Key Highlights

• Lunnon Metals (ASX:LM8) has completed metallurgical test work at the Hustler gold deposit, recording overall gold recoveries above 95% for 24-hour residence time across all composite samples.

• Gravity recovery of gold averaged over 30%, and full 48-hour recovery ranged between 96.8% and 98.5%.

• The test work simulated the process at the nearby St Ives Gold Mining Lefroy plant, mirroring the metallurgical response of the recently mined Lady Herial open pit.

• Mineral Resource Estimate updates for both Lady Herial and Hustler are on schedule to feed into a forthcoming scoping study.

Lunnon Metals Limited (ASX:LM8) has released metallurgical test work results from the Hustler gold deposit, located just 400 metres southeast of the company's recently completed Lady Herial gold open pit at the Foster-Baker gold project in the St Ives gold camp, Western Australia. The results, announced on 5 November 2026, demonstrate recoveries that exceed the benchmark set during the Lady Herial mining campaign earlier in the year.

Test Work Program and Results

The metallurgical test program was designed to simulate the process flow at the nearby St Ives Gold Mining Co. Pty Ltd Lefroy Gold Plant and was conducted on composite samples derived from three diamond drill holes completed in the June 2026 quarter. Those holes returned intercepts of 10.4m at 1.39 g/t Au from 57.1m, 6.8m at 2.75 g/t Au from 28.5m, and 7.4m at 0.64 g/t Au from 25.0m.

At a grind size of 150 microns, 12-hour recovery averaged 93.9%, rising to 96.4% at 24 hours and 97.4% at the full 48-hour mark, with recovery ranging between 96.8% and 98.5%. Gravity recovery ranged from 20.6% to 52.9%, averaging 32.2%. At a finer grind size of 125 microns, 24-hour recovery averaged 97.3% and gravity recovery averaged 31.2%. The results indicate that recovery and gravity response at Hustler are not particularly sensitive to grind size.

The company noted that all recovery outcomes exceed the 91% recovery agreed with St Ives Gold Mining under the terms of the Ore Purchase Agreement that covered the Lady Herial open pit.

Context from Lady Herial

The test work results mirror the metallurgical performance observed at the nearby Lady Herial open pit, where over 300,000 tonnes of ore at 1.68 g/t Au was mined earlier in 2026. The Lady Herial pit was developed and mined under an ore purchase agreement with the St Ives Gold Mining operation, and the ore was processed through the Lefroy Gold Plant without incident.

Managing Director Edmund Ainscough noted that the company's technical team has a long history at the St Ives camp and addresses each technical parameter methodically as part of its de-risking process.

Scoping Study and Next Steps

Mineral Resource Estimate updates for both Lady Herial and Hustler are on schedule to feed into a forthcoming scoping study. The Hustler deposit sits within the broader Foster-Baker project area, which hosts both gold and nickel mineral resources. The metallurgical test work represents a key technical milestone in the de-risking of Hustler, confirming the deposit is amenable to processing through existing nearby infrastructure.

The Way Forward

With metallurgical test work now complete and delivering results that exceed the recovery benchmarks set during the Lady Herial campaign, Lunnon Metals has de-risked a key technical parameter for the Hustler deposit. The forthcoming MRE updates and scoping study will be the next milestones in determining the economic potential of Hustler as a stand-alone or satellite operation within the St Ives gold camp. The proximity to established processing infrastructure at the Lefroy plant and the demonstrated metallurgical compatibility provide the company with a defined pathway from resource to potential production.