LODE RESOURCES LTD — Capital/Financing Update 2023

Feb 26, 2023

ASX Announcement | 27 FEB 2023

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Diamond Drilling Program Recommences at the Webbs Consol Silver-Base Metals Project

Highlights

• Diamond drilling has recommenced at the Webbs Consol Silver-Base Metals Project including the Tangoa West Lode.

• Recently completed drill hole WCS045 into the Tangoa West Lode returned the following high-grade results:

• 116.1m @ 1,003 g/t AgEq from 90.9m including;

  • 15.3m @ 1,489 g/t AgEq from 126.0m and

  • 9.0m @ 1,552 g/t AgEq from 172.0m and

  • 9.0m @ 1,592 g/t AgEq from 185.0m and

  • 8.1m @ 2,200 g/t AgEq from 196.0m including;

  • 3.1m @ 3,325 g/t AgEq from 201.0m

• 26 additional DD holes planned totaling approximately 5,000m to test extensions of the previously announced holes in addition to testing new targets.

Webbs Consol Silver-Base Metal Project – Drilling recommences

Lode Resources Ltd (ASX:LDR or ‘Lode’ or ‘the Company’) is pleased to announce that it has commenced the next phase of diamond drilling at the Webbs Consol Silver-Base Metals Project with 26 holes totaling approximately 5,000m planned.

Subsequent to the success of the previously reported drill holes, including WCS045 returning 116.1m @ 1,003 g/t AgEq from 90.9m at the Tangoa West prospect as well as WCS019 returning 26.7m @ 421 g/t AgEq and WCS044 returning 54.0m @ 304 g/t AgEq, this phase of drilling will test down dip extensions below previously announced thick high-grade holes at Tangoa West, Main Shaft and the Copycat Lodes in addition to testing new targets. Tango West will account for the majority of drill holes with 11 holes totaling approximately 3,000m planned.

Lode’s Managing Director, Ted Leschke commented:

“We are very excited about the recommencement of drilling at the Webbs Consol Silver – Base Metals Project. Drilling to date has discovered six mineralised lodes and revealed that the Webs Consol mineral system much more extensive than previous recognised. The Company is well funded for the planned drill programme and beyond”.

Figure 1 shows the drilling program designed to test the Tangoa West Lode up to a depth of 450m vertically. The decision to continue drilling at Webbs Consol reflects a strong belief in prospectivity and expansive size of the Webbs Consol mineral system.

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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SW NE
26.7m @ 421 g/t AgEq
54.0m @ 304 g/t AgEq
WCS019
EOH 104.6m
116.1m @ 1,003 g/t AgEq
WCS044 incl. 15.3m @ 1,489 g/t AgEq
EOH 130.6m
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
WCS045 extends
mineralisation to
200m depth
WCS045
EOH 242.6m
Multiple drill holes have
been designed to test the
Tangoa West Lode up 450m
depth vertically
450 metres
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Figure 1 - Tangoa West Lode section showing multiple drill holes designed to test up to a depth of 450m vertically

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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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From To Interval Ag Eq1 Ag Pb Zn Cu Au Endowment
Hole Prospect
(m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (AgEq g/t.m)
WCS045 90.9 207.0 116.1 1,003 254 6.35 8.35 0.24 0.02
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 0.01 116,401 Tangoa
and 185.0 194.0 9.0 1,592 315 0.61 20.36 0.06 0.01 West
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
WCS044 48.3 102.3 54.0 304 84 3.69 1.22 0.21 0.03
incl. 54.0 65.3 11.3 497 121 7.25 1.66 0.31 0.04 Tangoa
16,394
and 81.0 88.0 7.0 506 164 4.56 2.32 0.43 0.04 West
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
incl. 38.1 53.1 15.0 632 240 6.36 2.53 0.20 0.08 15,708 Castlereagh
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
WC Main
incl. 105.6 114.0 8.4 780 217 1.36 8.29 0.09 0.01 15,168
Shaft
incl. 105.6 108.0 2.4 1,383 325 1.68 16.12 0.13 0.01
WCS019 30.1 56.8 26.7 421 115 6.43 1.07 0.25 0.03
incl. 31.6 45.0 13.4 528 147 7.86 1.46 0.30 0.03
Tangoa
incl. 37.0 40.0 3.0 1,046 376 17.68 0.28 0.64 0.06 11,237 West
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
incl. 129.7 140.0 10.3 813 123 0.56 10.82 0.06 0.01 10,871 Main Shaft
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
Tangoa
incl. 38.7 52.7 14.0 357 84 5.58 1.08 0.21 0.03 7,471
West
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
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 7,227 Castlereagh
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
incl. 21.2 30.0 8.8 559 154 1.65 5.35 0.19 0.02 6,183 Copycat
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
incl. 147.0 159.0 12.0 338 24 0.16 4.98 0.02 0.01 6,143 Main Shaft
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
Lucky Lucy
incl. 35.0 45.1 10.1 106 51 0.09 0.44 0.17 0.08 2,493
North
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 Lucky Lucy
2,453
and 47.4 77.9 30.5 69 27 0.22 0.44 0.03 0.05 North
WCS008 24.0 45.2 21.2 50 17 0.09 0.14 0.01 0.23
incl. 35.3 42.0 6.7 87 31 0.04 0.01 0.00 0.62 Lucky Lucy
1,823
and 58.2 66.8 8.6 33 8 0.12 0.31 0.01 0.01 North
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 Lucky Lucy
875
incl. 70.0 75.3 5.3 148 82 0.07 0.16 0.43 0.09 North
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Table 1 – Main drill intercepts to date at the Webbs Consol Silver-Base Metals Project

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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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Photo 1 – Drilling has recommenced at the Webbs Consol Silver-Base Metals Project

For further information:

Ted Leschke Managing Director ted@loderesources.com 02 9199 8017

Katrina Griffiths Investor & Media Relations katrina@janemorganmanagement.com.au

Yours faithfully,

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Marcelo Mora Company Secretary Lode Resources Ltd

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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

About Lode Resources

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.

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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