Lunnon Metals Reports Best Month to Date at Lady Herial Open Pit

16 July 2026 | Western Australia - Lunnon Metals has reported its best month to date at the Lady Herial gold open pit, located within the Kambalda/St Ives gold district in Western Australia.

During June 2026, the company mined and delivered more than 62,000 tonnes at 1.73 g/t gold, containing 3,473 ounces of gold, to Gold Fields’ St Ives operation.

Lunnon said it received approximately $12.0 million from Gold Fields for June gold mined, compared with direct Lady Herial operating costs of approximately $3.0 million for the month, excluding GST and based on unaudited figures.

To date, nearly 207,000 tonnes at 1.59 g/t gold has been delivered to Gold Fields, containing 10,561 ounces. Under the ore purchase agreement, this has yielded 9,613 ounces of gold at the agreed 91% metallurgical recovery.

Why it matters: Lady Herial has become an important cash generator for Lunnon Metals, with the company reporting an estimated cash balance of more than $21 million at 30 June 2026.

The open pit remains on schedule, with operations expected to finish in August or September 2026. At the end of June, approximately 90% of the total pit volume had been mined and 66% of the gold had been delivered.

The company said total mining volumes and the waste-to-ore ratio are expected to reduce as the pit approaches completion, which should further improve operating margins over the remaining months.

Managing Director Edmund Ainscough said Lady Herial had recharged the company’s cash position, reinvigorated the team and put Lunnon in a strong position to pursue further discoveries across its 23km² landholding in the heart of the St Ives gold camp.

Lunnon said the A$ gold price applicable to June ore deliveries was $6,027.14 per ounce, while the average gold price realised to date is $6,429 per ounce, still above the level modelled in the company’s Feasibility Study.

For Western Australia’s gold sector, Lady Herial is a strong example of a smaller, near-term open pit delivering cashflow quickly through nearby processing infrastructure and an ore purchase agreement with an established operator.

Source: Lunnon Metals ASX announcement, “Lady Herial Gold Open Pit Update”, 16 July 2026.