LODE RESOURCES LTD — Regulatory Filings 2022

Oct 25, 2022

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26 October 2022

ASX : LDR

Sixth Sulphide Lode Discovered at Webbs Consol Silver Project

Highlights

• First drill hole into Webbs Silver Project’s Copycat prospect delivers significant sulphide intercept.

• Hole WCS034 has intersected 20.5m of sulphide mineralisation at Copycat.

• Represents sixth sulphide lode discovered to date at the Webbs Consol Silver Project.

• Sulphide textures range from disseminated to semi-massive aggregates of sphalerite and galena blebs with significant silver grades anticipated.

• Phase II drilling at the Webbs Consol Silver is ongoing with a total of 19 holes for 2,350m planned.

Copycat Prospect Drill Hole Delivers Solid Sulphide Intercept

Lode Resources Ltd (ASX:LDR or ‘Lode’ or ‘the Company’) is pleased to provide a drilling update from the 100% owned Webbs Consol Silver Project located in the New England Fold Belt in north-eastern New South Wales.

The ongoing Phase II drill programme at the Webbs Consol Silver Project has resulted in a significant 20.5m down hole intercept (16.0-36.5m) of sulphide mineralisation in drill hole WCS034. Mineralisation content is estimated 6% sphalerite ((Zn,Fe)S) and 3% galena (PbS). Significant silver mineralisation is also anticipated in assays. Sulphide distribution within this intercept ranges from disseminated to semi-massive aggregates of sphalerite and galena blebs.

This is the first drill hole into the Copycat prospect which was discovered through surface mapping and sampling. The resultant significant intercept makes Copycat the sixth sulphide lode discovered to date at the Webbs Consol Silver Project.

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Photo 1: Very high-grade coarse sphalerite ((Zn,Fe)S) mineralisation (black mineral) at 22.0-22.2m depth in hole WCS034 (NQ2 core)

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

ASX I 26 October 2022

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Photo 2: Coarse sphalerite ((Zn,Fe)S) mineralisation at 21.5-21.7m depth in hole WCS034 (NQ2 core)

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Table 1: Geological log for drill hole WCS034

WCS034 352767	6735495	-50 131 0 4.2 Core loss
		4.2 6.9 Weakly weathered Webbs Leucogranite with moderate pervasive silica/sericite alteration.
		6.9 7.1 Core loss
		7.1 14.6 Weakly weathered Webbs Leucogranite with moderate pervasive silica/sericite alteration.
		Fresh coarse-grained granite with
		14.6 16 moderate pervasive silica/sericite
		alteration.
		16 21.1 Coarse grained granite with strong pervasive chlorite alteration containing 3% disseminated sphalerite and 1% disseminated galena.
		21.1 28 Coarse grained granite with intense pervasive silica/sericite alteration containing 10% blebby sphalerite and 5% blebby galena.
		28 34.2 Coarse grained quartz/feldspar porphyry with strong pervasive chlorite alteration containing 5% blebby sphalerite and 2% blebby galena.
		Coarse grained granite with strong
		34.2 36.5 pervasive chlorite alteration containing 2%
		blebby sphalerite and 1% blebby galena.
		36.5 59.6 EOH Coarse grained granite with moderate pervasive chlorite alteration.

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Figure 1: Cross Section of Copycat Lode showing 20.5m intercept in hole WCS034

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NW Copycat Lode SE
20m sulphide mineralisation intercept
(16.0m to 36.5m) containing an estimated
6% sphalerite ((Zn,Fe)S), 3% galena (PbS).
Significant silver mineralisation is also
anticipated
?
Drill hole
WSC034
?
Open
EOH
ended
59.6m
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The Webbs Consol Silver Project has quickly become the Company's flagship project due to the high calibre of drilling results achieved to date. Together with the newly drilled Copycat lode six mineralised lodes have been discovered to date. As previously reported Phase I drilling has returned meaningful silver, zinc and lead intercepts in 22 of the 29 holes drilled, or a 75% hit rate, and 14 of the 29 holes drilled resulted in intercepts with strong metal endowment (>700 AgEq g/t.m), or a 48% hit rate. The top 6 drill holes ranked by mineral endowment are as follows:

• ➢ WCS023 reported 50.0m @ 314 g/t AgEq[1] from 17.0m ( 15,708 AgEq g/t.m)

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

• ➢ WCS019 reported 27.3m @ 412 g/t AgEq[1] from 30.1m ( 11,244 AgEq g/t.m)

• ➢ WCS007 reported 24.2m @ 450 g/t AgEq[1] from 122.9m ( 10,871 AgEq g/t.m)

• ➢ WCS020 reported 31.0m @ 241 g/t AgEq[1] from 30.6m ( 7,471 AgEq g/t.m)

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

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

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

1Silver is deemed to be the appropriate metal for equivalent calculations as silver is the most common metal to all mineralisation zones. Webbs Consol silver equivalent grades are based on assumptions: AgEq(g/t)=Ag(g/t)+61Zn(%)+33Pb(%)+107Cu(%)+88Au(g/t) calculated from 29 August 2022 spot metal prices of US$18.5/oz silver, US$3600/t zinc, US$2000/t lead, US$8100/t copper, US$1740/oz gold and metallurgical recoveries of 97.3% silver, 98.7%, zinc, 94.7% lead, 96.3% copper and 90.8% gold which is the 4th stage rougher cumulative recoveries in test work commissioned by Lode and reported in LDR announcement 14 December 2021 titled “High Metal Recoveries in Preliminary Flotation Test work on Webbs Consol Mineralisation”. Please note all previously reported silver equivalent grades have been updated for 29 August 2022 spot metal prices. It is Lode’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.

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

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Drilling – Phase I
Drilling – Planned Phase II
WCS008: 21.2 @ 50 g/t AgEq [1]
WCS009: 10.0m @ 88 g/t AgEq [1]
WCS026: 34.3m @ 56 g/t AgEq [1]
WCS029: 30.5m @ 69 g/t AgEq [1]
Phase II : 1 drill hole
(75m) planned
WCS006: 27.5m @ 552 g/t AgEq [1]
WCS007: 24.2m @ 450 g/t AgEq [1 ]
WCS028: 43.6m @ 141 g/t AgEq [1 ] incl.
Phase II : 1 drill hole
12.0m @ 338 g/t AgEq [1] incl.
(75m) planned
3.0 m @ 526 g/t AgEq [1]
WCS012: 12.1 m @ 324 g/t AgEq [1]
WCS023: 50.0m @ 314 g/t AgEq [1] incl.
15.0m @ 632g/t AgEq [1] incl.
4.1m @ 958 g/t AgEq [1] and.
WCS031: 47.4m sulphide
mineralisation intercept (66.5m to
113.9m) containing an estimated 6%
sphalerite ((Zn,Fe)S), 3% galena (PbS).
Significant silver mineralisation is also
anticipated
WCS034: 20.5m sulphide
mineralisation intercept
(16.0m to 36.5m)
Phase II : 1 drill hole containing an estimated
(75m) planned 6% sphalerite ((Zn,Fe)S),
3% galena (PbS).
WCS020: 31.0m @ 241 g/t AgEq [1] incl. Significant silver
14.0m @ 357 g/t AgEq [1 ] incl. mineralisation is also
7.5m @ 503 g/t AgEq [1] incl. anticipated
WCS019: 27.3m @ 412 g/t AgEq [1] incl.
13.4m @ 528 g/t AgEq [1] incl.
3.0 m @ 1,046 g/t AgEq [1 ] and
6.2m @ 614 g/t AgEq [1] incl.
2.9m @ 1,171 g/t AgEq [1]
Phase II : 6 drill holes (975m) planned
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Photo 3: NQ core showing Copycat Lode 20.5m sulphide intercept from drill hole WCS034

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20.5m sulphide mineralisation intercept 16.0m to 36.5m) containing an estimated 6% sphalerite ((Zn,Fe)S), 3% galena (PbS). Significant silver mineralisation is also anticipated.

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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 northeast-southwest fractures. No leaching or secondary enrichment has been identified.

Webbs Consol Main Shaft oblique view

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

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

Competent Person’s Statement

The information in this Report that relates to Exploration Results is based on information compiled by Mr Mitchell Tarrant, who is a Member of the Australian Institute of Geoscientists. Mr Tarrant, who is the Project Manager for Lode Resources, has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Tarrant has a beneficial interest as option holder of Lode Resources Ltd and consents to the inclusion in this Report of the matters based on the information in the form and context in which it appears.

For further information, please contact: Investor Enquiries

Ted Leschke Managing Director Ted@loderesources.com

About Lode Resources

Lode Resources is an ASX-listed explorer focused on the highly prospective but underexplored New England Fold Belt in north eastern NSW. The Company has assembled a portfolio of brownfield precious and base metal assets characterised by:

• 100% ownership;

• Significant historical geochemistry and/or geophysics;

• Under drilled and/or open-ended mineralisation; and

• Demonstrated high grade mineralisation and/or potential for large mineral occurrences. Lode’s Project Locations (yellow polygons)

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

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

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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 sampled was sawn in half and bagged according to sample intervals. Intervals range from 0.3m to 1.2m. • 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 WCS034
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%. • No assays have been received at time of report for WCS034
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 0.3m to 1.2m. 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 WCS034. • 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 GPS (+- 5m). • Grid system used is GDA94 UTM zone 56
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree ofgeological	• The holes drilled were for exploration purposes and were not drilled on a grid pattern. • Drill hole spacing is considered appropriate for explorationpurposes.

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	and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• 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 hole WCS034 is unknown at this stage.
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.	• 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.

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ASX I 26 October 2022

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Drill hole Information	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.	• 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.	• 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.	• 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.	• 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.	• 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 of the mineralisation intersected in hole WCS034 is unknown at this stage.	• See row below. • The strike orientation of the mineralisation intersected in hole WCS034 is unknown at this stage.	• See row below. • The strike orientation of the mineralisation intersected in hole WCS034 is unknown at this stage.	• See row below. • The strike orientation of the mineralisation intersected in hole WCS034 is unknown at this stage.	• See row below. • The strike orientation of the mineralisation intersected in hole WCS034 is unknown at this stage.	• See row below. • The strike orientation of the mineralisation intersected in hole WCS034 is unknown at this stage.	• See row below. • The strike orientation of the mineralisation intersected in hole WCS034 is unknown at this stage.	• See row below. • The strike orientation of the mineralisation intersected in hole WCS034 is unknown at this stage.
												Intercept Downhole Intercept Width Est. True Intercept Width From To m m m m 16.0m 36.5m 20.5 unknown
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
WCS031	352767		6735495		835	-50	131		59.6		Diamond	16.0m	36.5m	20.5	unknown
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 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 (%)

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ASX I 26 October 2022

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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 assays have been received at time of report for WCS034. • The strike orientation of the mineralisation intersected in hole WCS034 is unknown at this stage.
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
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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