Lunnon Metals Limited · ASX:LM8
Lunnon Metals — Investor Presentation (October 2025)
22 slides from Lunnon Metals's investor presentation, Oct 6, 2025
Slide 1: ASX Announcement: Investor Presentation
ASX ANNOUNCEMENT ASX ANNOUNCEMENT 6 October 2025 INVESTOR PRESENTATION For personal use only In accordance with Lunnon Metals Limited’s (ASX: LM8) Shareholder Communications Policy, enclosed is a copy of the Investor Presentation which will be used by Managing Director, Edmund Ainscough, during upco
Slide 2: St Ives – A Springboard for Growth
LUNNON METALS For personal use only ST IVES ~ A SPRINGBOARD FOR GROWTH 23 JULY 2025 ASX: LM8 1
Slide 3: 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 4: Foster-Baker: at the heart of the great St Ives Gold camp
Foster-Baker: at the heart of the great St Ives Gold camp KAMBALDA BETA-HUNT • St Ives – over 16Moz* produced (WGX) since early 1980s For personal use only INTREPIDE GREATER REVENGE • Corridor approx. 32km x 7km • Bounded by Boulder-Lefroy and N INVINCIBLE Speedway Faults VICTORY DEFIANCE • Averaged
Slide 5: Lunnon Metals Overview
LUNNON METALS OVERVIEW Corporate structure (ASX: LM8) 6 OCTOBER 2025 only Liam Twigger Edmund Ainscough Non-Executive Chair Managing Director 220.6m $0.325 ~$72m Board Shares on issue Share price Market cap (open 6/10/2025) For personal use Ashley McDonald Deborah Lord Non-Executive Director Non-Exe
Slide 6: The Pride of St Ives – Gold Fields' Invincible
The Pride of St Ives – Gold Fields’ Invincible KAMBALDA 4.5km!! For personal use only Source: www.goldfields.com/pdf/2025-diggers-and-dealers.pdf Invincible is located on Gold Fields Ltd’s tenure at St Ives 5 * Images sourced from Gold Fields Ltd’s website www.goldfields.com and are of the Invincibl
Slide 7: Foster-Baker Gold Discovery Program
Foster-Baker Gold Discovery Program • Field of view hosts > 7Moz^ of past gold production on Gold Fields’ tenure For personal use only • LM8 Gold program commenced Q1 2024, drilled to date: • 29.5 km RC (523 holes) • 5.0 km DD (25 holes) • 4.2 km Aircore (108 holes) • Discovered Lady Herial (29koz*
Slide 8: Lady Herial Scoping Study
Lady Herial Scoping Study Parameter Unit Result Physicals For personal use only Kilotonnes 300-320 Grade g/t Au ~1.8 Mine Design Ounces Au mined ~18,000 Ounces recovered ~15,400 Strip ratio Waste: ore tonnes 6.2 : 1 Measured Resource 89% Scoping Study* % underpinning the Indicated Resource 10% compl
Slide 9: Timeline – rapid progress, short lead time
Timeline – rapid progress, short lead time DISCOVERY TO POSITIVE SCOPING STUDY <14 MONTHS 22 April 2024 – For personal use only first results* 2024 2025 H1 Now 424 holes …..18.7km ^^ • >4.7km RC/DD drilling, >85 holes ~4km of grade control, >125 holes • Geological control defined First time Mineral
Slide 10: Ore Purchase Agreement with SIGMC
Ore Purchase Agreement with SIGMC1 SCOPING STUDY: 0.30-0.32 million tonnes @ ~1.8 g/t Au for ~18,000 ounces2 For personal use only KEY TERMS AGREED IMPACT CONDITONS PRECEDENT Sell mined material >0.5g/t Au to SIGMC Costs align with those used in Scoping Approval of LM8 shareholders at EGM Study# IER
Slide 11: Robust free cash flow generation (pre-tax) = low sensitivity
Robust free cash flow generation (pre-tax) = low sensitivity Scoping Study# Financial Outcomes Operating Free Cash Flow A$M NEXT STEPS For personal use only Complete technical studies – confirm 4,500 4,750 5,000 5,250 5,500 5,750 6,000 financial benefits and physicals 70% 26.1 28.7 31.3 33.9 36.5 39
Slide 12: Shallow, thick, high-grade
Shallow, thick, high-grade UPPER • 7m @ 34.38g/t Au (LDH25RC_325 from 5m) including 4m @ 59.28g/t Au (>1.0g/t Au) For personal use only • 26m @ 6.37g/t Au (LDH25RC_160 from 9m) including 8m @ 9.90g/t Au & 10m @ 8.22g/t Au (>1.0g/t Au) • 14m @ 18.07g/t Au (LDH25RC_164 from 20m) including 2m @ 121.47g
Slide 13: For personal use only
For personal use only Upper * see LM8 ASX announcement dated 15 & 23 September 2025 for full results and relevant Annexures Lower * Source: Historical WMC production records to December 2001, sum of Gold Fields Ltd’s, Karora Resources and Westgold Resources report filings thereafter. 12
Slide 14: Plentiful – adds to the size and scale of opportunities
Plentiful ~ adds to the size and scale of opportunities on Lunnon Metals’ tenure * see LM8 ASX announcement dated 30 September 2025 for full results and relevant Annexures 2025 13 • 10m @ 1.23g/t Au (PBS25RC_030 from 33m) • 24m @ 0.74g/t Au (PBS25RC_032 from 49m) 18m @ 0.84g/t Au (PBS25RC_034 from 4
Slide 15: Kambalda – home of high-grade Nickel Sulphides
Kambalda – home of high-grade Nickel Sulphides NICKEL MINERAL RESOURCE: Baker 1Mt @ 3.3% Ni for 33,700t metal1 Foster 2Mt @ 2.9% Ni for 58,400t metal1 For personal use only BHP – NICKEL WEST LUNNON METALS Owns the Kambalda Nickel Concentrator High-grade, high-quality, low deleterious assets Just 20k
Slide 16: Nickel – high-grade, high-quality, low capex
Nickel ~ high-grade, high-quality, low capex For personal use only Baker Mine Production Target* of 0.7-0.72Mt @ approximately 3.0% Ni for 21,000t-21,600t of nickel metal Foster Mine Production Target* of 0.7-0.75Mt @ approximately 3.3% Ni for 23,000t-24,000t of nickel metal Foster South * See LM8 A
Slide 17: Lunnon's Nickel Assets July 2025 Scoping Study
Lunnon’s Nickel Assets 21 July 2025 Scoping Study* Baker For personal use only • Pre-production capex A$27M • Operates for approx. 4 years, attributable 3.5-3.75kt nickel p.a. • All-in Costs of $390-$400/t ore • @ A$23,000/t Ni price, pre-tax: - Free cash flow of approx. A$70 million; and - NPV8% of
Slide 18: St Ives for Gold : Kambalda for Nickel
For personal use only ST IVES FOR GOLD : KAMBALDA FOR NICKEL 17
Slide 19: Appendices
This slide is 100% editable. For personal use only Adapt it to your needs and capture your audience’s attention. This slide is 100% editable. Appendices Adapt it to your needs and capture your audience’s attention. 18
Slide 20: Competent Persons Statements
COMPETENT PERSONS STATEMENTS Mr. Aaron Wehrle is the Company’s principal Competent Person and takes overall responsibility for any information in this report that relates to gold and nickel geology, or informed gold and nickel Mineral Resources, Exploration Targets, Exploration Results and the Compa
Slide 21: Gold Mineral Resources Reporting
GOLD MINERAL RESOURCES REPORTING This presentation contains references to Lunnon Metals’ Mineral Resources, which are shown in a detailed breakdown in the following slides. Gold Mineral Resources^ at 30 June 2025 (>0.5g/t Au cut-off) For personal use only * total s may not add up exactl y due to rou
Slide 22: Nickel Mineral Resources Reporting
NICKEL MINERAL RESOURCES REPORTING This presentation contains references to Lunnon Metals’ nickel Mineral Resources, which are shown in a detailed breakdown below. Mineral Resources ^ * at 30 June 2025 (>1.0% Ni cut-off) For personal use only The Company confirms that, all material assumptions and t