Lunnon Metals receives approval for Lady Herial openpit
ASX-listed Lunnon Metals has reported that it has received the final regulatory approval from the Australian Department of Mines, Petroleum and Exploration relating to the proposed Lady Herial openpit development, the company’s first gold discovery at its Kambalda gold and nickel project (KGNP), in Western Australia.
The company says the Native Vegetation Clearing Permit takes effect from January 8.
Lady Herial is an outcropping to very shallow, high-grade and thick gold deposit, hosted on granted mining leases with an abundance of infrastructure nearby.
The company notes that just 20 months have elapsed from first drillhole in May 2024 to final regulatory approval.
The company says it is in the process of agreeing the final mine schedule with Gold Fields subsidiary St Ives Gold Mining, the last remaining condition precedent to the ore purchase agreement (OPA).
The mine schedule will allow for the feasibility study to be finalised.
Upon the OPA becoming unconditional, and based on the results of the feasibility study, Lunnon says the board will be able to make a final investment decision, enabling the mining contracts to be executed and clearing to start.
Once mining begins, Lunnon says St Ives will buy all material with a grade above 0.5 g/t gold for treatment at its nearby Lefroy gold plant.
Lunnon says it will receive 70% of any subsequent free cash flow generated once both parties' costs have been recovered.
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