Key Highlights

• Lunnon Metals (ASX:LM8) reported metallurgical test work at its Hustler gold deposit showing overall gold recovery above 95% with gravity recovery averaging over 30%.

• Corazon Mining (ASX:CZN) intersected gold along 450m of strike south of the historical Chalice open pit, with results including 8m at 3.15g/t Au from 110m.

• St Barbara (ASX:SBM) commenced ore processing at Touquoy on 3 November 2026 and issued FY27 guidance for its Nova Scotia operations.

• All three updates were released on 5 November 2026, representing different stages of the gold project development cycle.

Three ASX-listed gold companies have provided updates that collectively illustrate the progression from exploration through to production restart. Lunnon Metals(ASX:LM8), Corazon Mining(ASX:CZN), and St Barbara(ASX:SBM) each released announcements on 5 November 2026, covering metallurgical test work, drill results, and the recommencement of ore processing respectively.

Lunnon Metals Reports Excellent Gold Recoveries at Hustler

Lunnon Metals(ASX:LM8) provided an update on metallurgical test work at its Hustler gold deposit on 5 November 2026. The Hustler deposit is located just 400 metres southeast of the company's recently completed Lady Herial gold open pit at the Foster-Baker gold project, situated in the St Ives gold camp in Western Australia. The test work program simulated the processing pathway at Gold Fields' nearby Lefroy plant, returning gravity recovery of gold averaging over 30% and overall recovery across all composite samples above 95% for a 24-hour residence time. Three diamond drill holes had been drilled for metallurgical purposes in the June quarter, with results reported in June 2026. Mineral resource estimate updates for both Lady Herial and Hustler are on schedule to feed into a Scoping Study. The metallurgical results are significant as they confirm the ore from Hustler is amenable to conventional processing, reducing one of the key technical risks for the project.

Corazon Mining Extends Gold Along 450m of Strike at Chalice

Corazon Mining(ASX:CZN) announced drilling results from the southern portion of the Chalice Exploration Target at its 100%-owned Chalice Gold Project on 5 November 2026. The program was the first to test the area approximately 450 metres south of the historical Chalice open pit. All four holes in the southernmost section intersected gold, with the lead intercept being 8m at 3.15g/t Au from 110m in hole 26CRC006. The results demonstrate that gold mineralisation extends well beyond the previously defined footprint, opening up the potential for resource additions along strike to the south. The Chalice Gold Project represents a greenfield gold opportunity within an established gold-producing region.

St Barbara Restarts Ore Processing at Touquoy

St Barbara(ASX:SBM) announced on 5 November 2026 that ore processing commenced at the Touquoy mine in Nova Scotia, Canada, on 3 November 2026 as planned. The restart project was celebrated with an official re-opening ceremony attended by the Nova Scotia Minister for Natural Resources and the Attorney General. The restart secured approximately 200 jobs for the local community. Commissioning is expected to ramp up to full production by the end of December 2026. With first ore achieved on schedule, St Barbara issued FY27 guidance for its Nova Scotia business. The Touquoy operation marks a significant milestone in St Barbara's broader strategy to re-establish Canadian production alongside its existing operations.

Sector Context

These three companies represent different points on the gold development spectrum. Lunnon Metals is de-risking the processing pathway for its Hustler deposit through metallurgical studies, a critical step before committing to development capital. Corazon Mining is in the exploration phase, extending the known mineralisation footprint at Chalice with results that could support future resource estimates. St Barbara, the most advanced of the three, has moved into the production phase with the Touquoy restart. All three are benefiting from sustained interest in gold Assets amid a constructive Commodity price environment, though each carries its own set of project-specific risks related to funding, permitting, and market conditions.

What Comes Next

Lunnon Metals will look to incorporate its metallurgical results and updated resource estimates into a Scoping Study for the Hustler-Lady Herial complex. Corazon Mining is expected to continue defining the Chalice gold system through further drilling and potentially an initial resource estimate. St Barbara's near-term focus will be on achieving full production rates at Touquoy by year-end and delivering on its FY27 guidance. Together, these three updates highlight the breadth of gold project activity on the ASX.