LODE RESOURCES LTD — Capital/Financing Update 2022

Mar 23, 2022

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24 March 2022

Drilling Recommences at Webbs Consol Silver-Base Metals Project Testing Multiple Targets

Highlights

• Phase I diamond drilling has recommenced on multiples targets at the Webbs Consol Silver-Base Metals Project.

• Approximately 11 holes for 1,100m is planned to test along strike of the Webbs Consol main shaft, particularly to the south.

• Some 67 historical workings and mineral occurrences have been a

• identified by Lode of which 11 are considered high priority as well as new drill target with high grade surface mineralisation (Surface grab samples have graded up to 745 g/t Ag, 16.05% Pb, 14.00% Zn and 0.50 g/t Au) 2km south of the Webbs Consol main shaft.

• Those high priority targets include several shafts with a history of high-grade silver production which have never been drilled and may replicate the Webbs Consol main shaft mineralised structure.

• Recently completed initial Phase I drilling returned highly significant :

• intercepts[1,2,3,4]

• WCS006: 27.50m @ 468 g/t silver eq or 9.60 % zinc eq - incl. 4.40m @ 801 g/t silver eq or 16.43 % zinc eq

• WCS007: 24.15m @ 374 g/t silver eq or 7.67 % zinc eq - incl. 10.30m @ 675 g/t silver eq or 13.85 % zinc eq

• Extensive DHEM and FLEM programs have been booked May 2022 to test the depth extent and widths of Webbs Consol and Lucky Lucy North mineralisation ahead of Phase II drilling.

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

ASX I 24 March 2022

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Webbs Consol Silver-Base Metal Project –

Drilling Recommences on Multiple Targets

Lode Resources Ltd (ASX:LDR or ‘Lode’ or ‘the Company’) is pleased to announce the recommencement of drilling on multiples targets at the Webbs Consol Silver-Base Metals Project (EL 89233). Approximately 1,000m is planned.

Subsequent to the success of initial Phase I drilling, where broad high-grade Ag, Zn, Pb mineralisation was intersected at the 100% owed Webbs Consol Silver-Base Metals Project, multiple additional Phase I drill targets have been identified through a combination of Phase I drilling results, mapping, sampling, and an extensive historical literature review. Some 67 historical workings and mineral occurrences have been identified by Lode of which 11 are considered high priority.

In addition to Webbs Consol main shaft, high priority targets include several shafts with a history of high-grade production. Many of these targets are historical mines and government records indicate that these mines were producers of high-grade mineralisation. These mines have been located through a combination of sampling/mapping and a substantial literature review despite more recent surface remediation efforts infilling and covering past mining activities. See Table 1 and Figure 1.

In addition a new drill target with high grade surface mineralisation has been just located 2km south of the Webbs Consol main shaft. Surface grab samples have graded up to 745 g/t Ag, 16.05% Pb, 14.00% Zn and 0.50 g/t Au (see Table 2). 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 1: High priority Phase I drill targets include new target identified 2km south of Shaft 1

Drill Target	Mineralisation	Metal	Drilling
Shaft 1 (Web Consol main shaft)	Sphalerite, Silver, Galena	Zn, Ag, Pb	LDR Phase I drilling intersects broad high-grade Ag, Zn, Pb over significant widths
Shaft 2 (Mt Galena)	Galena, Chalcopyrite	Zn, Ag, Cu	Never drilled
Shaft 3 (Mt Galena)	Galena, Sphalerite	Pb, Ag, Zn	Never drilled
Shaft 4 (Castlereagh)	Galena, Sphalerite	Pb, Ag, Zn	Never drilled
Shaft 5 (Castlereagh)	Galena, Sphalerite, Chalcopyrite	Pb, Ag, Zn, Cu	Never drilled
Shaft 6 (Castlereagh)	Galena, Sphalerite, Chalcopyrite	Pb, Ag, Zn, Cu	Never drilled
Shaft 7 (Castlereagh)	Galena, Sphalerite, Chalcopyrite	Pb, Ag, Zn, Cu	Never drilled
Barton's Open Cut	Galena	Pb, Ag	Never drilled
Lucky Lucy	Galena, Chalcopyrite	Zn, Ag, Cu	Never drilled
Lucky Lucy North	Galena, Sphalerite, Chalcopyrite	Pb, Ag, Zn, Cu, Au	LDR Phase I drilling intersects high-grade Ag, Zn, Pb, Cu, Au over significant widths
New prospect 2km south of Shaft 1 (Web Consol main shaft)	Galena, Sphalerite, Chalcopyrite	Pb, Ag, Zn, Cu, Au	Never drilled

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Figure 1: Webbs Consol Project – Phase I Drill Targets

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WCS008: 6.70m @ 80 g/t AgEq
& 5.50m @ 75 g/t AgEq
WCS009: 5.30m @ 144 g/t AgEq
WCS006: 27.50m @ 468 g/t AgEq
(or 9.44 % ZnEq)
WCS007: 24.15m @ 374 g/t AgEq
(or 7.57 % ZnEq)
Phase I
Drill Targets
Surface samples grade up to
745 g/t Ag, 16.05% Pb,
14.00% Zn and 0.50 g/t Au.
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Figure 2: Cross Section of Webbs Consol main shaft prospect with drill holes WCS006 & WCS007[1] mineralised intercepts. Historical reports state that the Webbs Consol mineralised structure strikes 190° and dips 70-75° east.

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West East
Drill hole
WSC006
Webbs Consol 60m
main shaft
Stoped
ore
Drill hole
WSC007
27.50m @ 468 g/t silver eq or
9.44 % zinc eq
24.15m @ 374 g/t silver eq or
?
7.57 % zinc eq
?
EOH
164.7m
EOH
188.7m
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Historical reports indicate a vertical gradational zoning of mineralisation. The upper zones are believed to be richer in argentiferous galena with minor sphalerite grade and grades to a more dominant argentiferous sphalerite with minor galena at depth. It is not known if this gradation occurs at the same level in all mineral occurrences.

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Furthermore, recent work indicates that there are two styles types of mineralisation present at the Webbs Consol Silver-Base Metals Project: i) mineral emplacement through vein fillings typically found north of the Webbs Consol main shaft prospect, and ii) mineral segregation typically found in mineral occurrences in and south of the Webbs Consol main shaft prospect.

Recently completed Phase I drilling returned the following highly significant intercepts[1,2,3,4] :

Webbs Consol main shaft prospect

• WCS006[1] : 27.50m @ 468 g/t silver eq[2] or 9.60 % zinc eq[2] (118 g/t silver, 6.52% zinc and 0.77% lead) from 104.60m - incl. 23.80m @ 526 g/t silver eq or 10.79 % zinc eq

• (135 g/t silver,7.32% zinc and 0.82 % lead) from 105.60m

• incl. 4.40m @ 801 g/t silver eq or 16.43 % zinc eq

• (287 g/t silver, 9.39% zinc and 1.47 % lead) from 105.60m

• WCS007[1] : 24.15m @ 374 g/t silver eq[2] or 7.67 % zinc eq[2] (63 g/t silver, 5.96% zinc and 0.49% lead) from 122.90m - incl. 19.0m @ 462 g/t silver eq or 9.47 % zinc eq

• (78 g/t silver, 7.45% zinc and 0.49% lead) from 129.70m - incl. 10.30m @ 675 g/t silver eq or 13.85 % zinc eq

• (123 g/t silver, 10.82% zinc and 0.56% lead) from 129.70m

Lucky Lucy North prospect

• WCS008: 6.70m @ 80 g/t silver eq[2] (31 g/t silver and 0.62 g/t gold) from 35.30m

• WCS008: 5.50m @ 75 g/t silver eq[2] or 1.54 % zinc eq[2] (21 g/t silver, 0.72% zinc and 0.26% lead) from 71.50m

• WCS009: 5.30m @ 144 g/t silver eq[2] or 2.96 % zinc eq[2] (82 g/t silver, 0.16% zinc and 0.43% copper) from 70.00m

Table 2: Surface sample assays for newly identified prospect located 2km south of Shaft 1 (Web Consol main shaft). Most significant assays highlight in yellow.

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ID Easting Northing Primary Lithology Ag g/t Pb % Zn % Cu % Au g/t
R201 352854 6734477 Leucogranite - gossanous 9.2 0.07 0.03 0.00 <0.01
R202 352911 6734508 Leucogranite - med weather with galena blebs 745.0 1.42 0.01 0.10 0.33
R203 352915 6734514 Leucogranite - secondary sulphides 30.2 1.67 0.01 0.02 0.26
R204 352924 6734520 Leucogranite -altered with disseminated galena 8.9 0.61 0.09 0.02 0.01
R205 352937 6734520 Leucogranite - massive sphalerite & galena 145.0 16.05 14.00 0.50 0.02
R206 352937 6734519 Leucogranite - altered with coarse grade galena 51.6 6.12 0.71 0.05 0.01
R207 352915 6734534 Leucogranite - gossan with nor visible sulphides 16.5 1.29 0.04 0.01 0.01
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A Down Hole Electromagnetic (DHEM) and Fixed Loop Electromagnetic (FLEM) geophysical surveys targeting the most prospective drill holes are planned for May 2022. The aim of this survey is to define sulphide accumulations at depth prior to Phase II drilling.

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Table 3: Intercept equivalent grades and metal inputs for drill holes WCS006 to WCS009[1,2,3,4]

Hl	From	To	Interval	Silver Eq2	Zinc Eq2	Silver	Zinc	Lead	Copper	Gold
oe	(m)	(m)	(m)	(g/t)	(%)	(g/t)	(%)	(%)		(g/t)
WCS006	104.60	132.10	27.50	468	9.60	118	6.52	0.77	0.07	0.00
incl.	105.60	129.40	23.80	526	10.79	135	7.32	0.82	0.08	0.00
incl.	105.60	110.00	4.40	801	16.43	287	9.39	1.47	0.09	0.00
WCS007	122.90	147.05	24.15	374	7.67	63	5.96	0.49	0.04	0.00
incl.	126.00	145.00	19.00	462	9.47	78	7.43	0.49	0.05	0.00
incl.	129.70	140.00	10.30	675	13.85	123	10.82	0.56	0.06	0.01
WCS008	25.50	45.20	16.30	49	**n/a **	19	0.10	0.03	0.01	0.30
incl.	35.30	42.00	6.70	80	**n/a **	31	0.01	0.04	0.00	0.62
WCS008	58.20	77.00	18.80	37	0.75	10	0.37	0.14	0.02	0.02
incl.	71.50	77.00	5.50	75	1.54	21	0.72	0.26	0.05	0.06
WCS009	70.00	80.00	10.00	84	1.73	45	0.17	0.09	0.23	0.05
incl.	70.00	75.30	5.30	144	2.96	82	0.16	0.07	0.43	0.09

Webbs Consol silver and zinc equivalent grades are based on assumptions: AgEq(g/t)=Ag(g/t)+49Zn(%)+32Pb(%)+106Cu(%)+76Au(g/t) and ZnEq(%)=Zn(%)+0.021Ag(g/t)+0.646Pb(%)+2.171Cu(%)+1.566Au(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 4[nd] 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.

The estimated true width of the widest intersections in Webbs Consol main shaft prospect drill holes WCS006 and WCS007 is 14.2 metres and 10.4 metres respectively whereas the estimated true width of Lucky Lucy North prospect drill holes WCS008 and WCS009 are yet to be determined by follow-up on-section drilling.

Preliminary metallurgical test work performed on a composite sample of mineralisation intersected from drill hole WCS007 was recently reported. This has demonstrated very high recoveries of silver, zinc and lead as well as high metal grades in concentrate from a rougher preliminary flotation test and has allowed metal equivalent values to be calculated.

Table 4 : Metallurgical recoveries – 4 stage rougher flotation recovery results[2]

		Cumulative Recoveries(%)	Cumulative Recoveries(%)	Cumulative Recoveries(%)
Product	Zn	Ag	Pb	Cu	Au
Rghr Con 1 Rghr Con 1-2 Rghr Con 1-3 Rghr Con 1-4	80.5 97.0 98.2 98.7	70.9 94.3 96.3 97.3	69.2 92.0 93.8 94.7	58.6 71.9 74.3 76.3	53.1 65.6 88.8 90.8

Photo 1. Drill hole WCS007 NQ core showing 24.15 metre mineralised intercept

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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.

Figure 3: 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
face and conductive
anomaly to north Drill
indicate potential new Target
lode along strike and ?
at depth
?
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Photo 2: Webbs Consol Main Shaft specimen showing coarse galena mineralisation

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Footnotes

1LDR announcement 17 November 2021 titled “First drill assays received for Webbs Consol Silver Project”

2LDR announcement 14 December 2021 titled “High metal recoveries in Webbs Consol metallurgy” 3LDR announcement 14 December 2021 titled “High-grade mineralisation in Webbs Consol drilling” 4LDR announcement 18 January 2022 titled “Webbs Consol new drill targets”

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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 4: 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

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ASX I 24 March 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 (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.	• Samples were collected by a qualified geologist. • 7 rock samples were collected from outcrop and historic waste dumps. • The sample weight range is between 1.11kg to 2.4kg. 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.
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).	• No new drilling was carried out
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.	• No new drilling was carried out.
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.	• The geology, mineralogy, nature and characteristics of mineralisation and host rock geology, and orientation of the associated mineralised structures, was logged by a qualified geologist and subsequently entered into a geochemical database. Photographs taken for reference.

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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.	• No drilling was carried out. • Samples were dry and not split in the field. • Sample sizes are considered 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.	• 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.
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.	• 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.
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.	• 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.
Latest surface sampling Sample ID Easting Northing PrimaryLithology Ag g/t Pb % Zn % Cu % Aug/t R201 352854 6734477 Leucogranite -gossanous 9.2 0.07 0.03 0.00 <0.01 R202 352911 6734508 Leucogranite - med weather withgalena blebs 745.0 1.42 0.01 0.10 0.33

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R203 352915 6734514 Leucogranite - secondary sulphides 30.2 1.67 0.01 0.02 0.26 R204 352924 6734520 Leucogranite -altered with disseminated galena 8.9 0.61 0.09 0.02 0.01 R205 352937 6734520 Leucogranite - massive sphalerite & galena 145.0 16.05 14.00 0.50 0.02 R206 352937 6734519 Leucogranite - altered with coarse grade galena 51.6 6.12 0.71 0.05 0.01 R207 352915 6734534 Leucogranite -gossan with nor visible sulphides 16.5 1.29 0.04 0.01 0.01

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.	• Results will not be used for resource estimation. • Sampling consisted of 7 rock samples. • The sample weight range (1.11-2.4kg) is considered appropriate for this style of sampling. • No composting 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.	• No new drilling or channel sampling was carried out
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 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.	• Historical rock and soil sampling by Silver Mines

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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 holeInformation	• 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.	• No new drilling was carried out
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.	• No new drilling was carried out

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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 new drilling or channel sampling was carried out.
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.

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	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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