Lunnon Metals Limited has released an extensive scoping study on its Lady Herial gold deposit, detailing the technical and economic potential of an open pit mining operation. The study, prepared to approximately ±30% accuracy, is based almost entirely on measured and indicated resources and outlines a modest yet high‐grade gold deposit that can be mined rapidly. According to the report, open pit optimizations indicate a range of prospective pit shells – from scenarios delivering around 13,750 ounces of recovered gold to one yielding over 18,000 ounces at an assumed gold price of A$5,000 per ounce. In the preferred design, a pit shell producing roughly 310,000 tonnes of ore at an average head grade of 1.83 g/t has been modelled with a low strip ratio and a design strip ratio of 6.2:1. The study’s financial analysis suggests a robust economic outcome, with pre-tax free cash flows estimated at about A$44.7 million when processed under current cost assumptions and price parameters. These promising figures remain resilient under sensitivity testing against shifts in gold prices and operating costs. However, the study also highlights that the final economic viability is dependent on finalizing a commercial processing agreement with Gold Fields’ local facility, which is expected to treat the extracted ore. Minimal pre-development capital expenditure is required, as the deposit is accessed on granted mining leases in an area that benefits from longstanding mining infrastructure and a stable regulatory environment. Technical details underpinning the study include a detailed open pit optimisation using industry standard software, extensive drilling data with close-spaced intervals, and rigorous QA/QC controls applied to both recent and historical data. The deposit’s location, in a historically prolific mining district, coupled with a strategic relationship with a major shareholder that operates a nearby gold processing plant, positions the project to potentially deliver production within a relatively short timeframe of less than one year following approvals. Environmental assessments indicate that any impacts from waste disposal and surface disturbance will be minimal, as the operation will target previously disturbed areas. Market sentiment from the news can be viewed from two perspectives. On the bullish side, the strong technical fundamentals, positive cash flow projections, and the project’s rapid development potential suggest significant near-term upside. The project’s favourable location, low strip ratio, and access to established processing infrastructure further bolster investor confidence, particularly in a high gold price environment. Conversely, bearish considerations include the modest size of the deposit, the dependency on closing a commercial processing agreement, and potential dilution risks or funding challenges during the early phases of production. Overall, while uncertainties remain, the study reinforces the view that Lady Herial offers an attractive, low-risk open pit opportunity for Lunnon Metals Limited amid a robust gold market.