Lunnon Metals Limited (the Company or Lunnon Metals) provided an update on the progress of drill programmes at the Foster Nickel Mine, a key part of the Kambalda Nickel Project (KNP). Diamond hole FOS21DD_003, reported on 26th November and 6th December 2021 as intersecting 7.7m of disseminated nickel sulphides on the N75C nickel surface in an unmined block adjacent to historical WMC hole CD 54 (16.52m @ 3.05% Ni, true width 11.2m), has now returned the following significant intersection: 7.7m @ 2.92% Ni from 315.20m downhole (true width 7.2m est). Two RC holes targeting the upper areas of the 85H resource deviated more significantly than expected and ultimately missed the target zone.

Accordingly no significant assays were returned. Nickel ­ diamond hole FOS21DD_001, originally reported on 5th October 2021, has now finally returned assay results from sampling at the targeted prospective komatiite-basalt contact. Although only minor sulphide mineralisation was recorded during logging immediately above the contact, the hole still recorded 1.0m @ 0.65% Ni (from 551.0m) towards the base of the Kambalda Komatiite.

The Company is encouraged by this result as it highlights that the base of the komatiite is still fertile and thus prospective in the immediate vicinity of known nickel mineralisation between the southern end of the historical Foster workings and the Company's existing 16,000 tonnes of nickel metal at Foster South (JORC 2012 Mineral Resource). Gold ­ the diamond holes reported on 5th October 2021 (FOS21DD_002, CD 3300 and CD 16003) are all still pending assay results for gold. The screen fire assay results for the interval reported previously (FOS21DD_001: 7.8m @ 1.5g/t Au) have now been received and recorded a near identical assay result of 1.46g/t Au.

Further gold intercepts of note were returned in FOS21DD_001 as follows: 0.2m @ 26.87g/t Au (from 127.8m); 1.5m @ 2.80g/t Au (from 797.0m); and 0.9m @ 1.31g/t Au (from 809.0m). These gold intercepts, logged as zones of narrow extensional quartz veining, highlight the inherent prospectivity for gold of the host rocks at the KNP and assist the Company in defining and mapping potential gold hosting structures for future targeting both from surface and, in the future, underground drilling. The long projection in Figure 3 below illustrates the pierce points of the reported screen fire assay gold result and the nickel mineralisation reported in FOS21DD_001 at the komatiite-basalt contact.