LIGHTNING MINERALS LTD — Capital/Financing Update 2025

Nov 26, 2025

Appendix 3B - Proposed issue of securities

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Announcement Summary

Entity name

LIGHTNING MINERALS LTD

Announcement Type

New announcement

Date of this announcement

27/11/2025

The Proposed issue is:

A placement or other type of issue

Total number of +securities proposed to be issued for a placement or other type of issue

		Maximum Number of
ASX +security code	+Security description	+securities to be issued
New class-code to be	Options with an exercise of $0.04 expiring 3 years from date	40,000,000
confirmed	of issue

Proposed +issue date

6/2/2026

Refer to next page for full details of the announcement

Appendix 3B - Proposed issue of securities

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Appendix 3B - Proposed issue of securities

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Part 1 - Entity and announcement details

1.1 Name of +Entity

LIGHTNING MINERALS LTD

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2 Registered Number Type

ACN

Registration Number

656005122

1.3 ASX issuer code

L1M

1.4 The announcement is

New announcement

1.5 Date of this announcement

27/11/2025

1.6 The Proposed issue is:

A placement or other type of issue

Appendix 3B - Proposed issue of securities

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Appendix 3B - Proposed issue of securities

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Part 7 - Details of proposed placement or other issue

Part 7A - Conditions

7A.1 Do any external approvals need to be obtained or other conditions satisfied before the placement or other type of issue can proceed on an unconditional basis? Yes 7A.1a Conditions

Approval/Condition Date for determination Is the date estimated or ** Approval actual? received/condition met? +Security holder approval 30/1/2026 Estimated

Comments

Part 7B - Issue details

Is the proposed security a 'New Will the proposed issue of this class' (+securities in a class that is +security include an offer of not yet quoted or recorded by ASX) attaching +securities? or an 'Existing class' (additional No securities in a class that is already quoted or recorded by ASX)? New class

Details of +securities proposed to be issued

ISIN Code (if Issuer is a foreign company and +securities do not have +CDIs issued over them)

Have you received confirmation from Will the entity be seeking quotation ASX that the terms of the proposed of the 'new' class of +securities on +securities are appropriate and ASX? equitable under listing rule 6.1? Yes No ASX +security code +Security description New class-code to be confirmed Options with an exercise of $0.04 expiring 3 years from date of issue

+Security type

Options

Number of +securities proposed to be issued

40,000,000

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Appendix 3B - Proposed issue of securities

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Offer price details

Offer price details	Offer price details	Offer price details	Offer price details	Offer price details	Offer price details	Offer price details
Are the +securities proposed to be issued being issued for a cash consideration?Please describe the consideration being provided for the +securitiesIn consideration for lead manager services for private placement announced to ASX on 27 November 2025.Please provide an estimate of the AUD equivalent of the consideration beingprovided for the +securitiesWill all the +securities issued in this class rank equally in all respects fromtheir issue date?Options details+Security currencyAUD - Australian DollarExercise priceAUD 0.0400Expiry date6/2/2029Details of the type of +security that will be issued if the option is exercisedL1M : ORDINARY FULLY PAIDNumber of securities that will be issued if the option is exercisedOne share on exercise of each one option.Please provide a URL link for a document lodged with ASX setting out the material terms of the +securitiesproposed to be issued or provide the information by separate announcement.Option terms are standard. Full terms will be detailed in the notice of meeting.YesNo
		id tit f th AUD ilt f	th id	ti bi
		e prove an esmae o e equvaen oded for the +securities	e conser	aon eng
		ll the +securities issued in this class rank equa	lly in all resp	ects from
		issue date?
		ails
		urity currencyExercise pric	e	Expiry	date	s
		- Australian DollarAUD 0.0400		6/2/202
		ls of the type of +security that will be issued if	he option is	xercised
		ORDINARY FULLY PAID
		ber of securities that will be issued if the option	is exercised
	One	share on exercise of each one option.
		e provide a URL link for a document lodged wised to be issued or rovide the information b	h ASX settinsearate an	g out the material teouncement	rms of the +securiti
		p y	p	.
	Opti
		on terms are standard. Full terms will be detailed i	n the notice of	meeting.
Part 7C - Ti
		metable
7C.16/2/20
		roposed +issue date
		26
		tin Rule reuirements
		g q
		as the entit obtained or is it obtainin +securit holder aroval for the entire issue under listin

Part 7D - Listing Rule requirements

7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1? Yes 7D.1a Date of meeting or proposed meeting to approve the issue under listing rule 7.1 30/1/2026 7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue? No 7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules? No

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Appendix 3B - Proposed issue of securities

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7D.4 Will any of the +securities to be issued be subject to +voluntary escrow? No Part 7E - Fees and expenses 7E.1 Will there be a lead manager or broker to the proposed issue? No 7E.2 Is the proposed issue to be underwritten? No 7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue

Part 7F - Further Information

7F.01 The purpose(s) for which the entity is issuing the securities

Issued in consideration for lead manager services for the placement announced to ASX on 27 November 2025.

7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds? No 7F.2 Any other information the entity wishes to provide about the proposed issue

7F.3 Any on-sale of the +securities proposed to be issued within 12 months of their date of issue will comply with the secondary sale provisions in sections 707(3) and 1012C(6) of the Corporations Act by virtue of: The publication of a +disclosure document or +PDS for the +securities proposed to be issued

Appendix 3B - Proposed issue of securities

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