LODE RESOURCES LTD — Capital/Financing Update 2022

Sep 20, 2022

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21 September 2022

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ASX : LDR
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Phase II Drilling Commences at Webbs Consol Silver-Base Metal Project

Highlights

• Phase II diamond drilling has commenced at the Webbs Consol Silver-Base Metals Project. Approximately 19 holes for 2,350m of drilling is planned.

• Phase II drilling will target extensions of both the Tangoa West prospect where hole WCS019 reported 26.7m @ 399 g/t AgEq[1] and the Castlereagh prospect where WCS023 reported 50.0m @ 284 g/t .

• Phase II drilling will also test a number of newly identified prospects where surface mineralisation retuned up to 1,135 g/t Ag, 7.51% Pb, 0.58% Cu and 0.47 g/t Au.

• High grades continue at depth with Phase I drill hole WCS028 returning 526 g/t AgEq[1] over 3.0m within a broader intercept of 12.0m @ 338 g/t AgEq[1] and 43.6m @ 141 g/t AgEq[1] and extends the Main Shaft lode to 150m vertical depth and mineralisation remains open.

• Completion of Phase I drilling has resulted in 22 holes with Ag, Pb, Zn intercepts from 29 holes drilled or a 75% hit rate and 14 of 29 holes produced intercepts with strong metal endowment ( >700 AgEq[1] g/t.m) or a 48% hit rate. This demonstrates the strong endowment of consistent tenor of the Webbs Consol Silver-Base mineral system.

Webbs Consol Silver-Base Metal Project - Phase I Drilling Results Lode Resources Ltd (ASX:LDR or ‘Lode’ or ‘the Company’) is pleased to announce the successful completion of Phase I drilling at the Webbs Consol Silver-Base Metals Project with 29 holes drilled for a total of 3,165m. Drilling to date resulted in meaningful Ag, Zn, Pb intercepts in 22 of the 29 holes drilled or a 75% hit rate. 14 of the 29 holes drilled resulted in intercepts with strong metal endowment (>700 AgEq[1] g/t.m) or 48% hit rate. Please note all metal equivalent figures previously reported have been updated using 29 August 2022 spot prices[1] . The strong drilling results is testimony to the high prospectivity of the Webbs Consol Silver-Base mineral system. The top 6 drill holes ranked by mineral endowment are as follows:

• WCS023 reported 50.0m @ 314 g/t AgEq[1] from 67.0m ( 15,708 AgEq g/t.m)

• WCS006 reported 27.5m @ 552 g/t AgEq[1] from 104.6m ( 15,168 AgEq g/t.m)

• WCS019 reported 27.3m @ 412 g/t AgEq[1] from 57.4m ( 11,244 AgEq g/t.m)

• WCS007 reported 24.2m @ 450 g/t AgEq[1] from 147.1m ( 10,871 AgEq g/t.m)

Lode Resources Ltd ACN 637 512 415 Level 30, 264 George St Sydney NSW 2000 I www.loderesources.com

ASX I 21 September 2022

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• WCS020 reported 31.0m @ 241 g/t AgEq[1] from 61.6m ( 7,471 AgEq g/t.m)

• WCS028 reported 43.6m @ 141 g/t AgEq[1] from 138.4m ( 6,337 AgEq g/t.m)

Amongst the last Phase I drill holes WCS028 returned 43.6m @ 141 g/t AgEq[1 ] including 12.0m @ 338 g/t AgEq[1] and 3.0m @ 526 g/t AgEq[1] . This extends the Main Shaft prospect to 150m depth and demonstrates the depth potential of other mineralised lodes discovered to date. At the Lucky Lucy North prospect WCS026 returned 34.3m @ 56 g/t AgEq[1] including 10.1m @ 106 g/t AgEq[1] and WCS029 returned 30.5m @ 69 g/t AgEq[1] . These two holes together with the WCS008 demonstrate increasing base metal grades with depth indicating that down dip potential remains an attractive target to be tested with future drilling in addition to numerous other mineralised lodes discovered to date.

Figure 1: Section of Main Shaft prospect showing Phase I drilling

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NW Main Shaft SE
Shaft
27.5m @ 552 g/t AgEq [1]
from 104.6m
24.2m @ 450 g/t AgEq [1]
from 122.9m
43.6m @ 141 g/t AgEq [1] from 138.4m incl.
12.0m @ 338 g/t AgEq [1] from 147.0 m incl.
3.0 m @ 526 g/t AgEq [1] from 147.0m
Drill hole
WSC007
Drill hole
WSC006 ?
EOH
164.7m
EOH
188.7m
Drill hole
WSC028
Open
?
ended
EOH
200.0m
150 metres
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ASX I 21 September 2022

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Table 1: – Drill intercept results from Phase I drilling - Webbs Consol Silver-Base Metals Project

Hole	From	To	Interval	AgEq1	Ag	Pb	Zn	Cu	Au	Endowment
	(m)	(m)	(m)	(g/t)	(g/t)	(%)	(%)	(%)	(g/t)	(AgEq1 g/t.m)
WCS001	82.0	88.0	6.0	20.7	1.9	0.20	0.18	0.01	0.01	124
WCS002	114.2	124.2	10.0	28.2	2.5	0.28	0.25	0.01	0.01	282
WCS003	9.4	19.5	10.1	65.4	20.0	0.55	0.38	0.02	0.01	660
WCS004	24.0	32.1	8.1	141.0	50.6	0.89	0.91	0.04	0.01	1,142
WCS005	47.3	56.6	9.3	47.8	10.0	0.25	0.36	0.02	0.06	445
WCS006	104.6	132.1	27.5	551.5	118.1	0.77	6.52	0.07	0.01	15,168
incl.	105.6	129.4	23.8	620.0	135.0	0.82	7.32	0.08	0.01
WCS007	122.9	147.1	24.2	450.2	63.2	0.49	5.96	0.04	0.01	10,871
incl.	126.0	145.0	19.0	556.4	78.3	0.49	7.43	0.05	0.01
incl.	129.7	140.0	10.3	812.9	123.3	0.56	10.82	0.06	0.01
WCS008	24.0	45.2	21.2	49.8	16.7	0.09	0.14	0.01	0.23	1,823
incl.	35.3	42.0	6.7	87.4	31.5	0.04	0.01	0.00	0.62
and	58.2	66.8	8.6	32.6	8.5	0.12	0.31	0.01	0.01
and	70.0	77.0	7.0	69.4	16.9	0.22	0.59	0.04	0.05
WCS009	70.0	80.0	10.0	87.5	45.4	0.09	0.17	0.23	0.05	875
incl.	70.0	75.3	5.3	147.7	82.3	0.07	0.16	0.43	0.09
WCS012	48.0	60.1	12.1	323.6	108.0	5.49	0.36	0.10	0.04	3,916
incl.	52.5	57.6	5.1	570.2	201.3	10.09	0.19	0.19	0.08
WCS013	55.0	61.8	6.8	30.3	3.0	0.17	0.34	0.00	0.01	206
WCS015	93.3	98.0	4.7	87.1	17.5	0.74	0.70	0.02	0.01	409
WCS016	63.7	70.2	6.5	120.7	6.4	1.13	1.24	0.01	0.01	785
WCS019	30.1	57.4	27.3	411.9	112.9	6.29	1.05	0.24	0.03	11,244
incl.	31.6	45.0	13.4	528.4	147.3	7.86	1.46	0.30	0.03
incl.	37.0	40.0	3.0	1046.2	376.3	17.68	0.28	0.64	0.06
and	50.0	56.2	6.2	614.1	171.0	10.04	1.09	0.42	0.04
incl.	53.3	56.2	2.9	1170.7	344.1	19.62	1.54	0.82	0.03
WCS020	30.6	61.6	31.0	241.0	55.0	3.37	0.98	0.12	0.03	7,471
incl.	38.7	52.7	14.0	357.4	84.2	5.58	1.08	0.21	0.03
incl.	45.2	52.7	7.5	503.1	136.3	8.73	0.76	0.29	0.04
WCS023	17.0	67.0	50.0	314.2	94.4	2.93	1.81	0.08	0.04	15,708
incl.	38.1	53.1	15.0	631.6	239.9	6.36	2.53	0.20	0.08
incl.	49.0	53.1	4.1	958.0	419.6	8.78	3.72	0.13	0.10
WCS024	120.0	125.0	5.0	54.3	5.7	0.10	0.66	0.03	0.02	271
WCS025	23.0	37.0	14.0	58.4	11.6	0.41	0.51	0.02	0.01	817
incl.	25.0	35.6	10.6	71.1	14.6	0.50	0.61	0.02	0.01
WCS026*	28.7	63.0	34.3	55.8	23.1	0.13	0.26	0.06	0.07	2,493
incl.	35.0	45.1	10.1	106.0	50.7	0.09	0.44	0.17	0.08
and	91.1	101.4	10.3	56.0	12.9	0.34	0.47	0.02	0.01
WCS027*	110.0	113.8	3.8	76.6	10.3	0.59	0.75	0.01	0.01	291
and	123.8	129.9	6.2	58.3	4.4	0.57	0.56	0.00	0.01
WCS028*	115.0	118.8	3.8	51.0	3.6	0.40	0.55	0.00	0.00	6,337
and	138.4	182.0	43.6	140.9	11.6	0.28	1.91	0.02	0.01
incl.	144.0	162.0	18.0	272.0	20.3	0.19	3.95	0.02	0.01
incl.	147.0	159.0	12.0	338.2	24.1	0.16	4.98	0.02	0.01
incl.	147.0	150.0	3.0	526.2	32.8	0.30	7.78	0.05	0.01
WCS029*	47.4	77.9	30.5	69.2	27.3	0.22	0.44	0.03	0.05	2,109

1Silver is deemed to be the appropriate metal for equivalent calculations as silver is the most common metal to all mineralisation zones. Webbs Consol silver equivalent grades are based on assumptions: AgEq(g/t)=Ag(g/t)+61Zn(%)+33Pb(%)+107Cu(%)+88Au(g/t) calculated from 29 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, 96.3% copper and 90.8% gold which is the 4th stage rougher cumulative recoveries in test work commissioned by Lode and reported in LDR announcement 14 December 2021 titled “High Metal Recoveries in Preliminary Flotation Test work on Webbs Consol Mineralisation”. Please note all previously reported silver equivalent grades have been updated for 29 August 2022 spot metal prices. It is Lode’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold. *Newly reported.

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ASX I 21 September 2022

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Webbs Consol Silver-Base Metal Project - Phase II Drilling commences

Phase II diamond drilling has commenced at the 100 % owned Webbs Consol Silver-Base Metals Project with approximately 19 holes for 2,350m planned.

Subsequent to the success of Phase I drilling, where multiple high-grade Ag, Zn, Pb intercepts were reported including 14 of the 29 holes drilled producing intercepts with strong metal endowment ( >700 AgEq[1] g/t.m) or 48% hit rate, Phase II drilling will target a combination of extensional drilling of previously discovered mineralised lodes as well as testing newly identified surface mineralisation.

Previously reported drill hole WCS019 returned 26.7m grading 399 g/t AgEq[1] at the Tangoa West prospect whist drill hole WCS023 returned 50.0m grading 284 g/t AgEq1[1] at the Castlereagh prospect. Drilling will test down dip extensions to >100m vertically below surface as well as strike extensions for both prospects.

In addition, new drill targets have recently been delineated 300m to 850m southeast of the Castlereagh prospect as well as 200m both north and south along strike of the Lucky Lucy North prospect. Surface chip samples have graded up to 1,135 g/t Ag, 7.51% Pb, 0.58% Cu and 0.47 g/t Au. It is worth noting that 15 of just 33 samples collected returned metal values that are consider to be highly anomalous. Chip/grab sampling is a spot sample technique and assay grade is not regarded as being representative of the grade of the mineralised occurrence in general nor an indication of the width of the mineralised occurrence.

Table 2: – Surface grab samples assay results from newly identified prospects located 300m to 850m southeast of the Castlereagh prospect. Most significant assays highlight in yellow.

Sample Easting Northing Brief Description ID	Sample Easting Northing Brief Description ID	Sample Easting Northing Brief Description ID	Sample Easting Northing Brief Description ID	Ag	Pb	Cu	Au	Prospect
				**g/t **	%	%	**g/t **
R209	352693	6735879	Leucogranite - altered with secondary sulphides		1.77	0.02	0.01	Gravity
				15.4
R216	352438	6735645	Leucogranite - altered with no visible sulphides		1.37	0.02	0.01	Other
				7.1
R217	352594	6735418	Leucogranite - altered with minor sulphides	7.2	2.10	0.00	0.02	Circular
R218	352685	6735174	Leucogranite - altered with secondary sulphides		4.95	0.02	0.04	Other
				9.4
R221	352654	6735590	Leucogranite - altered with sulphide pseudomorphs		0.56	0.01	0.01	Other
				20.7
R222	352783	6735490	Leucogranite - altered with primary & secondarysulphides		0.27		0.47	CopyCat
				174.0		0.58
R223	352784	6735497	Leucogranite - altered with secondary sulphides		7.51		0.03	CopyCat
				1,135.0		0.50
R224	352782	6735495	Leucogranite - altered withprimarysulphides	56.5	0.53	0.32	0.08	CopyCat
R231	352172	6736590	Volcanics - altered with sulphide pseudomorphs	3.3	1.13	0.00	0.11	LuckyLucyNorth
R232	352203	6736659	Volcanics - altered with sulphide pseudomorphs		0.71	0.00	0.02	LuckyLucyNorth
				14.7
R233	352244	6736731	Volcanics - altered with sulphide pseudomorphs		7.02	0.04	0.19	LuckyLucyNorth
				68.0
R234	352226	6736716	Volcanics - altered with sulphide pseudomorphs		6.41	0.01	0.04	LuckyLucyNorth
				43.3
R237*	352411	6737123	Volcanics - altered with sulphide pseudomorphs		0.04	0.02	-	LuckyLucyNorth
				162.0
R238*	352390	6737094	Volcanics - altered with sulphide pseudomorphs		0.21	0.01	0.01	LuckyLucyNorth
				18.6
R241*	352641	6735875	Leucogranite - altered with sulphide pseudomorphs	1.0	0.45	0.00	-	Other

*Newly reported

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ASX I 21 September 2022

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Figure 2: Webbs Consol Silver-Base Metals Project – Phase I drill results & Phase II drill plans

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Drilling – Phase I
Drilling – Planned Phase II
WCS008: 21.2 @ 50 g/t AgEq [1]
WCS009: 10.0m @ 88 g/t AgEq [1]
WCS026: 34.3m @ 56 g/t AgEq [1]
WCS029: 30.5m @ 69 g/t AgEq [1]
Phase II : 1 drill hole
(75m) planned
WCS006: 27.5m @ 552 g/t AgEq [1]
WCS007: 24.2m @ 450 g/t AgEq [1 ]
WCS028: 43.6m @ 141 g/t AgEq [1 ] incl.
Phase II : 1 drill hole
12.0m @ 338 g/t AgEq [1] incl.
(75m) planned
3.0 m @ 526 g/t AgEq [1]
WCS012: 12.1 m @ 324 g/t AgEq [1]
WCS023: 50.0m @ 314 g/t AgEq [1] incl.
15.0m @ 632g/t AgEq [1] incl.
4.1m @ 958 g/t AgEq [1] and.
Phase II : 7 drill holes (850m) planned
Phase II : 2 drill holes
(150m) planned
Phase II : 1 drill hole
(75m) planned
WCS020: 31.0m @ 241 g/t AgEq [1] incl.
14.0m @ 357 g/t AgEq [1 ] incl.
7.5m @ 503 g/t AgEq [1] incl.
WCS019: 27.3m @ 412 g/t AgEq [1] incl.
13.4m @ 528 g/t AgEq [1] incl.
3.0 m @ 1,046 g/t AgEq [1 ] and
6.2m @ 614 g/t AgEq [1] incl.
2.9m @ 1,171 g/t AgEq [1]
Phase II : 6 drill holes (975m) planned
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ASX I 21 September 2022

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Figure 3: Section of Tangoa West prospect showing Phase I drilling and planned Phase II drilling

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SW NE
Tangoa West
27.3m @ 412 g/t AgEq [1] from 30.1m incl.
13.4m @ 528 g/t AgEq [1] from 31.6m incl.
3.0 m @ 1,046 g/t AgEq [1 ] from 37.0m and
6.2m @ 614 g/t AgEq [1] from 50.0m incl.
2.9m @ 1,171 g/t AgEq [1] from 53.3m
Drill hole
? WSC019
Open
ended
Drill hole
C17 EOH
110.6m
?
?
Drill hole
C18
?
Drilling – Phase I
Drilling – Planned Phase II
130 metres
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ASX I 21 September 2022

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Figure 4: Section of Castlereagh prospect showing Phase I drilling and planned Phase II drilling

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SW
NE
Castlereagh
Drilling – Phase I
Drilling – Planned Phase II
50.0m @ 314 g/t AgEq [1] from 17.0m incl.
15.0m @ 632 g/t AgEq [1] from 31.6m incl.
4.1m @ 958 g/t AgEq [1] from 31.6m
?
Drill hole
WSC023
EOH
Open 80.6m
ended ?
Drill hole
Drill hole C4 projected C6
intercept centre
?
?
140 metres
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ASX I 21 September 2022

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Figure 5: Section of Lucky Lucy North prospect showing Phase I drilling

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W E
Lucky Lucy North
21.2m @ 49 g/t AgEq [1]
from 24.0m
34.3m @ 56 g/t AgEq [1]
from 28.7m
Drill hole
WSC008
? 30.0m @ 69 g/t AgEq [1]
from 47.9m
Drill hole
WSC029
Drill hole
WSC026
?
Open
ended
EOH
106.1m
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ASX I 21 September 2022

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Webbs Consol Project Overview

Located 16km west-south-west of Emmaville, Webbs Consol was discovered in 1890 with intermittent mining up to the mid-1950s. The Webbs Consol Project (EL8933) contains several high grade silver-lead-zinc-gold deposits hosted by the Webbs Consol Leucogranite which has intruded the Late Permian Emmaville Volcanics and undifferentiated Early Permian sediments.

Several mine shafts were worked for the high-grade galena and silver content only with high-grade zinc mineralisation discarded. Mineral concentration was via basic Chilean milling techniques and sluicing. Some subsequent rough flotation of galena was carried out with no attempt to recover sphalerite.

Ore mineralogy includes galena, sphalerite, marmatite, arsenopyrite, pyrite, chalcopyrite, minor bismuth, and gold. Chief minerals are generally disseminated but also high grade “bungs” where emplacement is a combination of fracture infilling and country rock replacement. Gangue mineralogy includes quartz, chlorite and sericite with quartz occurring as veins and granular relicts.

Historical sampling shows potential for high grade silver and zinc mineralisation at Webbs Consol. It was reported that 12 samples taken from the lowest level of the main Webbs Consol shaft (“205’ Level” or 60m depth) averaged 210g/t silver, 22.6% zinc and 2.74% lead. Epithermal style mineralisation occurs in ‘en échelon’ vertical pipe like bodies at the intersection of main north-south shear and secondary northeast-southwest fractures. No leaching or secondary enrichment has been identified.

Webbs Consol Main Shaft oblique view

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North
Webbs Consol
mined stopes
Open-ended high-grade
mineralisation at 60m depth:
12 samples averaged 210g/t
Ag, 22.6% Zn and 2.74% Pb
?
?
Main lode remains
Mineralised veins in
open at depth
face and conductive
anomaly to north Drill
indicate potential new Target
lode along strike and ?
at depth
?
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Webbs Consol Main Shaft specimen showing coarse galena mineralisation

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ASX I 21 September 2022

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This announcement has been approved and authorised by Lode Resource Ltd’s Managing Director, Ted Leschke.

Competent Person’s Statement

The information in this Report that relates to Exploration Results is based on information compiled by Mr Mitchell Tarrant, who is a Member of the Australian Institute of Geoscientists. Mr Tarrant, who is the Project Manager for Lode Resources, 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 Tarrant has a beneficial interest as option holder of Lode Resources Ltd and consents to the inclusion in this Report of the matters based on the information in the form and context in which it appears.

For further information, please contact: Investor Enquiries

Ted Leschke Managing Director Ted@loderesources.com

About Lode Resources

Lode Resources is an ASX-listed explorer focused on the highly prospective but underexplored New England Fold Belt in north eastern NSW. 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. Lode’s Project Locations (yellow polygons)

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Twin Hills Mt Carrington
Gold & Silver Gold & Silver
FMG Resources
NSW
New ELA Timbarra
Gold & Silver
Webbs Consol
Silver-Base Metals Webbs
Silver
Sandon
Base Metals
Elsinore
Thor Tea Tree
Copper
Gold Gold
Uralla
Gold
Hillgrove
Gold & Antinomy
Rocky River
Gold
Okapi Resources
Enmore Gold Discovery
Fender
Newmont
Gold Copper/Zinc
----- End of picture text -----

For more information on Lode Resources and to subscribe for our regular updates, please visit our website at www.loderesources.com

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ASX I 21 September 2022

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JORC Code, 2012 Edition - Table 1.

Section 1 Sampling Techniques and Data

JORC Code, 2012 Edition - Table 1. Section 1 Sampling Techniques and Data	JORC Code, 2012 Edition - Table 1. Section 1 Sampling Techniques and Data	JORC Code, 2012 Edition - Table 1. Section 1 Sampling Techniques and Data	JORC Code, 2012 Edition - Table 1. Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria	JORC Code explanation		Commentary
Sampling technique s	• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.		Surface Sampling • Samples were collected by a qualified geologist. • 8 rock samples were collected from outcrop and historic waste dumps. • The sample weight range is between 0.87 to 1.61kg. This is considered appropriate for this style of sampling. • Sample locations were surveyed with a handheld GPS (+- 5m) and marked into sample books and on sample bags. Drill Core Sampling • Diamond drilling techniques were used to obtain samples – Webbs Consol • NQ2 core was logged and sample intervals assigned based on the geology. • The core to be sampled was sawn in half and bagged according to sample intervals. Intervals range from 0.2m to 1.6m • Blanks and standards were inserted at >5% where appropriate. • Samples were sampled by a qualified geologist. • Sample preparation comprised drying (DRY-21), weighed, crushing (CRU-31) and pulverised (PUL- 32), refer to ALS codes. Surface and Drill Core Sampling • The assay methods used were ME-ICP61 and Au AA25 (refer to ALS assay codes). ME-ICP61 (25g) is a four-acid digestion with ICP-AES finish. Au-AA25 (30g) is a fire assay method. High grade samples triggered further analysis
Drilling technique s	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so,bywhat method,etc).		• All drilling is Diamond drilling (core), NQ2 in size. • Core was collected using a standard tube. • Core is orientated every run (3m) using the truecoreMT UPIX system.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.		• Core recoveries are measured using standard industry best practice. • Core loss is recorded in the logging. • Core recovery in the surface lithologies is poor. • Core recovery in fresh rock is excellent with >99% recovered from 4m downhole depth.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource		Surface Sampling • The geology, mineralogy, nature and characteristics of mineralisation and host rock geology, and orientation of the associated

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	estimation, mining studies and metallurgical studies.		mineralised structures, was logged by a qualified geologist and subsequently entered into a geochemical database. Photographs taken for reference. Drill Core Sampling • Holes are logged to a level of detail that would support mineral resource estimation. • Qualitative logging includes lithology, alteration, texture, colour and structures. • Quantitative logging includes sulphide and gangue mineral percentages. • All drill holes have been logged in full. • All drill core was photographed wet and dry - Webbs
	• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.
Sub- sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.		Surface Sampling • Samples were dry and not split in the field. • Sample sizes are considered appropriate. Drill Core Sampling • Core was prepared using standard industry best practice. • The core was sawn in half using a diamond core saw and half core was sent to ALS Brisbane for assay. • No duplicate sampling has been conducted. • Samples intervals ranged from 0.2m to 1.6m. The average sample size was 1m in length. The sample size is considered appropriate for the material being sampled. • The samples were sent to ALS Brisbane for assay. • Blanks and standards were inserted at >5% where appropriate.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.		Surface and Drill Core Sampling • Samples are stored in a secure location and transported to the ALS laboratory in Brisbane QLD via a certified courier. Sample preparation initially comprises drying (DRY-21), weighing, crushing (CRU-31) and pulverizing to 85% < 75μm (PUL- 32). • The assay methods used were ME-ICP61 and Au- AA25 (refer to ALS assay codes). ME-ICP61 is a four-acid digest with ICP-AES finish with various detection limits. Au-AA25 is a fire assayed for Au using a 30g sample, detection is 0.01-100 ppm Au. • Only internal laboratory checks were used for QACQ. • The assay methods employed are considered appropriate for near total digestion.

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Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.		Surface Sampling • Laboratory results have been reviewed by Project Manager. • Laboratory CSV files are merged with GPS Location data files using unique sample numbers as the key. • No adjustments made to assay data. • Commercial laboratory certificates are supplied by ALS. Drill Core Sampling • Laboratory results have been reviewed by the Exploration Manager. • Significant intersections are reviewed by the Exploration Manager and Managing Director. • No twin holes were drilled. • Commercial laboratory certificates are supplied by ALS. • The certified standards and blanks are checked.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.		Surface Sampling • Sample points were recorded using a handheld GPS (+- 5m). • Sampling points are recorded as x, y & z coordinates. • Accuracy is assumed to be +/-5m • Grid system used is GDA94 UTM zone 56. Drill Core Sampling • Drill hole collar locations were recorded using RTK GPS (+- 25mm). • Grid system used is GDA94 UTM zone 56 • Down hole surveys are conducted with a digital magnetic multi-shot camera at 30m intervals.
Latest surface sampling
ID Easting Northing Brief Description

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			• The data spacing, distribution and geological understanding is not currently sufficient for the estimation of mineral resource estimation. • No sample compositing has been applied.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.		Drill Core Sampling • Drill holes are orientated perpendicular to the perceived strike where possible. • The orientation of drilling relative to key mineralised structures is not considered likely to introduce sampling bias. • The orientation of sampling is considered appropriate for the current geological interpretation of the mineral style. The strike orientation of the mineralisation intersected in holes WCS026 and WCS029 is believed to be NNE- SSW. The strike orientation of the mineralisation intersected in holes WCS028 believed to be N-S.
Sample security	• The measures taken to ensure sample security.		• Samples have been overseen by the Project Manager during transport from site to the assay laboratories.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.		• No audits or reviews have been carried out at this point.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operateinthe area.	• The sampling was conducted on EL8933 • EL8933 is 100% held by Lode Resources Ltd. • Native title does not exist over EL8933 • All leases/tenements are in good standing
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Historical rock and soil sampling by Silver Mines Ltd.
Geology	• Deposit type, geological setting and style of mineralisation.	• EL8933 falls within the southern portion of the New England Orogen (NEO). EL8933 hosts numerous base metal occurrences. The Webbs Consol mineralisation is likely intrusion related and hosted within the Webbs Consol Leucogranite and, to a lesser extent, the Emmaville Volcanics.

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Drill hole Information • A summary of all information Drill Core Sampling material to the understanding of • See row below. the exploration results including a • tabulation of the following information for all Material drill holes, including, easting and northing, elevation or RL, dip and azimuth, down hole length, • interception depth and hole length. • If the exclusion of this information is justified the Competent Person should clearly explain why this is the case.

The strike orientation of the mineralisation intersected in holes WCS026 and WCS029 is believed to be NNE-SSW. The strike orientation of the mineralisation intersected in holes WCS028 believed to be N-S.

Only drill assays from meaningful mineralised intercepts are tabulated below. A meaningful intercept is generally determined as samples having silver equivalent[1 ] grades >10g/t.

Webbs Consol Drill Hole Statistics WCS024-WCS029

Hole ID	Easting	Northing	RL	Dip	Azimuth	EOH Depth	Drilling Method
	GDA94 Z56	GDA94 Z56	m	deg	Grid	m
WCS024	352379	6736532	781	-50	138	142.6	Diamond
WCS025	352340	6736725	780	-55	68	41.6	Diamond
WCS026	352309	6736873	796	-65	99	152.6	Diamond
WCS027	352520	6736347	783	-52	319	161.6	Diamond
WCS028	352520	6736347	783	-72	294	200.0	Diamond
WCS029	352308	6736875	796	-75	103	106.1	Diamond

Webbs Consol Drill Hole	Webbs Consol Drill Hole	Assays	WCS024-WCS029	WCS024-WCS029
Sample	Hole	From	To	Interval	Ag	Pb	Zn	Cu	Au
No.	ID	m	m	m	g/t	%	%	%	g/t
D02005	WCS024	120.0	121.3	1.3	4.2	0.12	0.26	0.00	0.01
D02007	WCS024	121.3	122.0	0.7	3.4	0.14	0.20	0.00	0.01
D02009	WCS024	122.0	123.0	1.0	6.2	0.10	0.85	0.03	0.02
D02011	WCS024	123.0	124.0	1.0	5.7	0.04	1.25	0.05	0.02
D02013	WCS024	124.0	125.0	1.0	8.8	0.12	0.72	0.07	0.02
D02027	WCS025	22.0	23.0	1.0	0.6	0.01	0.14	0.00	0.01
D02029	WCS025	23.0	24.0	1.0	1.6	0.06	0.16	0.00	0.01
D02031	WCS025	24.0	25.0	1.0	4.4	0.22	0.24	0.01	0.01
D02033	WCS025	25.0	26.0	1.0	15.5	0.56	0.51	0.01	0.01
D02035	WCS025	26.0	27.0	1.0	16.5	0.59	0.48	0.01	0.01
D02037	WCS025	27.0	28.0	1.0	19.4	0.57	0.33	0.01	0.01
D02039	WCS025	28.0	29.0	1.0	14.2	0.68	0.51	0.02	0.01
D02041	WCS025	29.0	30.0	1.0	12.7	0.44	0.46	0.02	0.01
D02043	WCS025	30.0	31.0	1.0	10.9	0.30	0.89	0.03	0.01
D02045	WCS025	31.0	32.0	1.0	9.5	0.43	0.75	0.02	0.01
D02047	WCS025	32.0	33.0	1.0	14.5	0.70	0.71	0.02	0.01
D02049	WCS025	33.0	34.0	1.0	20.7	0.20	0.99	0.05	0.01
D02051	WCS025	34.0	35.0	1.0	11.3	0.63	0.50	0.01	0.02
D02053	WCS025	35.0	35.6	0.6	15.4	0.42	0.51	0.01	0.01
D02055	WCS025	35.6	37.0	1.4	1.4	0.05	0.19	0.00	0.01
D02057	WCS025	37.0	38.0	1.0	1.4	0.05	0.11	0.00	0.01
D02066	WCS026	28.7	29.6	0.9	3.2	0.16	0.16	0.00	0.01
D02068	WCS026	29.6	31.2	1.6	10.2	0.60	0.61	0.01	0.01
D02070	WCS026	31.2	32.5	1.3	3.8	0.17	0.24	0.00	0.01
D02071	WCS026	32.5	33.5	1.0	10.9	0.56	0.49	0.01	0.01
D02072	WCS026	33.5	34.0	0.5	7.3	0.33	0.31	0.01	0.01
D02074	WCS026	34.0	35.0	1.0	14.2	0.41	0.44	0.01	0.02
D02076	WCS026	35.0	36.0	1.0	55.3	0.14	0.57	0.11	0.03
D02076B	WCS026	36.0	37.0	1.0	34.4	0.07	0.19	0.12	0.08
D02076C	WCS026	37.0	38.0	1.0	10.9	0.16	0.43	0.05	0.04
D02076D	WCS026	38.0	39.2	1.2	19.7	0.04	0.29	0.10	0.04
D02078	WCS026	39.2	40.0	0.8	34.0	0.02	0.13	0.29	0.04
D02080	WCS026	40.0	41.0	1.0	45.4	0.02	0.20	0.07	0.05
D02082	WCS026	41.0	42.0	1.0	27.9	0.02	0.57	0.05	0.04
D02084	WCS026	42.0	43.0	1.0	43.6	0.05	0.44	0.13	0.04
D02086	WCS026	43.0	44.0	1.0	60.6	0.10	0.03	0.04	0.30

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	D02088 WCS026 44.0 44.6 0.6 238.0 0.34 0.08 1.03 0.18 D02090 WCS026 44.6 45.1 0.5 80.0 0.11 3.12 0.41 0.05 D02093 WCS026 45.1 46.0 0.9 43.2 0.07 0.01 0.00 0.20 D02095 WCS026 46.0 47.0 1.0 24.3 0.07 0.01 0.00 0.16 D02097 WCS026 47.0 48.0 1.0 29.5 0.06 0.01 0.00 0.33 D02099 WCS026 48.0 49.0 1.0 17.9 0.04 0.01 0.00 0.34 D02101 WCS026 49.0 50.0 1.0 4.9 0.01 0.00 0.00 0.16 D02105 WCS026 51.0 52.0 1.0 6.4 0.01 0.00 0.00 0.07 D02106B WCS026 52.0 53.0 1.0 12.3 0.01 0.52 0.07 0.02 D02107 WCS026 55.0 56.0 1.0 5.3 0.00 0.00 0.00 0.08 D02111 WCS026 57.0 58.0 1.0 7.1 0.01 0.00 0.00 0.08 D02114B WCS026 58.6 60.0 1.4 36.7 0.08 0.28 0.04 0.01 D02114C WCS026 60.0 61.0 1.0 4.4 0.20 0.19 0.01 0.01 D02114D WCS026 61.0 62.0 1.0 8.7 0.53 0.52 0.01 0.01 D02114E WCS026 62.0 63.0 1.0 6.7 0.01 0.31 0.02 0.04 D02115 WCS026 91.1 92.0 0.9 19.3 0.35 0.66 0.01 0.01 D02117 WCS026 92.0 93.0 1.0 12.7 0.16 0.68 0.01 0.01 D02119 WCS026 93.0 93.6 0.6 9.2 0.02 0.36 0.03 0.01 D02123 WCS026 94.8 96.0 1.2 12.1 0.01 0.08 0.07 0.03 D02125 WCS026 96.0 97.0 1.0 10.2 0.34 0.45 0.01 0.01 D02128 WCS026 97.0 98.0 1.0 11.1 0.18 0.42 0.02 0.01 D02130 WCS026 98.0 99.0 1.0 27.1 1.13 1.18 0.02 0.01 D02132 WCS026 99.0 100.0 1.0 19.7 0.83 0.75 0.01 0.01 D02134 WCS026 100.0 101.0 1.0 10.5 0.44 0.39 0.01 0.01 D02136 WCS026 101.0 101.4 0.4 2.4 0.10 0.10 0.00 0.01 D02140 WCS026 136.1 136.3 0.2 6.8 0.19 0.32 0.01 0.01 D02142 WCS026 136.3 137.0 0.7 4.3 0.08 0.21 0.00 0.01 D02149 WCS027 110.0 111.0 1.0 1.2 0.08 0.10 0.00 0.01 D02150 WCS027 111.0 112.0 1.0 13.2 0.72 0.78 0.01 0.01 D02151 WCS027 112.0 113.0 1.0 17.1 0.91 1.45 0.01 0.01 D02154 WCS027 113.0 113.8 0.8 9.7 0.65 0.64 0.01 0.01 D02156 WCS027 113.8 114.4 0.6 1.6 0.10 0.14 0.00 0.01 D02163 WCS027 123.8 124.4 0.7 3.9 0.43 0.37 0.00 0.01 D02166 WCS027 124.4 125.0 0.6 5.2 0.65 0.64 0.01 0.01 D02168 WCS027 125.0 126.0 1.0 5.4 0.65 0.66 0.00 0.01 D02170 WCS027 126.0 126.6 0.6 5.1 0.64 0.67 0.00 0.01 D02173 WCS027 126.9 127.9 1.0 4.8 0.68 0.64 0.00 0.01 D02175 WCS027 127.9 128.9 1.0 4.6 0.66 0.61 0.00 0.01 D02177 WCS027 128.9 129.9 1.0 3.6 0.47 0.46 0.00 0.01 D02183 WCS027 133.8 134.4 0.6 4.3 0.57 0.55 0.00 0.01 D02185 WCS027 134.4 135.0 0.6 0.8 0.09 0.10 0.00 0.01 D02191 WCS028 115.0 115.6 0.6 0.7 0.12 0.16 0.00 0.01 D02192 WCS028 115.6 116.2 0.6 1.3 0.16 0.20 0.00 0.01 D02193 WCS028 116.2 117.0 0.8 3.9 0.42 0.53 0.00 0.01 D02195 WCS028 117.0 118.0 1.0 5.1 0.59 0.98 0.00 0.01 D02198 WCS028 118.0 118.8 0.8 5.7 0.61 0.72 0.00 0.01 D02209 WCS028 138.4 139.0 0.6 5.4 0.55 0.49 0.00 0.01 D02211 WCS028 139.0 140.0 1.0 8.0 0.87 0.87 0.01 0.01 D02213 WCS028 140.0 141.0 1.0 8.5 0.87 0.86 0.01 0.01 D02215 WCS028 141.0 142.0 1.0 7.7 0.72 0.85 0.01 0.01 D02217 WCS028 142.0 143.0 1.0 7.5 0.82 0.75 0.01 0.01 D02219 WCS028 143.0 144.0 1.0 10.0 0.33 0.98 0.02 0.01 D02221 WCS028 144.0 145.0 1.0 28.8 0.11 3.12 0.02 0.01 D02223 WCS028 145.0 146.0 1.0 9.1 0.05 2.15 0.01 0.01 D02225 WCS028 146.0 147.0 1.0 9.5 0.06 1.71 0.02 0.01 D02227 WCS028 147.0 148.0 1.0 30.1 0.41 5.80 0.06 0.01 D02230 WCS028 148.0 149.0 1.0 38.4 0.30 6.10 0.04 0.01 D02232 WCS028 149.0 150.0 1.0 29.8 0.18 11.45 0.04 0.01 D02234 WCS028 150.0 151.0 1.0 32.7 0.16 3.94 0.03 0.01 D02236 WCS028 151.0 152.0 1.0 30.3 0.19 4.57 0.01 0.01 D02238 WCS028 152.0 153.0 1.0 19.5 0.09 5.05 0.01 0.01 D02240 WCS028 153.0 154.0 1.0 31.4 0.15 3.91 0.02 0.01 D02242 WCS028 154.0 155.0 1.0 28.9 0.09 4.29 0.01 0.01 D02244 WCS028 155.0 156.0 1.0 19.4 0.06 4.51 0.00 0.01 D02247 WCS028 156.0 157.0 1.0 9.6 0.04 3.63 0.00 0.01 D02249 WCS028 157.0 158.0 1.0 2.8 0.02 2.98 0.00 0.01 D02251 WCS028 158.0 159.0 1.0 16.8 0.25 3.52 0.02 0.01 D02253 WCS028 159.0 160.0 1.0 14.4 0.42 1.30 0.02 0.01 D02255 WCS028 160.0 161.0 1.0 5.5 0.49 0.50 0.01 0.01 D02257 WCS028 161.0 162.0 1.0 7.8 0.39 2.55 0.05 0.01 D02259 WCS028 162.0 163.0 1.0 3.9 0.38 0.75 0.02 0.01 D02261 WCS028 163.0 164.0 1.0 3.5 0.41 0.86 0.01 0.01 D02~~264~~ ~~WCS028~~ ~~164.0~~ ~~165.0~~ ~~1.0~~ ~~5.6~~ ~~0.27~~ ~~1.04~~ ~~0.01~~ ~~0.01~~

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		ASX I 21 September 2022	ASX I 21 September 2022
	D02266 WCS028 165.0 166.0 1.0 8.1 0.12 D02268 WCS028 166.0 167.0 1.0 9.2 0.47 D02270 WCS028 167.0 168.0 1.0 10.1 0.64 D02272 WCS028 168.0 168.4 0.4 6.3 0.39 D02274 WCS028 168.4 168.7 0.3 1.5 0.08 D02275 WCS028 168.7 169.1 0.4 6.2 0.42 D02280 WCS028 171.5 171.9 0.4 6.4 0.53 D02283 WCS028 173.0 174.0 1.0 1.5 0.12 D02284 WCS028 174.0 175.0 1.0 2.2 0.17 D02286 WCS028 175.4 176.0 0.6 5.1 0.56 D02288 WCS028 176.0 177.0 1.0 4.6 0.59 D02290 WCS028 177.0 177.4 0.4 3.2 0.43 D02293 WCS028 178.0 179.0 1.0 0.9 0.10 D02296 WCS028 180.4 181.0 0.6 49.5 0.38 D02299 WCS028 181.0 182.0 1.0 1.2 0.15 D02301 WCS028 183.0 184.0 1.0 0.6 0.08 D02307 WCS029 36.3 37.0 0.7 6.3 0.40 D02308 WCS029 37.0 38.0 1.0 14.8 0.21 D02309 WCS029 38.0 39.0 1.0 12.7 0.66 D02310 WCS029 39.0 40.0 1.0 6.3 0.35 D02311 WCS029 40.0 41.0 1.0 9.7 0.48 D02312 WCS029 41.0 42.1 1.1 8.1 0.45 D02319 WCS029 47.4 48.0 0.6 13.2 0.26 D02320 WCS029 48.0 49.0 1.0 21.1 0.02 D02321 WCS029 49.0 50.0 1.0 90.8 0.06 D02322 WCS029 50.0 51.0 1.0 14.5 0.03 D02323 WCS029 51.0 52.0 1.0 17.7 0.45 D02324 WCS029 52.0 52.6 0.6 7.9 0.03 D02326 WCS029 52.6 53.0 0.4 18.5 0.03 D02328 WCS029 53.0 54.0 1.0 22.0 0.03 D02331 WCS029 54.0 55.0 1.0 10.8 0.02 D02333 WCS029 55.0 56.0 1.0 12.5 0.01 D02335 WCS029 56.0 57.0 1.0 27.7 0.06 D02337 WCS029 57.0 58.7 1.7 107.0 0.21 D02339 WCS029 58.7 59.0 0.3 6.5 0.01 D02340 WCS029 59.0 60.0 1.0 24.1 0.03 D02342 WCS029 60.0 61.0 1.0 7.2 0.02 D02344 WCS029 61.0 62.0 1.0 2.4 0.01 D02347 WCS029 62.0 63.0 1.0 18.7 0.02 D02349 WCS029 63.0 64.0 1.0 27.1 0.03 D02350 WCS029 64.0 65.0 1.0 11.6 0.01 D02351 WCS029 65.0 66.0 1.0 43.8 0.05 D02352 WCS029 66.0 67.0 1.0 83.7 0.07 D02353 WCS029 67.0 68.0 1.0 39.6 0.25 D02354 WCS029 68.0 69.0 1.0 19.7 0.73 D02355 WCS029 69.0 70.0 1.0 15.6 0.71 D02356 WCS029 70.0 71.0 1.0 13.0 0.67 D02357 WCS029 71.0 72.0 1.0 8.5 0.36 D02358 WCS029 72.0 73.0 1.0 27.4 0.13 D02359 WCS029 73.0 74.0 1.0 20.0 0.08 D02360 WCS029 74.0 75.0 1.0 19.1 0.78 D02361 WCS029 75.0 76.0 1.0 15.2 0.42 D02362 WCS029 76.0 77.0 1.0 11.2 0.77 D02363 WCS029 77.0 77.9 0.9 5.2 0.34				1.00 0.02 0.01 0.85 0.02 0.01 0.54 0.02 0.01 0.35 0.01 0.01 0.10 0.00 0.01 0.49 0.00 0.01 0.49 0.01 0.01 0.15 0.00 0.01 0.20 0.00 0.01 0.51 0.00 0.01 0.55 0.00 0.01 0.40 0.00 0.01 0.11 0.00 0.01 0.35 0.31 0.02 0.21 0.00 0.04 0.12 0.00 0.03 0.41 0.01 0.01 0.89 0.01 0.01 0.70 0.01 0.01 0.33 0.01 0.01 0.55 0.01 0.01 0.41 0.01 0.01 0.81 0.04 0.01 0.13 0.06 0.02 0.15 0.03 0.02 0.98 0.04 0.02 1.91 0.04 0.01 0.07 0.00 0.06 0.01 0.00 0.17 0.00 0.00 0.19 0.01 0.00 0.22 0.23 0.04 0.15 0.02 0.00 0.13 0.05 0.01 0.25 0.01 0.00 0.13 0.25 0.16 0.10 0.81 0.05 0.04 0.15 0.02 0.02 0.01 0.00 0.01 0.01 0.00 0.01 0.01 0.00 0.01 0.00 0.00 0.02 1.26 0.06 0.03 0.83 0.12 0.03 0.47 0.02 0.01 0.68 0.01 0.01 0.73 0.01 0.01 0.49 0.02 0.01 0.47 0.01 0.01 0.64 0.04 0.01 0.77 0.02 0.01 0.64 0.03 0.01 0.71 0.01 0.01 0.49 0.01 0.01
	Data aggregation methods		• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high- grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations		Drill Core Sampling • Intersection calculation are weighted to sample length. • No grade capping has been applied. • Theassumptions used for any reporting of metal equivalent values are clearly stated in the body of this report. The metal equivalent formula is show below.

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ASX I 21 September 2022

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	•	should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated.
AgEq (g/t) = Ag (g/t) + Pb (%) x + Cu (%) x		Price 1 Pb(%)x Pb Recovery (%) + Zn (%) x Price 1 Ag (g/t) x Ag Recovery (%) Price 1 Cu(%)x Cu Recovery (%) + Au(g/t) Price 1 Ag (g/t) x Ag Recovery (%)	x	Price 1 Zn(%)x Zn Recovery (%) Price 1 Ag (g/t) x Ag Recovery (%) Price 1 Au(g/t)x Au Recovery (%) Price 1 Ag (g/t) x Ag Recovery (%)
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).			• The strike orientation of the mineralisation intersected in holes WCS026 and WCS029 is believed to be NNE-SSW. The strike orientation of the mineralisation intersected in holes WCS028 believed to be N-S.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plans and sections.			• Refer to plans and sections within report
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.			• The accompanying document is considered to represent a balanced report.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported.			• All meaningful and material data is reported.
Further work	• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).			• Further drilling is planned for 100% owned Webbs Consol Project as outlined in this report

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