FORTUNA METALS LTD — Capital/Financing Update 2024

Oct 24, 2024

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ADDRESS Level 8, 99 St Georges Terrace Perth WA 6000 PHONE +61 (08) 9486 4036

ABN 96 095 684 389 WEBSITE www.lanthanein.com

25 October 2024

Lady Grey Exploration Update

• Programme of Work (PoW) granted by DEMIRS for drilling on Modelled MLEM Conductor Plate under EM Line #6 with no requirement for Spring Flora and Fauna or Heritage Surveys

• MLEM survey Line #6 target is aligned with a surface gold geochemical anomaly coincident with a regional structural zone favourable for hosting gold (ASX 24 Sept 2024)

• Drilling contractor and geological support crew engaged

• Programmes of Work (PoW) application for drilling on MLEM survey Lines #1-3 progressing with Spring Flora and Fauna Survey now completed and Heritage Survey scheduled

• Close spaced drone aeromagnetic survey to infill existing open file magnetic surveys completed

• Historic Bounty Gold Mine which produced ~1.3 Moz Au[1] on Covalent Lithium’s Mount Holland mine site, located adjacent to Lady Grey and Lady Lila Gold Prospect, is located along strike to the south of Lady Grey

Lanthanein Resources Limited (ASX: LNR) (“Lanthanein” or the “Company”) is pleased to announce the grant of a Programme of Work (PoW) on the Company’s Lady Grey Project at Mt Holland in WA’s Yilgarn Province to drill test a modelled conductor plate under Moving Loop EM (MLEM) Survey Line #6 (refer ASX release 24 September 2024). Interpretation of the MLEM results, by the Company’s geophysical consultants, has generated EM conductor model plates representing sources for EM anomalies that coincide with ultra-fine fraction (UFF) soil geochemical anomalies and historical downhole assay data.

Mr Brian Thomas, Technical Director of Lanthanein commented : “We are very excited to have been granted a PoW to drill the Line #6 conductor plate which coincides with a 75ppb UFF soil gold anomaly plus high order nickel and copper anomalies (ASX 22 April 2024). We remain confident that the PoW to enable drill testing of the EM conductor plate under MLEM survey line 1 which coincides

ABN 96 095 684 389 WEBSITE www.lanthanein.com

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ADDRESS Level 8, 99 St Georges Terrace Perth WA 6000 PHONE +61 (08) 9486 4036

with the 256 ppb Au UFF soil anomaly will be granted soon, along with the requisite heritage survey (ASX 22 April 2024). The Forrestania region is well known historically for significant gold production from the old Bounty Mine producing ~1.3 Moz Au adjacent to the Lady Grey project tenements.”

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Figure 1: Lady Grey Project tenement E77/2143 outline (yellow), known gold occurrences (yellow stars), Earl Grey lithium mine and recently completed MLEM survey lines (white), all overlain on a Google Earth aerial photo image.

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ADDRESS ABN Level 8, 99 St Georges Terrace 96 095 684 389 Perth WA 6000 PHONE WEBSITE +61 (08) 9486 4036 www.lanthanein.com

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Figure 2: MLEM survey lines 1 to 6 (black), gold (yellow) and nickel (black) geochemical anomaly outlines overlain on a Google Earth aerial photo image (ASX 24/9/24). Higher ranked MLEM conductor model plates under Lines # 1 & 6 shown projected to the surface (red shaded polygons). All MLEM conductor model plates are dipping to the east.

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ADDRESS ABN Level 8, 99 St Georges Terrace 96 095 684 389 Perth WA 6000 PHONE WEBSITE +61 (08) 9486 4036 www.lanthanein.com

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Figure 3: 3D View looking north along MLEM survey Line 6 showing EM conductor model plates (red and blue shaded polygons), MLEM 1D conductivity inversion model (CDI) coloured such that hot colours are more conductive, and the topographic surface wireframe (aqua). No vertical exaggeration and all data are referenced to the GLO30 DEM surface (orthometric/geoidal height datum)Planned Drilling

The modelled conductor plate under MLEM Line #6 will be drilled from the existing historical access road which links the old Laday Ada mine and the Marvel Loch Forrestania Road. As the modelled conductor plate is 200m below surface and dips to the east the drill testing will consist of the three RC with diamond tail drill holes as proposed in Figure 4.

ABN 96 095 684 389 WEBSITE www.lanthanein.com

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ADDRESS Level 8, 99 St Georges Terrace Perth WA 6000 PHONE +61 (08) 9486 4036

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Figure 4: Modelled Conductor Plate (in Red) with Drill Holes Traces (in Blue) superimposed on Google Earth image and cross section below

ABN 96 095 684 389 WEBSITE www.lanthanein.com

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ADDRESS Level 8, 99 St Georges Terrace Perth WA 6000 PHONE +61 (08) 9486 4036

Drone Aeromagnetics Survey

A close spaced aeromagnetic survey on 25 metre line spacings was recently completed using an Unmanned Airborne Vehicle (UAV). The area covered by the survey provides coverage of a gap between two open file aeromagnetic surveys plus give closer spaced coverage over the MLEM Line #1 modelled conductor plate.

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Figure 5: Area flown with 25 metre spaced UAV aeromagnetics shown in red

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ADDRESS Level 8, 99 St Georges Terrace Perth WA 6000 PHONE +61 (08) 9486 4036

ABN 96 095 684 389 WEBSITE www.lanthanein.com

This announcement has been authorised for release by the Directors of the Company. For additional information please visit our website at www.lanthanein.com

LANTHANEIN RESOURCES LTD

The information referred to in this announcement relates to the following source(s):

¹ source: https://portergeo.com.au/index.asp.

Forward Looking Statements

This announcement includes forward-looking statements that are only predictions and are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of Lanthanein, the directors and the Company’s management. Such forward-looking statements are not guarantees of future performance.

Examples of forward-looking statements used in this announcement include use of the words ‘may’, ‘could’, ‘believes’, ‘estimates’, ‘targets’, ‘expects’, or ‘intends’ and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of announcement, are expected to take place.

Actual values, results, interpretations or events may be materially different to those expressed or implied in this announcement. Given these uncertainties, recipients are cautioned not to place reliance on forwardlooking statements in the announcement as they speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Lanthanein does not undertake any obligation to update or revise any information or any of the forward-looking statements in this announcement or any changes in events, conditions or circumstances on which any such forward-looking statement is based.

This announcement has been prepared by Lanthanein Resources Limited. The document contains background Information about Lanthanein Resources Limited current at the date of this announcement. The announcement is in summary form and does not purport to be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this announcement. The announcement is for information purposes only. Neither this announcement nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction.

The announcement may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply to their own jurisdiction as a failure to do so may result in a violation of securities laws in such jurisdiction. This announcement does not constitute investment advice and has been prepared without taking into account the recipient’s investment objectives, financial circumstances or particular needs and the opinions and recommendations in this announcement are not intended to represent recommendations of particular investments to particular persons.

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ADDRESS

ADDRESS ABN Level 8, 99 St Georges Terrace 96 095 684 389 Perth WA 6000 PHONE WEBSITE +61 (08) 9486 4036 www.lanthanein.com

Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments. To the fullest extent of the law, Lanthanein Resources Limited, its officers, employees, agents and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinion, estimates, forecasts or other representations contained in this announcement. No responsibility for any errors or omissions from the announcement arising out of negligence or otherwise is accepted.

This release includes exploration results the Company has previously reported 22 & 29 April, 15 May & 16 July 2024. The Company confirms that it is not aware of any new information or data that materially affects the information included in previous announcements (as may be cross referenced in the body of this announcement) and that all material assumptions and technical parameters underpinning the exploration results continue to apply and have not materially changed.