Lunnon Metals Limited updated its nickel Mineral Resource estimate (MRE) for the Baker deposit, its first discovery at the Kambalda Nickel Project (KNP). Within 12 months of announcing the discovery of Baker in January 2022 and less than 18 months since listing, Lunnon Metals confirms this new deposit as its cornerstone asset. This result increases Lunnon Metals' global MRE across the KNP to 2.6 million tonnes @ 3.1% nickel for 79,300 contained nickel tonnes1, a 23% increase in contained metal since June 2022.

Since Lunnon Metals listed in June 2021, the global MRE at KNP has grown by 103% in contained nickel metal terms. The Company highlights that the recent aggressive drilling campaign has provided sufficient additional data to support a higher total tonnage classified as Indicated Resource within the MRE (up nearly threefold from June 2022) and a resultant higher proportion (78%) of Indicated Resource as compared to the lower confidence category of Inferred Resource. The grade of this Indicated Resource has also improved by 37% to 3.8% Ni. The Inferred Resource presents an opportunity for select infill drilling seeking to grow the Indicated Resource further, however, whilst the Baker deposit is still open down plunge to the south east beyond the limits of the Inferred Resource, advancing the technical and mine design studies are now the priority for the Company with the down plunge potential able to be targeted more accurately and efficiently from the potential future underground development, should it proceed.

The updated MRE positions the Company to fast track Baker by commencing mine design and scheduling in the March 2023 quarter. Metallurgical and geotechnical studies have been ongoing as the drilling programme and MRE update progressed. Coupled with significant advancement on the permitting front, the Company is well placed to continue reporting the steady progress of Baker throughout 2023 towards a potential Final Investment Decision (FID).

As previously reported, in parallel to rapidly advancing Baker, the Company is progressing permitting activities to dewater Foster and possibly use neighbouring infrastructure at Baker, such as the West Idough open pit (for the Baker decline portal location), existing waste dumps and dewatering corridors.