Lunnon Metals Limited (AU:LM8) has released an update.
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Lunnon Metals Limited (ASX:LM8) faced a challenging financial year, marked by a significant downturn in nickel prices due to Indonesia’s rapid production increase. Despite raising $18.5 million to fund exploration and development, the company had to implement cost-cutting measures, including staff reductions, to maintain financial stability. The drop in nickel prices also led to closures and suspensions across the Australian nickel industry, affecting investor sentiment and share prices.
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