Lunnon Metals Delivers Strong Results at Hustler Gold Project

Lunnon Metals Extends Hustler Gold Discovery with Strong Results

Lunnon Metals Limited (ASX: LM8) has delivered promising results from its latest drilling campaign at the Hustler gold prospect, part of the Foster-Baker Gold Project in the prolific St Ives/Kambalda district. The reverse circulation (RC) drilling programme has further defined a substantial gold zone with multiple high-grade intercepts, including 28m @ 1.02g/t Au, 20m @ 1.66g/t Au, and 17m @ 1.50g/t Au.

The results demonstrate that Hustler's gold mineralisation is characterised by shallow, thick, and moderately high-grade intervals hosted within the favourable Defiance Dolerite Zone 4. Significantly, the Hustler gold project Lunnon Metals Ltd shows excellent continuity along structure, with intercepts extending 300 metres down plunge from surface whilst maintaining both thickness and grade quality.

Furthermore, these findings reinforce the company's systematic exploration approach within this world-class gold district. The consistency of results across multiple drill holes indicates robust geological controls governing gold mineralisation at the prospect.

"As the Lady Herial open pit gets ready to start, the hunt is on to identify the 'next cab off the rank'. Hustler has a lot of the same attributes that Lady Herial displayed when we first discovered it in early 2024," said Edmund Ainscough, Managing Director.

Hustler Drilling Results Define Robust Gold Zone

The latest RC drilling programme at Hustler gold project Lunnon Metals Ltd has delivered significant gold intercepts across multiple drill holes, with results consistently above the 0.5g/t Au cut-off. Moreover, the drilling has successfully extended the known mineralised zone whilst demonstrating excellent grade continuity.

Key Intercepts Include:

The drilling has defined a 30-40 metre wide favourable host zone within the Defiance Dolerite Zone 4, comparable to the 40-60 metre width observed at the nearby Lady Herial deposit. This geological consistency reinforces the structural controls and mineralisation potential across the broader Foster Gold Belt.

FOS25RC_097 proved particularly significant, as this hole had originally ended in mineralisation during 2025 drilling. The extension delivered an additional 9 metres of significant gold, bringing the total intercept to 28m @ 1.02g/t Au at 300 metres down plunge—substantially thicker and better grade than adjacent holes at similar depths.

In addition, the drilling programme has successfully demonstrated that gold mineralisation remains open along strike and down plunge. This provides excellent potential for resource expansion through future drilling campaigns.

Understanding Gold Mineralisation Continuity

Plunge continuity refers to how mineralisation extends along the dip direction of a geological structure. In gold deposits, this continuity is crucial for resource estimation and mine planning, as it indicates the predictable extension of ore zones through three-dimensional space.

At Hustler, the demonstration of 300-metre plunge continuity with maintained grade and thickness provides confidence in the structural controls governing gold mineralisation. This geological understanding allows for more targeted future drilling and supports potential resource development scenarios.

The Defiance Dolerite Zone 4 represents a specific geological formation that has proven highly prospective for gold mineralisation across the St Ives district. This rock type forms when molten rock cools and solidifies beneath the Earth's surface, creating favourable conditions for gold-bearing fluids to deposit precious metals within fracture systems.

However, the most encouraging aspect is the consistency of mineralisation geometry compared to Lady Herial. This suggests similar geological processes have controlled gold deposition across the broader project area.

Plentiful Prospect Advances Through EIS Programme

Concurrent with Hustler development, Lunnon Metals has completed the first diamond drill hole at the Plentiful prospect under the Western Australian Government's Exploration Incentive Scheme (EIS). The 600-metre long magnetic anomaly represents an untested target positioned between two of the region's most significant gold mining complexes.

The Plentiful prospect sits strategically between the Victory-Leviathan gold complex to the north and the Argo-Apollo complex to the southeast—areas that have collectively produced over 7 million ounces of gold during 35+ years of continuous mining by Gold Fields Limited.

Key Plentiful Programme Details:

• Two diamond holes planned for combined 1,400 metres
• First hole completed and undergoing detailed logging
• EIS co-funding supporting systematic target evaluation
• Assay results pending with interpretation to follow

The identification of the Plentiful Dolerite as the source of the magnetic anomaly adds another prospective target to Lunnon Metals' portfolio within this world-class gold district. For instance, the strategic location between proven gold deposits suggests excellent exploration potential.

What Makes This Discovery Economically Attractive?

The Hustler gold project Lunnon Metals Ltd demonstrates several characteristics that suggest strong economic potential. The shallow nature of mineralisation, combined with substantial widths and consistent grades, aligns with open-pit mining scenarios that typically offer lower operating costs.

Furthermore, the proximity to established infrastructure provides significant advantages. The Lady Herial deposit has already demonstrated the viability of gold development within this geological setting, providing a proven pathway for potential advancement.

The St Ives/Kambalda gold camp benefits from over 130 years of continuous mining history, with established processing facilities and skilled workforce availability. This existing infrastructure substantially reduces potential development costs compared to greenfield locations.

Next Steps and Economic Evaluation

Lunnon Metals will now undertake comprehensive gold mineralisation modelling incorporating all drilling results to date. This technical work will include open pit optimisation exercises at prevailing gold prices to determine whether the project warrants advancement to the next exploration phase.

Evaluation Framework:

• 3D geological modelling of gold mineralisation
• Open pit optimisation using current gold prices
• Resource classification potential assessment
• Permitting timeline evaluation

If optimisation studies demonstrate economic viability, Lunnon Metals plans additional drilling to achieve appropriate resource classification and initiate regulatory permitting processes. The systematic approach mirrors the successful development pathway established at Lady Herial.

Nevertheless, the company's methodical approach to project advancement provides investors with clear milestone visibility. Each evaluation phase builds upon previous work, reducing technical risk whilst advancing projects towards potential development.

Investment Thesis: Building on St Ives Success

Hustler gold project Lunnon Metals Ltd operates within the St Ives/Kambalda gold camp—one of Australia's most prolific gold production centres with over 16 million ounces mined historically. The company's systematic exploration approach has already delivered the Lady Herial gold discovery, now advancing toward production.

Compelling Investment Drivers:

Strategic Location Advantages:

• World-class gold district with 130+ years of production history
• Established infrastructure including nearby processing facilities
• Gold Fields (major shareholder) operates the Lefroy processing plant nearby
• Granted mining tenements providing operational flexibility

Exploration Success Factors:

• Multiple high-priority targets across 47 square kilometres
• Proven geological team with local district experience
• Systematic drilling approach delivering consistent results
• Strong balance sheet supporting sustained exploration

The company benefits from operating in a district where Gold Fields continues major exploration investment, most notably the Invincible deposit discovery—potentially the most significant find in the camp's history.

Why Should Investors Monitor This Development?

Lunnon Metals has established itself as a systematic explorer and developer within one of Australia's premier gold districts. The company's methodical approach to target generation, evaluation, and advancement provides multiple pathways to value creation.

Key Tracking Reasons:

1. Production Timeline Visibility: Lady Herial approaching production provides near-term cash flow potential
2. Exploration Leverage: Multiple prospects within proven geological setting offer exploration upside
3. Infrastructure Advantages: Proximity to processing facilities and established mining operations
4. Financial Strength: Funded exploration programmes supporting continuous target advancement
5. District Knowledge: Management team's local experience accelerating discovery potential

With Lady Herial preparing for production and Hustler demonstrating strong continuity, Lunnon Metals offers investors exposure to both near-term production potential and exploration upside within a world-class gold district.

However, the true value lies in the company's ability to systematically advance multiple projects through clearly defined development phases. This approach reduces technical risk whilst maintaining substantial exploration upside potential.

"Lunnon Metals has positioned itself as a major player in the St Ives gold district, with significant upside potential through systematic exploration and development. With upcoming production milestones at Lady Herial and continued success at Hustler, investors should monitor this emerging gold developer closely."

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