Lunnon Metals (ASX:LM8) | Lady Herial Gold Open Pit Update
In this episode of MarketOpen’s Trading Titan podcast, we cover the latest operational update from Lunnon Metals, ASX ticker LM8, focused on the Lady Herial Gold Open Pit.
June 2026 was the project’s best month to date, with more than 62,000 tonnes of ore mined at 1.73 grams per tonne gold, containing 3,473 ounces of gold. Approximately $12.0 million was received from Gold Fields during the month, while outgoing expenses directly related to the Lady Herial operation totalled approximately $3.0 million. Both figures are GST exclusive and unaudited.
Cumulative deliveries under the Ore Purchase Agreement have reached nearly 207,000 tonnes at 1.59 grams per tonne gold, containing 10,561 ounces. At the agreed 91% metallurgical recovery, this yielded 9,613 ounces of gold.
The abandonment bund is 80% complete, while progressive rehabilitation and the spreading of stockpiled topsoil on the waste dumps are continuing alongside mining operations.
By the end of June, approximately 90% of the total pit volume and 66% of the gold had been mined. The company states that total ore tonnes and gold delivered to St Ives Gold Mining remain on target.
The average realised gold price to date was $6,429 per ounce. According to the company, this remained approximately 3% above the $6,250 per ounce modelled in the Feasibility Study.
Based on the current Australian dollar gold price referenced in the announcement and the remaining open pit being completed as planned, the company says it remains on track to achieve total pre tax free cash flow within 7% of the result modelled in the Feasibility Study.
Completion of operations is expected in August or September 2026, in line with the Feasibility Study schedule.
Managing Director Edmund Ainscough stated that Lady Herial had strengthened the company’s cash position and supported the announcement of its FY2027 Exploration Budget. The announcement also states that Lunnon Metals had an estimated cash balance of more than $21 million at 30 June 2026.
Key topics covered in this episode include June production, payments and operating expenses under the Ore Purchase Agreement, progress against the Feasibility Study, the potential evaluation of select goodbye cuts before operations cease, rehabilitation activities and the remaining steps toward completion.
This episode draws only on information contained in the ASX announcement dated 16 July 2026. Nothing discussed constitutes financial advice. Listeners should conduct their own research and consider their personal financial circumstances before making any investment decision.