Lunnon Metals (ASX:LM8) finalized a detailed step-by-step design and schedule for the Lady Herial open pit in Western Australia in collaboration with major shareholder St Ives Gold Mining, making their ore purchase agreement unconditional, according to a Thursday Australian bourse filing.

The initial site clearing has started following regulatory approvals, enabling further drilling, especially around a historic 1920s shaft that lies outside the current resource but within the pit design, the filing said.

The mine schedule completes the feasibility study, which will guide the final investment decision that would allow mining contracts to be signed and operations to start, the filing added.

The company's shares rose around 4% in recent Thursday trade.