LM8 Resources (Lunnon Metals) presented an update at the Gold Coast conference, emphasizing upside in its gold and nickel assets. The company, in which Gold Fields holds a 19% stake, traded at US$0.39 (AUD 0.34) on September 10, 2026. LM8 reported AUD 41 million in cash, zero debt, a cash‑adjusted market capitalisation of AUD 41 million and an enterprise value of AUD 35 million. The current ratio stood at 47.86. Pre‑tax free cash flow from the Lady Herial gold mine over the preceding six months was AUD 39 million, with an available tax shield of AUD 65 million.
The Lady Herial operation moved from discovery to first‑stage production in just over two years, and from pre‑feasibility to a producing mine in 12 months. Free cash flow was 3% below the forecast, while most key metrics were within 1‑2% of pre‑feasibility assumptions.
LM8 outlined a 43‑kilometre drilling program budgeted at AUD 13 million, describing it as the most extensive drilling the property has seen in its 60‑year history. The program targets 1.2‑2.4 million ounces of gold at grades of 1.5‑2.5 g/t. At the Ben Moore target, drilling intersected a 40‑metre mineralised zone with grades up to 8 g/t gold, averaging 0.6 g/t across the intercept.
The company’s gold resource stands at roughly 73,000 ounces. The St Ives district, where LM8 holds a 23‑square‑kilometre tenement, has produced 18 million ounces historically and retains about 13 million ounces in remaining resources, with over 130 million ounces within a 50‑kilometre radius.
On the nickel side, the fully approved Baker deposit has shown intercepts of 15 metres at 9.8% nickel and 14 metres at 6.5% nickel, accompanied by copper, cobalt, platinum and palladium credits and no deleterious elements. The nickel ore body lies roughly 300 metres below an existing gold open pit, allowing rapid access once mining commences. LM8 noted that BHP, which exited its nickel business at the end of 2023, holds a pre‑emptive right on a concentrator 20 kilometres north of the deposit.
LM8’s next earnings release is scheduled for 25 November 2026.
