Lunnon Metals Limited (AU:LM8)
ASX:LM8
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Lunnon Metals Limited
(Sydney:LM8)
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Rating:45Neutral
Price Target:
AU$0.31
▼(-8.24% Downside)
Action:ReiteratedDate:03/24/26
The score is held down primarily by persistent losses with minimal revenue and continued cash burn, alongside bearish technical signals (price below key moving averages and negative MACD). A strong, low-debt balance sheet provides some resilience, but valuation remains hard to justify on earnings given the company is loss-making and offers no indicated dividend yield.
Positive Factors
Very low leverage / strong balance sheet
Extremely low debt and an equity-funded asset base provide durable solvency resilience and financial flexibility for exploration spending. This reduces near-term default risk and gives management optionality to sequence drilling or farm-outs without immediate refinancing pressure.
Negative Factors
No meaningful revenue; persistent losses
The company lacks an operating revenue base and continues to report large net losses, reflecting that it is still at an early exploration stage. Without mineral resources converted to saleable production, there is structural uncertainty about when and if profitable operations and positive operating leverage will emerge.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage / strong balance sheet
Extremely low debt and an equity-funded asset base provide durable solvency resilience and financial flexibility for exploration spending. This reduces near-term default risk and gives management optionality to sequence drilling or farm-outs without immediate refinancing pressure.
Read all positive factors
Lunnon Metals Limited (LM8) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$75.94M
Dividend YieldN/A
Average Volume (3M)299.88K
Price to Earnings (P/E)―
Beta (1Y)0.92
Revenue GrowthN/A
EPS Growth47.05%
CountryAU
Employees18
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.02
Shares Outstanding223,338,940
10 Day Avg. Volume173,444
30 Day Avg. Volume299,879
Financial Highlights & Ratios
PEG Ratio0.09
Price to Book (P/B)1.58
Price to Sales (P/S)0.00
P/FCF Ratio-8.19
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$0.92Price Target Upside170.59% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.22
Revenue Forecast (FY)AU$111.12M
Lunnon Metals Limited Business Overview & Revenue Model
Company Description
Lunnon Metals Limited focuses on the exploration and development of nickel and gold in Australia. It holds 100% interest in the Kambalda Nickel project, which comprises 19 contiguous mining tenements and area covering 23 square kilometers located ...
How the Company Makes Money
Lunnon Metals is a pre-development exploration company, so it generally does not generate recurring operating revenue from selling products; instead, it is typically funded by capital markets (e.g., equity raisings) while it advances its explorati...
Lunnon Metals Limited Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
62
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 1.55K | 7.50K | 660.00 | 0.00 |
| Gross Profit | -161.19K | -159.90K | 1.55K | -129.51K | -101.54K | -17.92K |
| EBITDA | -10.13M | -13.07M | -12.51M | -17.59M | -6.54M | -2.49M |
| Net Income | -9.84M | -13.23M | -24.11M | -17.74M | -6.65M | -2.53M |
Balance Sheet | ||||||
| Total Assets | 32.54M | 35.27M | 47.15M | 54.35M | 52.23M | 28.03M |
| Cash, Cash Equivalents and Short-Term Investments | 9.86M | 15.37M | 22.01M | 19.70M | 32.87M | 13.96M |
| Total Debt | 8.85K | 34.51K | 82.17K | 125.31K | 22.12K | 52.51K |
| Total Liabilities | 2.29M | 1.16M | 790.22K | 2.49M | 2.59M | 689.59K |
| Stockholders Equity | 30.25M | 34.11M | 46.36M | 51.86M | 49.65M | 27.34M |
Cash Flow | ||||||
| Free Cash Flow | -6.75M | -6.58M | -15.19M | -13.88M | -9.20M | -2.16M |
| Operating Cash Flow | -6.72M | -6.57M | -11.29M | -7.37M | -5.86M | -2.01M |
| Investing Cash Flow | -2.93M | -108.15K | -3.85M | -6.57M | -3.66M | -147.13K |
| Financing Cash Flow | 34.91K | 37.34K | 17.50M | 605.30K | 28.43M | 15.33M |
Lunnon Metals Limited Technical Analysis
Negative
0.34
Price Trends
0.40
Negative
0.37
Negative
0.32
Positive
Market Momentum
-0.02
Positive
40.38
Neutral
52.38
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:LM8, the sentiment is Negative. The current price of 0.34 is below the 20-day moving average (MA) of 0.37, below the 50-day MA of 0.40, and above the 200-day MA of 0.32, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 40.38 is Neutral, neither overbought nor oversold. The STOCH value of 52.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:LM8.
Lunnon Metals Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
47 Neutral | AU$14.79M | -6.99 | -23.12% | ― | ― | 83.93% | |
46 Neutral | AU$6.43M | -1.26 | -34.90% | ― | ― | 52.53% | |
45 Neutral | AU$75.94M | -3.56 | -32.89% | ― | ― | 47.05% | |
44 Neutral | AU$2.85M | -3.26 | -43.09% | ― | ― | -200.00% | |
42 Neutral | AU$39.83M | -7.10 | -99.27% | ― | ― | -36.36% | |
41 Neutral | AU$5.85M | -0.93 | -120.84% | ― | ― | -349.06% |
* Basic Materials Sector Average
AU:LM8
Lunnon Metals Limited
0.34
0.16
83.78%
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Lunnon Metals Limited Corporate Events
Lunnon Metals Issues New Unquoted Performance Rights Under Incentive Plan
Apr 1, 2026
Lunnon Metals Limited has notified the market of the issue of 67,649 unquoted performance rights under its employee incentive scheme. These new securities, classified as performance rights and not intended to be quoted on the ASX, were issued on 1...
Lunnon Metals Targets Growth With March Investor Roadshow
Mar 17, 2026
Lunnon Metals’ managing director, Edmund Ainscough, will deliver a series of broker and investor updates during March 2026, including a presentation at Euroz Hartleys’ 2026 Institutional Investor Rottnest Conference. The investor roads...
Lunnon Metals Adds Second Gold Deposit as Hustler Resource Lifts Portfolio
Mar 11, 2026
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...
Lunnon Metals lifts Lady Herial gold resource 49% as first mining begins
Feb 26, 2026
Lunnon Metals has updated the mineral resource estimate for its Lady Herial gold deposit at the Kambalda Gold Nickel Project, increasing contained gold by 49% to 0.79 million tonnes at 2.1 grams per tonne for 54,200 ounces. The resource now inclu...
Lunnon Metals Begins Mining at Lady Herial Amid Record Gold Prices
Feb 8, 2026
Lunnon Metals has signed key mining and technical services contracts with Hampton Mining Civil Services and Goldfields Technical Services, enabling site establishment and the imminent start of open-pit mining at the Lady Herial gold project at St...
Lunnon Metals Highlights Hustler Gold Drilling Success and Advances Plentiful EIS Program
Jan 27, 2026
Lunnon Metals has reported encouraging reverse circulation drilling results from the Hustler prospect at its Foster-Baker Gold Project, with shallow, thick and moderately high-grade gold intercepts, including 20 metres at 1.66 grams per tonne and ...
Lunnon Metals Targets Growth with New Investor Presentation
Jan 19, 2026
Lunnon Metals has released an investor presentation that will be used by Managing Director Edmund Ainscough in a series of meetings with investors, brokers and analysts, in line with the company’s shareholder communications policy. The prese...
Lunnon Metals Greenlights Lady Herial Gold Mine After Robust Feasibility Study
Jan 18, 2026
Lunnon Metals has approved the final investment decision for its Lady Herial open-pit gold project after a feasibility study confirmed strong economics for an 8–10 month, high-grade, low strip ratio operation. With an unconditional ore purch...
Lunnon Metals Clears Final Hurdle for Lady Herial Mine Development
Jan 15, 2026
Lunnon Metals has confirmed that its Ore Purchase Agreement with St Ives Gold Mining is now unconditional after both parties agreed a detailed bench-by-bench mine schedule for the planned Lady Herial open pit, enabling completion of the project...
High-Grade Drilling at Lady Herial Bolsters Lunnon Metals’ Open Pit Growth Plans
Jan 12, 2026
Lunnon Metals has reported multiple thick, high-grade gold intercepts from reverse circulation drilling at the Lady Herial deposit, including standout results such as 13 metres at 9.41 grams per tonne gold and several other substantial intersectio...
Lunnon Metals Uncovers High-Grade Gold Structure at Paringa West in St Ives Camp
Jan 8, 2026
Lunnon Metals has reported strong reverse circulation drilling results at the Paringa West prospect within its Foster-Baker Project at St Ives, including 8 metres at 5.52 g/t gold and 6 metres at 1.49 g/t gold, confirming a newly interpreted, gent...
Lunnon Metals Secures Final Approval for Lady Herial Gold Pit
Jan 7, 2026
Lunnon Metals has secured the final regulatory approval needed to advance its Lady Herial open-pit gold development at the Kambalda Gold Nickel Project, with the Western Australian Department of Mines, Petroleum and Exploration granting a Native ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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