LODE RESOURCES LTD - Annual Report 2025

LODE RESOURCES LTD and its controlled entities ABN 30 637 512 415

FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2025

CORPORATE DIRECTORY

Directors	Andrew Van Heyst	Executive Chairman
	Edward Leschke	Managing Director
	Keith Mayes	Non-Executive Director
	Jason Beckton	Non-Executive Director
Company Secretary	Marcelo Mora
Principal Place of	ESN Partners
Business	Level 15, Governor Macquarie Tower
and Registered Office	1 Farrer Place
	Sydney NSW 2000
	Australia
	Telephone:	(61 2) 9008 1381
	Web site:	www.loderesources.com
Share Registry	Automic Pty Ltd
	Level 5, 126 Phillip Street
	Sydney NSW 2000
	Telephone:	1300 288 664 (within Australia)
		(61 2) 9698 5414 (outside Australia)
Auditors	PKF (NS) Audit and Assurance Limited
	Partnership
	Level 8
	1 O’Connell Street
	Sydney NSW 2000
Solicitors	Thomson Geer
	Level 14
	60 Martin Place
	Sydney NSW 2000
Stock Exchange
Listings	Australian Securities Exchange	(Code – LDR)

	*Page*
Review of Operations ......................................................................................................................	1
Corporate Governance Statement ...................................................................................................	16
Directors' Report ..............................................................................................................................	17
Lead Auditor’s Independence Declaration.......................................................................................	27
Consolidated Statement of Profit or Loss and Other Comprehensive Income ................................	28
Consolidated Statement of Financial Position .................................................................................	29
Consolidated Statement of Changes in Equity ................................................................................	30
Consolidated Statement of Cash Flows ..........................................................................................	31
Notes to the Financial Statements ...................................................................................................	32
Consolidated Entity Disclosure Statement ......................................................................................	47
Directors' Declaration ......................................................................................................................	48
Independent Auditor's Report ..........................................................................................................	49
Additional Stock Exchange Information ...........................................................................................	54

Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025

The Directors of Lode Resources Ltd (ASX: LDR or ‘Lode' or ‘the Company') are pleased report that the Group has achieved significant exploration, resource development and acquisition milestones during the year-ended 30 June 2025.

Lode's exploration focus is on the highly prospective but under-explored New England Fold Belt in north-eastern New South Wales and the Montezuma Antimony Project located in Tasmanian’s premier West Coast Mining Province. The Company has assembled a portfolio of brownfield precious and base metal assets characterised by:

100% ownership;
Significant historical geochemistry and/or geophysics;
Under drilled and/or open-ended mineralisation; and
Demonstrated high-grade mineralisation and/or potential for large mineral occurrences.

This has resulted in a portfolio of assets with diverse mineralisation styles consisting of four core projects of current focus

Montezuma Antimony Project – Located on the west coast of Tasmania, a region well known for mining activity, the Project consists of a high-grade antimony-silver deposit with initial development, advanced metallurgical test work and significant beneficiation infrastructure.
Uralla Gold – Located 8km west of the Uralla township, this goldfield was one of the earlier goldfields discovered in NSW and a significant gold producer in the 1850’s. Despite this long history the mineralisation style has only recently been recognised as being an Intrusive Related Gold System (IRGS) and this has strong implications for this project’s discovery potential. Lode’s holdings cover over 300 square kilometres.
Webbs Consol Silver – Located 16km west-southwest of Emmaville, this historical mining centre is known for highgrade silver-base metal-bearing lodes that provide attractive targets that were essentially drill-ready. Historical records of underground sampling indicated high-grade mineralisation remains open at relative shallow depths and subsequent geophysical anomalies were never followed-up by drilling.
New England Antimony Project – Located in one of Australia’s most prolific antimony producing provinces, 19 antimony prospects have already been identified within the Exploration Licences (EL) EL9662 and EL9319, both controlled 100% by Lode. The project is anchored by the Magwood Mine, discovered in the 1880s and mainly worked between 1941 and 1970, and was Australia’s primary producer of antimony.

As of 30 June 2025, the Company has an interest in tenements as follows:

Project	Licence	Grant Date	Expiry Date	Commodity	Area Status	Area Status
Webbs Consol	EL8933	16 January 2020	16 January 2029	Group 1 (Metallic minerals)	48 sqkm	Granted
Webbs Consol Exp.	EL9454	7 September 2022	7 September 2028	Group 1 (Metallic minerals)	159 sqkm	Under renewal
Uralla	EL8980	14 May 2020	14 May 2027	Group 1 (Metallic minerals)	237 sqkm	Granted
Uralla West	EL9087	12 March 2021	12 March 2027	Group 1 (Metallic minerals)	65 sqkm	Granted
Fender	EL9003	12 October 2020	12 October 2029	Group 1 (Metallic minerals)	224 sqkm	Granted
Sandon	EL9319	29 October 2021	29 October 2026	Group 1 (Metallic minerals)	809 sqkm	Granted
Tea Tree	EL9084	11 March 2021	12 March 2027	Group 1 (Metallic minerals)	71 sqkm	Granted
Thor	EL9085	11 March 2021	11 March 2027	Group 1 (Metallic minerals)	231 sqkm	Granted
New England Antimony	EL9662	11 June 2024	11 June 2027	Group 1 (Metallic minerals)	1,105 sqkm	Granted
Montezuma Antimony	2M-2023	30 November 2023	28 December 2025	Silver and lead	5 ha	Granted
Montezuma Antimony	EL7-2019	24 March 2020	23 March 2025	Category 1 (Metallic minerals)	4 sqkm	Under renewal
Montezuma Antimony	EL2/2020	24 September 2020	23 September 2025	Category 1 (Metallic minerals)	84 sqkm	Under renewal
Waratah	EL6/2025	-	-	Category 1 (Metallic minerals)	71 sqkm	Application
Granville	2M-2018	6 August 2018	5 March 2027	Tin	78 ha	Granted
Granville	32M-1988	1 November 1988	1 November 2024	Stone	1 ha	Under renewal
Granville	EL9-2019	11 June 2021	10 June 2026	Category 1 (Metallic minerals)	91 sqkm	Granted

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025

All of Lode's projects are located in the highly prospective but under-explored New England Fold Belt in northeastern NSW and well-endowed West Coast Mining Province in Tasmania.

Lode's strategy is to:

Systematically explore and develop the Company's Tenements;
Target large-scale silver, gold, copper and antimony metal systems;
Use modern exploration methods and best practices in cost effective programs; and
Advance discoveries through to the development stage.

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Webbs Consol
Silver
Sandon
Base Metals New England
Figure 1: Lode's NSW Antimony
Project Locations
Thor
Gold
NSW Uralla
Tea Tree
Gold Gold Hillgrove (LRV)
Gold & Antinomy
Fender
Copper/Zinc
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Figure 2: Lode's Tasmanian
Project Locations
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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025

During the year-ended 30 June 2025 Lode acquired the Montezuma Antimony-Silver Project, an asset that underpins and accelerates the company’s growth aims in developing high-grade quality resource projects. Successful drill campaigns were carried out at both the Webbs Consol Silver Project in NSW and the Montezuma Antimony-Silver Project in Tasmania. In addition, a Maiden Resource Estimate was announced for the Webbs Consol Silver Project and all core from historical drilling at the Montezuma Antimony-Silver Project were relogged and resampled in accordance with JORC 2012 standards. These drill and resampling campaigns have resulted exceptional results and the maiden resource at Webbs Consol was a substantial milestone for the company.

Montezuma Antimony-Silver Project

Lode acquired the Montezuma Antimony-Silver Project in located in Tasmania’s premier West Coast Mining Province during the year. Acquisition terms included:

$50,000 non-refundable cash deposit pain upon the execution of the HOA ie 22; plus
$200,000 cash payable on completion of the Proposed Acquisition; plus
10,000,000 fully paid ordinary shares in the Company at a deemed issue price of $0.10 per share on completion of the acquisition subject to 12-month escrow; plus
Up to 6,000,000 fully paid ordinary shares in the Company at a deemed issue price of $0.10 per share upon satisfaction of certain performance hurdles and subject to 12-month escrow.

The Montezuma Antimony Project includes a high-grade antimony-silver deposit with initial development, advanced metallurgical test work and significant mining equipment and beneficiation infrastructure. The Montezuma Antimony Project deposit is accessed via the Zeehan township located 14km to the west. The Montezuma Antimony Project is located between well-known mining centres such as:

Rosebery-Hercules (Zn, Cu, Pb, Ag, Au) owned by MMG Ltd
Renison Bell (Sn) owed by Metals X Ltd and Yunnan Tin Group Company Ltd
Henty (Au) owned by Catalyst Metals Ltd
Zeehan (Sn, Pb, Ag) owned by Stellar Resources Ltd

Figure 3 . Montezuma Antimony Project located in Tasmanian’s premier West Coast Mining Province

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025

All core from historical drilling at the Montezuma Antimony-Silver Project was relogged and resampled. This resulted in 12 high-grade antimony and silver drill intercepts being reported according to the guidelines of the 2012 JORC Code, affirming the exceptional high-grade nature of the Montezuma Antimony-Silver Project deposit. Similarly, drill intercept assays showed mineralisation to be generally much wider than previously thought. Furthermore, significant gold, copper and tin assay values enhanced the overall mineral endowment.

Figure 4. Montezuma Antimony-Silver Project long section highlighting antimony-Sb and silver-Ag assays yellow from historical drill intercepts (dark blue boxes) and surface grab samples (light blue boxes).

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During the year an extensive drill programme commenced at Montezuma to test for extensions of the Montezuma deposit, both down dip and along strike. The initial target area being tested is approximately 300min strike by 200m depth. This 50-to-60-hole drilling programme (8,000m to 10,000m) is ongoing with 17 holes for 2,507m having been completed up to the FY year end with a total 26 drill holes for 41,50m completed to date.

Exploration and extension drilling has produced numerous high-grade antimony and silver drill intercepts including:

 776 g/t AgEq or 2.18% SbEq over 9.9m (MZS19) incl: 1,981 g/t AgEq or 5.06% SbEq over 2.6m (MZS19) incl: 2,491 g/t AgEq or 7.01% SbEq over 1.6m (MZS19)

 806 g/t AgEq or 2.27% SbEq over 9.2m (MZS13) incl: 1,133 g/t AgEq or 3.19% SbEq over 6.2m (MZS13)

 1,519 g/t AgEq or 4.27% SbEq over 3.5m (MZS11) incl: 3,254 g/t AgEq or 9.16% SbEq over 1.0m in ( MZS11)  772 g/t AgEq or 2.17% SbEq over 5.0m (MZS16) incl: 1,798 g/t AgEq or 5.06% SbEq over 2.0m (MZS16)  1,378 g/t AgEq or 3.88% SbEq over 2.8m (MZS05) incl: 1,825 g/t AgEq or 5.14% SbEq over 1.6m (MZS05)

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025

Figure 5. Montezuma Antimony-Silver Project Hanging Wall Lode Long Section show drill holes completed to date and intercepts for drill holes MZS18 to MZS22 (Section 5364050N).

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The Montezuma antimony-silver deposit consists of structurally controlled poly metallic sulphide lodes associated with the Montezuma fault, hosted by a sequence of turbidites, siltstones, sandstones and black shale units. Antimony is contained within Jamesonite, a lead-iron-antimony sulphide mineral (Pb4FeSb6S14) and is a late-stage hydrothermal mineral forming at moderate to low temperatures. Silver occurs as tetrahedrite and argentiferous galena.

Drilling to date has intercepted multiple mineralised veins in each drill hole and the mineralised structures remain open in all directions. Silver and antimony are by far the most dominant metals however significant gold, lead, copper and tin values highlight the polymetallic nature of mineralisation in the Montezuma lodes. Antimony and silver values interchange dominance from intercept to intercept.

In addition to numerous wide intercepts encountered to date (20 intercepts >2m), multiple mineralised “daughter” structures occur adjacent to the footwall and hanging wall structures, suggesting the potential for a bulk tonnage resource scenario. This is particularly pertinent where the footwall and hanging wall structures coalesce.

The Montezuma deposit is associated with a 500m Sn, Ag, As soil anomaly defined by historical soil sampling. Follow-up surface mapping and sampling followed by drilling has extended the Montezuma Sb-Ag deposit along strike

Lode sees the Montezuma deposit as a model for discovering other such structurally controlled granite related Sb-Ag sulphide deposits in the West Coast Mining Province. Base metal soil anomalies defined by historical exploration provide numerous untested structural targets in the district. Lode is acquiring a significant land holding in the district with the recent acquisition of tenement EL2/2020 adding 88 sqkm’s and tenement application EL6/2025 adding 71 sqkm’s.

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025

Figure 6 . Montezuma Antimony-Silver Project. Soil anomaly, completed and planned drilling positions

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025

Table 1 . Montezuma Antimony - Silver Project. Top 25 intercepts by metal endowment.

Hole	From	To	Interval	SbEq1	AgEq1	Sb	Ag	Pb	Cu	Au2	Sn2	Endowment
	(m)	(m)	(m)	(%)	(g/t)	(%)	(g/t)	(%)	(%)	(g/t)	(%)	(AgEq g/t.m)
MZS19	100.60 110.50 9.90			2.18 776		1.32 189 1.29 0.91				0.63	0.90	7679
MZS13	51.80 61.00 9.20			2.27 806		1.25 250 2.17 0.67				1.33	0.77	7416
MZS11	98.80 102.30 3.50			4.27 1519		0.99 956 0.98 1.89				0.85	1.51	5315
MZS16	99.70 104.70 5.00			2.17 772		0.57 470 0.49 0.89				1.28	1.78	3860
MZS05	41.70 44.50 2.80			3.88 1378		2.89 231 5.49 0.11				0.90	0.08	3857
MZS20	125.80 134.70 8.90			0.80 285		0.54 61 1.21 0.08				0.44	0.12	2533
MZS10	76.90 78.50 1.60			4.39 1561		3.32 251 5.59 0.19				0.57	0.18	2498
MZS17	149.40 158.90 9.50			0.70 249		0.14 134 0.14 0.59				0.65	0.53	2361
MZS15	99.00 107.00 8.00			0.72 257		0.36 76 0.63 0.39				0.30	0.45	2058
MZS06	49.60 52.00 2.40			2.35 836		1.87 81 3.93 0.12				0.31	0.14	2005
MZS22	227.80 239.00 11.20			0.44 157		0.11 68 0.91 0.32				0.56	0.23	1763
MZS06	12.00 14.50 2.50			1.81 644		0.23 373 8.86 0.13				0.06	0.06	1609
MZS17	177.00 181.00 4.00			1.00 354		0.33 130 0.87 0.88				0.14	0.08	1415
MZS08	95.00 96.00 1.00			3.66 1301		0.99 719 1.21 2.02				0.40	1.96	1301
MZS12	56.00 57.00 1.00			3.07 1092		1.18 526 1.06 1.26				0.91	0.98	1092
MZS15	62.30 66.90 4.60			0.67 237		0.43 49 0.84 0.16				0.56	0.45	1089
MZS11	81.00 82.00 1.00			2.84 1010		2.35 73 4.75 0.07				0.17	0.08	1010
MZS12	124.00 127.30 3.30			0.85 301		0.11 118 0.09 1.41				1.52	1.27	993
MZS17	197.30 205.50 8.20			0.33 117		0.05 67 0.09 0.30				0.50	0.14	956
MZS14	43.00 55.00 12.00			0.21 76		0.09 36 0.09 0.07				0.32	0.11	909
MZS13	160.70 163.80 3.10			0.81 289		0.20 86 0.28 1.25				0.58	0.97	896
MZS08	81.00 85.00 4.00			0.49 173		0.33 36 0.80 0.05				0.19	0.13	691
MZS08	251.00 252.00 1.00			1.90 675		0.91 211 2.11 0.96				0.35	0.13	675
MZS11	26.50 27.50 1.00			1.85 658		1.11 168 1.82 0.61				1.46	0.73	658
MZS14	84.00 88.00 4.00			0.42 150		0.32 16 0.82 0.03				0.10	0.14	598

[1] Antimony and Silver Metal Equivalent Grades

LDR is reporting both antimony and silver equivalent grade figures due to interchanging dominance of these two metals from intercept to intercept. Metal equivalent grade figures are a method of demonstrating overall metal endowment for all significant metals’ grades in a single grade figure for each intercept and thus allowing a simpler comparison between intercepts. Montezuma’s reported antimony and silver equivalent figures are based on conversion factors as follows:

SbEq(%) = Sb(%) + 0.00281Ag(g/t) + 0.056Pb(%) + 0.29*Cu(%)
AgEq(g/t) = Ag(g/t) + 355Sb(%) + 20Pb(%) + 101*Cu(%)

Metal equivalent conversion factors were calculated using 30 December 2024 metal prices of US$34,747/t antimony, US$29.1/oz silver, US$1,912/t lead and US$8,705/t copper. The antimony price was calculated as an average of several antimony products in a number of markets.

Metal equivalent conversion factors were calculated using a preliminary flotation test carried out by ALS Metallurgy (Burnie) in September 2019, where recoveries achieved were 74.5% antimony, 77.9% silver, 75.8% lead and 84.8% copper. It is Lode’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.

2Tin and Gold Assays

Tin and Gold assay figures are not included in equivalent figures as gold was not assayed in an early flotation test. ALS Metallurgy has been commissioned to complete further comprehensive flotation tests on Montezuma Antimony & Silver mineralisation including the recovery of tin and gold. This includes Quantitative X-ray Diffraction (QXRD) analysis to determine overall mineralogy.

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025

Magwood Antimony Project

Lode has announced the commencement of an inaugural drilling programme at Lode’s 100% owned Magwood Antimony Project. The Magwood Antimony Project is the company’s second strategic antimony project and located in the New England Fold Belt, NSW. A significant drill program at Lode’s Montezuma Antimony Project located in Tasmania is on-going with samples from multiple completed drill holes currently being assayed.

The Magwood Antimony Project drill program is for 15 diamond holes testing semi-parallel antimony bearing lode structures at the Magwood antimony mine in addition to the one historical mined lode. Drilling is designed to test targets ranging from shallow positions in depth to a likely down hole depth of 450m.

The Magwood antimony mine has never been drilled despite being a significant historical antimony producer and Australia’s largest primary antimony producer up to the 1970’s.The Magwood mine was mainly worked between 1941 and 1970 with recorded yearly production grades ranging from 4% to 62% Sb and the first seven years of production average 55% Sb indicating very selective mining though hand sorting of massive stibnite (71% Sb). Magwood was Australia’s largest primary antimony producer before the focus switched to the Hillgrove mine in 1969. Multiple antimony bearing lodes have been identified through exploration mapping and literature reviews. Historical mine plans and reports show that only a single lode was previously mined.

Mine dump grab samples at the Magwood antimony mine have returned high grade antimony as showing in Table 7 below. Grab sampling is selective in nature with resultant assay grades considered to be qualitative rather than quantitative and not necessarily representative of the mined stibnite mineralisation which may actually be lower or higher in antimony grade. Grab sample assays graded as high as 41.7% Sb and one dump sample graded 6.14 g/t Au (sample no. R508) indicating there is potential for gold bearing lodes at depth.

Table 2. Magwood mine dump grab samples antimony (Sb) and gold (Au) assays

Sample Easting Northing RL Sb Au Number m m m % g/t	Sample Easting Northing RL Sb Au Number m m m % g/t	Sample Easting Northing RL Sb Au Number m m m % g/t	Sample Easting Northing RL Sb Au Number m m m % g/t	Sample Easting Northing RL Sb Au Number m m m % g/t	Sample Easting Northing RL Sb Au Number m m m % g/t	Sample Easting Northing RL Sb Au Number m m m % g/t	Sample Easting Northing RL Sb Au Number m m m % g/t	Sample Easting Northing RL Sb Au Number m m m % g/t	Sample Easting Northing RL Sb Au Number m m m % g/t	Sample Easting Northing RL Sb Au Number m m m % g/t	Sample Easting Northing RL Sb Au Number m m m % g/t

R494	420014	6656070	1011	16.3	0.11	R505	420080	6656101	989	0.72	0.13
R495	420016	6656069	1002	41.7	0.04	R506	420047	6656055	998	9.68	0.05
R496	420006	6656064	1010	1.08	0.01	R507	420047	6656049	1000	3.46	0.01
R497	420006	6656065	1004	29.8	0.04	R508	420044	6656033	1007	0.15	6.14
R498	420000	6656090	1000	24.3	0.12	R509	420019	6656079	1000	0.06	0.04
R499	420000	6656095	999	0.57	0.01	R510	420023	6656105	994	0.04	0.01
R500	420004	6656097	988	3.61	0.12	R511	420086	6656090	990	10.25	0.03
R501	420013	6656102	991	12.9	0.11	R512	420090	6656101	978	8.04	0.05
R502	420032	6656099	991	1.12	0.11	R513	420081	6656084	993	15.75	0.03
R503	420053	6656084	993	4.2	<0.01	R514	420071	6656074	995	17.8	0.04
R504	420078	6656093	981	29.9	0.05	R515	420016	6656079	1000	0.23	0.01

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025

Figure 7. Magwood antimony mine plan - grab sample location, semi-parallel lode structures, mine dumps and underground mine levels projected to surface.

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Multiple Semi
Parallel Lode
St t
Magwood Main
Shaft
300 d th
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Photos 1 & 2. Drone borne photos of Adit 1 (80m depth) and Adit 3 (150m depth) underground workings

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025

Figure 8. Magwood antimony mine longitudinal section - workings, stoped, potential unmined and down dip extensions of mineralisation.

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025

New England Antimony Exploration Licence

Lode’s New England exploration licences EL9662 and EL9319 cover multiple strategic antimony prospects, including the historical Magwood antimony mine. These antimony prospects, together with Lode’s Montezuma Antimony Project located in Tasmania, forms a strategic exploration portfolio that is highly prospective for one of the world’s most critical metals.

In total there are 19 recorded antimony prospects within the Exploration Licences EL9662 and EL9319, both controlled 100% by Lode. Almost no drilling has occurred within Lode’s antimony project areas despite the geology being considered highly prospective for orogenic structurally-controlled antimony mineralisation. It is highly relevant that surface work is almost nonexistent.

The area totals 1,914 km[2] and forms a large proportion of the approximately 2,949km[2] of exploration licences that Lode owns in NSW. This makes Lode the largest holder of exploration ground in the New England Fold Belt.

Exploration within the New England Fold Belt has been limited since the 1970’s with one exploration hole drilled for every fourteen holes drilled in the Lachlan Fold Belt attesting to the tremendous discovery potential that may be latent within Lode’s strategic exploration portfolio. Field activities have commenced including access discussions with surface landowners.

Figure 9: Location of Lode’s EL9662 With Multiple Antimony Prosects

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Lode’s EL9662
1,021 km [2]
Multiple Antimony
Prospects
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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025

Webbs Consol Silver Project

During the year Lode announced a maiden Mineral Resource Estimate ( MRE ) for the 100% owned Webbs Consol Silver Project located in the New England Fold Belt in northeastern New South Wales. The MRE is classified according to the 2012 edition of the JORC Code as Inferred and Indicated Resources at a 140g/t AgEq lower cutoff, contains:

1.6 Mt @ 636g/t AgEq[i] g/t for 32 M Ounces AgEq[i-iv]

Webbs Consol is a historical mining centre which is known for historic high-grade silver-base metal-bearing lodes. The maiden MRE is a culmination of Lode‘s collation of exploration data from a number of recent drill campaigns carried out by LDR.

‐ The result marked a significant advancement in the Company’s understanding of the Ag Zn-Pb sulphide mineralisation associated with the Webbs Consol Leucogranite in the New England Fold Belt of New South Wales. The MRE confirms the scale and quality of the Webbs Consol Ag-Zn-Pb lodes.

Table 3 . Webbs Consol Resource Estimate at 140g/t AgEq lower cutoff[i-iv]

Webb's Consol Mineral Resource Estimate	Webb's Consol Mineral Resource Estimate	Grade	Grade	Grade	Grade	Grade	Grade	Metal	Metal	Metal	Metal	Metal	Metal
Category	Tonnage kt	Ag g/t	Cu %	Pb %	Zn %	Au g/t	AgEq g/t	Ag Moz	Cu kt	Pb kt	Zn kt	Au oz	AgEq Moz
Indicated	590	162	0.2	3.4	5.8	0.02	647	3.1	0.9	20.3	34.0	489	12.2
Inferred	980	144	0.1	2.1	6.6	0.02	630	4.6	1.1	21.1	64.6	490	19.9
Total	1,570	151	0.1	2.6	6.3	0.02	636	7.6	2.1	41.3	98.6	979	32.1

I. Equivalent grades are based on assumptions: AgEq(g/t)=Ag(g/t)+61Zn(%)+33Pb(%)+107Cu(%)+88*Au(g/t) calculated from 28 August 2022 spot metal prices of US$18.5/oz silver, US$3600/t zinc, US$2000/t lead, US$8100/t copper, US$1740/oz gold and metallurgical recoveries of 97.3% silver, 98.7%, zinc, 94.7% lead, 76.3% copper and 90.8% gold.

II. Recoveries derived from metallurgical test work ( LDR announcement 14 December 2021) .

III. It is Lode’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.

IV. Figures are subject to rounding.

Webbs Consol is located on Lode’s wholly owned tenement EL8933, 16km west-south-west of Emmaville and 30km northeast of Glenn Innes, in the New England district of New South Wales. Access to the area is via allweather unsealed and sealed roads. The New England area is a historic mining district with numerous historic and current projects and mines.

Webbs Consol was discovered in 1884 and worked intermittently until the 1970s. Several mine shafts were worked for high-grade galena and silver. Modern exploration commenced with CRA on historic EL1079 Exploration between 1978 and 1984. Silver Mines Ltd continued exploration on EL6239 between 2004 and 2014.

The Webbs Consol Silver Project hosts several high-grade, silver-zinc-lead mineralised pipes located over a 2km strike length within the margins of the Permian Webbs Consol Leucogranite.

Mineralisation is hosted in silica-sericite-chlorite altered pipes solely within the Webbs Consol Leucogranite. Mineralised and altered pipes are aligned along a north trending lineament subparallel to the western granitevolcanic/sediment contact. Six mineralised pipes have been delineated by LDR. A similar lineament is potentially located on the eastern margin.

Mineralogy consists of disseminated and blebby style silver-rich galena, sphalerite, pyrite, chalcopyrite and tetrahedrite. The mineralised pipes are approximately circular of 20-50m diameter in plan view with a steep elongate plunge. The mineralised pipes have been drill defined up to 350m depth and remain open at depth. There is a likelihood of extensions and additional mineralisation with ongoing exploration.

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025

Figure 10 . Webbs Consol project geology, mineralised lode locations and 97 drill collar positions

==> picture [483 x 112] intentionally omitted <==

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025

Figure 11. Long section of Webbs Consols mineralised pipes

==> picture [483 x 91] intentionally omitted <==

==> picture [483 x 90] intentionally omitted <==

Subsequent to FY25 Lode announced the execution of a binding agreement with Rapid Critical Metals (“Rapid”) to divest Lode’s Webbs Consol silver project in northeast New South Wales to Rapid. The divestment will comprise the transfer of two licenses containing the Webbs Consol deposit, being Webbs Consol EL 8933 and Webbs Consol Expanded EL9454. Consideration to Lode for the divestment is as follows:

 A$3.75 million in cash, of which, A$3 million is to be paid upon completion, with A$750,000 to be paid 12 months from completion;
 115 million shares in Rapid (“RCM Consideration Shares” - equivalent to 15.3% of Rapid, based on Rapid’s 638 million ordinary shares on issue at the time of the agreement execution and allowing for the issue of the 115 million Rapid shares to Lode). The RCM Consideration Shares will be voluntarily escrowed by Lode for a period of 12 months. Thereafter, Lode is to use its best endeavours to affect an in-specie distribution of these RCM Consideration Shares to Lode shareholders; and
 a 2% NSR royalty over Webbs Consol

Through the shareholding in Rapid, Lode shareholders gain exposure to the potential gained from consolidating Webbs Consol with Rapid’s 100% owned Webbs and Conrad silver deposits creating a group with a significant combined silver dominant mineral resource and extensive exploration licences.

Consolidated ownership of three nearby, high-grade deposits supports potential unified mine planning, centralised processing options, and potential operating synergies.

Cash component of the transaction will materially enhance the Lode balance sheet and allow for increased exploration activity at Lode’s flagship Montezuma project in Tasmania and the Magwood Antimony and Uralla Gold projects in the New England Fold Belt

The divestment is subject to completion of limited remaining due diligence by both companies and execution of full-form transaction documentation. The transaction is also likely to be subject to a shareholder approval of Rapid which, if required, is expected to be sought at a General Meeting of Rapid likely to be held in October.

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025

Competent Person’s Statement

The information in this Report that relates to Exploration Results for LDR’s NSW projects is based on information compiled by Mr Jason Beckton, who is a Member of the Australian Institute of Geoscientists. Mr Beckton, who is Director at LDR, has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Beckton has a beneficial interest as a shareholder and an option holder of LDR and consents to the inclusion in this Report of the matters based on the information in the form and context in which it appears.

The information in this market announcement that relates to exploration results for LDR’s Tasmanian projects is based on information compiled by Mr Tim Callaghan, who is a Member of the Australian Institute of Geoscientists. The information in this market announcement is an accurate representation of the available data for Montezuma project. Mr. Callaghan has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Callaghan consents to the inclusion in this announcement of the matters based on the information in the form and context in which it appears

No material changes

Lode Resources Ltd confirms that it is not aware of any new information or data that would materially affect the information included in the quarterly activities report dated 31 July 2025 and market announcements dated 22 July 2024,26 August 2024 and 11 September 2024 and that all material assumptions and technical parameters in the market announcements continue to apply and have not materially changed.

Governance Arrangements

Lode Resources management and Board of Directors include individuals with many years' work experience in the mineral exploration and mining industry who monitor all exploration programs and oversee the preparation of reports on behalf of the Company by independent consultants. The exploration data is produced by or under the direct supervision of qualified geoscientists. In the case of drill hole data half core samples are preserved for future studies and quality assurance and quality control. The Company uses only accredited laboratories for analysis of samples and records the information in electronic databases that are automatically backed up for storage and retrieval purposes.

Mineral Resources Statement

A maiden Mineral Resource Estimate (MRE) for the Webbs Consol Silver Project located in the New England Fold Belt in northeastern New South Wales was prepared by Lode Resources Ltd and reported to the ASX in announcement on 17 June 2025 titled “Webbs Consol High Grade Resource” and on 20 June 2025 titled “Correction - Announcement dated 17 June 2025”. The MRE is classified according to the 2012 edition of the JORC Code as Inferred and Indicated Resources at a 140g/t AgEq lower cutoff.

Webbs Consol Resource Estimate at 140g/t AgEq lower cutoff[i-iv ]

Webb's Consol Mineral Resource Estimate	Webb's Consol Mineral Resource Estimate	Grade	Grade	Grade	Grade	Grade	Grade	Metal	Metal	Metal	Metal	Metal	Metal
Category	Tonnage kt	Ag g/t	Cu %	Pb %	Zn %	Au g/t	AgEq g/t	Ag Moz	Cu kt	Pb kt	Zn kt	Au oz	AgEq Moz
Indicated	590	162	0.2	3.4	5.8	0.02	647	3.1	0.9	20.3	34.0	489	12.2
Inferred	980	144	0.1	2.1	6.6	0.02	630	4.6	1.1	21.1	64.6	490	19.9
Total	1,570	151	0.1	2.6	6.3	0.02	636	7.6	2.1	41.3	98.6	979	32.1

I. Equivalent grades are based on assumptions: AgEq(g/t)=Ag(g/t)+61Zn(%)+33Pb(%)+107Cu(%)+88*Au(g/t) calculated from 28 August 2022 spot metal prices of US$18.5/oz silver, US$3600/t zinc, US$2000/t lead, US$8,100/t copper, US$1,740/oz gold and metallurgical recoveries of 97.3% silver, 98.7%, zinc, 94.7% lead, 76.3% copper and 90.8% gold.

II. Recoveries derived from metallurgical test work ( LDR announcement 14 December 2021) .

III. It is Lode’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.

IV. Figures are subject to rounding.

Resource comparison 2024 to 2025

Not applicable as resource for the Webbs Consol Silver Project reported in 2025 was a maiden Mineral Resource Estimate (MRE).

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

CORPORATE GOVERNANCE STATEMENT FOR THE YEAR ENDED 30 JUNE 2025

The Board is committed to maintaining the highest standards of Corporate Governance. Corporate Governance is about having a set of core values and behaviours that underpin the Group's activities and ensure transparency, fair dealing and protection of the interests of stakeholders. The Group has reviewed its corporate governance practices against the Corporate Governance Principles and Recommendations (4th edition) published by the ASX Corporate Governance Council.

The 2025 corporate governance statement is dated 26 September 2025 and reflects the corporate governance practices throughout the 2025 financial year. The board approved the 2025 corporate governance on 26 September 2025. A description of the Group’s current corporate governance practices is set out in the Company’s corporate governance statement, which can be viewed at https://loderesources.com/ corporategovernance.

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025

The Directors of Lode Resources Ltd ('Lode' or the 'Company') present their report, together with the consolidated financial statements of the Group for the financial year ended 30 June 2025.

Directors

The names and details of the Directors in office during or since the end of the previous financial year are as follows. Directors were in office for the entire year unless otherwise stated.

Information on directors

Andrew Van Heyst Chairman Experience With more than 30 years' experience in Industrial Equities and Advisory. Has worked at Merrill Lynch in New York as Head of Australian Sales and for ABN AMRO as Head of Australian Sales and Head of Americas Client Account Management for Global Equity Product. In 2005 Andrew moved back to Australia joining Shaw and Partners as a Corporate Advisor focussing on Small Cap resources and prior to Lode listing was Executive Director at Bridge Street Capital Partners. Interest in Shares and Options 18,392,858 ordinary shares Director since 18 November 2019 Ted Leschke Managing Director Experience With more than 30 years experience in the resources industry including Managing Director of ASX listed resource companies from start up project development covering areas such as project identification, acquisition and generation, geological mapping, exploration drilling, local community and government liaison, financial management, strategy, fund raisings, ASX listing and statutory reporting. Previously worked as a resource analyst in stockbroking and funds management as well as a geologist in the mining industry.

Interest in Shares and Options 17,892,858 ordinary shares Director since 18 November 2019 Directorships held in other listed Equus Mining Limited. entities during the last three years

Keith Mayes Non-Executive Director Experience With more than 30 years' experience in the resource sector in exploration, business development, operational and financial roles with major mining companies including North Ltd, Newmont, Rio Tinto and Oxiana in Australia, Europe, Middle East and Africa. Keith is currently Partner at Global Resource Industry Personel and formerly GM of Australian Garnet a subsidiary of ASX listed Resource Development Group and COO at ASX listed KGL Resources that is undertaking exploration and development of the large Jervois copper/silver/gold project in central Australia and COO at Altura Mining Ltd where he discovered the world class Pilgangoora lithium deposit. Interest in Shares and options 371,429 ordinary shares and 250,000 unlisted options Director since 10 March 2020

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025

Jason Beckton Executive Director (Resources Development) Qualifications Holds BSc (Hons) Melbourne and a Masters of Economic Geology from the University of Tasmania. Experience With more than 25 years of geological corporate experience in Australia, North and South America and China. Was Project Manager for Bolnisi Gold NL's Palmerejo silver/gold project in Mexico where he managed a program defining 3.1moz AuEq. Managed the discovery of Exeter Resource Corp's 30 moz AuEq Caspiche Porphyry prospect in the Maricunga Gold Copper Belt of Chile. Previously MD of ASX listed Chinalco Yunnan Copper Resources exploring the Mt Isa, Lao and Chilean copper districts. Interest in Shares and Options 200,000 ordinary shares and 1,250,000 unlisted options Director since 29 September 2020 Directorships held in other listed Managing Director of ASX listed Prospech Ltd. entities during the last three years

Company Secretary

Marcelo Mora

Company Secretary since 15 September 2020.

Marcelo Mora holds a Bachelor of Business degree and Graduate Diploma of Applied Corporate Governance. Mr Mora has been an accountant for more than 35 years and has experience in resources and mining companies both in Australia and internationally, providing financial reporting and company secretarial services to a range of publicly listed companies.

MEETINGS OF DIRECTORS

During the financial year, 3 meeting of directors was held. Attendances by each director during the year were as follows:

Andrew Van Heyst Edward Leschke Keith Mayes Jason Beckton	Directors'	Meetings
	Number eligible to attend	Number attended
	3 3 3 3	3 3 3 3

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025

DIRECTORS’ INTERESTS

At the date of this report, the beneficial interests of each director of the Company in the issued share capital of the Company and options, each exercisable to acquire one fully paid ordinary share of the Company are:

Director	Fully Paid Ordinary	Options over ordinary	Option Terms (Exercise Price and Term)
	Shares	shares
Andrew Van Heyst	18,392,858
Edward Leschke	17,892,858
Keith Mayes	371,429	250,000	$0.24 at any time up to 6 December 2025
Jason Beckton	200,000	250,000	$0.24 at any time up to 6 December 2025
Jason Beckton	-	(1)1,000,000	$0.15 at anytime upto 6 December 2027

(1) During the year ended 30 June 2025, 1,000,000 unlisted options were granted as compensation to a director of the Company (2024: 500,000 unlisted options)

There were no options over unissued ordinary shares granted as compensation to directors or executives of the Company during or since the end of the financial year.

OPTION HOLDINGS

Unissued Shares under options

	Grant Date	Expiry Date	Vesting	Options	Exercise Price
24	October 2023	6 December 2025	Immediately	1,000,000	$0.24
15	October 2024	6 December 2027	Immediately	1,000,000	$0.15

Option holders do not have any rights to participate in any issues of shares or other interests in the Company.

SHARES ISSUED ON EXERCISE OF OPTIONS

During the financial year ended 30 June 2025, the Company has not issued ordinary shares as a result of the exercise of options (2024: nil). Since the end of the financial year, the Company has not issued ordinary shares as a result of the exercise of options.

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025

Principal activities

The principal activities of the Group during the financial year were the initial drilling campaigns of the Montezuma Antimony-Silver projects in Tasmania and Magwood Antimony Project in the New England Fold Belt of New South Wales. In June 2025, Lode Resources announced a maiden Mineral Resource estimate for its Webbs Consol in the New England Fold Belt of New South Wales

Operating results

The loss of the Group amounted to $1,606,368 (2024: $1,167,379), after providing for income tax.

Review of operations

A review of the Group’s operations for the year ended 30 June 2025 is set out on pages 1 to 15 of this Annual Report.

Dividends paid or recommended

No dividends were paid or declared during the period.

Changes in state of affairs

In the opinion of the Directors, significant changes in the state of affairs of the Group that occurred during the year ended 30 June 2025 were as follows:

On 26 August 2024, Lode secured a strategic Antimony prospect (EL9662) identifying 19 antinomy prospects including the historic Magwood Antimony Mine. The main uses of Antimony are in fire-retardant, photovoltaic solar cells and military equipment.

On 8 November 2024, the Company issued 10,696,035 ordinary fully paid shares at an issue price of $0.10 raising $1,069,603.50 before costs.

On 29 November 2024, the Company completed the acquisition of 100% of the issued capital of Spero Mining Pty Ltd (and its subsidiary Star Mining Pty Ltd) which included the Montezuma Antinomy Project “Montezuma”. Under the terms of the acquisition Lode paid a consideration as follows:

$50,000 non-refundable cash deposit.
$200,000 cash;
10,000,000 fully paid ordinary shares at an issue price of $0.10 per share with the shares escrow for 10 months; and
6,000,000 ordinary shares at a deemed issue price of $0.10 and to be issued upon satisfaction of certain performance hurdles by the seller and the performance shares have an expiry date of 30 June 2026.

On 6 December 2024, following shareholders’ approval at the Company’s Annual General Meeting. The Company issued 1,000,000 unlisted options to Jason Backton a Director of the Company. The options have an exercise price of $0.15, expiring on 6 December 2027 and vesting immediately.

On 18 December 2024, the Company issued 34,303,965 ordinary fully paid shares at an issue price of $0.10 raising $3,430,396.50 before costs

Future developments and results

During the course of the 2025 financial year, the Company will focus principally on advancing its brownfields and greenfields exploration of its exploration licences in the New England Fold Belt in northeastern NSW.

Further information as to the likely developments in the operations of the Company and the expected results of those operations in future financial years have not been included in this report as the inclusion of such information is likely to result in unreasonable prejudice to the Company.

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025

Events after the reporting date

Subsequent to year end, on 1 September 2025, the Company announced the execution of a binding agreement with Rapid Critical Metals (“Rapid”) to divest Lode’s Webbs Consol silver project in northeast New South Wales to Rapid. The divestment will comprise the transfer of two licenses containing the Webbs Consol deposit, being Webbs Consol EL 8933 and Webbs Consol Expanded EL9454.

Consideration to Lode for the divestment is to be comprised of the following:

A$3.75 million in cash, of which, A$3 million is to be paid upon completion, with A$750,000 to be paid 12 months from completion;
115 million shares in Rapid (“RCM Consideration Shares” - equivalent to 15.3% of Rapid, based on Rapid’s 638 million ordinary shares currently on issue and allowing for the issue of the 115 million Rapid shares to Lode). The RCM Consideration Shares will be voluntarily escrowed by Lode for a period of 12 months. Thereafter, Lode is to use its best endeavours to affect an in-specie distribution of these RCM Consideration Shares to Lode shareholders; and
a 2% NSR royalty over Webbs Consol

No other matters or circumstances have arisen since the end of the financial year which significantly affected or could significantly affect the operations of the Company, the results of those operations or the state of affairs of the Company in future financial years.

Environmental issues

The operations and proposed activities of the Group are subject to State and Federal laws and regulations concerning the environment. As with most exploration projects and mining operations, the Group's activities are expected to have an impact on the environment, particularly if advanced exploration or field development proceeds. It is the Group's intention to conduct its activities to the highest standard of environmental obligation, including compliance with all applicable environmental laws.

INDEMNIFICATION AND INSURANCE OF OFFICERS AND AUDITORS

During or since the end of the financial year, the Group has not indemnified or made a relevant agreement to indemnify an officer or auditor of the Company against a liability incurred as such by an officer or auditor. The Group has not paid or agreed to pay, a premium in respect of a contract insuring against a liability incurred by an officer or auditor.

REMUNERATION REPORT - Audited

Principals of compensation

Key management personnel have authority and responsibility for planning, directing, and controlling the activities of the Company. Key management personnel comprises the directors of the Company. No other employees have been deemed to be key management personnel.

The remuneration policy of Directors is to ensure the remuneration package properly reflects the persons' duties and responsibilities, and that remuneration is competitive in attracting, retaining, and motivating people of the highest quality. The Board is responsible for reviewing its own performance. The evaluation process is designed to assess the Group's business performance, whether long-term strategic objectives are being achieved, and the achievement of individual performance objectives.

The Constitution and ASX Listing Rules specify that the aggregate remuneration of Non-Executive Directors shall be determined from time to time by a general meeting.

Remuneration generally comprises of salary, bonus and superannuation. Long-term incentives are able to be provided through the Company's share option program at the discretion of directors, which acts, to align the Director's and senior executive's actions with the interests of the shareholders.

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025

REMUNERATION REPORT - Audited (Con’t)

The remuneration disclosed below represents the cost to the Company for services provided under these arrangements.

All Directors are paid through the Company's payroll. Jason Beckton and Keith Mayes Director's services until December 2025 were paid by way of an arrangement with the director or with related parties.

There was no remuneration consultants used by the Company during the year ended 30 June 2025, or in the prior year.

Consequences of performance on shareholders' wealth

In considering the Company’s performance and benefits for shareholders' wealth, the Board has regard to the following indices in respect of the current financial year and the previous financial year.

	2025	2024	2023	2022
	$	$	$	$
Net loss attributable to equity holders of the parent	1,606,368	1,167,379	1,115,531	970,510
Dividends paid	-	-	-	-
Change in shareprice	0.08	(0.08)	0.005	(0.02)

The overall level of key management personnel’s compensation has been determined based on market conditions, the advancement of the Company’s projects, and the financial performance of the Company.

Remuneration Structure

In accordance with better practice corporate governance, the structure of Executive Director and NonExecutive Director remuneration is separate and distinct.

Service contracts

In accordance with better practice corporate governance, the company provided each key management personnel with a letter detailing the terms of appointment, including their remuneration. Key management personnel may at any time resign by written notice.

Details of the nature and amount of each major element of the remuneration of each Director of the Company and other key management personnel of the Company and Group are:

		Primary				*Short*
		Salary /		Super-	*Sharebased*	*Term*	Total
		Fees	Bonus	annuation	*Payment*	*Benefit*
	Year	$	$	$	$	$	$
*Executive Directors*
Andrew Van Heyst	2025	220,000	25,000	28,175	-	16,988	290,163
	2024	220,000	-	24,200	-	6,769	250,969
Edward Leschke	2025	247,500	25,000	31,338	-	19,112	322,950
	2024	247,500	-	27,225	-	7,616	282,341
Jason Beckton	2025	74,551	-	4,313	61,000	-	139,864
	2024	50,000	-	-	13,750	-	63,750
*Non-Executive Director*
Keith Mayes	2025	57,500	-	3,758	-	-	61,238
	2024	50,000	-	-	13,750	-	63,750
Total all directors	2025	599,551	50,000	67,564	61,000	36,100	814,215
	2024	567,500	-	51,425	27,500	14,385	660,810

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025

REMUNERATION REPORT - Audited (Con’t)

Executive Directors

During the financial year ended 30 June 2025, Andrew Van Heyst, Edward Leschke and Jason Beckton were considered Executive Directors. Their remuneration for the year ended 30 June 2025 comprised of fixed remuneration, bonus, free of performance conditions, plus 12% statutory superannuation paid through the Company’s payroll. Jason Beckton and Keith Mayes were paid consultant fees from July to December 2024 from January 2025 they were paid through the Company’s payroll plus 12% statutory superannuation.

Options granted as compensation

During the year ended 30 June 2025, 1,000,000 unlisted options were issued to a director of the Company or Key Management personnel (2024: 500,000). Refer below for the options granted during the financial year ended 30 June 2025 to Jason Beckton. The Company employed no other key management personnel.

The options granted to non-executive directors were not subject to any performance or service conditions and vested immediately on the issue of the options.

Director	Grant Date	Number of Options Granted	Fair value per option at grant date	Fair Value at Grant Date Option Terms (Exercise Price and Term)
Jason Beckton	15 October 2024	(2)1,000,000	$0.061	$61,000 $0.15 at any time to 6 December 2027
	24 October 2023	(1)250,000	$0.055	$13,750 $0.24 at any time to 6 December 2025
Keith Mayes	24 October 2023	(1)250,000	$0.055	$13,750 $0.24 at any time to 6 December 2025

(1) The fair value of the 500,000 options at the grant date was determined based on a Black- Scholes formula. The model inputs of the options issued were the share price of $0.098, a volatility factor of 140.20%, a riskfree rate of 4.22% based on the 2-year government bond rate, and no dividends paid.

(2) The fair value of the 1,000,000 options at the grant date was determined based on a Black- Scholes formula. The model inputs of the options issued were the share price of $0.11, a volatility factor of 96%, a risk-free rate of 3.81% based on the 3-year government bond rate, and no dividends paid.

During the year 500,000 options lapsed unexercised (2024: nil) and no options held by key management personnel were exercised during the 2025 or 2024 financial years.

Modification of terms of equity-settled share-based payment transactions

No terms of equity-settled share-based payment transactions (including options granted as compensation to a key management person) have been altered or modified by the issuing entity during the 2025 and 2024 financial years.

Exercise of options granted as compensation

There were no shares issued to Directors on the exercise of options previously granted as compensation during the 2025 and 2024 financial years.

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025

REMUNERATION REPORT - Audited (Con’t)

Analysis of options and rights over equity instruments granted as compensation

All options refer to options over ordinary shares of Lode Resources Ltd, which are exercisable on a one-forone basis.

	Options granted	Options granted
Director	Number	Date	% vested at year end	Expired during the year	Balance at year end	Financial year in which grant vests
Jason Beckton	250,000	21 October 2022	100%	250,000	-	30 June 2023
	250,000	24 October 2023	100%	-	250,000	30 June 2024
	1,000,000	15 October 2024	100%	-	1,000,000	30 June 2025
Keith Mayes	250,000	21 October 2022	100%	250,000	-	30 June 2023
	250,000	24 October 2023	100%	-	250,000	30 June 2024

The number of options that had vested at 30 June 2025 is 1,000,000 (2024 – 500,000). The 1,000,000 options were granted as remuneration during the year (2024: 500,000). No options were granted as compensation subsequent to year-end.

Analysis of movements in options granted as compensation

No options were granted or exercised during the year.

Options and rights over equity instruments

The movement during the reporting period in the number of options over ordinary shares in the Company held directly, indirectly or beneficially, by each key management person, including their personally related entities, is as follows:

Option holdings 2025

						Vested and
	Held at	Granted/	Exercised /		Held at	exercisable
Directors	1 July 2024	Purchased	Sold	Expired	30 June 2025	at 30 June 2025
Andrew Van Heyst	71,429	-	-	(71,429)	-	-
Edward Leschke	71,429	-	-	(71,429)	-	-
Jason Beckton	500,000	1,000,000	-	(250,000)	1,250,000	1,250,000
Keith Mayes	535,714	-		(285,714)	250,000	250,000

Loans to key management personnel and their related parties

There were no loans made to key management personnel or their related parties during the 2025 and 2024 financial years and no amounts were outstanding at 30 June 2025 (2024 - $nil).

Other transactions with key management personnel

There were no other transactions with key management personnel or their related parties during 2025.

At 30 June 2025, the amount outstanding for salaries, superannuation and directors’ fees were $nil (2024: $nil).

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025

REMUNERATION REPORT - Audited (Con’t)

Movements in shares

The movement during the reporting period in the number of ordinary shares in the Company held directly, indirectly or beneficially by each key management personnel, including their related parties, is as follows:

Fully paid ordinary shareholdings and transactions - 2025

Fully paid ordinary shareholdings and transactions - 2025
Key management personnel Held at 30 June 2024 Purchases Sales	Other Held at 30 June 2025
Andrew Van Heyst 18,392,858 - - Edward Leschke 17,892,858 - - Jason Beckton 200,000 - - Keith Mayes 371,429 - -	- 18,392,858 - 17,892,858 - 200,000 - 371,429

Non-Executive Director

During the financial year ended 30 June 2025, the following Director was considered Non-Executive Director: • Keith Mayes.

The salary component of Non-Executive Directors was made up of:

fixed fees paid by way of arrangements with related parties; and
entitlement to receive options when invited by the Board and subject to shareholders’ approval.

End of remuneration report.

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025

NON-AUDIT SERVICES

During the years ended 30 June 2025 and 30 June 2024, PKF, the Company’s auditor, did not perform other services in addition to the audit and review of the financial statements.

Lead Auditor's Independence Declaration

The Lead Auditor's Independence Declaration is set out on page 27 and forms part of the Directors' Report for the financial year ended 30 June 2025.

Signed at Sydney this 26[th] day of September 2025 in accordance with a resolution of the Board of Directors:

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Andrew M. Van Heyst Executive Chairman

==> picture [151 x 40] intentionally omitted <==

Edward J. Leschke Managing Director

26 | P a g e

PKF(NS) Audit & Assurance Limited Partnership ABN 91 850 861 839

755 Hunter Street, Newcastle West NSW 2302 Level 8, 1 O’Connell Street, Sydney NSW 2000

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Newcastle T: +61 2 4962 2688 F: +61 2 4962 3245 Sydney T: +61 2 8346 6000 F: +61 2 8346 6099 [email protected] www.pkf.com.au

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�� Corporations Act 2001 ��

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PKF(NS) Audit & Assurance Limited Partnership is a member of PKF Global, the network of member firms of PKF International Limited, each of which is a separately owned legal entity and does not accept any responsibility or liability for the actions or inactions of any individual member or correspondent firm(s). Liability limited by a scheme approved under Professional Standards Legislation.

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2025

Notes CONTINUING OPERATIONS Other income Expenses Administration and consultants’ expenses Employee, directors and consultants costs Impairment Exploration and Evaluation Amortisation and depreciation Travel expenses Legal and professional expenses Loss on disposal plant and equipment Acquisition costs Other expenses 5 Operating loss before financing income and expense Interest income 6 Interest expense 6 Net finance expense Loss before income tax Income tax benefit/(expense) 4 Loss for the period Other comprehensive income for the period Total comprehensive loss for the period Earnings per share Basic and diluted loss per share 17	30 June 2025 30 June 2024 $ $ 1,965 -
	(220,805) (195,289) (840,126) (707,391) - (21,556) (80,512) (32,529) (73,493) (77,856) (15,550) (2,255) (34,342) - (110,653) - (357,387) (270,750)
	(1,730,903) (1,307,626)
	131,035 145,823 (6,500) (5,576)
	124,535 140,247
	(1,606,368) (1,167,379) - -
	(1,606,368) (1,167,379) - -
	(1,606,368) (1,167,379)
	(0.0117) (0.0109)

The above Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes.

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 30 JUNE 2025

Notes Current assets Cash and cash equivalents 7 Trade and other receivables 8 Prepayments 9 Total current assets Non-current assets Other financial assets 10 Property, plant and equipment 11 Exploration and evaluation assets 12 Total non-current assets Total assets Current liabilities Trade and other payables 13 Employee entitlements 13 Contingent consideration 30 Lease liability 14 Total current liabilities Non–current liabilities Lease liability 14 Rehabilitation provision 30 Total non-current liabilities Total liabilities Net assets Equity Issued capital 15 Reserves 16 Accumulated losses Total equity	30 June 2025 30 June 2024 $ $ 3,185,549 2,277,317 83,636 19,075 75,000 -
	3,344,185 2,296,392
	1,035,103 465,638 253,836 35,368 8,730,609 5,167,025
	10,019,548 5,668,031
	13,363,733 7,964,423
	556,551 77,174 112,451 65,242 600,000 - 2,487 35,097
	1,271,489 177,513
	- 2,487 628,335 -
	628,335 2,487
	1,899,824 180,000
	11,463,909 7,784,423
	14,338,329 9,113,475 116,000 2,386,633 (2,990,420) (3,715,685)
	11,463,909 7,784,423

The above Statement of Financial Position should be read in conjunction with the accompanying notes.

29 | P a g e

Lode Resources Ltd and its controlled entities

ABN: 30 637 512 415

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2025

Balance at 1 July 2023 Loss for the year Total other comprehensive income Total comprehensive loss for the year Transactions with owners recorded directly in equity Ordinary shares issued Transfer of expired options Share base payments Balance at 30 June 2024 Balance at 1 July 2024 Loss for the year Total other comprehensive income Total comprehensive loss for the year Transactions with owners recorded directly in equity Ordinary shares issued Transactions costs Transfer of expired options Share base payments Balance at 30 June 2025	Issued capital Accumulated losses Option premium reserve Total
	$ $ $ $ 9,113,475 (2,683,306) 2,466,633 8,896,802 - (1,167,379) - (1,167,379) - - - -
	- (1,167,379) - (1,167,379) - - - - - 135,000 (135,000) - - - 55,000 55,000
	9,113,475 (3,715,685) 2,386,633 7,784,423
	9,113,475 (3,715,685) 2,386,633 7,784,423 - (1,606,368) - (1,606,368) - - - -
	- (1,606,368) - (1,606,368) 5,500,000 - - 5,500,000 (275,146) (275,146) - 2,331,633 (2,331,633) - - - 61,000 61,000
	14,338,329 (2,990,420) 116,000 11,463,909

The above Statement of Changes in Equity should be read in conjunction with the accompanying notes.

30 | P a g e

Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2025

Notes Cash flows from operating activities Cash payments in the course of operations Interest received Net cash used in operating activities 18 Cash flows from investing activities Payments for exploration and evaluation expenditure Payment for acquisition of subsidiary Payment for the acquisition of tenements Payments for security deposits Payment for plant and equipment Refund for security deposits Net cash used in investing activities Cash flows from financing activities Proceeds from share issues Transaction costs on share issue Lease payments Net cash provided / (used in) by financing activities Net increase / (decrease) in cash held Cash at the beginning of the reporting period Cash and cash equivalents at 30 June 7	30 June 2025 30 June 2024 $ $ (1,549,345) (1,204,564) 131,035 145,823
	(1,418,310) (1,058,741)
	(1,629,790) (1,404,212) (250,000) - (75,000) - (45,400) (80,075) (48,232) - 187,000 10,000
	(1,861,422) (1,474,287)
	4,500,000 - (275,146) - (36,890) (35,586)
	4,187,964 (35,586)
	908,232 (2,568,614) 2,277,317 4,845,931
	3,185,549 2,277,317

The above Statement of Cash Flows should be read in conjunction with the accompanying notes.

31 | P a g e

Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

NOTES TO THE FINANCIAL STATEMENTS 30 June 2025

1. REPORTING ENTITY

Lode Resources Ltd (the 'Company') is a company domiciled in Australia as an individual entity. The address of the Company’s registered office is C/o ESN Partners, Level 15, Governor Macquarie Tower, 1 Farrer Place, Sydney, NSW, 2000. The consolidated financial statements, of the Company as at and for the year ended 30 June 2025 comprise the Company and its subsidiary (together referred to as the “Group’). The Group is a forprofit entity and is primarily engaged in identifying and evaluating antimony opportunities in Tasmania and New South Wales and gold, copper, and silver resource opportunities in New England Fold Belt of New South Wales.

2. BASIS OF PREPARATION

(a) Statement of compliance

The consolidated financial statements are general purpose financial statements which have been prepared in accordance with Australian Accounting Standards ('AASBs') adopted by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001 . The consolidated financial statements comply with International Financial Reporting Standards ('IFRSs') and interpretations adopted by the International Accounting Standards Board ('IASB').

The consolidated financial statements were authorised for issue by the Directors on 26 September 2025.

(b) Basis of measurement

The consolidated financial statements have been prepared on the historical cost basis except for certain financial assets which are measured at fair value.

(c) Functional and presentation currency

These consolidated financial statements are presented in Australian dollars, which is the Company’s functional currency.

(d) Use of estimates and judgement

The preparation of the consolidated financial statements are in conformity with AASBs requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.

In particular, information about significant areas of estimation uncertainty and critical judgements in applying accounting policies that have the most significant effect on the amount recognised in the financial statements are described in the following notes:

Note 12 - Exploration and evaluation expenditure.
Note 15 – Valuation of share based payments.

32 | P a g e

Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

NOTES TO THE FINANCIAL STATEMENTS 30 June 2025

3. MATERIAL ACCOUNTING POLICIES

(a) Exploration and evaluation expenditure

Exploration and evaluation expenditure, including the costs of acquiring licences, are capitalised as intangible exploration and evaluation assets on an area of interest basis, less any impairment losses. Costs incurred before the Company has obtained the legal rights to explore an area are recognised in profit or loss.

Exploration and evaluation assets are only recognised if the rights of the area of interest are current and either:

the expenditures are expected to be recouped through successful development and exploitation of the area of interest; or
activities in the area of interest have not at the reporting date, reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves and active and significant operations in, or in relation to, the area of interest are continuing.

Exploration and evaluation assets are assessed for impairment if sufficient data exists to determine technical feasibility and commercial viability and facts and circumstances suggest that the carrying amount exceeds the recoverable amount. For the purposes of impairment testing, exploration and evaluation assets are allocated to cash-generating units to which the exploration activity relates. The cash generating unit shall not be larger than the area of interest.

Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are demonstrable, exploration and evaluation assets attributable to that area of interest are first tested for impairment and then reclassified to developing mine properties.

(b) Segment reporting

Determination and presentation of operating segments

The Company determines and presents operating segments based on the information that is provided internally to the Executive Directors, who are the Company’s chief operating decision maker.

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Company’s other components. All operating segments' operating results are regularly reviewed by the Company’s Executive Directors to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available.

Segment results that are reported to the Executive Directors include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly corporate assets (primarily the Company's headquarters), head office expenses, and income tax assets and liabilities.

Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment, and intangible assets other than goodwill.

(c) Comparative information

Certain comparative amounts, which are not deemed to be material, have been disclosed or reclassified where necessary to provide consistency with current period disclosures.

33 | P a g e

Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

NOTES TO THE FINANCIAL STATEMENTS 30 June 2025

3. MATERIAL ACCOUNTING POLICIES

(d) Business combination

Business combinations are accounted for by applying the acquisition method which requires an acquiring entity to be identified in all cases. The acquisition date under this method is the date that the acquiring entity obtains control over the acquired entity.

The fair value of identifiable assets and liabilities acquired are recognised in the consolidated financial statements at the acquisition date.

Goodwill or a gain on bargain purchase may arise on the acquisition date, this is calculated by comparing the consideration transferred and the amount of non-controlling interest in the acquiree with the fair value of the net identifiable assets acquired. Where consideration is greater than the net assets acquired, the excess is recorded as goodwill. Where the net assets acquired are greater than the consideration, the measurement basis of the net assets are reassessed and then a gain from bargain purchase recognised in profit or loss.

All acquisition-related costs are recognised as expenses in the periods in which the costs are incurred except for costs to issue debt or equity securities.

Contingent consideration to be transferred by the acquirer is recognised at the acquisition-date fair value. Subsequent changes in the fair value of the contingent consideration classified as an asset or liability is recognised in profit or loss. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity.

Business combinations are initially accounted for on a provisional basis. The acquirer retrospectively adjusts the provisional amounts recognised and also recognises additional assets or liabilities during the measurement period, based on new information obtained about the facts and circumstances that existed at the acquisitiondate. The measurement period ends on either the earlier of (i) 12 months from the date of the acquisition or (ii) when the acquirer receives all the information possible to determine fair value.

(e) Rehabilitation provision

A provision has been made for the present value of anticipated costs for future rehabilitation of land explored or mined. The consolidated entity's mining and exploration activities are subject to various laws and regulations governing the protection of the environment. The consolidated entity recognises management's best estimate for assets retirement obligations and site rehabilitations in the period in which they are incurred. Actual costs incurred in the future periods could differ materially from the estimates. Additionally, future changes to environmental laws and regulations, life of mine estimates and discount rates could affect the carrying amount of this provision.

(f) New and revised accounting standards and interpretations

The Company has adopted all standards which became effective for the first time in the year ended 30 June 2025.

The AASB has issued new and amended accounting standards and interpretations that have mandatory application dates in future reporting periods. The Company has decided not to early adopt these and has assessed their impact as being immaterial.

34 | P a g e

Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

NOTES TO THE FINANCIAL STATEMENTS 30 June 2025

4. INCOME TAX EXPENSE

(a) Reconciliation of income tax accounting profit: Prima Facie tax payable on profit from ordinary activities before income tax at 25% (2024: 25%) Add tax effect off: - origination and reversal of temporary differences - non-deductible expenses - tax losses not recognised Income tax expense	2025 2024 $ $ (229,251) (291,844) 9,302 7,409 9,968 5,307 209,981 279,128
	- -

At 30 June 2025, the Company had unrecognised unused tax losses of $13,150,213 (2024: $9,176,978).

The Group is not a tax consolidated group. Each entity within the Group accounts for its own current tax liabilities (or assets). These are aggregated in the consolidated financial statements. As the Group is not a tax consolidated group, tax losses cannot be offset across entities.

5. LOSS FROM OPERATING ACTIVITIES

The following items are relevant in explaining the financial performance for the year ended 30 June 2025

Other Expenses Accounting fees Marketing IT expenses Insurance Other Total 6. FINANCE INCOME AND FINANCE COSTS Recognised in profit and loss Interest income on cash deposits Finance costs Net finance income/(costs) recognised in profit and loss 7. CASH AND CASH EQUIVALENTS Cash at bank Deposit at call 8. TRADE AND OTHER RECEIVABLES Current GST receivable Other	2025 2024 $ $ 71,738 47,728 51,781 68,227 62,611 5,600 38,790 40,179 132,467 109,016
	357,387 270,750
	131,035 145,823 (6,500) (5,576)
	124,535 140,247
	384,154 519,802 2,801,395 1,757,515
	3,185,549 2,277,317
	76,651 19,075 6.985 -
	83,636 19,075

35 | P a g e

Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

NOTES TO THE FINANCIAL STATEMENTS 30 June 2025

9. PREPAYMENTS
	2025	2024
	$	$
Prepayment for the acquisition of a tenement	75,000		-
10. OTHER FINANCIAL ASSETS
Non-current
Security deposits	885,068	315,603
Net smelter royalty EL5674	150,035	150,035
	1,035,103	465,638
11. PROPERTY PLANT AND EQUIPMENT
Motor vehicles	80,950		-
Accumulated depreciation	(39,953)		-
Total motor vehicles	40,997		-
Plant and equipment	1,233,108		-
Accumulated depreciation	(1,022,990)		-
Total plant and equipment	210,118		-
Right of use assets – leased property – at cost	65,295	65,295
Accumulated depreciation	(62,574)	(29,927)
Total right of use assets – leased property	2,721	35,368
Total property plant and equipment	253,836	35,368
Movement in the carrying amounts for each class of property, plant and equipment between the beginning
and the end of the current financial year:
	2025	2024
	$	$
Motor Vehicles
Balance at 1 July	-		-
Acquisition	48,232
Depreciation charge to exploration costs	(7,235)		-
Carrying amount at the end of the financial year	40,997		-
Plant and equipment
Balance at 1 July	-		-
Acquisition of subsidiary	257,983		-
Depreciation	(47,865)		-
Carrying amount at the end of the financial year	210,118		-
Right of use assets
Balance at 1 July	35,368	2,602
Additions new lease	-	65,295
Depreciation	(32,647)	(32,529)
Carrying amount at the end of the financial year	2,721	35,368
Total carrying amount at the end of the financial year	253,836	35,368

36 | P a g e

Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

NOTES TO THE FINANCIAL STATEMENTS 30 June 2025

12. EXPLORATION AND EVALUATION EXPENDITURE

EL 8933 Webbs Consol EL 8980 Uralla EL 9003 Fender EL 9084 Tea Tree EL 9085 Thor Gold EL 9319 Sandon EL 9087 Uralla West EL 9454 Webbs Extension EL 9662 New England Antimony Montezuma Antimony 2M-2023 Montezuma Antimony EL7-2019 Granville EL9-2019 Granville 2M-2018 Net book value Balance at 1 July Expenditure incurred Aquisitions Impairment Net book value	2025 2024 $ $ 4,476,341 3,664,104 1,086,200 1,008,005 318,746 314,086 23,278 21,738 49,635 44,855 96,859 64,204 24,133 22,713 6,560 3,280 248,517 24,040 1,987,876 - 391,751 - 17,346 - 3,367 -
	8,730,609 5,167,025
	5,167,025 4,172,070 2,075,223 1,016,511 1,488,361 - (21,556)
	8,730,609 5,167,025

The recoverability of the carrying amount of the exploration and evaluation assets is dependent on the successful development and commercial exploitation, or alternatively, sale of the respective areas of interest.

The recoverable amount of development expenditure is determined as the higher of its fair value less costs to sell and its value in use.

13. TRADE AND OTHER PAYABLES

3. TRADE AND OTHER PAYABLES
CURRENT Trade payables Sundry payables and accrued expenses Other payables CURRENT Employee benefits	2025 2024 $ $ 20,765 29,209 493,178 18,086 42,608 29,879
	556,551 77,174
	112,451 65,242
	112,451 65,242

37 | P a g e

Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

NOTES TO THE FINANCIAL STATEMENTS 30 June 2025

14. LEASE LIABILITY

4. LEASE LIABILITY
Lease liability Current Non-current	2025 2024 $ $ 2,487 35,097 - 2,487
	2,487 37,584

15. ISSUED CAPITAL

(a) Issued and paid-up share capital

Ordinary shares, fully paid at 1 July Movement in Ordinary Shares: Issued ordinary shares 8 November 2024 for $0.10(1) Issued ordinary shares 9 December 2024 for $0.10(2) Issued ordinary shares 18 December 2024 for $0.10(3) Less cost of issue	30 June 2025 30 June 2024 Number $ Number $ 106,784,145 9,113,475 106,784,145 9,113,475 10,696,035 1,069,604 - - 10,000,000 1,000,000 - - 34,303,965 3,430,396 - - - (275,146) - -
	161,784,145 14,338,329 106,784,145 9,113,475

(1) On 8 November 2024, the Company issued 10,696,035 ordinary shares for cash totaling $1,069,604 under tranche 1 of a share placement.
(2) On 9 December 2024, the Company issued 10,000,000 ordinary shares at an issue price of 10 cent per share as consideration to the vendor’s nominees for Spero Mining Pty Ltd and its subsidiary, Ten Star Pty Ltd.
(3) On 18 December 2024, the Company issued 34,303,965 ordinary shares for cash totaling $3,430,396 under tranche 2 of a share placement.

Terms and conditions - Shares

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at the shareholder's meetings. In the event of winding up of the Company, ordinary shareholders rank after creditors and are fully entitled to any proceeds of liquidation.

(b) Share based payment

The following unlisted options were on issue at 30 June 2025:

On 24 October 2023, the Company granted 500,000 unlisted options to the Exploration Manager. The options have an exercise price of $0.24, vest immediately, expire on 6 December 2025 and the fair value of the options was $27,500. The Black-Scholes formula model inputs were the Company's share price of $0.098 at the grant date, a volatility factor of 140.20% based on historical share price performance, and a risk-free interest rate of 4.22% based on the 2-year government bond rate.

The following unlisted options were on issue as at 30 June 2025.

Opening Balance	Exercise	Granted during	Expired during	Exercised		Closing Balance
1 July 2024	price	the year	the year	during the year		30 June 2025
Number	$	Number	Number	Number		Number
750,000	0.24	-	(750,000)		-	-
2,500,000	0.40	-	(2,500,000)		-	-
500,000	0.24	-	-		-	500,000

38 | P a g e

Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

NOTES TO THE FINANCIAL STATEMENTS 30 June 2025

15. ISSUED CAPITAL (Cont.)

The following unlisted options held by Key management personnel were on issue at 30 June 2025.

On 24 October 2023, the Company granted 500,000 unlisted options to Non-executive Directors. The options have an exercise price of $0.24, vest immediately, expire on 6 December 2025 and the fair value of the options was $27,500. The Black-Scholes formula model inputs were the Company's share price of $0.098 at the grant date, a volatility factor of 140.20% based on historical share price performance, and a risk-free interest rate of 4.22% based on the 2-year government bond rate.

On 15 October 2024, the Company granted 1,000,000 unlisted options to a Director of the Company. The options have an exercise price of $0.15, vest immediately, expire on 6 December 2027 and the fair value of the options was $61,000. The Black-Scholes formula model inputs were the Company's share price of $0.11 at the grant date, a volatility factor of 96% based on historical share price performance, and a risk-free interest rate of 3.82% based on the 3-year government bond rate.

The terms and conditions of the unlisted options held by key management personnel during the year ended 30 June 2025 are as follows:

Opening Balance	Exercise	Granted during	Expired during	Exercised		Closing Balance
1 July 2024	price	the year	the year	during the year		30 June 2025
Number	$	Number	Number	Number		Number
500,000	0.24	-	(500,000)		-	-
500,000	0.24	500,000	-		-	500,000
-	0.15	1,000,000	-		-	1,000,000

The following unlisted options were on issue as at 30 June 2025:

Opening Balance	Exercise	Granted	Expired during	Exercised	Closing Balance
1 July 2024	Price	during the year	the year	during the year	30 June 2025
Number	$	Number	Number	Number	Number
750,000	0.24	-	(750,000)	-	-
2,500,000	0.40	-	(2,500,000)	-	-
500,000	0.24	-	-	-	500,000
1,000,000	0.24	1,000,000	-	-	1,000,000

The following unlisted options were on issue as at 30 June 2024:

Opening Balance	Exercise	Granted	Expired during	Exercised	Closing Balance
1 July 2023	Price	during the year	the year	during the year	30 June 2024
Number	$	Number	Number	Number	Number
1,000,000	0.30	-	(1,000,000)	-	-
500,000	0.30	-	(500,000)	-	-
750,000	0.24	-	-	-	750,000
2,500,000	0.40	-	-	-	2,500,000
500,000	0.24	-	-	-	500,000
	0.24	1,000,000	-	-	1,000,000

39 | P a g e

Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

NOTES TO THE FINANCIAL STATEMENTS 30 June 2025

16. RESERVES

Equity based compensation reserve Option premium reserve *Movement during the period* Equity based compensation reserve Balance at the beginning of the year Options expired during the period transferred to retained earnings Share based payment – vested share options Balance at the end of year Option premium reserve Balance at the beginning of the year Issue of options Options expired during the period transferred to retained earnings Balance at the end of year 17. LOSS PER SHARE Basic and diluted loss per share has been calculated using: Net loss for the year attributable to equity holders of the company *Weighted average number of ordinary shares (basic and diluted)* Issued ordinary shares at beginning of year Effect of shares issued (Note 15) Weighted average ordinary shares at the end of the year	2025 2024 $ $ - 952,750 116,000 1,433,883
	116,000 2,386,633
	952,750 1,032,750 (952,750) (135,000) - 55,000
	- 952,750
	1,433,883 1,433,883 61,000 - (1,378,883) -
	116,000 1,433,883
	(1,606,368) (1,167,379)
	137,519,973106,784,145 - -
	137,519,973106,784,145

17. LOSS PER SHARE

As the Company is loss making, none of the potentially dilutive securities are currently dilutive in the calculation of total earnings per share.

40 | P a g e

Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

NOTES TO THE FINANCIAL STATEMENTS 30 June 2025

18. RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES

Cash flows from operating activities
Loss for the year
Non-cash items
Depreciation / amortisation
Share based payments
Employee entitlements
Impairment exploration and evaluation
Loss on sale of plant and equipment
Changes in assets and liabilities
Decrease/(increase) in receivables
Decrease/(increase) in other assets
(Decrease)/Increase in payables
Net cash used in operating activities

2025
2024
$
$ (1,606,368)
(1,167,379)
80,512
32,529
61,000
55,000
33,903
22,366
-
21,556
34,342
-
(23,062)
35,280
-
3.899
1,363
(61,992)

(1,418,310)
(1,058,741)

19. CONTINGENCIES

In the opinion of the Directors, the Company did not have any contingencies at 30 June 2025 (2024: none).

20. CAPITAL AND LEASING COMMITMENTS

The NSW Division of Resource and Geoscience requires a commitment to a work program rather than an expenditure commitment. Work programs can be varied annually. The Company has budgeted minimum work programs for each year as shown below. However, it is anticipated that early exploration success in any project will result in higher expenditures for that project.

			2026	2027	2028	2029
Project Name(NSW)	License	Expiry date	$	$	$	$
Webbs Consol	EL8933	16 January 2029	100,000	100,000	100,000	100,000
Uralla	EL8980	14 May 2027	150,000	150,000	-	-
Fender	EL9003	12 October 2029	50,000	50,000	50,000	50,000
Tea Tree	EL9084	12 March 2027	33,333	33,333	-	-
Thor	EL9085	11 March 2027	33,333	33,333	-	-
Uralla West	EL9087	12 March 2027	50,000	50,000	-	-
Sandon	EL9319	29 October 2026	100,000	-	-	-
Webbs Consol Expanded	EL9454	7 September 2025	-	-	-	-
New England Antimony	EL9662	11 June 2027	146,667	146,667
Total			663,333	563,333	150,000	150,000

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

NOTES TO THE FINANCIAL STATEMENTS 30 June 2025

			2026	2027	2028		2029
Project Name(TAS)	License	Expiry date	$	$	$		$
Montezuma Antimony	2M-2023	28 December 2025	n/a
Montezuma Antimony	EL7-2019	23 March 2025	390,000	-		-		-
Montezuma Antimony	EL2/2020	23 September 2025	440,00	-		-		-
Waratah	EL6/2025	-	98,000	98,000		-		-
Granville	2M-2018	5 March 2027	n/a
Granville	32M-1988	1 November 2024	n/a
Granville	EL9-2019	10 June 2026	50,000	-		-
Total			538,000	98,000		-		-

21. RELATED PARTIES

The Company’s main related parties are:

Key management personnel who comprise the Board of Directors.

Other related parties include close family members of key management personnel and entities that are controlled or significantly influenced by those key management personnel or their close family members.

Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated.

No directors have entered into a material contract with the Company and there were no material contracts involving directors' interests existing at 30 June 2025.

Key management personnel and director transactions

During the year ended 30 June 2025 and 2024, no key management persons, or their related parties, held positions in other entities that provide material professional services resulting in them having control or joint control over the financial or operating policies of those entities.

Information regarding individual key management personnel’s compensation and some equity instruments disclosures as permitted by Corporations Act and Corporations Regulations 2M.3.03 are provided in the Remuneration Report section of the Director’s Report.

Key management personnel compensation Primary fees/salary Bonus Superannuation Share based payment Short term benefits	2025 2024 $ $ 599,551 567,500 50,000 - 67,564 51,425 61,000 27,500 36,100 14,385
	814,215 660,810

22. SHARE BASED PAYMENT

At 30 June 2025 Lode Resources Ltd has the following share-based payment schemes:

During the year the Company has granted 500,000 unlisted options to key management personnel to acquire options over unissued ordinary shares in the Company (2023 – 500,000). The options have no voting or dividend rights. The options vested immediately on Grant Date and there are no vesting conditions attached to the options issued. Any options not exercised by the expiry date will lapse automatically.

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

NOTES TO THE FINANCIAL STATEMENTS 30 June 2025

The terms and conditions of the options held by key management personnel during the year ended 30 June 2024 are as follows:

											Balance	Vested and
								Granted	Exercised	Forfeited	at the end	exercisable
	Grant			Expiry		Exercise	Start of	during the	during the	during the	of the	at the end
	date			date		price	theyear	year	year	year	year	of theyear
21	October	2022	2	December	2024	$0.24	500,000	-	-	(500,000)	-	-
24	October	2023	6	December	2025	$0.24	500,000	-	-	-	500,000	500,000
15	October	2024	6	December	2027	$0.15	-	1,000,000	-	-	1,000,000	1,000,000

The weighted average remaining contractual life of options outstanding at year end was 1.77 years (2024: 0.93). The weighted average exercise price of outstanding shares at the end of the reporting period was $0.18.

The equity based compensation reserve is used to record the options issued to directors and executives of the Company as compensation. Options are valued using the Black-Scholes option pricing model.

23. FINANCIAL RISK MANAGEMENT

The Company is exposed to a variety of financial risks through its use of financial instruments.

The Company‘s overall risk management plan seeks to minimise potential adverse effects due to the unpredictability of financial markets.

Financial instruments used

The principal financial instruments used by the Company are summarised as follows:

Financial assets Held at amortised cost Cash and cash equivalents Security deposits Total financial assets Financial liabilities Financial liabilities at amortised cost Total financial liabilities	2025 $ 2024 $ 3,185,549 2,277,317 885,068 315,603
	4,070,617 2,592,920
	1,271,489 150,121
	1,271,489 150,121

Objectives, policies and processes

The Board of Directors have overall responsibility for the establishment of Lode Resource’s financial risk management framework. This includes the development of policies covering specific areas such as foreign exchange risk, interest rate risk, liquidity risk, credit risk and the use of derivatives.

Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company’s activities.

Mitigation strategies for specific risks faced are described below:

Liquidity risk

Liquidity risk arises from the Company’s management of working capital. It is the risk that the Company will encounter difficulty in meeting its financial obligations as they fall due. The Company’s policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities as and when they fall due.

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

NOTES TO THE FINANCIAL STATEMENTS 30 June 2025

Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Company.

Credit risk arises from cash and cash equivalents and deposits held.

The credit risk for liquid funds and other short-term financial assets is considered negligible since the counterparties are reputable banks and governmental bodies with high-quality external credit ratings.

Interest rate risk

The Company’s income statement is affected by changes in interest rates due to the impact of such changes on the interest income from cash and cash equivalents and interest-bearing security deposits.

24. OPERATING SEGMENTS

The Company’s chief operating decision maker has considered the requirements of AASB 8, Operating Segments, and has concluded that, for the year ended 30 June 2025, the Company operated in the mineral exploration within the geographical segments of Australia with no separate reportable segment.

25. SUPERANNUATION EXPENSE

Employee benefit expense includes defined contribution expense of $68,927 (2024: $52,525).

26. REMUNERATION OF AUDITORS

During the financial year, the following fees were paid or were payable for services provided by the auditors of the Company:

of the Company:
	2025	2024
	$	$
Audit services	53,539	47,381

27. CONTROLLED ENTITIES

Parent entity

Lode Resources Ltd is an Australian incorporated company listed on the Australian Securities Exchange.

		Ownership	Interest
		2025	2024
Wholly owned controlled entities	Country of incorporation	%	%
Lode Metals Pty Ltd	Australia	100	100
Spero Mining Pty Ltd	Australia	100	-
Ten Star Mining Pty Ltd	Australia	100	-

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

NOTES TO THE FINANCIAL STATEMENTS 30 June 2025

28. SUBSEQUENT EVENTS

Consideration to Lode for the divestment is to be comprised of the following:

A$3.75 million in cash, of which, A$3 million is to be paid upon completion, with A$750,000 to be paid 12 months from completion;
115 million shares in Rapid (“RCM Consideration Shares” - equivalent to 15.3% of Rapid, based on Rapid’s 638 million ordinary shares currently on issue and allowing for the issue of the 115 million Rapid shares to Lode). The RCM Consideration Shares will be voluntarily escrowed by Lode for a period of 12 months. Thereafter, Lode is to use its best endeavours to affect an in-specie distribution of these RCM Consideration Shares to Lode shareholders; and
a 2% NSR royalty over Webbs Consol

29. PARENT ENTITY DISCLOSURE

For the financial year ended 30 June 2025, the parent entity of the Group was Lode Resources Ltd.

Results of the parent entity Net loss Other comprehensive income Total comprehensive loss Financial position of the parent entity at year end Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Net assets Equity Share capital Accumulated losses Reserves Total Equity	Company 2025 $ 2024 $ (1,491,350) (1,166,804) - -
	(1,491,350) (1,166,804)
	3,066,746 2,296,393 9,268,029 5,668,606
	12,352,775 7,964,999
	773,273 180,000 - -
	773,273 180,000
	11,579,502 7,784,999
	14,338,329 9,113,475 (2,874,827) (3,715,109) 116,000 2,386,633
	11,579,502 7,784,999

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

NOTES TO THE FINANCIAL STATEMENTS 30 June 2025

30. ACQUISITION OF CONTROLLED ENTITIES

During the financial year ended 30 June 2025, the Company acquired 100% of the issued capital of Spero Mining Pty Ltd (‘Spero’). As consideration for Spero the Company issued 10,000,000 ordinary shares (equivalent to a fair value of $1,000,000, based on the listed share price of the Company at 28 November 2024 of $0.0985 per share) to the vendor Rodney McDermott, Steven McDermott and K&S McDermott. Spero is situated in the north west of Tasmania. Spero mining property comprises 95.84 sq Km of mining claims and exploration licences. In addition, the Company has a conditional consideration payable of 6,000,000 ordinary shares to be to the vendors at a deemed issue price of $0.10 ($600,000) upon satisfaction of certain performance hurdles by the seller and the performance shares have an expiry date of 30 June 2026.

The acquisition of Spero had the following effect on the Group’s assets and liabilities on acquisition date, determined on a provisional basis:

Pre-acquisition carrying amounts Fair value adjustment $ $ Cash 7,110 - Trade receivables 59,690 - Property, plant and equipment 292,326 - Exploration and evaluation assets 34,046 1,454,315 Financial assets 703,066 - Trade and other payables (72,218) - Rehabilitation provision (628,335) - 395,685 1,454,315 Cash 10,000,000 Shares 6,000,000 Shares (contingent on performance hurdles)	Pre-acquisition carrying amounts Fair value adjustment $ $ 7,110 - 59,690 - 292,326 - 34,046 1,454,315 703,066 - (72,218) - (628,335) -	Recognised value on acquisition $ 7,110 59,690 292,326 1,488,361 703,066 (72,218) (628,335)
	395,685 1,454,315	1,850,000
		Consideration $ 250,000 1,000,000 600,000
		1,850,000

The fair value of assets and liabilities recognised at acquisition date are estimated and determined provisionally.

The rehabilitation provision recognised by the Group relates to site restoration and rehabilitation obligations associated with the Granville Project under Mining Lease 2M-2018, held by Ten Star Mining Pty Ltd. As security for these obligations, the Company has lodged a deposit with Mineral Resources Tasmania (“MRT”). This deposit forms part of the security deposits disclosed in Note 10, which total $885,068 at year-end. Of this amount, $628,000 specifically relates to the Granville site rehabilitation.

The above fair values recognised on acquisition are determined on a provisional basis. If new information is obtained within one year of the date of acquisition about facts and circumstances that existed at the date of acquisition identifies adjustments to the above amounts, or any additional provisions that existed at the date of acquisition, then the accounting for the acquisition will be revised.

The Group incurred $110,653 in costs related to the acquisition of Spero.

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

CONSOLIDATED ENTITY DISCLOSURE STATEMENT

Consolidated entity disclosure statement For the year ended 30 June 2025

	Body corporate,	Place of	% of share capital held directly	Australian or
	partnership or	incorporation	or indirectly by the Company in	Foreign tax
Entity Name	trust	/ formed	the body corporate	resident
Lode Resources Ltd	Body Corporate	Australia	N/A	Australian
Lode Metals Pty Ltd	Body Corporate	Australia	100%	Australian
Spero Mining Pty Ltd	Body Corporate	Australia	100%	Australian
Ten Star Mining Pty Ltd	Body Corporate	Australia	100%	Australian

Determination of Tax Residency

Section 295 (3A) of the Corporations Act 2001 requires that the tax residency of each entity which is included in the Consolidated Entity Disclosure Statement (CEDS) be disclosed. In the context of an entity which was an “Australian resident” has the meaning provided in the Income Tax Assessment Act 1997. The determination of tax residency involves judgement as the determination of tax residency is highly fact dependent and there are currently several different interpretations that could be adopted, and which could give rise to a different conclusion on residency.

In determining tax residency – The consolidated entity has applied the following interpretations:

Australian tax residency – The consolidated entity has applied current legislation and judicial precedent, including having regard to the Commissioner of Taxation’s public guidance in Tax Ruling TR 2018/5.
Foreign tax residency – The consolidated entity has applied current legislation and where available judicial precedent in the determination of foreign tax residency. Where necessary, the consolidated entity has used independent tax advisers in foreign jurisdictions to assist in its determination of tax residency to ensure applicable foreign tax legislation has been complied with.

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Lode Resources Ltd and its controlled entities ABN: 30 637 512 415

DIRECTORS' DECLARATION 30 June 2025

In the opinion of the directors of Lode Resources Ltd (the 'Company'):
(a) The consolidated financial statements and notes, there to, set out on pages 28 to 46, and the Remuneration Report as set out on pages 21 to 25 of the Directors’ Report are in accordance with the Corporations Act 2001 , including:
- (i) giving a true and fair view of the Graoup’s financial position as at 30 June 2025 and of its performance for the year ended on that date; and
- (ii) complying with Australian Accounting Standards and the Corporations Regulations 2001; and
(b) the consolidated entity disclosure statement at 30 June 2025 set out on page 47 is true and correct; and (c) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.
The Directors have been given the declarations required under section 295A of the Corporations Act 2001 for the financial year ended 30 June 2025.
The Director’s draw attention to Note 2(a) to the consolidated financial statements, which includes a statement of compliance with International Financial Reporting Standards.

Signed at Sydney this 26[th] day of September 2025

in accordance with a resolution of the Board of Directors:

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Andrew Van Heyst Executive Chairman

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Edward Leschke

Managing Director

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PKF(NS) Audit & Assurance Limited Partnership ABN 91 850 861 839 755 Hunter Street, Newcastle West NSW 2302 Level 8, 1 O’Connell Street, Sydney NSW 2000

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Lode Resources Ltd ABN: 30 637 512 415

ADDITIONAL STOCK EXCHANGE INFORMATION

Additional information required by the ASX Limited Listing Rules and not disclosed elsewhere in this report is set out below. The information is effective as at 31 August 2025.

SECURITIES EXCHANGE

The Company is listed on the Australian Securities Exchange. The Home Exchange is Sydney.

SUBSTANTIAL SHAREHOLDERS

The number of substantial shareholders and their associates are set out below:

Shareholder	Number of Shares
Andrew Van Heyst	18,392,858
Edward Leschke	17,892,858
SG Hiscock & CompanyLimited	12,000,000

THE NUMBER OF HOLDERS IN EACH CLASS OF SECURITIES

The total distribution of fully paid shareholders and optionholders as at 31 August 2023 was as follows:

Type of security	Number of holders	Number of securities
Ordinaryshares	943	151,784,145
Escrow shares	11	10,000,000
Options	4	2,000,000

CLASS AND VOTING RIGHTS

The voting rights attached to ordinary shares, as set out in the Company’s Constitution, are that every member in person or by proxy, attorney or representative, shall have one vote on a show of hands and one vote for each share held on a poll.

A member holding partly paid shares is entitled to a fraction of a vote equivalent to the proportion which the amount paid up bears to the issue price for the shares.

Options don’t carry voting rights.

DISTRIBUTION OF SHAREHOLDERS AND OPTIONHOLDERS

The total distribution of fully paid shareholders and unlisted option holders was as follows:

Range	Total Shareholders	Total number of fully paid shares	Total Optionholders	Total number of options
1 - 1,000	35	3,199	-	-
1,001 - 5,000	125	423,869	-	-
5,001 - 10,000	194	1,628,348	-	-
10,001 - 100,000	426	17,168,439	-	-
100,001 and over	174	142,560,290	3	2,000,000
Total	954	161,784,145	3	2,000,000

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Lode Resources Ltd ABN: 30 637 512 415

ADDITIONAL STOCK EXCHANGE INFORMATION

ON MARKET BUY BACK

There is no on market buy-back.

ESCROWED SECURITIES

As at 31 August 2025, there were 10,000,000 ordinary fully paid shares on escrow until 9 December 2025.

LESS THAN MARKETABLE PARCELS

On 31 August 2025, there are 139 holders of less than a marketable of 4,952 ordinary shares.

TWENTY LARGEST SHAREHOLDERS

As at 31 August 2025, the twenty largest quoted shareholders held 55.36% of the fully paid ordinary shares as follows:

Nº	Name	Ordinary Shares	Ordinary Shares
		Quantity	%
1	A M Van Heyst Superannuation	18,392,858	11.37
2	Augusta Enterprises PtyLtd	17,750,001	10.97
3	HSBC CustodyNominees(Australia)Limited	10,873,127	6.72
4	One Management Investment Funds Limited	5,110,570	3.16
5	Muscoda Holdings PtyLtd	4,430,068	2.74
6	Hawthorn Grove Investments PtyLtd	3,850,000	2.38
7	Netwealth Investments Limited	3,327,350	2.06
8	J Lander Super PtyLtd	3,116,384	1.93
9	Kirmeleo PtyLtd	3,106,667	1.92
10	Sahacha PtyLtd	3,106,666	1.92
11	Station Capital PtyLtd	2,613,529	1.62
12	Kenneth William Gibson & Janice Elizabeth Gibson	2,100,000	1.30
13	Ashabia PtyLtd	2,000,000	1.24
14	CiticorpNominees PtyLimited	1,829,033	1.13
15	All-States Finance PtyLimited	1,672,599	1.03
16	Radell PtyLimited	1,610,066	1.00
17	Rask PtyLtd	1,550,000	0.96
18	Mr XianlongYang	1,410,000	0.87
19	Evolution Trustees Limited	1,400,000	0.87
20	McjpDarlingEnterprise PtyLtd	1,336,432	0.83

TWENTY LARGEST OPTIONOLDERS

As at 31 August 2025, there are 2 optionholder that held 20% or more of the options on issued.

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Lode Resources Ltd ABN: 30 637 512 415

ADDITIONAL STOCK EXCHANGE INFORMATION

TENEMENTS SCHEDULE

Project	Location	Licence Number	Holder	Interest %	Type of Tenement
Uralla	NSW	EL8980	Lode Resources Ltd	100	Exploration
Uralla West	NSW	EL9087	Lode Resources Ltd	100	Exploration
Webbs Consol	NSW	EL8933	Lode Resources Ltd	100	Exploration
*Webbs Consol Expanded1**	NSW	EL9454	Lode Resources Ltd	100	Exploration
Fender	NSW	EL9003	Lode Resources Ltd	100	Exploration
Tea Tree	NSW	EL9084	Lode Resources Ltd	100	Exploration
Thor	NSW	EL9085	Lode Resources Ltd	100	Exploration
Sandon	NSW	EL9319	Lode Resources Ltd	100	Exploration
New England Antimony	NSW	EL9662	Lode Metals Pty Ltd	100	Exploration
Montezuma Antimony	TAS	2M-2023	Spero Mining Pty Ltd	100	Mining
*Montezuma Antimony1**	TAS	EL7-2019	Spero Mining Pty Ltd	100	Exploration
Montezuma Antimony12	TAS	EL2/2020	Spero Mining Pty Ltd	100	Exploration
*Waratah3**	TAS	EL6/2025	Spero Mining Pty Ltd	100	Exploration
Granville	TAS	2M-2018	Ten Star Mining Pty Ltd	100	Mining
*Granville1**	TAS	32M-1988	Ten Star Mining Pty Ltd	100	Mining
Granville	TAS	EL9-2019	Ten Star Mining Pty Ltd	100	Exploration

*[1][1] Under renewal

*[2] Processing of title transfer documents by Mineral Resources Tasmania has not yet been completed due to a backlog in their licence processing section and a state election

*[3] Under application

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AI assistant

LODE RESOURCES LTD — Annual Report 2025

65220_rns_2025-09-25_cd8f1929-3752-44f5-89a6-99b2d0d53186.pdf

CORPORATE DIRECTORY

CONTENTS

REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025

REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025

REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025

Montezuma Antimony-Silver Project

REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025

REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025

REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025

REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025

[1] Antimony and Silver Metal Equivalent Grades

2Tin and Gold Assays

REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025

Magwood Antimony Project

REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025

REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025

REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025

New England Antimony Exploration Licence

Figure 9: Location of Lode’s EL9662 With Multiple Antimony Prosects

REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025

Webbs Consol Silver Project

1.6 Mt @ 636g/t AgEq[i] g/t for 32 M Ounces AgEq[i-iv]

REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025

REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025

REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025

Competent Person’s Statement

No material changes

Governance Arrangements

Mineral Resources Statement

Resource comparison 2024 to 2025

CORPORATE GOVERNANCE STATEMENT FOR THE YEAR ENDED 30 JUNE 2025

DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025

Directors

Information on directors

DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025

Company Secretary

Marcelo Mora

MEETINGS OF DIRECTORS

DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025

DIRECTORS’ INTERESTS

OPTION HOLDINGS

Unissued Shares under options

SHARES ISSUED ON EXERCISE OF OPTIONS

DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025

Principal activities

Operating results

Review of operations

Dividends paid or recommended

Changes in state of affairs

Future developments and results

DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025

Events after the reporting date

Environmental issues

INDEMNIFICATION AND INSURANCE OF OFFICERS AND AUDITORS

REMUNERATION REPORT - Audited

Principals of compensation

DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025

REMUNERATION REPORT - Audited (Con’t)

Consequences of performance on shareholders' wealth

Remuneration Structure

Service contracts

DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025

REMUNERATION REPORT - Audited (Con’t)

Executive Directors

Options granted as compensation

Modification of terms of equity-settled share-based payment transactions

Exercise of options granted as compensation

DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025

REMUNERATION REPORT - Audited (Con’t)

Analysis of options and rights over equity instruments granted as compensation

Analysis of movements in options granted as compensation

Options and rights over equity instruments

Option holdings 2025

Loans to key management personnel and their related parties

Other transactions with key management personnel

DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025

REMUNERATION REPORT - Audited (Con’t)

LODE RESOURCES LTD Annual Report 2025

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