LODE RESOURCES LTD — Regulatory Filings 2023

May 17, 2023

ASX Announcement | 18 MAY 2023

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FURTHER HIGH-GRADE DRILL INTERCEPTS AT WEBBS CONSOL SILVER PROJECT

Highlights

• Additional Outstanding High-Grade Drill Intercepts at Webbs Consol Silver-Base Metal Project’s Tangoa West Lode include:

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• Drill hole WCS047 returned highly significant results:

  • 24.5m @ 1,450 g/t AgEq[1] from 144.7m including;

    • ➢ 19.3m @ 1,756 g/t AgEq[1] from 148.9m including;

    • ➢ 13.9m @ 2,388 g/t AgEq[1] from 153.6m including;

    • ➢ 5.4m @ 2,749 g/t AgEq[1] from 153.6m including;

    • ➢ 2.3m @ 3,495 g/t AgEq[1] from 155.7m and;

    • ➢ 5.7m @ 2,680 g/t AgEq[1] from 161.8m including;

    • ➢ 2.0m @ 3,210 g/t AgEq[1] from 163.0m

  • Exceptional individual metal grades:

    • ➢ Silver: 24.5m @ 389g/t Ag , including cumulative 11.1m @ 753 g/t Ag

    • ➢ Zinc: 24.5m @ 16.00% Zn , including cumulative 11.1m @ 29.66% Zn

    • ➢ Lead: 24.5m @ 1.56% Pb , including 11.1m @ 2.77% Pb

    • ➢ Copper: 24.5m m @ 0.24% Cu , including 11.1m @ 0.45% Cu

• Drill hole WCS050 returned highly significant results:

  • 65.8m @ 904 g/t AgEq[1] from 104.4m including;

    • ➢ 37.2m @ 1,142 g/t AgEq[1] from 128.0m including;

    • ➢ 18.6m @ 1,671 g/t AgEq[1] from 142.4m including;

    • ➢ 7.2m @ 2,246 g/t AgEq[1] from 150.4m

  • Exceptional individual metal grades:

    • ➢ Silver: 65.8m @ 266g/t Ag

    • ➢ Zinc: 65.8m @ 2.38% Zn

    • ➢ Lead: 65.8m @ 13.56% Pb

    • ➢ Copper: 65.8m m @ 0.42% Cu

• WCS047 and WCS050 intercepts of 24.5m @ 1,450 g/t AgEq[1] and 65.8m @ 904 g/t AgEq[1] respectively rank as the 3[rd] and 2[nd] strongest down hole mineral endowment to date at Tangoa West, further demonstrating consistent thick high-grade mineralisation within the Tangoa West lode and, at the same time, demonstrating the prospectivity of the Webbs Consol’s silver-base metal system. WCS047 contains the highest individual grade interval to date at Webbs Consol being 0.6m @ 5,291 g/t AgEq[1] .

• Drill hole WCS052 has now been completed. It is the deepest hole yet in the Webbs Consol system and has been drilled to a vertical depth of 298m . All mineralised drill core has been logged, sampled and transported to ALS in Brisbane for assaying.

• Current drill programme at Webbs Consol Project comprises some 26 holes totaling approximately 5,000m. The programme is testing the Tangoa West lode, depth testing other lodes discovered by earlier drilling and testing several new targets. Ultimately Lode plans to drill down to a depth of 450m for the most highly endowed lodes.

ASX Code: LDR | ACN: 637 512 415 | www.loderesources.com A: Level 30, 264 George St Sydney NSW 2000 | P: +61 2 9199 8017 | E: info@loderesources.com

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Managing Director, Ted Leschke, commented: “The latest results from drilling at the Webbs Consol Silver Project’s Tangoa West Lode speak for themselves. High grade mineralisation over substantial widths are the hallmarks of a well-endowed mineral system. Lode looks forward to announcing further drill results from the current drill programme for which the company is fully funded”.

Further Exceptional Drill Result at Webbs Consol Silver Project

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

Ongoing drilling at Tangoa West Lode has returned a number of exceptional intercepts with consistent high-grade mineralisation over substantial widths. These include 24.5m @ 1,450 g/t AgEq[1] from 144.7m in drill hole WCS047. This drill intercept represents the 3[rd] highest downhole endowment of all drill intercepts received to date at Tangoa West.

The WCS047 drill intercept comprises two very high-grade zones with a cumulative 11.1m @ 2,714 g/t AgEq[1] including a cumulative 4.3m @ 3,362 g/t AgEq[1] . It also contains the highest individual grade interval to date at Webs Consol being 0.6m @ 5,291 g/t AgEq[1] within 2.3m @ 3495 g/t AgEq[1] within 5.4m at 2749 g/t AgEq[1] . Details of this intercept are summarised in Table 1 below.

Table 1. Drill hole WCS047 intercept assay summary

From To Interval (m) (m) (m) Hole	From To Interval (m) (m) (m) Hole	From To Interval (m) (m) (m) Hole	From To Interval (m) (m) (m) Hole	AgEq1 Ag Pb Zn Cu Au Endowment (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m)	AgEq1 Ag Pb Zn Cu Au Endowment (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m)	AgEq1 Ag Pb Zn Cu Au Endowment (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m)	AgEq1 Ag Pb Zn Cu Au Endowment (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m)	AgEq1 Ag Pb Zn Cu Au Endowment (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m)	AgEq1 Ag Pb Zn Cu Au Endowment (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m)	AgEq1 Ag Pb Zn Cu Au Endowment (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m)
WCS047	144.7	169.2	24.5	1,450	389	1.56	16.00	0.24	0.02	35,519
incl.	148.9	168.2	19.3	1,756	492	1.82	19.11	0.28	0.01
incl.	153.6	167.5	13.9	2,388	664	2.39	26.14	0.37	0.02
incl.	153.6	159.0	5.4	2,749	619	3.37	31.37	0.86	0.03
incl.	155.7	158.0	2.3	3,495	944	2.94	38.68	0.73	0.02
and	161.8	167.5	5.7	2,680	880	2.21	28.03	0.06	0.01
incl.	163.0	165.0	2.0	3,210	1,300	3.08	29.40	0.03	0.01

Another exceptional intercept is 65.8m @ 904 g/t AgEq[1] from 104.4m in drill hole WCS050. This drill intercept represents the 2[rd] highest downhole endowment of all drill intercepts received to date at Tangoa West. The WCS050 drill intercept comprises internal higher-grade zones of 37.2m @ 1,142 g/t AgEq[1] including 18.6m @ 1,671 g/t AgEq[1] including 7.2m @ 2,246 g/t AgEq[1] . Details of this intercept are summarised in Table 2 below.

Table 2. Drill hole WCS050 intercept assay summary

From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole
WCS050	104.4	170.2	65.8	904	266	13.56	2.38	0.42	0.04	59,505
incl.	128.0	165.2	37.2	1,142	368	18.27	2.07	0.43	0.03
incl.	142.4	161.0	18.6	1,671	543	27.74	2.73	0.46	0.03
incl.	150.4	157.6	7.2	2,246	770	35.84	4.08	0.47	0.03

A further solid intercept at Tangoa West is 44.2m @ 264 g/t AgEq[1] from 81.8m in drill hole WCS049 and comprises internal higher-grade zones of 18.0m @ 376 g/t AgEq[1] including 9.0 @ 441 g/t AgEq[1] . Details of this intercept are summarised in Table 3 below.

Table 3. Drill hole WCS049 intercept assay summary

From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole
WCS049	81.8	126.0	44.2	264	68	4.16	0.56	0.20	0.03	11,656
incl.	95.0	113.0	18.0	376	102	6.20	0.53	0.33	0.03
incl.	104.0	113.0	9.0	441	117	7.15	0.77	0.37	0.03

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The estimated true intercept width for WCS047, WCS049 and WCS050 is 12m, 31m and 38m respectively.

The current drill programme at Webbs Consol Project comprises some 26 holes totaling approximately 5,000m. The programme is testing the Tangoa West lode, depth testing other lodes discovered by earlier drilling and testing several new targets. Ultimately Lode plans to drill down to a depth of 450m for the most highly endowed lodes. Tangoa West accounts for the majority of drill holes with 11 holes for 3,000m planned down to a depth of a proximately 450m.

Lode’s drilling strategy is to test Tangoa West from multiple directions in order to assess variations in lode dip and plunge whilst at the same time providing enough data to potentially calculate a resource in the future. Determining lode dip and plunge is critical for orientation determination of planned deeper holes so as to maximize accuracy of lode interception.

Previous announced WCS045 drill intercept of 116.1m @ 1,003 g/t AgEq[1] from 90.9m doubled Tangoa West Lode mineralisation to a depth 200m vertically. Follow-up drill hole WCS052 has been drilled to a vertical depth of 298m and all mineralised drill core has been logged, sampled and transported to ALS in Brisbane for assaying. Whilst Lode eagerly awaits the assay results from this drill hole it does appear that the lode easterly dip and northerly plunge is less steep than that closer to the surface and future deep drill hole designed is being adjusted accordingly. Designing additional deeper drill holes at Tangoa West indicates a high level of confidence in the rich endowment and potential scale of the Webbs Consol mineral system.

Table 4. Drill hole WCS047 and WCS049 individual assay intervals

WCS047	WCS047	WCS047												AgEq g/t 83 495 84 4 4 77 1,667 326 74 6 65 143 320 2,294 1,332 2,350 3,018 1,935 5,291 3,748 2,912 1,452 730 1,108 2,330 2,222 3,231 3,188 2,701 2,415 2,022 391 88	WCS049	WCS049	WCS049
From	To	Le	ngth	Ag	Zn	Pb		Cu		Au				AgEq	From	To	Length	Ag	Zn		Pb		Cu	Au		AgEq
m	m		m	g/t	%	%		%		g/t				g/t	m	m	m	g/t	%		%		%	g/t		g/t
144.7	145.3		0.6	6	0.97	0.46		0.02		0.01				83	81.8	82.5	0.7	10	0.48		0.46		0.01	0.01		55
145.3	145.9		0.6	20	7.20	0.33		0.21		0.01				495	82.5	83.3	0.8	41	1.98		1.56		0.06	0.01		219
145.9	146.3		0.3	8	0.89	0.60		0.02		0.01				84	83.3	84.0	0.7	94	0.74		4.17		0.31	0.03		312
146.3	147.0		0.8	0	0.05	0.00		0.00		0.01				4	84.0	85.0	1.0	43	0.22		1.34		0.23	0.05		128
147.0	148.0		1.0	0	0.05	0.01		0.00		0.01				4	85.0	85.8	0.8	28	0.59		1.08		0.07	0.02		109
148.0	148.9		0.9	11	0.72	0.59		0.02		0.01				77	85.8	86.4	0.6	39	1.91		1.80		0.06	0.01		221
148.9	149.4		0.5	91	24.90	0.43		0.29			0.02			1,667	86.4	87.0	0.6	11	0.51		0.72		0.02	0.01		69
149.4	150.4		0.9	89	2.97	0.66		0.28		0.05				326	87.0	88.0	1.0	13	0.78		1.00		0.02	0.01		96
150.4	151.2		0.8	8	0.74	0.56		0.02		0.01				74	88.0	88.7	0.7	33	0.45		3.16		0.04	0.01		170
151.2	152.1		0.9	0	0.07	0.01		0.00		0.01				6	88.7	89.0	0.3	188	0.13		8.59		0.62	0.04		547
152.1	152.4		0.3	8	0.54	0.66		0.01		0.01				65	89.0	90.0	1.0	96	0.07		9.18		0.19	0.04		424
152.4	153.0		0.6	29	0.55	2.14		0.05		0.05				143	90.0	91.0	1.0	12	0.04		1.10		0.02	0.07		58
153.0	153.6		0.6	81	3.09	0.39		0.33			0.02			320	91.0	92.0	1.0	5	0.02		0.52		0.01	0.05		29
153.6	154.0		0.4	325	21.60	15.90		1.	12	0.04				2,294	92.0	92.5	0.5	2	0.03		0.15		0.00	0.03		12
154.0	155.0		1.0	286	13.45	2.75		1.	19	0.04				1,332	92.5	93.6	1.1	33	1.77		1.82		0.10	0.01		212
155.0	155.7		0.7	1,015	17.10	2.90		1.75		0.04				2,350	93.6	94.3	0.7	92	1.3	6	5.62		0.30	0.01		392
155.7	156.2		0.5	154	44.20	0.25		1.	31	0.		03		3,018	94.3	95.0	0.7	42	1.88		3.01		0.12	0.03		271
156.2	156.8		0.7	564	20.50	1.83		0.49		0.01				1,935	95.0	96.0	1.0	247	0.56		13.85		0.76	0.04		819
156.8	157.4		0.6	2,320	42.70		7.24	1.	04		0.02			5,291	96.0	97.0	1.0	26	0.14		1.70		0.07	0.05		101
157.4	158.0		0.6	574	50.20	1.86		0.26		0.04				3,748	97.0	98.0	1.0	53	0.19		2.57		0.12	0.03		164
158.0	159.0		1.0	43	46.40	0.29		0.09		0.01				2,912	98.0	99.0	1.0	151	0.53		8.45		0.43	0.08		512
159.0	160.0		1.0	363	17.10	0.96		0.07		0.01				1,452	99.0	100.0	1.0	99	0.24		6.37		0.37	0.03		365
160.0	161.0		1.0	180	8.62	0.57		0.02		0.01				730	100.0	101.0	1.0	31	0.13		2.69		0.11	0.03		142
161.0	161.8		0.8	416	10.60	1.15		0.02		0.01				1,108	101.0	102.0	1.0	59	0.33		3.67		0.24	0.01		226
161.8	162.4		0.6	713	25.30	1.71		0.07		0.01				2,330	102.0	103.0	1.0	44	0.24		4.89		0.10	0.02		231
162.4	163.0		0.6	298	30.90	0.72		0.03		0.01				2,222	103.0	104.0	1.0	69	0.31		3.05		0.41	0.01		232
163.0	164.0		1.0	1,340	29.10	3.09		0.03		0.01				3,231	104.0	105.0	1.0	97	0.77		7.42		0.53	0.03		446
164.0	165.0		1.0	1,260	29.70	3.06		0.04		0.01				3,188	105.0	106.0	1.0	83	0.95		7.80		0.46	0.02		447
165.0	166.0		1.0	982	26.60	2.45		0.05		0.01				2,701	106.0	107.0	1.0	143	1.13		6.18		0.25	0.03		444
166.0	167.0		1.0	499	30.40	1.37		0.04		0.01				2,415	107.0	108.0	1.0	164	1.05		6.45		0.54	0.01		498
167.0	167.5		0.5	660	20.50	2.33		0.25		0.01				2,022	108.0	109.0	1.0	164	1.5	5	6.09		0.74	0.02		540
167.5	168.2		0.7	72	4.78	0.46		0.10		0.01				391	109.0	110.0	1.0	120	0.32		11.80		0.12	0.10		548
168.2	169.2		1.0	9	0.99	0.46		0.02		0.01				88	110.0	111.0	1.0	103	0.55		6.88		0.31	0.03		398
															111.0	112.0	1.0	63	0.23		4.05		0.07	0.02		218
															112.0	113.0	1.0	117	0.40		7.70		0.32	0.02		430
															113.0	114.0	1.0	68	0.17		4.54		0.17	0.02		247
				Silver											114.0	115.0	1.0	65	0.16		4.95		0.15	0.06		259
															115.0	116.0	1.0	63	0.11		2.20		0.18	0.03		163
				Zinc											116.0	117.0	1.0	24	0.06		2.40		0.02	0.05		113
															117.0	118.0	1.0	46	0.16		6.26		0.02		0.14	275
				Lead											118.0	119.0	1.0	24	0.11		2.15		0.03	0.03		107
															119.0	120.0	1.0	11	0.13		0.61		0.03	0.06		48
				Copper											120.0	121.0	1.0	61	1.4	4	5.32		0.26	0.01		353
															121.0	122.0	1.0	30	0.52		1.90		0.10	0.04		138
				Gold											122.0	123.0	1.0	38	1.4	5	0.77		0.12	0.03		168
															123.0	123.7	0.7	139	0.50		1.94		0.30	0.04		268
				Silver Equivalent											123.7	124.5	0.8	118	0.23		7.58		0.35	0.01		419
															124.5	124.8	0.3	29	0.68		1.86		0.08	0.37		172
															124.8	125.1	0.3	18	0.31		1.16		0.04	0.02		81
															125.1	126.0	0.9	3	0.07		0.16		0.01	0.01		14

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Table 5. Drill hole WCS050 individual assay intervals

WCS050	WCS050	WCS050	WCS050	WCS050	WCS050	WCS050	WCS050		Au AgEq g/t g/t 0.01 133 0.03 158 0.09 143 0.04 736 0.01 205 0.01 38 0.02 1,094 0.04 1,656 0.26 536 0.12 976 0.09 841 0.03 802 0.03 255 0.03 376 0.02 806 0.01 1,027 0.02 1,209 0.02 1,550 0.03 918 0.07 106 0.03 198 0.01 781 0.01 91 0.04 42 0.07 55 0.04 397 0.04 981 0.10 547 0.04 204 0.02 369 0.04 591 0.07 407 0.09 766 0.02 849 0.02 788 0.03 1,124 0.03 812 0.02 810 0.05 489 0.01 409	Au AgEq g/t g/t 0.01 133 0.03 158 0.09 143 0.04 736 0.01 205 0.01 38 0.02 1,094 0.04 1,656 0.26 536 0.12 976 0.09 841 0.03 802 0.03 255 0.03 376 0.02 806 0.01 1,027 0.02 1,209 0.02 1,550 0.03 918 0.07 106 0.03 198 0.01 781 0.01 91 0.04 42 0.07 55 0.04 397 0.04 981 0.10 547 0.04 204 0.02 369 0.04 591 0.07 407 0.09 766 0.02 849 0.02 788 0.03 1,124 0.03 812 0.02 810 0.05 489 0.01 409	Au AgEq g/t g/t 0.01 133 0.03 158 0.09 143 0.04 736 0.01 205 0.01 38 0.02 1,094 0.04 1,656 0.26 536 0.12 976 0.09 841 0.03 802 0.03 255 0.03 376 0.02 806 0.01 1,027 0.02 1,209 0.02 1,550 0.03 918 0.07 106 0.03 198 0.01 781 0.01 91 0.04 42 0.07 55 0.04 397 0.04 981 0.10 547 0.04 204 0.02 369 0.04 591 0.07 407 0.09 766 0.02 849 0.02 788 0.03 1,124 0.03 812 0.02 810 0.05 489 0.01 409	WCS050(continued)	WCS050(continued)	WCS050(continued)
From	To	Length	Ag	Zn		Pb		Cu	Au	AgEq		From	To	Length	Ag	Zn	Pb		Cu			Au
m	m	m	g/t	%		%		%	g/t	g/t		m	m	m	g/t	%	%		%			g/t
104.4	105.5	1.1	23	1.22		0.95		0.03	0.01	133		142.4	142.9	0.4	592	1.67	2	7.00	1.3		1	0.02
105.5	106.0	0.5	18	1.82		0.68		0.04	0.03	158		142.9	143.3	0.5	324	0.72	1	7.60	0.60			0.02
106.0	107.0	1.0	30	0.28		2.62		0.03	0.09	143		143.3	144.0	0.7	327	0.69	1	6.55	0.60			0.03
107.0	108.0	1.0	169	0.41		15.60		0.26	0.04	736		144.0	145.0	1.0	336	1.57	1	8.25	0.38			0.02
108.0	109.0	1.0	40	0.79		3.31		0.07	0.01	205		145.0	146.0	1.0	336	0.63	2	3.40	0.19			0.04
109.0	109.3	0.3	9	0.04		0.76		0.01	0.01	38		146.0	147.0	1.0	278	5.04	1	7.90	0.22			0.01
109.3	110.0	0.7	395	0.65		17.20		0.88	0.02	1,094		147.0	148.0	1.0	749	2.10	2	8.10	0.53			0.03
110.0	111.0	1.0	567	0.30		2	6.90	1.75	0.04	1	,656	148.0	149.0	1.0	418	0.58	2	7.50	0.49			0.03
111.0	112.0	1.0	134	0.08		11.10		0.10	0.26	536		149.0	150.0	1.0	381	5.24	1	3.80	0.74			0.03
112.0	113.0	1.0	268	0.24		19.00		0.57	0.12	976		150.0	150.4	0.4	403	0.43	3	4.90	0.43			0.05
113.0	114.0	1.0	240	0.33		15.30		0.68	0.09	841		150.4	151.0	0.6	1,015	1.94	51.80		1.	06		0.03
114.0	115.0	1.0	248	1.11		12.00		0.85	0.03	802		151.0	152.0	1.0	1,175	3.63	55.70		0.59			0.01
115.0	116.0	1.0	84	0.61		3.48		0.17	0.03	255		152.0	152.8	0.8	759	3.33	47.00		0.08			0.05
116.0	117.0	1.0	123	0.66		5.60		0.25	0.03	376		152.8	153.7	0.9	446	2.41	1	7.10	0.22			0.04
117.0	118.0	1.0	158	1.52		16.15		0.23	0.02	806		153.7	154.0	0.3	602	8.99	1	8.90	0.40			0.03
118.0	119.0	1.0	187	4.52		15.50		0.51	0.01	1,027		154.0	155.0	1.0	483	5.49	2	2.00	0.33			0.02
119.0	120.0	1.0	173	8.26		14.05		0.63	0.02	1,209		155.0	156.0	1.0	550	1.88	3	2.10	0.42			0.03
120.0	121.0	1.0	171	15.5	0	10.15		0.87	0.02	1	,550	156.0	157.0	1.0	1,170	6.73	3	3.80	0.71			0.04
121.0	122.0	1.0	122	6.18		9.42		0.99	0.03	918		157.0	157.6	0.6	609	4.88	41.20		0.58			0.03
122.0	123.0	1.0	20	0.54		1.02		0.12	0.07	106		157.6	158.1	0.5	389	4.12	2	5.20	0.62			0.02
123.0	124.0	1.0	36	1.10		2.22		0.18	0.03	198		158.1	159.0	0.9	177	0.37	1	2.25	0.26			0.01
124.0	125.0	1.0	197	2.32		10.35		0.95	0.01	781		159.0	159.6	0.6	238	0.32	2	0.20	0.22			0.01
125.0	126.0	1.0	29	0.30		0.82		0.14	0.01	91		159.6	160.2	0.6	348	2.32	1	6.65	0.43			0.02
126.0	127.0	1.0	23	0.05		0.30		0.03	0.04	42		160.2	161.0	0.8	698	0.73	47.10		0.35			0.03
127.0	128.0	1.0	17	0.41		0.15		0.02	0.07	55		161.0	161.5	0.5	404	4.69	5.80		1.	02		0.07
128.0	129.0	1.0	154	1.15		4.10		0.33	0.04	397		161.5	162.0	0.5	79	1.33	2.28		0.18			0.01
129.0	130.0	1.0	290	1.21		15.65		0.95	0.04	981		162.0	163.0	1.0	20	1.24	0.79		0.05			0.01
130.0	131.0	1.0	178	0.17		9.79		0.28	0.10	547		163.0	163.5	0.5	21	11.25	0.20		0.08			0.01
131.0	132.0	1.0	130	0.43		1.28		0.02	0.04	204		163.5	164.4	0.9	16	0.13	0.32		0.04				0.10
132.0	133.0	1.0	126	0.06		6.68		0.18	0.02	369		164.4	164.9	0.5	301	20.20	2.22		0.74			0.01
133.0	134.0	1.0	217	0.19		9.72		0.38	0.04	591		164.9	165.2	0.3	75	3.31	1.02		0.25			0.01
134.0	135.0	1.0	112	0.34		6.72		0.45	0.07	407		165.2	165.8	0.6	23	0.86	0.71		0.02			0.01
135.0	136.0	1.0	218	0.51		13.40		0.66	0.09	766		165.8	166.5	0.7	2	0.12	0.05		0.00			0.01
136.0	137.0	1.0	222	0.20		17.25		0.46	0.02	849		166.5	167.2	0.7	1	0.10	0.05		0.00			0.01
137.0	138.0	1.0	247	0.33		14.20		0.51	0.02	788		167.2	167.6	0.4	5	0.60	0.67		0.01			0.01
138.0	139.0	1.0	457	0.26		17.05		0.84	0.03	1,124		167.6	168.5	0.9	395	22.10	1.86		1.4		3	0.01
139.0	140.0	1.0	307	0.10		14.00		0.36	0.03	812		168.5	169.0	0.5	49	2.55	0.32		0.19				0.10
140.0	141.0	1.0	272	0.06		15.40		0.27	0.02	810		169.0	169.4	0.4	143	20.60	0.91		0.62			0.03
141.0	142.0	1.0	167	0.23		8.14		0.34	0.05	489		169.4	170.2	0.8	20	1.47	0.79		0.05			0.01
142.0	142.4	0.4	100	0.07		9.13		0.05	0.01	409

Image 1. Semi-massive Galena mineralisation in WCS050 drill core

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4

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Figure 1. Tangoa West Lode section showing holes drilled to date. Looking SW (Azi 233deg)

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

Drill Hole WCS020
31.0m @ 241 g/t AgEq
incl. 14.0m @ 357 AgEq
incl. 7.5 @ 503 g/t AgEq
Drill Hole WCS044
54.0m @ 304 g/t AgEq
incl. 11.3m @ 497 AgEq
and 7.0m @ 506 g/t AgEq Drill Hole WCS019
incl. 2.0m @ 1,005 g/t AgEq 26.7m @ 421 g/t AgEq
incl. 13.4m @ 528 AgEq
incl. 3.0m @ 1,046 g/t AgEq
Drill Hole WCS049 and 6.2m @ 614 g/t AgEq
incl. 2.9m @ 1,171 g/t AgEq
44.2m @ 264 g/t AgEq
incl. 18.0m @ 375 g/t AgEq
Incl. 9.0m @ 441 g/t AgEq
Drill Hole WCS47 (hidden) Drill Hole WCS050
24.5m @ 1,450 g/t AgEq 65.8m @ 901 g/t AgEq
incl. 19.3m @ 1,756 g/t AgEq incl. 37.2m @ 1,136 AgEq
incl. 13.9m @ 2,388 g/t AgEq incl. 18.6m @ 1,669 g/t AgEq
incl. 5.4m @ 2,749 g/t AgEq incl. 7.2m @ 2,244 g/t AgEq
incl. 2.3m @ 3,495 g/t AgEq
and 5.7m @ 2,680 g/t AgEq
incl. 2.0m @ 3,210 g/t AgEq
Drill Hole WCS045
116.1m @ 1,003 g/t AgEq
incl. 15.3m @ 1,489 g/t AgEq
and 9.0m @1,552 g/t AgEq
and 9.0m @ 1,592 g/t AgEq
and 8.1m @ 2,200 g/t AgEq
incl. 3.1m @ 3,329 g/t AgEq
Drill Hole WCS052
-
awaiting assays
----- End of picture text -----

5

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Figure 2. Tangoa West Lode section showing holes drilled to date. Looking NNE (Azi 20deg)

==> picture [502 x 568] intentionally omitted <==

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

Drill Hole WCS049
44.2m @ 264 g/t AgEq
incl. 18.0m @ 375 g/t AgEq
Incl. 9.0m @ 441 g/t AgEq
Drill Hole WCS050
65.8m @ 901 g/t AgEq
incl. 37.2m @ 1,136 AgEq
incl. 18.6m @ 1,669 g/t AgEq
incl. 7.2m @ 2,244 g/t AgEq
Drill Hole WCS47
24.5m @ 1,450 g/t AgEq
incl. 19.3m @ 1,756 g/t AgEq
incl. 13.9m @ 2,388 g/t AgEq
incl. 5.4m @ 2,749 g/t AgEq
Drill Hole WCS045
incl. 2.3m @ 3,495 g/t AgEq
and 5.7m @ 2,680 g/t AgEq 116.1m @ 1,003 g/t AgEq
incl. 2.0m @ 3,210 g/t AgEq incl. 15.3m @ 1,489 g/t AgEq
and 9.0m @1,552 g/t AgEq
and 9.0m @ 1,592 g/t AgEq
and 8.1m @ 2,200 g/t AgEq
incl. 3.1m @ 3,329 g/t AgEq
Drill Hole WCS052
-
awaiting assays
----- End of picture text -----

6

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Table 6. Main drill intercepts to date at the Webbs Consol Silver-Base Metals Project

From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole Prospect	From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole Prospect	From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole Prospect	From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole Prospect	From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole Prospect	From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole Prospect	From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole Prospect	From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole Prospect	From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole Prospect	From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole Prospect	From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole Prospect	From To Interval AgEq1 Ag Pb Zn Cu Au Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m) Hole Prospect
WCS045	90.9	207.0	116.1	1,003	254	6.35	8.35	0.24	0.02	116,401	Tangoa West
incl.	126.0	141.3	15.3	1,489	489	22.61	3.13	0.62	0.02
and	172.0	181.0	9.0	1,552	156	0.32	22.47	0.05	0.01
and	185.0	194.0	9.0	1,592	315	0.61	20.36	0.06	0.01
and	196.0	204.1	8.1	2,200	694	0.77	24.06	0.03	0.01
incl.	201.0	204.1	3.1	3,329	1,558	1.69	27.85	0.04	0.01
WCS050	104.4	170.2	65.8	904	266	13.56	2.38	0.42	0.04	59,505	Tangoa West
incl.	128.0	165.2	37.2	1,142	368	18.27	2.07	0.43	0.03
incl.	142.4	161.0	18.6	1,671	543	27.74	2.73	0.46	0.03
incl.	150.4	157.6	7.2	2,246	770	35.84	4.08	0.47	0.03
WCS047	144.7	169.2	24.5	1,450	389	1.56	16.00	0.24	0.02	35,519	Tangoa West
incl.	148.9	168.2	19.3	1,756	492	1.82	19.11	0.28	0.01
incl.	153.6	167.5	13.9	2,388	664	2.39	26.14	0.37	0.02
incl.	153.6	159.0	5.4	2,749	619	3.37	31.37	0.86	0.03
incl.	155.7	158.0	2.3	3,495	944	2.94	38.68	0.73	0.02
and	161.8	167.5	5.7	2,680	880	2.21	28.03	0.06	0.01
incl.	163.0	165.0	2.0	3,210	1,300	3.08	29.40	0.03	0.01
WCS044	48.3	102.3	54.0	304	84	3.69	1.22	0.21	0.03	16,394	Tangoa West
incl.	54.0	65.3	11.3	497	121	7.25	1.66	0.31	0.04
and	81.0	88.0	7.0	506	164	4.56	2.32	0.43	0.04
incl.	86.0	88.0	2.0	1,005	327	3.68	7.66	0.77	0.05
WCS023	17.0	67.0	50.0	314	94	2.93	1.81	0.08	0.04	15,708	Castlereagh
incl.	38.1	53.1	15.0	632	240	6.36	2.53	0.20	0.08
incl.	49.0	53.1	4.1	958	420	8.78	3.72	0.13	0.10
WCS006	104.6	132.1	27.5	552	118	0.77	6.52	0.07	0.01	15,168	WC Main Shaft
incl.	105.6	114.0	8.4	780	217	1.36	8.29	0.09	0.01
incl.	105.6	108.0	2.4	1,383	325	1.68	16.12	0.13	0.01
WCS049	81.8	126.0	44.2	264	68	4.16	0.56	0.20	0.03	11,656	Tangoa West
incl.	95.0	113.0	18.0	376	102	6.20	0.53	0.33	0.03
incl.	104.0	113.0	9.0	441	117	7.15	0.77	0.37	0.03
WCS019	30.1	56.8	26.7	421	115	6.43	1.07	0.25	0.03	11,237	Tangoa West
incl.	31.6	45.0	13.4	528	147	7.86	1.46	0.30	0.03
incl.	37.0	40.0	3.0	1,046	376	17.68	0.28	0.64	0.06
and	50.0	56.2	6.2	614	171	10.04	1.09	0.42	0.04
incl.	53.3	56.2	2.9	1,171	344	19.62	1.54	0.82	0.03
WCS007	122.9	147.1	24.2	450	63	0.49	5.96	0.04	0.01	10,871	Main Shaft
incl.	129.7	140.0	10.3	813	123	0.56	10.82	0.06	0.01
incl.	136.0	138.0	2.0	1,245	203	0.98	16.35	0.05	0.01
WCS020	30.6	61.6	31.0	241	55	3.37	0.98	0.12	0.03	7,471	Tangoa West
incl.	38.7	52.7	14.0	357	84	5.58	1.08	0.21	0.03
incl.	45.2	52.7	7.5	503	136	8.73	0.76	0.29	0.04
WCS031	66.5	113.9	47.4	152	46	0.79	1.22	0.04	0.02	7,227	Castlereagh
incl.	78.5	84.0	5.5	479	211	1.32	3.53	0.03	0.05
incl.	79.5	81.5	2.0	892	482	1.66	5.58	0.03	0.12
and	102.0	113.0	11.0	330	82	2.08	2.65	0.14	0.03
incl.	106.7	107.9	1.2	792	261	2.17	6.74	0.39	0.04
WCS034	16.0	36.5	20.5	302	77	1.10	2.87	0.10	0.01	6,183	Copycat
incl.	21.2	30.0	8.8	559	154	1.65	5.35	0.19	0.02
incl.	21.2	22.7	1.5	1,770	433	2.25	19.71	0.49	0.01
WCS028	138.4	182.0	43.6	141	12	0.28	1.91	0.02	0.01	6,143	Main Shaft
incl.	147.0	159.0	12.0	338	24	0.16	4.98	0.02	0.01
incl.	148.0	150.0	2.0	586	34	0.24	8.78	0.04	0.01
WCS035	23.3	37.0	13.7	299	87	0.71	2.61	0.26	0.02	4,092	Copycat
incl.	25.8	32.2	6.5	477	143	0.86	4.24	0.40	0.03
WCS012	48.0	60.1	12.1	324	108	5.49	0.36	0.10	0.04	3,916	Mt Galena
incl.	52.5	57.6	5.1	570	201	10.09	0.19	0.19	0.08
WCS026	28.7	63.0	34.3	56	23	0.13	0.26	0.06	0.07	2,493	Lucky Lucy North
incl.	35.0	45.1	10.1	106	51	0.09	0.44	0.17	0.08
and	91.1	101.4	10.3	56	13	0.34	0.47	0.02	0.01
WCS029	36.3	42.1	5.8	59	10	0.43	0.55	0.01	0.01	2,453	Lucky Lucy North
and	47.4	77.9	30.5	69	27	0.22	0.44	0.03	0.05
WCS008	24.0	45.2	21.2	50	17	0.09	0.14	0.01	0.23	1,823	Lucky Lucy North
incl.	35.3	42.0	6.7	87	31	0.04	0.01	0.00	0.62
and	58.2	66.8	8.6	33	8	0.12	0.31	0.01	0.01
and	70.0	77.0	7.0	69	17	0.22	0.59	0.04	0.05
WCS004	24.0	32.1	8.1	141	51	0.89	0.91	0.04	0.01	1,142	WC North
WCS009	70.0	80.0	10.0	88	45	0.09	0.17	0.23	0.05	875	Lucky Lucy North
incl.	70.0	75.3	5.3	148	82	0.07	0.16	0.43	0.09

7

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Figure 3. Main drill intercepts to date at the Webbs Consol Silver-Base Metals Project

==> picture [504 x 667] intentionally omitted <==

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

All grades silver are equivalent
WCS006: 27.5m @ 552 g/t
WCS008: 21.2m @ 50 g/t incl. 8.4m @ 780 g/t
WCS009: 10.0m @ 88 g/t Incl. 2.4 m @ 1,383 g/t
WCS026: 34.3m @ 56 g/t WCS007: 24.2m @ 450 g/t
WCS029: 30.5m @ 59 g/t incl. 10.3m @ 813 g/t
Incl. 2.0 m @ 1,245 g/t
WCS028: 43.6m @ 141 g/t
incl. 12.0m @ 338 g/t
Incl. 2.0 m @ 586 g/t
WCS023: 50.0m @ 314 g/t
incl. 15.0m @ 632 g/t
incl. 4.1m @ 958 g/t
WCS031: 47.4m @ 152 g/t
incl. 5.5m @ 479 g/t
incl. 2.0m @ 892 g/t
and 11.0m @ 330 g/t
incl. 1.2m @ 792 g/t
WCS012: 12.1m @ 324 g/t
incl. 5.1m @ 570
WCS020: 31.0m @ 241 g/t
incl. 14.0m @ 357 g/t
Incl. 7.5m @ 503 g/t
WCS019: 26.7m @ 421 g/t
incl. 13.4m @ 528 g/t WCS034: 20.5m @ 302 g/t
incl. 3.0 m @ 1,046 g/t incl. 8.8m @ 559 g/t
and 6.2m @ 614 g/t incl. 1.5m @ 1,770 g/t
WCS035: 13.7m @ 299 g/t
incl. 2.9m @ 1,171 g/t
incl. 6.5m @ 477 g/t
WCS044: 54.0m @ 304 g/t
incl. 11.3m @ 497 g/t
and 7.0m @ 506 g/t
incl. 2.0m @ 1,005 g/t
WCS045: 116.1m @ 1,003 g/t
incl. 15.3m @ 1,489 g/t
and 9.0m @1,552 g/t
and 9.0m @ 1,592 g/t
and 8.1m @ 2,200 g/t
incl. 3.1m @ 3,329 g/t
WCS47: 24.5m @ 1,450 g/t
incl. 19.3m @ 1,756 g/t
incl. 13.9m @ 2,388 g/t
incl. 5.4m @ 2,749 g/t
incl. 2.3m @ 3,495 g/t
and 5.7m @ 2,680 g/t
incl. 2.0m @ 3,210 g/t
WCS049: 44.2m @ 264 g/t
incl. 18.0m @ 376 g/t
Incl. 9.0m @ 441 g/t
WCS050: 65.8m @ 904 g/t
incl. 37.2m @ 1,142g/t
incl. 18.6m @ 1,671 g/t
incl. 7.2m @ 2,246 g/t
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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, 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, with some subsequent rough flotation of galena carried out, however 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, and it was reported that 12 spot 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.

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

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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.

About Lode Resources (ASX:LDR)

Lode Resources is an ASX-listed explorer focused on the highly prospective but under-explored 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 (blue polygons)

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

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

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JORC Code, 2012 Edition - Table 1.

JORC Code, 2012 Edition - Table 1.	JORC Code, 2012 Edition - Table 1.	JORC Code, 2012 Edition - Table 1.
(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 ofdetailedinformation.	• Diamond drilling techniques were used to obtain samples. • NQ2 core was logged and sample intervals assigned based on the geology. • The core to be sampled was sawn in half and bagged according to sample intervals. Intervals range from 0.3m to 1.1m. • Blanks and standards were inserted at >5% where appropriate. • Samples were sampled by a qualified geologist. • Sample preparation comprised drying (DRY- 21), weighed, crushing (CRU-31) and pulverised (PUL-32), refer to ALS codes. • The assay methods used were 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. High-grade samples triggered further OG62, OG46 and OG62h analysis.
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, by what 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 9m downhole depth.

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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 have been logged in full. • All drill core was photographed wet and dry - Webbs
	• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of therelevantintersectionslogged.
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 being sampled.	• 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 duplicate sampling has been conducted. • Samples intervals ranged from 0.3m to 1.1m. The average sample size was 1m in length. The sample size is considered appropriate for the material being sampled. • The samples were sent to ALS Brisbane for assay. • Blanks and standards were inserted at >5% where 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 beenestablished.	• 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 were 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.

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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 anyadjustment to assaydata.	• Laboratory results have been reviewed by the Exploration Manager. • Significant intersections are reviewed by the Exploration Manager and Managing Director. • No twin holes were drilled. • Commercial laboratory certificates are supplied by ALS. • The certified standards and blanks are checked.
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 handheld GPS (+- 4m). • Grid system used is GDA94 UTM zone 56 • Down hole surveys are conducted with a digital magnetic multi-shot camera at 30m intervals.
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 beenapplied.	• 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 orientation of the mineralisation intersected in WCS047 to WCS050 is thought to be N-S.
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	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 thetime 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 WCS047 – to WCS050 is thought to be N-S. • Only drill assays from meaningful mineralised intercepts are tabulated below. A meaningful intercept is generally determined as being a series of consecutive assays grading >1g/t Ag, >0.1% Zn, >0.1% Pb, >0.1% Cu and/or >0.1 ppm Au.

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Webbs Consol Drill Hole Surveys

Hole ID	Easting	Northing	RL	Dip	Azimuth	EOH Depth	Drilling Method	Intercept	Intercept	Downhole Intercept Width	Est. True Intercept Width
								From	To
	GDA94	GDA94	m	deg	Grid	m		m	m	m	m
WCS047	6734520	6734520	840	-60	266	177.7	Diamond	144.7	169.2	24.5	12
WCS048	6734505	6734505	840	-62	274	230.4	Diamond	-	-	-	-
WCS049	6734539	6734539	845	-45	100	152.2	Diamond	81.8	126.0	44.2	31
WCS050	6734539	6734539	845	-55	100	191.3	Diamond	104.4	170.2	65.8	38

Webbs Consol Drill Hole Assays - WCS047: Refer to tables within report Webbs Consol Drill Hole Assays - WCS049: Refer to tables within report Webbs Consol Drill Hole Assays - WCS050: Refer to tables within report

Webbs Consol Drill Hole Surveys Hole ID Easting Northing RL Dip Azimuth EOH Depth Drilling Method Intercept Downhole Intercept Width Est. True Intercept Width From To GDA94 GDA94 m deg Grid m m m m m WCS047 6734520 6734520 840 -60 266 177.7 Diamond 144.7 169.2 24.5 12 WCS048 6734505 6734505 840 -62 274 230.4 Diamond - - - - WCS049 6734539 6734539 845 -45 100 152.2 Diamond 81.8 126.0 44.2 31 WCS050 6734539 6734539 845 -55 100 191.3 Diamond 104.4 170.2 65.8 38 Webbs Consol Drill Hole Assays - WCS047:Refer to tables within report Webbs Consol Drill Hole Assays - WCS049:Refer to tables within report Webbs Consol Drill Hole Assays - WCS050:Refer to tables within report	Webbs Consol Drill Hole Surveys Hole ID Easting Northing RL Dip Azimuth EOH Depth Drilling Method Intercept Downhole Intercept Width Est. True Intercept Width From To GDA94 GDA94 m deg Grid m m m m m WCS047 6734520 6734520 840 -60 266 177.7 Diamond 144.7 169.2 24.5 12 WCS048 6734505 6734505 840 -62 274 230.4 Diamond - - - - WCS049 6734539 6734539 845 -45 100 152.2 Diamond 81.8 126.0 44.2 31 WCS050 6734539 6734539 845 -55 100 191.3 Diamond 104.4 170.2 65.8 38 Webbs Consol Drill Hole Assays - WCS047:Refer to tables within report Webbs Consol Drill Hole Assays - WCS049:Refer to tables within report Webbs Consol Drill Hole Assays - WCS050:Refer to tables within report	Webbs Consol Drill Hole Surveys Hole ID Easting Northing RL Dip Azimuth EOH Depth Drilling Method Intercept Downhole Intercept Width Est. True Intercept Width From To GDA94 GDA94 m deg Grid m m m m m WCS047 6734520 6734520 840 -60 266 177.7 Diamond 144.7 169.2 24.5 12 WCS048 6734505 6734505 840 -62 274 230.4 Diamond - - - - WCS049 6734539 6734539 845 -45 100 152.2 Diamond 81.8 126.0 44.2 31 WCS050 6734539 6734539 845 -55 100 191.3 Diamond 104.4 170.2 65.8 38 Webbs Consol Drill Hole Assays - WCS047:Refer to tables within report Webbs Consol Drill Hole Assays - WCS049:Refer to tables within report Webbs Consol Drill Hole Assays - WCS050:Refer to tables within report
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 clearly stated.	• Intersection calculation are weighted to sample length. • No grade capping has been applied. • The assumptions used for reporting of metal equivalent values and the metal equivalent formula are clearly stated below
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. gold and metallurgical recoveries of 97.3% silver, 98.7%, zinc, 94.7% lead, 76.3% 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. AgEq1(g/t) = Ag (g/t) + Pb (%) x Price 1 Pb (%) x Pb Recovery (%) + Zn (%) x Price 1 Zn (%) x Zn Recovery (%) Price 1 Ag (g/t) x Ag Recovery (%) Price 1 Ag (g/t) x Ag Recovery (%) + Cu (%) x Price 1 Cu (%) x Cu Recovery (%) + Au(g/t) x Price 1 Au (g/t) x Au Recovery (%) Price 1 Ag (g/t) x Ag Recovery (%) Price 1 Ag (g/t) x Ag Recovery (%)

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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’).	• The orientation of the mineralisation intersected in WCS047 to WCS059 is thought to be N-S.
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

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