LODE RESOURCES LTD — Capital/Financing Update 2022

Jul 6, 2022

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7 July 2022

Further Mineralised Lodes Discovered at Webbs Consol Silver-Base Metal Project

Highlights

• Phase I drilling at Lode’s Webbs Consol Silver-Base Metal Project continues to deliver thick sulphide intercepts from virgin targets

• Two additional mineralised lodes have been discovered by early scout drilling bringing the total to 5 mineralised loads drill tested to date:

• ➢ WCS023 has intersected 50.0m of shallow sulphide mineralisation – the widest mineralised intercept to date at Webbs - containing an estimated 3% sphalerite ((Zn,Fe)S) 2% galena (PbS), 0.5% chalcopyrite (CuFeS2) from 17.0m at the Castlereagh prospect. Significant silver mineralisation is also anticipated

• ➢ WCS026 has intersected 26.1m of shallow sulphide mineralisation containing an estimated 1% sphalerite ((Zn,Fe)S) 1% galena (PbS), 0.5% chalcopyrite (CuFeS2) from 32.5m at the Lucky Lucy North prospect. Significant silver and gold mineralisation is also anticipated

• Both Castlereagh and Lucky Lucy North targets were previously undrilled and unmined and are further examples of formerly unrecognised prospectivity at Webbs, first highlighted by our recent success at Tangoa West and identified through surface mapping

• Both drill intercepts are believed to represent the upper levels of mineralised lodes and a transition to higher levels of sphalerite and galena mineralisation is anticipated at depth

• Webbs Consol mineral system now extends > 3km north-south strike demonstrating strong prospectivity and the potential for the discovery of additional near surface mineralised lodes along strike to the North and South as well within the area currently being explored

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

ASX I 7 July 2022

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

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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) containing an estimated 1% sphalerite
((Zn,Fe)S) 1% galena (PbS), 0.5% chalcopyrite (CuFeS2).
Significant silver and gold mineralisation is also anticipated
WCS006: 27.50m @ 468 g/t AgEq [1]
WCS007: 24.15m @ 374 g/t AgEq [1]
WCS012: 12.1 metres @ 312 g/t AgEq [1 ]
Phase I
Drill Targets
WCS023: 50.0m sulphide mineralisation intercept
(23.5m to 67.0m) containing an estimated 3% sphalerite
((Zn,Fe)S), 2% galena (PbS), 0.5% chalcopyrite (CuFeS2).
Significant silver mineralisation is also anticipated
WCS020: 31.0m sulphide mineralisation intercept (30.6m to
61.6m) containing an estimated 7% galena (PbS), 5%
sphalerite ((Zn,Fe)S), 1% chalcopyrite (CuFeS2). Significant
silver mineralisation is also anticipated
WCS019: 26.7m grading 399 g/t AgEq [1 ]
Incl. aggregate 5.9m @ 1,074 g/t AgEq [1 ]
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ASX I 7 July 2022

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Further Thick Sulphide Intercepts

Lode Resources Ltd (ASX: LDR or ‘Lode’ or ‘the Company’) is pleased to announce that Phase I drilling at the 100% owned Webbs Consol Silver-Base Metal Project (EL 8933) continues to deliver significant results. Two additional mineralised lodes have been tested by early scout drilling bringing the total to five mineralised loads now tested to date. The Webbs Consol mineral system now extends over a 3km north-south strike demonstrating strong perspectivity and the potential for the discovery of additional mineralised lodes.

• ➢ WCS023 has intersected 50.0m of shallow sulphide mineralisation containing an estimated 3% sphalerite ((Zn,Fe)S) 1% galena (PbS), 0.5% chalcopyrite (CuFeS2) from 17.0m at the Castlereagh prospect. Significant silver mineralisation is anticipated in assays as silver is known to be strongly associated with sulphides at the Webbs Consol Silver-Base Metals Project. This is the thickest intercept to date at Webbs Consol and elevated levels of arsenopyrite (4%) is a strong indicator that this lode should transition to higher levels of sphalerite and galena depth together with associated silver mineralisation.

• ➢ WCS026 has intersected 26.1m of shallow sulphide mineralisation containing an estimated 1% sphalerite ((Zn,Fe)S) 1% galena (PbS), 0.5% chalcopyrite (CuFeS2) from 32.5m at the Lucky Lucy North prospect. Significant silver mineralisation is anticipated in assays as silver is known to be strongly associated with sulphides at the Webbs Consol Silver-Base Metals Project and, in addition, and gold mineralisation is also anticipated as elevated gold levels were encountered in the shallower drill hole WCS008 at Lucky Lucy. Elevated levels of arsenopyrite (6%) are a strong indicator that this lode should transition to higher levels of sphalerite and galena depth together with associated silver mineralisation.

Drill holes WCS023 and WCS026 both further demonstrate the existence of significant lodes at Webbs Consol with wide widths. Visual estimates of mineralisation indicated that both have be intersected at high levels and it is expected that grades of sphalerite and galena will improve at depth. True widths of the both lodes are not known at this stage.

Drilling to date and observation of dump material from various infilled shafts and historical records has resulted in an improved understanding of mineral distribution within the Webbs Consol mineralised lodes. It is now understood that the mineralised lodes show vertically gradational mineral zonation with the dominant mineralisation grading into the next with depth. The higher zones typically contain elevated arsenopyrite together with lesser argentiferous galena/sphalerite. This grades into zones rich in argentiferous galena at depth and then to zones rich in sphalerite deeper still. Below this is completely unknown. Silver is present in all zones but is particularly rich in the galena zone as would be anticipated.

The recently reported drill hole WCS019 returned an aggregate 5.9m @ 1,074 g/t AgEq within the broader intercept of 26.7m @ 399 g/t AgEq[1] at the Tangoa West prospect demonstrating the potential for high grades at certain levels within the mineralised lodes at Webbs Consol.

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ASX I 7 July 2022

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Figure 2: Cross Section of Castlereagh prospect showing the 50.0m sulphide mineralisation intercept in drill hole WCS023

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NW SE
50.0m sulphide mineralisation
intercept (17.0m to 67.0m) containing
an estimated 3% sphalerite ((Zn,Fe)S),
2% galena (PbS), 0.5% chalcopyrite
(CuFeS2). Significant silver
mineralisation is also anticipated
?
Drill hole
WSC023
EOH
80.6m
Open ended
Transition to stronger sphalerite and
?
galena mineralisation anticipated at
depth
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Phase I drilling to date has demonstrated how under-explored the Webbs Consol project is and the potential for further discoveries through the drilling of mapped surface targets as well as extension and/or blind targets generated through geophysics. The Webbs Consol mineral system now extends over a 3km north-south strike.

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ASX I 7 July 2022

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Figure 3: Cross Section of Lucky Lucy North prospect showing 26.1m sulphide mineralisation intercept in drill hole WCS026 and the previously reported WCS008 intercept

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W E
21.2m intercept (24.0m to 45.2m)
grading 45 g/t silver equivalent
26.1m sulphide mineralisation intercept
(32.5m to 58.6m) containing an estimated
1% sphalerite ((Zn,Fe)S) 1% galena (PbS),
Drill hole 0.5% chalcopyrite (CuFeS2). Significant
WSC026 silver and gold mineralisation is also
anticipated
?
Transition to stronger
sphalerite and galena Drill hole
mineralisation
WSC008
anticipated at depth
Open ended
?
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Table 1 : Webbs Consol Silver-Base Metals Project – Phase I Drill Results to Date

Hole	From	To	Interval	Silver Eq1	Silver	Zinc	Lead	Copper	Gold
	(m)	(m)	(m)	(g/t)	(g/t)	(%)	(%)	(%)	(g/t)
WCS006	104.6	132.1	27.5	468	118	6.52	0.77	0.07	0.00
incl.	105.6	129.4	23.8	526	135	7.32	0.82	0.08	0.00
WCS007	122.9	147.1	24.2	374	63	5.96	0.49	0.04	0.00
incl.	126.0	145.0	19.0	462	78	7.43	0.49	0.05	0.00
WCS008	21.2	45.2	24.0	45	19	0.10	0.03	0.01	0.30
incl.	35.3	42.0	6.7	80	31	0.01	0.04	0.00	0.62
WCS009	70.0	80.0	10.0	84	45	0.17	0.09	0.23	0.05
incl.	70.0	75.3	5.3	144	82	0.16	0.07	0.43	0.09
WCS012	48.0	60.1	12.1	312	108	0.36	5.49	0.10	0.04
Incl. WCS019	49.6	59.0	9.4	394	137	0.39	7.01	0.12	0.05
	30.1	56.8	26.7	399	115	1.07	6.43	0.25	0.03
Incl.	31.6	41.0	9.4	633	197	1.50	10.14	0.39	0.04
Incl.	37.0	40.0	3.0	1,023	376	0.28	17.68	0.64	0.09
Incl.	50.0	56.2	6.2	587	171	1.09	10.04	0.42	0.04
Incl.	53.3	56.2	2.9	1,126	344	1.54	19.62	0.82	0.03

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.

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Photo 1: NQ core showing 50.0m sulphide intercept from drill hole WCS023 at Castlereagh prospect

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50.0m sulphide mineralisation intercept (17.0m to 67.0m) containing an estimated 3% sphalerite ((Zn,Fe)S), 2% galena (PbS), 0.5% chalcopyrite (CuFeS2). Significant silver mineralisation is also anticipated

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ASX I 23 June 2022

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Photo 2: NQ core showing 26.1 sulphide intercept from drill hole WCS026 at Lucky Lucy North prospect

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26.1m sulphide mineralisation intercept (32.5m to 58.6m) containing an estimated 1% sphalerite ((Zn,Fe)S) 1% galena (PbS), 0.5% chalcopyrite (CuFeS2). Significant silver and gold mineralisation is also anticipated

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Photo 3: Coarse blebs of galena (PbS) NQ2 size drill core at Webbs Consol

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

ASX I 7 July 2022

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Table 2: Geological log for drill hole WCS023

Hole ID Easting Northing GDA94 Z56	Hole ID Easting Northing GDA94 Z56	Dip Azimuth From To Observations Grid (m) (m)
WCS023 352421	6735963	-50 36 0.00 11.10 Moderately weathered coarse-grained granite
		11.10 17.30 Coarse-grained granite with pervasive moderate sericitic alteration
		17.30 27.00 Coarse grained granite with pervasive strongly silicic alteration, along with trace pyrite and arsenopyrite mineralisation
		27.00 30.30 Coarse grained granite with pervasive strongly sericitic alteration, accompanied by 2% sphalerite and 1% arsenopyrite
		30.30 33.60 Coarse grained granite with pervasive strongly chloritic alteration, containing an estimated 6% sphalerite and 2% arsenopyrite mineralisation
		33.60 38.10 Coarse grained granite with pervasive strongly chloritic alteration, containing an estimated 4% sphalerite and 2% galena mineralisation
		38.10 39.90 Coarse grained granite with pervasive intense chloritic alteration, containing an estimated 25% arsenopyrite and 5% sphalerite mineralisation
		39.90 40.90 Coarse grained granite with pervasive intense chloritic alteration, containing an estimated 10% arsenopyrite and 2% sphalerite mineralisation
		40.90 42.80 Coarse grained granite with pervasive intense chloritic alteration, containing an estimated 40% arsenopyrite and 1% sphalerite mineralisation
		42.80 43.20 Coarse grained granite with pervasive intense chloritic alteration, containing an estimated 15% sphalerite and 5% arsenopyrite mineralisation
		43.20 44.00 Gouge with pervasive intense chloritic alteration, containing an estimated 5% arsenopyrite and 3% sphalerite mineralisation
		44.00 45.60 Gouge with pervasive intense chloritic alteration, containing an estimated 10% galena and 5% chalcopyrite mineralisation
		45.60 48.00 Gouge with pervasive intense chloritic alteration, containing an estimated 8% sphalerite and 5% arsenopyrite mineralisation
		48.00 49.00 Gouge with pervasive intense chloritic alteration, containing an estimated 2% sphalerite mineralisation
		49.00 49.90 Gouge with pervasive intense chloritic alteration, containing an estimated 5% arsenopyrite mineralisation
		49.90 51.70 Gouge with pervasive intense chloritic alteration, containing an estimated 7% galena and 5% arsenopyrite mineralisation
		51.70 52.50 Gouge with pervasive intense chloritic alteration, containing an estimated 15% arsenopyrite and 3% galena mineralisation
		52.50 54.30 Gouge with pervasive moderate chloritic alteration, containing an estimated 2% sphalerite and1% galena mineralisation
		54.30 57.40 Coarse grained granite with pervasive weak chloritic alteration containing an estimated 0.5% sphalerite and 0.5% galena mineralisation
		57.40 62.90 Coarse grained granite with pervasive strong chloritic alteration, containing an estimated 0.3% sphalerite and 0.3% arsenopyrite mineralisation
		62.90 63.40 Coarse grained granite with pervasive intense chloritic alteration, containing an estimated 0.5% arsenopyrite mineralisation
		63.40 65.10 Gouge with pervasive intense chloritic alteration, containing an estimated 20% arsenopyrite mineralisation
		65.10 65.50 Gouge with pervasive intense chloritic alteration, containing an estimated 8% galena mineralisation
		65.50 67.00 Coarse grained granite with pervasive moderate silicic alteration, containing an estimated 1% arsenopyrite mineralisation
		67.00 80.60 Coarse grained granite with pervasive moderate silicic alteration

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Table 3: Geological log for drill hole WCS026

Hole ID Easting Northing GDA94 Z56	Dip	Azimuth From To Observations Grid (m) (m)
		99 0.00 6.90 Coarse-grained granite with pervasive moderate chloritic alteration
WCS026 352309 6736873	-65
		6.90 28.70 Coarse-grained granite with pervasive moderate chloritic alteration
		28.70 29.60 Coarse-grained granite with pervasive moderate chloritic alteration containing trace sphalerite and trace chalcopyrite
		29.60 31.20 Coarse-grained granite with pervasive moderate chloritic alteration containing race sphalerite and trace galena
		31.20 33.50 Coarse-grained granite with pervasive moderate sericitic alteration containing trace arsenopyrite
		33.50 39.20 Coarse-grained granite with pervasive weak chloritic alteration containing 1% arsenopyrite
		39.20 44.60 Coarse-grained granite with pervasive weak chloritic alteration containing 5% arsenopyrite and trace chalcopyrite
		44.60 45.10 Coarse-grained granite with pervasive weak silicic alteration containing 5% sphalerite and trace chalcopyrite
		45.10 52.00 Coarse-grained granite with pervasive weak chloritic alteration 15% arsenopyrite and trace galena
		52.00 55.00 Coarse-grained granite with pervasive weak sericitic alteration containing trace arsenopyrite
		55.00 58.60 Coarse-grained granite with pervasive moderate sericitic alteration containing 10% arsenopyrite
		58.60 66.30 Coarse-grained granite with pervasive moderate chloritic alteration
		66.30 74.60 Coarse-grained granite with pervasive moderate sericitic alteration
		74.60 87.60 Coarse-grained granite with pervasive strong silicic alteration
		87.60 91.10 Coarse-grained granite with pervasive moderate sericitic alteration
		91.10 93.60 Coarse-grained granite with pervasive moderate silicic alteration
		93.60 94.80 Coarse-grained granite with pervasive moderate silicic alteration containing 15% arsenopyrite
		94.80 101.40 Coarse-grained granite with pervasive weak chloritic alteration containing trace sphalerite and trace chalcopyrite
		101.40 128.60 Coarse-grained granite with pervasive moderate sericitic alteration
		128.60 136.10 Coarse-grained granite with pervasive weak chloritic alteration
		136.10 136.30 Coarse-grained granite with pervasive moderate chloritic alteration containing 3% arsenopyrite and 3% galena
		136.30 152.6 Coarse-grainedgranite withpervasive weak chloritic alteration

Photo 4: Very coarse blebs of galena (PbS) in drill core (NQ2 core size)

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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 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

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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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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.

Figure 5: Lode’s Project Locations (yellow polygons)

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

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

ASX I 7 July 2022

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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 0.2m to 1.4m • 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 WCS023 and WCS026.
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 100% recovered from 9.2m downhole depth for WCS023 and 0.5m downhole depth for WCS026. • No assays have been received at time of report for WCS023 and WCS026.
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.

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	• 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 0.2m to 1.4m. 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 WCS023 and WCS026. • 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 (+- 0.0255m). • Grid system used is GDA94 UTM zone 56 •

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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 exact orientation of the mineralisation intersected in holes is not known at this time.
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.

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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
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 orientation of the mineralisation intersected in hole WCS023 and WCS026 is not know at this time.
									Drilling Method Diamond Diamond
Hole ID	Easting		Northing	RL	Dip	Azimuth		EOH Depth	Drilling Method
	GDA94 Z56		GDA94 Z56	m	deg	Grid		m
WCS023 WCS026	352420 352309		6735962 6736873	786 796	-50 -65	052 099		80.6 452.6	Diamond Diamond

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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 WCS023 and WCS26. • The strike orientation of the mineralisation intersected in both hole WCS023 and WCS026 is not known. Thus all intercept widths are down hole and true widths is no yet determined.
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

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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

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