The document is a detailed scoping study describing LM8’s technical, economic, and resource evaluation for its nickel sulphide assets in the Kambalda region. It covers three key deposits: Baker, Foster South, and Foster 85H, and sets out the geological, metallurgical, mining, processing, environmental and costing aspects for these systems using methodologies compliant with the 2012 JORC Code. Technical information is provided on the drilling programs—which include reverse circulation (RC) and diamond drilling carried out both by LM8 and historical operators—and on the sampling, assaying, and quality‐control procedures used. The report provides an extensive explanation of how geological interpretation, wireframe modelling in software such as Leapfrog Geo®, and ordinary kriging estimation (with a secondary categorical indicator approach for higher‐grade zones) were used to generate a Mineral Resource Estimate. The deposit models are broken into domains reflecting different mineralisation styles; these include more continuous base-of-flow zones as well as areas where remobilised massive sulphides occur. The Baker deposit, for instance, has been modelled as an irregular, ovoid volume with a vertical extent of about 330 m, while the Foster deposits are defined by distinct lodes in a historical underground mine area. Metallurgical test work on drilled samples has consistently shown that the high‐grade nickel mineralisation can yield excellent recoveries—with values around 90% and above—and produce a premium concentrate with beneficial by‐product credits for copper and cobalt, as well as very low arsenic levels. The study also provides information on specific gravity data and bulk density measurements that have been used to perform density‐weighted compositing of sample intervals. From an economic perspective, the study outlines mine design and proposed underground mining methods (such as overhand cut and fill for Baker and underhand cut and fill or short-range open stoping for Foster South and 85H). Both capital and operating cost estimates are reported on a “per tonne” basis, with pre-production capital estimates of about A$27 million for Baker and A$57 million for Foster. Financial models have been constructed under different nickel price scenarios (a current case, a base case with a 20% price increase, and an upside case with an additional 20% increase) and sensitivity analyses show that the project’s net present value and internal rate of return are highly sensitive to nickel price, grade continuity, and operating costs. In the current price environment, Baker appears to be strongly economic with a relatively short payback period while Foster is more marginal, although it becomes economically positive at a nickel price only about 20% higher than today’s levels. In addition to the technical and economic details, the report outlines environmental and social considerations, including site location characteristics, regional geology, historical mining impacts, and the company’s engagement with native title holders. The sampling methods, data validation, drillhole survey techniques, and quality assurance protocols are discussed in great detail to support transparency and reliability of the resource estimation. Overall, the study demonstrates that LM8’s nickel assets have been rigorously evaluated using modern exploration practices and geostatistical methods. The results suggest that, with appropriate further work to secure processing agreements (especially considering potential arrangements with Nickel West’s Kambalda Concentrator) and with funding of the estimated A$25–30 million for Baker and A$55–60 million for Foster, these assets have the potential to generate strong free cash flow and attractive financial returns once developed, provided nickel prices improve above current levels.