Flow A B 2.8m @ 4.12% Ni June 22 C D Re-mobilised Shear 568kt @ 2.8% Ni E F & G H 6.0m @ 10.95%J Ni Other colours – base of flow (15,800
Slide 30: Section 6,531,180mN Looking North
Section 6,531,180mN K Looking north L Kambalda RC hole IDs abbreviated: Komatiite prefix is “ECO21RC” or “ECO22RC” 046 066 045 3/5.51 2/2.59 068 2/2.50 & Devon NSA 1/2.26 Consols 050 7/4.53 Basalt 048 & 23/6.78 4/5.15 053 067 2/1.76 19/6.01 BOF01 PER03 ECO22DD_015 032 1.65/1.08 BOF02 BOF03 1/0.76^ &
Slide 31: Initial Metallurgical Test Work Results
Initial Metallurgical Test Work results^ ECO22RC_048 : 23m @ 6.78% Ni^ IF THICKER Composite collected: ➢ From 3 x DDH in Dec 2021, before: and/or ➢ Geology interpretation complete; and ➢ Baker MRE completed BETTER GRADE ➢ 40% of sample originated outside the MRE Head grade of sample: also means ➢ 2.
Slide 32: Foster: Permit / Dewater / Re-entry / Drill / Discover
Foster : Permit / Dewater / Re-entry / Drill / Discover 725m deep Foster shaft Example of dewatering gear at St Ives early 2000s Lake Lefroy discharge point refer Slide 20 for full breakdown of Mineral Resource 15
Slide 33: Corporate Overview
Corporate Overview • Corporate Overview Liam Twigger Ashley McDonald Corporate structure (ASX: LM8) Non-Executive Chair Non-Executive Director Deputy Chair Argonaut, NEC SolGold GFI nominee, Sen Vice President, close on 4 October 2022 experienced M&A, legal, commercial Ian Junk 195.0m $0.84 $164m Bo
Slide 34: Investment Highlights
Investment highlights ASX:LM8 Growth in forward facing commodity 4 historical Ni mines Long mining history Globally significant Unparalleled Mining Address nickel camp 7 known Ni World-class Ni province Excellent local channels Kambalda assets infrastructure & have unrivalled Aggressive drill servic
Slide 35: Making Our Own History, in the Heart of Kambalda
Making our own history, in the heart of Kambalda 1960s/70s 2022 Driller, Jack Lunnon (far right) overlooking Lake Lefroy from north side of Red Hill: with local and WMC dignitaries at site of KD1, discovery hole for nickel at Kambalda (image source ABC Goldfields-Esperance: story dated 1st Feb 2016)
Slide 36: Real Assets, in the Heart of Kambalda
Real Assets, in the heart of Kambalda 19
Slide 37: Important Notice and Disclaimer
Important Notice and Disclaimer Competent Person Statements The information in this Presentation that relates to geology, nickel and gold mineralisation, Mineral Resources and Exploration Results is based on, and fairly re presents information compiled and reviewed by Mr Aaron Wehrle, a Competent Pe
Slide 38: Important Notice and Disclaimer
Important Notice and Disclaimer External references This presentation contains references to third party reports and other publicly available data. These are: Slides 8 & 9: - Stolz, N., 2012 Seismic Methods for Hard Rock Mineral Exploration; Geoscience Australia, Group Leader, Minerals and Natural