Lunnon Metals (ASX: LM8) – Kambalda Nickel Project
ABOUT COMPANY
Lunnon Metals (LM8) (https://lunnonmetals.com.au/) explores and develops nickel assets in the Kambalda region WA.
The company was listed in June 2021 by raising $15m@30c. At the time, it has spent $6m on direct exploration expenditure (or 12c per share) since 2014.
In April 2022, the company acquired further tenements from Goldfield for $20m worth of shares at 93c.
CAPITAL STRUCTURE
| ASX Code | Share Price | Shares | Option (In) | Market Cap | Cash/Asset ($m) |
| LM8 | 0.27 | 215945129 | 4113361 | 59415792.3000 | 31.9/0 |
| Holders No | Top 20 (Cur) | Top 20 (Pre) | Director Hold | Performance Right | Note |
| 1282 | 72.76% | 73.65% | 5.93% | 3815061 | last raise $18m@90c |
Goldfield holds 66m (34%) shares.
FLAGSHIP ASSETS
Kambalda Nickel Project WA
Project Data
Its old mines require de-water for access.
Its resource is perhaps worth some $800 per tonne, not $2,000.
The economic study on the Baker deposit indicated some $100m cash flow return, which mean, the current resources worth no more than $200-$250m.
Below are the project’s resources:
SUMMARY
MCR’s $1b market cap status might be achievable, thus, Goldfield took all the shares.