Meet Samuel – Your Personal Investing Prophet
- Start a conversation with TipRanks’ trusted, data-backed investment intelligence
- Ask Samuel about stocks, your portfolio, or the market and get instant, personalized insights in seconds
Lunnon Metals Limited ( (AU:LM8) ) has issued an announcement.
Lunnon Metals has announced an initial mineral resource estimate for its Hustler gold deposit of 682,000 tonnes at 1.4 grams per tonne for 30,200 ounces, lifting the company’s total gold resource to 1.47 million tonnes at 1.8 grams per tonne for 84,400 ounces. The Hustler estimate will support open pit technical studies and is expected to be integrated with any second stage of open pit mining at the nearby Lady Herial deposit, where operations have recently begun.
The company’s rapid delineation of a second gold deposit, following its strategic pivot from nickel to gold and the commencement of mining at Lady Herial, positions it on the verge of generating positive free cash flow amid near-record Australian dollar gold prices. Management says this emerging cash flow should strengthen the balance sheet, enabling more aggressive exploration of its gold and nickel portfolio and potential regional growth opportunities while sentiment and pricing for nickel also show early signs of recovery.
The most recent analyst rating on (AU:LM8) stock is a Hold with a A$0.48 price target. To see the full list of analyst forecasts on Lunnon Metals Limited stock, see the AU:LM8 Stock Forecast page.
More about Lunnon Metals Limited
Lunnon Metals Limited is an ASX-listed resources company focused on gold and nickel exploration and development at its Kambalda Gold & Nickel Project in Western Australia. After refocusing from nickel to gold in 2024, the company has been targeting modest, near-surface gold deposits amenable to open pit mining in the St Ives gold camp, where it has commercial agreements and access to local mining contractors.
Average Trading Volume: 321,451
Technical Sentiment Signal: Buy
Current Market Cap: A$93.24M
See more data about LM8 stock on TipRanks’ Stock Analysis page.