LODE RESOURCES LTD — Regulatory Filings 2021

Jul 4, 2021

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5 July 2021

Lode Resources Ltd Raises $5m via IPO, Uralla Gold Drilling to Commence Soon

Lode Resources Ltd (ASX:LDR or ‘Lode’ or ‘the Company’) is pleased to announce the commencement of trading on the ASX following the completion of its $5m Initial Public Offer. The Company is about to commence a drilling program at its Uralla Gold Project, the first of its three core projects, located in the New England Fold Belt in NE NSW.

Highlights

• Lode Resources commenced trading on Friday following the completion of its $5m IPO;

• Capital to fund ongoing exploration across Lode’s portfolio of 100%owned, brownfield precious/base metal assets in the New England Fold Belt;

• Steady stream of exploration results expected as Lode moves quickly to begin drilling on multiple Projects;

• Preparations for highly anticipated drilling at the Uralla Gold Project are well advanced with a 3,000m, 15 hole, program planned;

• The Uralla Gold Project is target rich including the Hudson’s prospect where high grade gold has been encountered in surface sampling;

• Latest tranche of assay results from Uralla rock chip program due imminently;

• Drilling is then expected to begin at the Webbs Silver Project and Trough Gully Copper Project, conducted over the Sept Quarter.

Managing Director, Ted Leschke commented:

Lode is extremely pleased to have raised substantial capital to accelerate exploration of its 100% owned and fully granted tenements in the New England Fold Belt. Having pegged our tenements prior to the recent land rush in the region we have picked the most prospective ground with historical mining activity on all our key permits.

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

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Preparations for drilling at the Uralla Gold Project are well advanced and we anticipate kicking off a 3,000m, 15 hole, drilling program shortly. Drilling will initially be focused on the Hudson’s Prospect, the first of several key targets we have identified and where high grade gold at surface has been encountered. Drilling at Webbs Consol Silver Project and then the Trough Gully Copper Project, both of which host historic mines, will then begin during the current Quarter.

I would like to welcome new shareholders to the Company, we have an exciting journey ahead. We are also very encouraged by the high level of support we have enjoyed from existing shareholders, many of whom materially increased their investment into Lode via the IPO. I look forward to reporting on the results of our drilling activity in the near term.

Lode’s Portfolio

Lode assembled its portfolio of brownfield gold/silver/base metals assets in the New England Fold Belt guided by several key criteria:

• Ability to secure 100% ownership;

• Significant historical geochemistry and/or geophysics;

• Under drilled and/or open ended mineralisation; and

• Demonstrated high grade mineralisation and/or potential for large mineral occurrences.

This has resulted in a manageable portfolio of assets with diverse mineralisation styles with 3 drill ready projects:

1. Uralla Gold – Intrusive Related Gold System (IRGS) constituting a significant gold field – drill ready ;

2. Webbs Consol Silver – High grade silver bearing lodes, 3 attractive targets - drill ready ;

3. Trough Gully (Fender) – VMS style copper occurrence – drill ready;

• 4 . Elsinore – Large regional magnetic and IP anomaly with anomalous base/precious metals in geochemical sampling;

5. Thor – Large gold anomaly potentially associated with high level intrusions or major regional fault structures; and

6. Tea Tree – Underexplored goldfield.

Lode has budgeted for 6,000m of drilling across the 3 drill ready Projects in its portfolio in 2021 with a further 9,500m planned in 2022. Due to very soft ground conditions after winter rains the company will be using a track mounted diamond drill rig for the Uralla, Webbs Consol and Trough Gully programs instead of an RC rig. This will allow the company to use the same rig on all three properties for continuous exploration in the coming months. A breakdown of the Company’s drill program is provided in Table 1 with the location of our portfolio provided in Figure 1 below.

Refer LDR Prospectus 14 April 2021 p35 & LDR Supplementary Prospectus 6 May 2021

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Table 1: Breakdown of Lode’s proposed drill program across its portfolio

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Figure 1: Location of Lode’s tenements in the New England Fold Belt (dark blue label) and nearby discoveries / mines (white label)

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Refer LDR Prospectus 14 April 2021 p36 & LDR Supplementary Prospectus 6 May 2021

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Imminent Drilling Program at Uralla

Lode’s immediate priority is drilling at the Uralla Gold Project on EL8980 and EL9087. These two exploration licences cover almost the entire historic Uralla Gold field. Lode believes the goldfield is host to Intrusive Related Gold System (IRGS) style mineralisation. The Uralla goldfield was one of the earlier goldfields discovered in NSW and a significant gold producer in the 1850’s. Lode’s holdings cover over 300 km[2] . Uralla Granodiorite and other intrusives, which intrude Yarrowyck Granodiorite and Sandon Beds, are believed to be responsible for gold mineralisation in the Uralla Goldfield.

Figure 2: Key Drill Targets at the Uralla Gold Project and best drill intercepts todate[1 ]

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The Uralla Project consists of several key targets with high grade historical Au intercepts (refer to Figure 2), of which the Hudson’s Prospect is the priority for drilling. Lode has already conducted extensive reconnaissance work at Uralla, including a large IP survey which yielded multiple IP chargeability anomalies to be drilled in the imminent program.

1 Refer LDR Prospectus 14 April 2021 p45, p139 (IGR p65 Table 12), p157 (IGR p85 Table 15), p199 (IGR p125), p202 (IGR p128 Table 25) & LDR Supplementary Prospectus 6 May 2021

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The Hudson’s prospect, located on the “Bonanza Dyke” and shortly to be drilled, is defined by IP as well as Au/As geochem anomalies and contains high gold grades in relatively unweathered outcrop.

Figure 3: The Hudson’s Prospect – Rock chip sampling gold grades highlighted in yellow[1 ]

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An initial 3,000m, 15 hole, drill program is planned at Uralla in 2021 with a drill rig set to soon mobilise to site to initially target the highly prospective Hudson’s prospect.

The Company plans to have drill samples assayed at ALS Labs in Brisbane which should allow for significantly faster turnaround of assay results versus reliance on labs in Orange, to the south. Results from this initial drilling are expected around mid Sept Qtr. In the near future Lode is expecting rock chip assay results from earlier reconnaissance work which will be used to refine future drill targeting.

1Refer LDR Prospectus 14 April 2021 p139 (IGR p65 Table 12) & LDR Supplementary Prospectus 6 May 2021

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The New England Fold Belt

To date modern exploration in the New England Fold Belt has mostly consisted of geological mapping, surface geochemistry, minor geophysics and shallow drilling around historical workings. The New England Fold Belt has just one exploration hole for every 13 holes drilled in the Lachlan Fold Belt which suggests that this region is under explored by modern day standards.

Exploration companies and the NSW Government have compiled a significant amount of information on a regional scale, but follow-up of anomalous responses have been limited and largely lacking in direction.

Table 2: Comparison of drilling data in New England Fold Belt vs Lachlan Fold Belt

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However, more recently the New England Fold Belt has experienced a massive resurgence in exploration interest, particularly as the Lachlan Fold Belt becomes more and more crowded. Just in the last year the area under exploration title has grown from 7,296 km[2] to 17,322km[2] , an increase of 137%. Companies acquiring ground include a number from North America with the largest being Newmont Australia Pty Ltd (Newmont). Gold companies of this ilk typically target multi-million ounce gold deposits. Lode has the advantage of being a front runner of this wave and has acquired exploration projects in the New England Fold Belt where much of the early work has already been completed.

Figure 4: Comparison of mineral occurrences and drilling density of New England Fold Belt and Lachlan Fold Belt

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Refer LDR Prospectus 14 April 2021 p38 & LDR Supplementary Prospectus 6 May 2021

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

For further information, please contact: Investor Enquiries Media Enquiries Ted Leschke M&C Partners Managing Director Ben Henri Ted@loderesources.com Ben.Henri@mcpartners.com.au

About Lode Resources

Lode Resources is an ASX-listed explorer focused on the highly prospective but underexploited New England Fold Belt in north eastern NSW. The Company has assembled a portfolio of brownfield precious and base metal assets characterised by demonstrated high grade mineralisation and/or potential for large mineral occurrences

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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