With nickel sentiment continuing to languish, gold exploration has become a priority for LM8. Drilling at Lady Herial appears to have successfully defined a new modest scale gold deposit. Argonaut has modelled Lady Herial in Leapfrog and estimates a preliminary exploration target of 38koz grading 1.65g/t Au. We use a subset of this estimate as an inventory for rapid mining third party treating to generate an NPV value of between A$30-40M. If we are proven correct, LM8 could rapidly prepare necessary permitting and proceed with mining in the second half of CY25. Near term potential catalysts include definition of a resource and mine plan for Lady Herial, replication of exploration success and results from the EIS funded Defiance West drilling program. LM8’s high value nickel deposits remain in the company’s back pocket for when sentiment and pricing improve.
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