LIGHTNING MINERALS LTD — Capital/Financing Update 2025

Oct 20, 2025

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High Grade Gold Intersected at Mt Turner Project 20.4m @ 2.4g/t Au (from 63m) inc 1.9m @ 10.5g/t Au

ASX Announcement 21 October 2025

Lightning Minerals Ltd (L1M or the Company) is excited to provide an update on results of its inaugural drilling campaign at its wholly owned Mt Turner Gold Project in Queensland, Australia.

HIGHLIGHTS

• Significant gold potential confirmed at Mt Turner from first holes of fully funded 9-hole campaign

• Hole 25L1MP3DD001 (Pit 3): 20.4m @ 2.4g/t Au and 14.3g/t Ag from 62m, including 1.8m @ 10.6g/t Au and 27.1g/t Ag from 77m

• Hole 25L1MP5DD001 (Pit 5): 8m @ 1.4g/t Au and 4.8g/t Ag from 77.8m

• Hole 25L1MP5DD001 (Pit 5): 2m @ 1.3g/t Au and 1.6g/t Ag from 117m

• Hole 25L1MP5DD001 (Pit 5): 1.9m @ 0.9g/t Au and 7.1g/t Ag from 127m

• Drilling is ongoing with 8 holes completed of the 9 planned holes

• Initial assay results confirm near surface high grade epithermal gold mineralisation

• Soil sampling and rock chip sampling has been completed along the Drummer Fault and around prospects of interest (assays pending)

• Inaugural drill program designed to test potential extension of shallow mineralisation below historic workings

Assay results from the first three holes of a nine-hole program targeting fertile structures have demonstrated the presence of shallow, breccia hosted, high-grade epithermal gold mineralisation over significant widths. Peak assay results from Hole 25L1MP3DD001 of 10.6g/t Au and 27.1g/t Ag over 1.8m from 77m downhole l 6 505 Little Collins St Melbourne VIC 3000 Australia | admin@lightningminerals.com.au | (08) 9429 8806 demonstrate the high-grade gold potential of the Mt Turner Project. Additionally, wider intersections demonstrate the scale potential of the project including results from Hole 25L1MP3DD001 yielding 2.4g/t Au and 14.3g/t Ag over 20.4m from 62m down hole (true width 15m).

Drilling is ongoing at Mt Turner with eight of the planned holes completed. Mineralisation remains open both at depth and along strike with multiple drill holes still pending results. Multiple targets are yet to be drilled along the 14km Drummer Fault. The current drill program has only targeted shallow mineralisation down to around 100m below surface. This highly encouraging start to the drill program provides strong impetus for the Company to further its exploration activities across the project area with the potential to define a significant gold system. Follow-up drilling is being planned to target both down dip and along strike from recent intercepts.

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Lightning Minerals’ Managing Director Alex Biggs said , “Excellent results from the first round of assays at the Mt Turner project have demonstrated to us the grade and scale potential that this project represents to the Company. Results demonstrate continuation of the gold bearing ore zone down dip and we are still only at shallow depths with mineralisation open at depth and along strike. It should be noted that this is only one target area and with 14km of strike along the Drummer Fault to explore we have many other drill targets for execution. To have intersected epithermal style mineralisation is also a big positive as we understand that typically this represents potential for higher gold grades. As drilling progresses our thesis is evolving on the nature, style and potential that the Mt Turner project represents. We believe we are well positioned for discovery of a significant high grade gold project.

Having exposure to the current gold market with a high-quality project of scale, multiple drill targets with high grades is an exceptional opportunity for Lightning Minerals and we are highly encouraged by the potential scale of opportunity at this exciting project. These results are only the start, and we are looking forward to updating the market in the coming weeks with further results as we complete our inaugural drill program. Well done to the team on the ground at Mt Turner for working safely, diligently and efficiently”.

Assays Confirm Near Surface High Grade Epithermal Gold Mineralisation

Hole 25L1MP3DD001 (Pit 3) - 10.6g/t Au and 27.1g/t Ag over 1.8m from 77m Downhole

The first three diamond drill holes have been positioned to test for previously unrecognised breccia hosted gold and silver mineralisation beneath several shallow historical pits mined for oxide gold in the 1990’s, namely Pit 3 (Drummer West), Pit 4 (Drummer Boy), and Pit 5 (Drummer Girl) which are located along the Drummer Fault directly to the north of the Mt Turner Porphyry system.

Peak assay results from Hole 25L1MP3DD001 of 10.6g/t Au and 27.1g/t Ag over 1.8m from 77m downhole were received from drilling at Pit 3 (Drummer West). Examples of drill core from Pit 3 are shown in Figures 1 and 2. Early-stage pyrite and silicified breccia clasts that have been fractured and infilled/flooded by multiphase fine grain silica (white and grey) with gold and silver associated with the fine-grained silica phases.

Pit 3 has the strongest occurrence of epithermal breccia, followed by Pit 5. No epithermal breccia was observed during drilling at Pit 4, suggesting mineralisation in this location may be related to orogenic quartz veining.

Figure 1 Epithermal style breccia hosted mineralisation (78.1m, Drill Hole 25L1MP3DD001)

l 6 505 Little Collins St Melbourne VIC 3000 Australia | admin@lightningminerals.com.au | (08) 9429 8806

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Level 11 40 The Esplanade Perth WA 6000 Australia | admin@lightningminerals.com.au | (08) 9429 8806

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Figure 2 Epithermal breccia mineralisation (79.4m, Drill Hole 25L1MP3DD001)

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Wide Intersection Demonstrates Scale Potential Close to Surface

Hole 25L1MP3DD001 (Pit 3) - 20.4m @ 2.4g/t Au and 14.3g/t Ag from 63m

The downhole intersection of 20.4m (true width 15m) recorded in Hole 25L1MP3DD001 is encouraging as it aligns with the dimensions of Pit 3 (Drummer West) and demonstrates continuity of mineralisation down dip from historic drilling. The grade and scale on the intersection are highly encouraging, particularly taking into account its close proximity to surface and the significant increase in grade from historic RC drill intercepts completed in 2021. Planning is currently underway to test further potential at depth and along strike.

Cross-section and plan view of Hole 25L1MP3DD001 is shown in Figure 3 and Figure 4 respectively.

The initial drill hole 25L1MP5DD001 into Pit 5 (Drummer Girl) is encouraging with multiple intersections of mineralisation encountered including an 8m downhole intercept grading 1.4g/t Au and 4.8g/t Ag. A further l 6 505 Little Collins St Melbourne VIC 3000 Australia | admin@lightningminerals.com.au | (08) 9429 8806 two holes have been completed at Pit 5 with assay results pending at the laboratory.

Cross-section and plan view of Hole 25L1MP5DD001 is shown in Figure 5 and Figure 6 respectively.

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Figure 3: Cross-section of Hole 25L1MP3DD001 and historic hole 21ISMP3RC001 (Drummer West - Pit 3)

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Figure 4: Plan view of Hole 25L1MP3DD001 and historic hole 21ISMP3RC001 (Drummer West - Pit 3)

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Figure 5: Cross-section and plan view of Hole 25L1MP5DD001 (Drummer Girl - Pit 5)

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Figure 6: Plan view of Hole 25L1MP5DD001 (Drummer Girl - Pit 5)

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Mt Turner Project Location and Prospectivity

The Mt Turner Project is located 15km to the northwest of Georgetown in North Queensland. The Project is held through granted Exploration Permits (EPM 27170 and EPM 27525) and will be explored by the Company with the intention of identifying an economic gold resource with accessory silver along the Drummer Fault structure, a 14 km east-west structure readily visible on LiDAR and satellite imagery. Historically, several shallow oxide pits were mined for gold in the 1990’s along the Drummer Fault. In addition, northeast trending structures have intersected the Drummer Fault in numerous locations. These structures have potential to form higher-grade mineralisation and are thus a high priority target. There are multiple existing mineralised targets along the Drummer Fault and below the current open pits.

Prior drilling[1] has been completed by Essex Minerals Inc[2] during 2021, Union Mining NL[3] in the 1990s, and CRA Exploration Ltd[4] in the late 1980’s intersecting multiple gold lodes with positive results including 16m @ 3.56 g/t Au (Hole UMDT95_D04), 16.0m @ 3.60g/t Au (Hole UMDT95_D03), 12m @ 6.5g/t Au (Hole UMDT95_D03) and 6m @ 2.9g/t Au (Hole PD86_RR2). These results formed the basis for shallow oxide open pit mining across six open pits in the 1990’s. Minimal exploration has occurred beneath the historical open pits but multiple targets exist with shallow mineralisation intercepts of up to 7.0m @ 1.74g/t Au and 67.7g/t Ag from 64m downhole (Hole 21ISMP3RC001).

Figure 7: Isometric view of Mt Turner Project demonstrating Drummer Fault and drilling areas including current drill hole status

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Geology and Gold Potential at Mt Turner

The Permo-Carboniferous, Mt Turner Porphyry System is a multi-stage felsic magmatic event localised by NW-NE conjugate faults. The system is characterised by a number of felsic quartz eye intrusive stocks and associated rhyolite dyke swarms that emanate some distance from the intrusive centre. The system hosts a 6-kilometre diameter magmatic hydrothermal system characterised by a pervasive alteration halo

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with historical soil data displaying a classic porphyry metal zoning pattern from an inner Cu-Mo core surrounded by a base metal-gold zone.

The Company has adopted a targeted exploration model whereby peripheral structures and breccia bodies may host significant precious metal low temperature epithermal style mineralisation. Structural analysis from geophysics and acquired LiDAR topography has demonstrated the existence of a number of prospective peripheral structures and breccia bodies interacting with rhyolite volcanics. Prospective structures were rated on the basis of strike length, historical mining, host rock lithology (Proterozoic basement mafic rocks were considered high priority) and proximity to the Mt Turner porphyry system.

The 14 kilometre east-west trending, regional Drummer Fault and associated splay structures was considered to be of the highest priority. The fault has been intruded by Permo-Carboniferous subvolcanics and volcanic lithologies with wide -ranging compositions and alteration intensity from mafic dykes to rhyolite to fine grained granite. Fault splays, tensional jogs and horse-tailing have been recognised from analytical signal aero-magnetics which indicates potential tensional zones conducive for mineralisation. The current drilling program is testing some of these prospective tensional zones along the fault.

The second structure prioritised during this initial program was the Cobar Line Structure consisting of a kilometre long north south feature associated with the Mt Turner rhyolite dyke swarm immediately south of the porphyry system.

Diamond core drilling has been selected as the current exploration method. While more expensive than alternative drilling techniques, it provides intact geological samples that can be inspected for structural features, chemical alteration, and rock textures, including carrying out petrographic studies on selected thin sections. This detailed information enables discrimination between orogenic, porphyry, and epithermal mineralization styles, including identification of minerals and mineral associations.

Table 1: Drill Hole Location for Significant Intercepts

Hole ID	Hole Type	Easting GDA94z54 (m)	Northing GDA94z54 (m)	RL AHD (m)	Azimuth Grid (°)	Dip (°)	Hole Depth (m)
25L1MP3DD001	Diamond	756,993	7,983,247	283	356.0	-55	120.1
25L1MP5DD001	Diamond	755,910	7,983,102	277	1.0	-55	140.7

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Table 2: Drill Hole Significant Intercepts

Hole ID	Hole Type	Depth From (m)	Depth To (m)	Interval (m)	Au (ppm)	Ag (ppm)
25L1MP3DD001	Diamond	62	82.4	20.4	2.4	14.3
Including		77	78.8	1.8	10.6	27.1
25L1MP5DD001	Diamond	77.8	85.8	8	1.4	4.8
Including		83.9	85.8	1.8	5.4	16.3
25L1MP5DD001	Diamond	117	119	2	1.3	1.6
25L1MP5DD001	Diamond	127	128.9	1.9	0.9	7.1

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Next Steps – Defining an Extensive Gold and Silver System at Mt Turner

The inaugural drill program at Mt Turner is nearing completion with the final hole currently being drilled at Pit 6 (Rocky Reward) six kilometres west of Pit 5 (Hole25L1MP3DD001) where previous drilling has not yet tested extensions to mineralisation below and along strike from the existing open pit. Assays are pending for four holes, two which have been drilled in the locality of the Drummer Girl Pit (Pit 5), targeting gold and silver mineralisation and two that have been drilled at the Cobar Line prospect targeting primary silver and gold mineralisation. Assays are expected within four weeks.

Soil and rock chip sampling has been completed along the Drummer Fault and around prospects of interest, identified through field reconnaissance and mapping, assay results are expected within four to six weeks. These results will further assist in supporting a larger scale targeting exercise on prospects within the broader Mt Turner Project area.

The Company’s geology team is planning additional drilling to follow up on areas of interest and positive drilling results. Once all assays are received a focused plan will be finalised for drilling and further exploration in 2026.

REFERENCES

1 Prior drilling results contained within this document have been reviewed and compiled by the Competent Person and reported in accordance with JORC Code 2012. See Company Announcement 30 June 2025 - Acquisition of Advanced Brownfields Gold and Copper Projects

2 Essex Minerals (TSX-V:ESX) TSXV Announcement - Essex Reports Numerous High-Grade Gold Intercepts At Drummer Fault, October 13, 2021 (https://essexminerals.com/wp-content/uploads/ESX-2021-10-13NR-Drummer-Fault-Drilling-FINAL.pdf)

3 Essex Minerals (TSX-V:ESX) TSXV Announcement – ESSEX Samples Up to 14.55 G/T Gold Extending Gold Mineralisation Along Drummer Fault, Mt Turner Gold Project (https://essexminerals.com/wpcontent/uploads/ESX-2021-07-13_NR-Mt-Turner-Exploration-FINAL.pdf)

4 CRA Exploration Ltd 1987 - Clark Creek A to P 4416M, North Queensland, Report On Investigations For The First Six Months Of Tenure, https://geoscience.data.qld.gov.au/data/report/cr016859

Approved for release by the Board of Directors

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More information at www.lightningminerals.com.au

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ABOUT LIGHTNING MINERALS

Lightning Minerals is a mineral exploration company, listed on the Australian Securities Exchange (ASX:L1M) and focused on the exploration of gold, critical minerals and lithium. The Mt Turner gold and copper project provides the Company with access to these strong markets through near term, brownfields projects in Australia as well as the Boree Creek copper and gold porphyry project in the Lachlan Fold Belt of NSW. The Company also owns the Caraíbas, Canabrava and Esperança lithium projects in Minas Gerais, Brazil, the Dundas projects in Western Australia, the Dalmas and Hiver lithium projects in Quebec, Canada. The Company also holds other projects in Western Australia which include Mt Bartle and Mailman Hill which are prospective for gold, 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

l 6 505 Little Collins St Melbourne VIC 3000 Australia | admin@lightningminerals.com.au | (08) 9429 8806 The information contained herein that relates to exploration results is based on information compiled or reviewed by Mr Matthew Watson, who is a Competent Person and a member of the Australasian Institute of Mining and Metallurgy. Mr Watson is a full-time employee of the Company. Mr Watson 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 Watson consents to the inclusion of his name in the matters based on the information in the form and context in which it appears. Mr Watson holds options in Lightning Minerals.

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 announcement.

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Appendix 1: Mt Turner Project – JORC Code 2012 Table 1 Criteria

The Table below summarises the assessment and reporting criteria used for exploration results for the Mt Turner Project and reflects the guidelines in Table 1 of The Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC 2012 Code).

Section 1 - Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	With respect to the 2025 drilling by Lightning Minerals • Drilling consisted of 3 HQ diamond holes. • All samples were processed in Townsville by ALS Global, an independent accredited laboratory. Gold assays were completed by 50g screen fire assay with atomic absorption finish. Silver and 33 multi-element analysis was undertaken by a four-acid digest followed by inductively coupled plasma atomic emission spectroscopy (ICPAES). With respect to the 2021 drilling by ISMINS on behalf of Essex Minerals2 • Drilling consisted of two HQ diamond holes with RC pre-collars, the remaining four holes were completed as Reverse Circulation using a 4.5-inch drill bit, and a cone splitter. • All samples were processed in Townsville by ALS Global, an independent accredited laboratory. Gold assays were completed by 50g screen fire assay with atomic absorption finish. Silver and 33 multi-element analysis was undertaken by a four-acid digest followed byinductivelycoupledplasma atomic emission spectroscopy (ICPAES).
Drilling techniques	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	With respect to the 2025 drilling by Lightning Minerals • Drilling consisted of 3 x HQ3 diamond holes. • Core was orientated using a Reflex Act III down hole survey tool. With respect to the 2021 drilling by ISMINS on behalf of Essex Minerals2 • Drilling consisted of two HQ diamond holes with RC pre-collars, the remaining four holes were completed as Reverse Circulation using a 4.5-inch face sampling drill bit. • Core was not orientated.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	With respect to the 2025 drilling by Lightning Minerals • Core sample recoveries were quantitatively measured comparing length of core recovered vs expected length as recorded on the driller run sheet. Drilling consisted of 3 HQ diamond holes. Core recovery average 94% over 102m of samples submitted for assay.

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• The drilling rate was purposefully slowed in through brecciated ground to improve core recovery.

• No relationship has been established between sample recovery and grade. No sample bias has been observed due to preferential loss/gain of fine/coarse material.

With respect to the 2021 drilling by ISMINS on behalf of Essex Minerals[2]

• Core sample recoveries were quantitatively measured comparing length of core recovered vs expected length as recorded on the driller run sheet. Drilling consisted of 2 HQ diamond tail holes. Core recovery average 98% over 200m of drilling.

• The drilling rate was purposefully slowed in through brecciated ground to improve core recovery.

• No relationship has been established between sample recovery and grade. No sample bias has been observed due to preferential loss/gain of fine/coarse material.

• No sample recovery information is available for the RC pre-collars and drill holes. With respect to the 2025 drilling by Lightning Minerals

		• The drilling rate was purposefully slowed in through brecciated ground to improve core recovery. • No relationship has been established between sample recovery and grade. No sample bias has been observed due to preferential loss/gain of fine/coarse material. With respect to the 2021 drilling by ISMINS on behalf of Essex Minerals2 • Core sample recoveries were quantitatively measured comparing length of core recovered vs expected length as recorded on the driller run sheet. Drilling consisted of 2 HQ diamond tail holes. Core recovery average 98% over 200m of drilling. • The drilling rate was purposefully slowed in through brecciated ground to improve core recovery. • No relationship has been established between sample recovery and grade. No sample bias has been observed due to preferential loss/gain of fine/coarse material. • No sample recoveryinformation is available for the RCpre-collars and drill holes.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged.	With respect to the 2025 drilling by Lightning Minerals • The drill core has been qualitatively logged by geologists with experience in orogenic, epithermal and porphyry mineralisation systems. The diamond core logging has recorded colour, texture, grainsize, weathering, alteration and minerals present in the drill core. The reported drill holes have been logged in full. • Core has been photographed in the wet form. Core photography is currently ongoing. With respect to the 2021 drilling by ISMINS on behalf of Essex Minerals2 • The RC chips have been qualitatively logged by geologists with experience in orogenic, epithermal and porphyry mineralisation systems. The RC logging has recorded colour, texture, grainsize, weathering, alteration and minerals present in the drill core. The reported drill holes have been logged in full. • The availabilityof chiptray photographyis currentlyunknown.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled.	With respect to the 2025 drilling by Lightning Minerals • The drill core was drilled with HQ3 size and sampled as complete half core to produce bulk sample for analysis. Intervals selected varied from 0.5m to 1.6m (minimum-maximum), with a nominal sample length of 1m. The core is cut in half length ways just to the right of the orientation line where available using a diamond core saw. All samples are collected from the same side of the core where practicable. Assay preparation procedures ensure the entire sample is first crushed coarse crushed, then fine crushed to better than 85% mass passing 3.15mm screen sizing, with a 250g rotary split taken and pulverised to 75 microns, from which a sub‐sample is taken for analysis. This removes the potential for the significant sub‐ sampling bias that can be introduced at this stage. • No second-half sampling of the core has not been undertaken. With respect to the 2021 drilling by ISMINS on behalf of Essex Minerals2

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• The RC chips were drilled with 4.5” face sampling hammer. Samples were taken at 1m Intervals. The core is cut in half length ways just to the right of the orientation line where available using a diamond core saw. Assay preparation procedures ensure the entire sample is pulverised to 75 microns, from which a sub‐sample is taken for analysis. This removes the potential for the significant sub‐sampling bias that can be introduced at this stage.

• • No second-half sampling of the core was undertaken. No field duplicates were submitted to the laboratory.

		• The RC chips were drilled with 4.5” face sampling hammer. Samples were taken at 1m Intervals. The core is cut in half length ways just to the right of the orientation line where available using a diamond core saw. Assay preparation procedures ensure the entire sample is pulverised to 75 microns, from which a sub‐sample is taken for analysis. This removes the potential for the significant sub‐sampling bias that can be introduced at this stage. • No second-half sampling of the core was undertaken. No field duplicates were submitted to the laboratory.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	With respect to the 2025 drilling by Lightning Minerals • Sample preparation and assay analysis were carried out at the ALS Global Laboratory in Townsville and Brisbane. • Analysis procedures are considered appropriate for sulphide bearing minerals, with the technique considered near total, with Iron content being under reported when high sulphur values are encountered. • Samples are prepared and analysed using ALS Global technique Four Acid Digest with Atomic Absorption (50g) for Ore Grade Au, and a multi-element ICP-AES fusion for Ag, Al, As, Ba, Be, Bi, Ca, Cd, Co, Cr, Cu, Fe, Ga, K, La, Li, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, Sc, Sr, Th, Ti, Tl, U, V, W and Zn. • Multiple standards (OREAS 600c, OREAS 608b and OREAS 609c) are submitted with each sample batch sent to the laboratory. Standards are inserted at a rate of 1:10. • No external laboratory checks have been scheduled. With respect to the 2021 drilling by ISMINS on behalf of Essex Minerals2 • Sample preparation and assay analysis were carried out at the ALS Global Laboratory in Townsville and Brisbane. • Analysis procedures are considered appropriate for sulphide bearing minerals, with the technique considered near total, with Iron content being under reported when high sulphur values are encountered. • Samples are prepared and analysed using ALS Global technique Four-Acid Digest with Atomic Absorption (50g) for Ore Grade Au, and a multi-element ICP-AES fusion for Ag, Al, As, Ba, Be, Bi, Ca, Cd, Co, Cr, Cu, Fe, Ga, K, La, Li, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, Sc, Sr, Th, Ti, Tl, U, V, W and Zn. Ore Grade Elements by Four-Acid Digest and ICP-AES were run for Ag, As, Cu, Pb and Zn where over limits were reached in the initial multi-element ICP-AES fusion. • Multiple standards (OREAS 602b, OREAS 604b, OREAS 600, OREAS 606 and OREAS 62F) are submitted with each sample batch sent to the laboratory. 3 Standards were inserted for each sample batch sent to the laboratory. Data review suggests that the laboratory generated assay results with acceptable levels of accuracy and precision. • No external laboratorychecks were carried out.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data.	• Significant intersections have been verified by the Company’s geological staff. • No twinned holes have been completed. • Primary data is collected into field logs for geology, sampling and QAQC data. Data is then transferred to company database for validation prior to be sent to an external contractor in Perth Western Australia to be managed. • Assayvalues below half detection limit were assigned agrade of half the detection limit.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	• Handheld Garmin GPS instruments were used to geo locate each drill collar location, these instruments are understood to be accurate within a ±5m in the horizontal and vertical planes. Drill hole collar locations will be recorded by a licensed surveyor upon completion of the drilling program.

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	Specification of the grid system used. Quality and adequacy of topographic control.	• The level of topographic control is provided by a LiDAR survey flown in 2020, with an expected horizontal accuracy of ±0.05m and vertical accuracy of ±0.5m. • A compass clino has been used to align the drill rig, with a downhole north seeking gyro-based system used for downhole measurements on all holes, hole deviation is minimal and within acceptable tolerances. • All collar locations were recorded in GDA94 Zone 54.
Data spacing and	Data spacing for reporting of Exploration Results.	• Exploration holes are orientated as best possible to intersect the Fault Breccia System. 1m downhole sample spacing is considered appropriate for the reporting of the exploration diamond drilling assay results. • No Mineral Resource or Ore Reserve Estimates have been completed. • Interval length weighted compositing has been used to generate significant intercept grades.
distribution	Whether the data spacing, and distribution is sufficient to establish the
	degree of geological and grade continuity appropriate for the Mineral
	Resource and Ore Reserve estimation procedure(s) and classifications
	applied.
	Whether sample compositing has been applied.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	• The drilling has been designed to intercept the downdip orientation of the mineralisation at a perpendicular angle, with sampling size designed to delineate grade variability across the mineralisation. • The drilling orientation relative to key mineralised structures is not thought to have introduced any material sampling bias.
Sample security	The measures taken to ensure sample security.	• Samples are collected from the drill rig and processed at a facility in Georgetown. Samples are then driven by representatives of the company into Cairns, where they are freighted directly to the receiving laboratory in Townsville. The companyhas no reason to suspect anytamperingwith the samples.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	• No audits or reviews of sampling techniques have been conducted to date.

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Section 2 - Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• The ‘Mt Turner’ Tenements are in the process of being transferred to Lightning Minerals Ltd from FNQ Resources Pty Ltd (the project vendors) in accordance with agreement entered into in June 2025. • The Mt Turner Project includes exploration licences EPM27525, and EPM27170. • The Tenements are considered to be in good standing at the time of this announcement.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	• Exploration undertaken by prior parties includes: • Essex Minerals 2020-2022 • Meryllion Resource Corp 2020-2022 • KNX Resources Australia 2015-2020 • Mega Uranium 2006-2014 • Union Mining 1993-2003 • CRA Exploration 1985-1990
Geology	Deposit type, geological setting and style of mineralisation.	• The Mt Turner Project is prospective for Epithermal and Orogenic gold, silver and base metals, and Porphyry hosted copper and molybdenum.
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o down hole length and interception depth, o hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	• See main body of the announcement, Figures 1 – 7 and Tables 1 – 2.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	• Exploration results have been weight averaged using sample interval length.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect(eg ‘down hole length, true width not known’).	• Drill holes are designed to intersect the down dip direction of the Drummer Fault system as close to perpendicular as possible. All reporting in the body of text above adequately describes intercepts as ‘downhole lengths’ and not true width.

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Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• Appropriate reporting of results has been included in the body of this announcement.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should bepracticed to avoid misleading reporting of Exploration Results.	• Comprehensive reporting of assay results for gold and silver results are present in the main body of the report.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• All meaningful data and relevant information have been included in the body of the report.
Further work	The nature and scale of planned further work (e.g., tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• Further works will consist of: o Completing the three remaining drill holes at Rocky Reward (Pit 6). o Laboratory assay results for the remaining 7 drill holes on the 9-drill hole program. o Laboratory assay results for the Drummer Fault soil program. o Laboratory assay results for the Mt Turner rock sampling program. o Review assayresults toguide next stage of exploration activities.

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Appendix 1 – Historic Drill Hole Location Mentioned in Document

Hole ID	Hole Type	Easting GDA94z54 (m)	Northing GDA94z54 (m)	RL AHD (m)	Azimuth Grid (°)	Dip (°)	Hole Depth (m)
21ISMP3RC001	RC	757,021	7,983,261	285	333.3	-57.5	144

Appendix 2 – Historic Drill Hole Intercept Mentioned in Document

Hole ID	Hole Type	Depth From (m)	Depth To (m)	Interval (m)	Au (ppm)	Ag (ppm)
21ISMP3RC001	RC	51	71	20	0.7	23.9
Including		64	71	7	1.7	67.7

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