LODE RESOURCES LTD — Capital/Financing Update 2022

Jul 24, 2022

==> picture [595 x 137] intentionally omitted <==

25 July 2022

Mineralisation Extended to 150m Depth at Webbs Consol Silver-Base Metal Project & Remains Open

Highlights

• Phase I drilling at Lode’s Webbs Consol Silver-Base Metal Project continues to deliver thick high-grade sulphide intercepts and is transforming our understanding of Webbs Consol’s prospectivity.

• Two mineralised lodes have now been extended at depth via latest drilling, demonstrating previously unrecognised, significant vertical potential of the Webbs Consol mineral system.

• Drill Hole WCS028 at the Main Shaft prospect has intersected 42.0m of sulphide mineralisation from 138.4m containing an estimated 6% sphalerite ((Zn,Fe)S), 1% galena (PbS) and 0.5% chalcopyrite (CuFeS2). Significant silver is also anticipated in pending assays.

• The WCS028 intercept demonstrates widening of lode mineralisation at depth and extends the lode to 150m vertically from surface, 90m below the deepest historical mine workings - this has depth potential implications for other mineralised lodes discovered at Webbs Consol.

• Drill Hole WCS029 at the Lucky Lucy North prospect has intersected 30.5m of sulphide mineralisation from 47.4m, containing an estimated 4% sphalerite ((Zn,Fe)S), 1% galena (PbS) and 0.5% chalcopyrite (CuFeS2). Significant silver is also anticipated

• To date Phase I drilling has discovered 5 thick mineralised lodes rich in Ag, Pb and Zn with lesser Cu and Au. This together with > 3km north-south strike and the latest deeper drill intercepts demonstrates the significant but previously unrecognised prospectivity of the Webbs Consol mineral system.

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

ASX I 25 July 2022

==> picture [83 x 20] intentionally omitted <==

WCS028 Intercepts 42.0m of Sulphides at Depth

Drill hole WCS028 has intersected 42.0m of sulphide mineralisation containing an estimated 6% sphalerite ((Zn,Fe)S) 1% galena (PbS), 0.5% chalcopyrite (CuFeS2) at the Main Shaft prospect. Significant silver is also anticipated.

The WCS028 intercept demonstrates a widening of lode mineralisation at depth, a vertical extension of 30m below drill hole WCS007, 80m below the deepest mining level and 150m vertically below surface.

Figure 1: Cross Section of Main Shaft prospect showing 42.0m sulphide mineralisation intercept in recent drill hole WCS028 and previously reported WCS006 & WCS007 intercepts

==> picture [465 x 551] intentionally omitted <==

----- Start of picture text -----

W N
Shaft
21.2m intercept grading
27.5m intercept grading
374 g/t silver equivalent [1]
468 g/t silver equivalent [1]
(122.9m to 147.1m)
(104.6m to 132.1m)
42.0m sulphide mineralisation
intercept (138.4m to 180.4m)
containing an estimated 6% sphalerite
((Zn,Fe)S) 1% galena (PbS), 0.5%
Drill hole
chalcopyrite (CuFeS2). Significant
WSC007
silver is also anticipated
Drill hole
WSC006 ?
EOH
164.7m
EOH
188.7m
Drill hole
WSC028
? Open ended
EOH
200.0m
150 metres
----- End of picture text -----

2

ASX I 25 July 2022

==> picture [83 x 20] intentionally omitted <==

Since the Main Shaft prospect was discovered in the late 1800’s, well prior to the advent of exploration drilling techniques, it is highly like mineralisation at this prospect did outcrop at surface but has since been obliterated by mining and infrastructure activities. This indicates that mineralised lodes at Webbs Consol do have the potential to exceed 150m vertically.

In addition, it is now apparent that mineralised lodes at Webbs Consol show vertical zonation with lead-silver rich mineralisation contained within higher levels of lodes transitioning to zinc-silver rich mineralization at depth. Historical mining was almost entirely focussed on lead rich mineralisation (galena) as zinc rich mineralisation (sphalerite) was not amenable to primitive gravity separation methods used at the time and also, quite possibly, the lack of offtake markets, despite silver mineralisation being associated with both minerals at Webbs Consol.

Since historical records were almost entirely focussed on the mineralisation of economic importance at the time, that being lead-silver rich mineralisation, the prospectivity of zinc-silver mineralisation at depth appears to have been completely missed by modern explorers, until now.

Obviously, recognition of this transition of lead to zinc mineralisation at depth also has, by extension, potential implications for other mineralised lodes discovered at the Webbs Consol silver-base metal project to date. It also has implications for surface exploration as zinc mineralisation is highly susceptible to surface chemical weathering and outcropping mineralisation is almost always depleted of zinc values when sampled. Thus, mineralised lodes rich in zinc at or near surface may have been completely overlooked.

Photo 1: NQ drill core showing sphalerite rich mineralisation in WCS0028 at Webbs Consol

==> picture [451 x 293] intentionally omitted <==

3

ASX I 25 July 2022

==> picture [83 x 20] intentionally omitted <==

WCS029 Intercepts 30.5m of Sulphides at Depth

Drill hole WCS029 has intersected 30.5m of sulphide mineralisation containing an estimated 4% sphalerite ((Zn,Fe)S) 1% galena (PbS), 0.5% chalcopyrite (CuFeS2) at the Main Shaft prospect. Significant silver is also anticipated.

The WCS029 intercept demonstrates a transition to base metal mineralisation (sphalerite and galena) with depth as the higher intercept in drill hole WCS008 was predominantly arsenopyrite with elevated levels of gold and silver but hosted negligible base metals.

Figure 2: Cross Section of Lucky Lucy North prospect showing 30.5m sulphide mineralisation intercept in recent drill hole WCS029 and previously reported WCS008 & WCS026 intercepts

==> picture [450 x 550] intentionally omitted <==

----- Start of picture text -----

W E
21.2m intercept grading 45
26.1m sulphide mineralisation g/t silver equivalent [1] (24.0m
intercept (32.5m to 58.6m) to 45.2m)
containing an estimated 1%
sphalerite ((Zn,Fe)S) 1% galena
(PbS), 0.5% chalcopyrite (CuFeS2).
Significant silver is also
anticipated
Drill hole
30.5m sulphide mineralisation WSC008
intercept (47.4m to 77.9m)
containing an estimated 4%
sphalerite ((Zn,Fe)S) 1% galena
(PbS), 0.5% chalcopyrite (CuFeS2). ?
Significant is also anticipated
Drill hole
WSC0026
Drill hole
WSC029
?
Open ended
EOH
106.1m
----- End of picture text -----

4

ASX I 25 July 2022

==> picture [83 x 20] intentionally omitted <==

To date preliminary Phase I drilling has discovered 5 thick mineralised lodes rich in Ag, Pb and Zn with lesser Cu and Au. This together with > 3km north-south strike and the latest deeper drill intercepts demonstrates the significant but previously unrecognised prospectivity of the Webbs Consol mineral system.

Table 1 : Webbs Consol Silver-Base Metals Project – Phase I Drill Results to Date

Hole	From	To	Interval	Silver Eq1	Silver	Lead	Zinc	Copper	Gold
	(m)	(m)	(m)	(g/t)	(g/t)	(%)	(%)	(%)	(g/t)
WCS006	104.6	132.1	27.5	468	118	0.77	6.52	0.07	0.00
incl.	105.6	129.4	23.8	526	135	0.82	7.32	0.08	0.00
WCS007	122.9	147.1	24.2	374	63	0.49	5.96	0.04	0.00
incl.	126.0	145.0	19.0	462	78	0.49	7.43	0.05	0.00
WCS008	21.2	45.2	24.0	45	19	0.03	0.1	0.01	0.30
incl.	35.3	42.0	6.7	80	31	0.04	0.01	0.00	0.62
WCS009	70.0	80.0	10.0	84	45	0.09	0.17	0.23	0.05
incl.	70.0	75.3	5.3	144	82	0.07	0.16	0.43	0.09
WCS012	48.0	60.1	12.1	312	108	5.49	0.36	0.10	0.04
Incl.	49.6	59.0	9.4	394	137	7.01	0.39	0.12	0.05
WCS019	30.1	56.8	26.7	399	115	6.43	1.07	0.25	0.03
Incl.	31.6	41.0	9.4	633	197	10.14	1.5	0.39	0.04
Incl.	37.0	40.0	3.0	1,023	376	17.68	0.28	0.64	0.09
Incl.	50.0	56.2	6.2	587	171	10.04	1.09	0.42	0.04
Incl.	53.3	56.2	2.9	1,126	344	19.62	1.54	0.82	0.03
WCS20	30.6	61.6	31.0	224	55	3.37	0.98	0.12	0.02
incl.	38.7	52.7	14.0	336	84	5.58	1.08	0.21	0.02
incl.	45.2	52.7	7.5	482	136	8.73	0.76	0.29	0.04
WCS23	17.0	67.0	50.0	284	95	2.87	1.79	0.08	0.04
incl.	24.6	67.0	38.1	370	124	3.74	2.30	0.11	0.05
incl.	38.1	53.1	15.0	582	242	6.17	2.46	0.19	0.08

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)+49Zn(%)+32Pb(%)+106Cu(%)+76Au(g/t) calculated from 10 December 2021 spot prices of US$22/oz silver, US$3400/t zinc, US$2290/t lead, US$9550/t copper, US$1800/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”. It is Lode’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.

Photo 2: NQ drill core showing sphalerite rich mineralisation in WCS0007 at Webbs Consol

==> picture [467 x 155] intentionally omitted <==

5

ASX I 25 July 2022

==> picture [83 x 20] intentionally omitted <==

Figure 3 : Webbs Consol Silver-Base Metals Project – Phase I Drill Results to Date

==> picture [484 x 639] intentionally omitted <==

----- Start of picture text -----

WCS008: 24.0m @ 45 g/t AgEq [1]
WCS009: 10m @ 84 g/t AgEq [1]
WCS026: 26.1m sulphide mineralisation intercept
(32.5m to 58.6m) – est. 1% sphalerite, 1% galena,
0.5% chalcopyrite plus silver anticipated
WCS029: 30.5m sulphide mineralisation intercept
(47.4m to 77.9m) – est. 4% sphalerite, 1% galena, 0.5%
chalcopyrite plus silver anticipated
WCS006: 27.50m @ 468 g/t AgEq [1]
WCS007: 24.15m @ 374 g/t AgEq [1 ]
WCS028: 42.0m sulphide mineralisation intercept
(138.4m to 180.4m) - est. 6% sphalerite, 1% galena,
0.5% chalcopyrite plus silver anticipated
WCS012: 12.1 m @ 312 g/t AgEq [1]
Phase I
Drill Targets
WCS023: 50.0m @ 284 g/t AgEq [1] incl:
38.1m @ 370 g/t AgEq [1] incl:
15.0m @ 582g/t AgEq [1] incl:
1.1m @ 1,001 g/t AgEq [1] and:
0.6m @ 1,362 g/t AgEq [1]
WCS020: 31.0m @ 224 g/t AgEq [1] incl:
14.0m @ 336 g/t AgEq [1 ] incl:
7.5m @ 482 g/t AgEq [1] incl:
0.6m @ 1,051 g/t AgEq [1]
WCS019: 26.7m grading 399 g/t AgEq [1 ] incl:
9.4 m @ 633 g/t AgEq [1] and:
6.2 m @ 587 g/t AgEq [1 ] and aggregate:
5.9m @ 1,074 g/t AgEq [1 ]
----- End of picture text -----

6

ASX I 25 July 2022

==> picture [83 x 20] intentionally omitted <==

Photo 3: NQ core showing 42.0m sulphide intercept from drill hole WCS028 at Main Shaft prospect

==> picture [413 x 635] intentionally omitted <==

----- Start of picture text -----

42.0m sulphide mineralisation intercept
(138.4m to 180.4m) containing an
estimated 6% sphalerite ((Zn,Fe)S) 1%
galena (PbS), 0.5% chalcopyrite (CuFeS2).
Significant silver is also anticipated
----- End of picture text -----

7

ASX I 23 June 2022

==> picture [83 x 20] intentionally omitted <==

Photo 4: NQ core showing 30.5m sulphide intercept from drill hole WCS029 at Lucky Lucy North prospect

==> picture [353 x 483] intentionally omitted <==

----- Start of picture text -----

30.5m sulphide mineralisation intercept
(47.4m to 77.9m) containing an estimated
4% sphalerite ((Zn,Fe)S) 1% galena (PbS),
0.5% chalcopyrite (CuFeS2). Significant silver
and gold mineralisation is also anticipated
----- End of picture text -----

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

ASX I 25 July 2022

==> picture [83 x 20] intentionally omitted <==

Table 2: Geological log for drill hole WCS028

Hole ID Easting Northing GDA94 Z56	Hole ID Easting Northing GDA94 Z56	Dip Azimuth From To Observations Grid (m) (m)
WCS028 352519.54	6736346.6	-72 294 0 3.5 Core Loss
		3.5 15.6 Weakly weathered coarse grained leucogranite
		15.6 80.0 Fresh coarse grained leucogranite
		80.0 138.4 Coarse grained granite with moderate pervasive sericitic alteration
		138.4 180.4 Coarse grained granite with strong pervasive sericitic and chloritic alteration with 6% blebby sphalerite and 1% blebby galena
		180.4 198.0 Coarse grained granite with moderate pervasive sericitic alteration
		198.0 200.0 Fresh coarsegrained leucogranite

Table 3: Geological log for drill hole WCS029

Hole ID Easting Northing GDA94 Z56	Hole ID Easting Northing GDA94 Z56	Dip Azimuth From To Observations Grid (m) (m)
WCS029 352518	6736346	-75 103 0 2.8 Core Loss
		2.8 8.0 Weakly weathered coarse grained porphyritic volcanics with moderate pervasive chlorite alteration
		8.0 36.3 Fresh coarse grained porphyritic volcanics with moderate pervasive sericitic alteration
		36.3 57.3 Coarse grained volcanics with moderate pervasive sericitic and strong chloritic alteration with 5% blebby arsenopyrite and 4% disseminated sphalerite
		57.3 58.7 Core Loss
		58.7 106.1 Coarse grained volcanics with moderate pervasive sericitic and strong chloritic alteration with 2% disseminated sphalerite

9

ASX I 25 July 2022

==> picture [83 x 20] intentionally omitted <==

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 small, but 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 northeastsouthwest fractures. No leaching or secondary enrichment has been identified.

Webbs Consol Main Shaft oblique view

==> picture [278 x 255] intentionally omitted <==

----- Start of picture text -----

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
?
----- End of picture text -----

Webbs Consol Main Shaft specimen showing coarse galena mineralisation

==> picture [145 x 255] intentionally omitted <==

10

ASX I 25 July 2022

==> picture [83 x 20] intentionally omitted <==

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.

==> picture [450 x 312] intentionally omitted <==

----- Start of picture text -----

Lode’s Project Locations (yellow polygons)
Mt Carrington
Twin Hills
Gold & Silver
Gold &
Silver
Webbs Consol
Silver
Webbs Timbarra
Silver Gold &
Silver
NSW Sandon
Base Metals
Elsinore
Thor Tea Tree
Copper
Gold Gold
Uralla
Gold
Hillgrove
Gold &
Rocky Antinomy
River
Okapi Resources
Enmore Gold
Newmont Fender
Gold Copper
----- 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

11

ASX I 25 July 2022

==> picture [83 x 20] intentionally omitted <==

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 techniques	• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	• No new drilling assays have been reported. • Diamond drilling techniques were used to obtain samples. • 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 0.3m to 1.1m • Blanks and standards were inserted at >5% where appropriate. • Samples were sampled by a qualified geologist. • No assays have been received at time of report for WCS028 and WCS029.
Drilling techniques	• Drill type (eg core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so,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 %. WCS029 had 1.4m of core loss with the mineralised zone. • No assays have been received at time of report for WCS028 and WCS029.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	• 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 are logged in full. • All drill core was photographed wet and dry.

12

ASX I 25 July 2022

==> picture [83 x 20] intentionally omitted <==

	• 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 beingsampled.	• 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 assays have been received at time of report. • No duplicate sampling has been conducted. • Samples intervals ranged from 0.3m to 1.1m. The average sample size was 1m in length. The sample size is considered appropriate for the material being sampled.
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.	• No assays have been received at time of report for WCS028 and WCS029. • Samples were stored in a secure location and transported to the ALS laboratory in Brisbane QLD via a certified courier. Sample preparation comprised drying (DRY-21), weighed, crushing (CRU-31) and pulverised (PUL-32). • The assay methods used will be 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. • Certified standards and blanks were inserted at a rate of >5% at the appropriate locations. These are checked when assay results are received to make sure they fall within the accepted limits. • The assay methods employed are considered appropriate for near total digestion.
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.	• No assays have been received at time of report.
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.	• Drill hole collar locations were recorded using a RTK GPS (+- 0.025m). • Grid system used is GDA94 UTM zone 56

13

ASX I 25 July 2022

==> picture [83 x 20] intentionally omitted <==

Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• The holes drilled were for exploration purposes and were not drilled on a grid pattern. • Drill hole spacing is considered appropriate for exploration purposes. • 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 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 WCS028 and WCS029 is believed to be N-S and NNE-SSW respectively.
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.

14

ASX I 25 July 2022

==> picture [83 x 20] intentionally omitted <==

Section 2 Reporting of Exploration Results

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

Criteria	Criteria	JORC Code explanation	JORC Code explanation	JORC Code explanation	JORC Code explanation	JORC Code explanation	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary
Mineral tenement and land tenure status		• •	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.				• • • •	The 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.				•	Limited historic rock and soil sampling.
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.
Drill hole Information		• •	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes, 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.				• •	See row below. The strike orientation WCS028 and WCS029 respectively.		of the mineralisation intersected in holes is believed to be N-S and NNE-SSW
													Est. True Intercept Width m 26 15
Hole ID	Easting		Northing	RL	Dip	Azimuth		EOH Depth	Drilling Method	Intercept		Downhole Intercept Width	Est. True Intercept Width
										From	To
	GDA94 Z56		GDA94 Z56	m	deg	Grid		m		m	m	m	m
WCS028 WCS029	352520 352518		6736347 6736346	783 782	-72 -75	294 103		200.0 106.1	Diamond Diamond	138.4 47.4	180.4 77.9	42.0 30.5	26 15

15

ASX I 25 July 2022

==> picture [83 x 20] intentionally omitted <==

Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearlystated.	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearlystated.	• No new drilling assay results have been reported. • Intersection mineral estimation 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.	• No new drilling assay results have been reported. • Intersection mineral estimation 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.
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) x Price 1 Ag (g/t) x Ag Recovery (%)		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 (%)
		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’).		• No assays have been received at time of report for WCS028 and WCS029. • The strike orientation of the mineralisation intersected in holes WCS028 and WCS029 is believed to be N-S and NNE-SSW respectively. This indicates that the true widths are approximately 26m and 15m respectively.
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 aplans and sections.		• Refer to plans and sections within report

16

ASX I 25 July 2022

==> picture [83 x 20] intentionally omitted <==

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).	• Diamond drilling is ongoing at Webbs Consol

17