LIGHTNING MINERALS LTD — Capital/Financing Update 2023

Aug 13, 2023

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ASX Announcement

14 August 2023

RC DRILLING BEGINS ON LITHIUM TARGETS AT DUNDAS SOUTH PROJECT

Lightning Minerals (L1M or the Company) is pleased to report follow up Reverse Circulation (RC) drilling has begun on tenements E63/2001 at the Company’s 100% owned Dundas project. The program is designed to follow up on pegmatite intersections encountered during Aircore drilling to test orientation, dip and potential lithium-caesium-tantalum (LCT) mineralisation.

HIGHLIGHTS

• Follow up RC drilling begins to target pegmatites intersected during Aircore drill program on tenement E63/2001

• Multiple pegmatite intersections to follow up, including[1,2] :

  • 17m in Hole DSAC0071, with end of hole (EOH) ending in pegmatite from 30m to 47m

  • 5m in Hole DSAC0069, from 67m to 72m

  • 3m in Hole DSAC0105, from 24m to 27m

  • 3m in Hole DSAC01024, with EOH ending in pegmatite from 21m to 24m

  • 20m in Hole DSAC0033, with end of hole (EOH) ending in pegmatite from 31m to 51m

  • 12m in Hole DSAC0006, with EOH ending in pegmatite from 9m to 21m

  • 11m in Hole DSAC0010, from 34m to 45m downhole

  • 9m in Hole DSAC0034 with EOH ending in pegmatite from 22m to 31m

  • 7m in Hole DSAC0012, from 9m to 16m downhole

• Focused RC drill program of 1,000m to target LCT style mineralisation potential below weathered zone of current pegmatite intersections

Lightning Minerals Chief Executive Officer Alex Biggs said , “We’re excited to have begun our follow up RC program immediately post completion of our Aircore drilling on E63/2001. The speed at which we have pivoted to RC drilling is a demonstration of our confidence in the pegmatite intersections we are seeing and our desire to complete our exploration quickly and effectively. Drilling below the weathered lithology encountered during our Aircore drilling presents the opportunity to now target fresh rock, gain an understanding of pegmatite orientations and test the potential for LCT mineralisation. The team has demonstrated a staged, streamlined approach to how exploration should be completed with subsequent stages of exploration leveraging off the successes of the last. We look forward to updating the market in due course”.

FOLLOW UP REVERSE CIRCULATION (RC) DRILLING

Interpreting the orientation and true width of the intersected pegmatites is not currently possible as the Aircore drilling locates but fails to delineate the spatial presentation of the pegmatite intrusives. To accelerate the understanding approximately 1,000m of RC drilling will be employed to test depth extension beneath the Aircore drill holes that have reported pegmatites. Drilling is designed to test for depth extension to a maximum of 100m vertically beneath the natural surface.

1ASX Announcement 13 July 2023, 2ASX Announcement 08 August 2023

Level 6, 505 Little Collins Street, Melbourne VIC 3000 | admin@lightningminerals.com.au | www.lightningminerals.com.au | (08) 9429 8806

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Full penetration of the pegmatites downhole will provide greater confidence of spatial geological modelling. Additionally, the collection of fresh rock samples will provide a more representative sample for analysis.

As reported in ASX announcement 13 July 2023 it is yet to be determined if the pegmatites intersected in holes DSAC0031 to DSAC0034 coalesce as part of a larger swarm or form a single pegmatite unit. The completion of up to two RC holes under this zone will help appraise the thickness of the pegmatites at this location.

Figure 1: Follow up RC drilling begins on tenement E63/2001 targeting previously intersected pegmatites under alluvial cover

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OTHER EXPLORATION PROGRESS

An infill soil sampling campaign is underway on tenement E63/2000 and E63/1993 (ASX announcement 02 August 2023) to further delineate an 8km[2] lithium in-soil anomaly that has been identified with assays up to 218ppm lithium on tenement E63/2000.

Evaluation of various exploration programs at the Dundas North Project is also underway, approvals are being curated at present.

DUNDAS PROJECT (LIGHTNING MINERALS 100%)

The Dundas Project area is located near Norseman in Western Australia and comprises eight tenements totalling approximately 454km[2] . Norseman has a strong history of mining dating back to 1892 and is located 190km south of Kalgoorlie. Historically, Norseman and the Dundas area has experienced mining in gold and nickel although over recent years the region has become an emerging lithium and critical minerals province with multiple discoveries and significant exploration activity.

Level 6, 505 Little Collins Street, Melbourne VIC 3000 | admin@lightningminerals.com.au | www.lightningminerals.com.au | (08) 9429 8806

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There are two project areas at Dundas:

a) South/western tenements surrounding Liontown Resources’ Buldania/Anna lithium project, and,

• b) North/eastern tenements approximately 30km to the east of Alliance Mineral Assets’ Bald Hill lithium-tantalum mine.

Figure 2: Location of Lightning Minerals’ Dundas Projects

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This announcement has been approved for release by the Board of Directors. -end

Level 6, 505 Little Collins Street, Melbourne VIC 3000 | admin@lightningminerals.com.au | www.lightningminerals.com.au | (08) 9429 8806

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ABOUT LIGHTNING MINERALS

Lightning Minerals is a mineral exploration company, listed on the Australian Stock Exchange (ASX:L1M) and focused on the exploration of critical minerals and lithium at its tenements across Western Australia. The Company’s flagship Dundas project is located in the prolific Dundas region of Western Australia. The Company also has other projects in Western Australia, Mt Jewell, Mt Bartle and Mailman Hill prospective for base metals and critical minerals.

FORWARD LOOKING STATEMENTS

Information included in this release constitutes forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.

Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control.

Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

COMPETENT PERSONS STATEMENT

The information contained herein that relates to exploration results is based on information compiled or reviewed by Mr Jarrad Woodland, who is a Competent Person and a member of the Australasian Institute of Mining and Metallurgy. Mr Woodland is a full-time employee of the company. Mr Woodland has sufficient experience which is relevant to the style of mineralisation and types of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Persons as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Woodland consents to the inclusion of his name in the matters based on the information in the form and context in which it appears. Mr Woodland holds options in Lightning Minerals.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original Company market announcements, and that all material assumptions and technical parameters have not materially changed. The Company also confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

REFERENCES TO PREVIOUS ANNOUNCEMENTS

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements, and that all material assumptions and technical parameters have not materially changed. The Company also confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

Level 6, 505 Little Collins Street, Melbourne VIC 3000 | admin@lightningminerals.com.au | www.lightningminerals.com.au | (08) 9429 8806