Highlights

  • Lunnon Metals shares jumped by 8.57% on 9 February 2026, extending one-year gains to 58.33%
  • Lunnon Metals signed key mining and technical services contracts for the Lady Herial project.
  • Site clearing has begun, with first gold ore mining scheduled later this month.
  • Lady Herial is set to become the first new mine on the Foster belt in over 30 years.

Lunnon Metals Ltd (ASX:LM8) shares rose 8.57% to AUD 0.38 on 9 February 2026, extending the stock’s one-year gain to about 58.33%. The share price movement followed the company’s announcement confirming the execution of key mining contracts and the commencement of site establishment activities at its Lady Herial project near St Ives in Western Australia.

Lunnon Metals confirmed that it has signed mining and technical services contracts following board approval of a Final Investment Decision in January 2026. Hampton Mining & Civil Services has been engaged for mining operations, while Goldfields Technical Services of Kalgoorlie will provide statutory roles, blast design, mine geology, surveying, dig plans, and run-of-mine pad management.

Both contractors have mobilised to the Foster area at St Ives. Clearing and site establishment activities have commenced, marking the transition from project planning to on-ground execution. Mining of the first benches is expected shortly, with initial gold ore scheduled to be mined later this month.

Lady Herial Marks a Regional First

The Lady Herial development carries regional significance. According to the company, it is expected to be the first new mine, either gold or nickel, developed on the Foster belt in more than three decades. It also represents the first open-pit operation on land at St Ives since 2014.

The project is being advanced in partnership with St Ives Gold Mining Co. Pty Ltd under an Ore Purchasing Agreement, forming part of the planned operational framework for processing mined material.

Feasibility Study Parameters Remain in Place

Lunnon Metals referenced its recently completed Feasibility Study, released in January 2026, which outlines planned mining of approximately 268,000 tonnes of ore at an average grade of 1.89 grams per tonne of gold. This equates to contained gold of around 16,270 ounces.

Based on the assumptions set out in the study and the prevailing Australian dollar gold price of approximately AUD 7,000 per ounce at the time of the announcement, the project has the potential to generate around AUD 45 million in pre-tax cash flow. The company confirmed that the assumptions underpinning the feasibility outcomes remain unchanged.

Transition From Planning to Execution

With contracts executed, site preparation underway, and mining scheduled to commence shortly, the Lady Herial project has entered its operational phase. The latest update outlines near-term activity focused on initiating production in line with the parameters set out in the feasibility work

Frequently Asked Questions (FAQs)

What triggered the recent share price movement in Lunnon Metals?

Lunnon Metals shares rose after the company confirmed the signing of key mining and technical services contracts and announced that site establishment and clearing activities had commenced at the Lady Herial project.

What is the Lady Herial project and why is it notable?

Lady Herial is an open-pit gold project located on the Foster belt near St Ives in Western Australia. It is expected to be the first new mine, either gold or nickel, developed on the Foster belt in more than 30 years and the first open pit on land at St Ives since 2014.

What are the planned mining parameters at Lady Herial?

According to the Feasibility Study released in January 2026, the project plans to mine approximately 268,000 tonnes of ore at an average grade of 1.89 grams per tonne of gold, equating to around 16,270 ounces of contained gold. The company confirmed that the assumptions supporting this study remain unchanged.