LODE RESOURCES LTD — Interim / Quarterly Report 2024

Jul 30, 2024

ASX Announcement | 31 July 2024

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QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 30 JUNE 2024

June Quarter Highlights

• Planning continued for follow-up drill campaign at the Webbs Consol Silver Project and a 2,200m, 17-hole program commenced post Quarter end.

• Targeting the northern region of the Project, key targets include untested surface silver occurrences such as Canoon prospect, as well as previous discoveries demanding follow up including Webbs Consol North, with previous intercepts of up to 779 g/t AgEq close to surface & Castlereagh, with grades of up to 800g/t AgEq also close to surface.

• CSIRO completed a research study at the Webbs Consol Silver Project and key findings have further enhanced the project’s potential:

• Structural analysis and 3D modelling of Tangoa West, Main Shaft and other prospects identified potential for lateral extensions to mineralisation.

• Relative depth of differing styles of alteration appears constant at all prospects.

• Comprehensive understanding of mineral deposit genesis enabling comparison with other similar deposits.

• 3D models and the use of innovative geochemical indicators, validated by mineralogical and mineral ‐ chemical analyses, suggesting distinct mineralisation styles and ore zones.

• 1,159 auger drill holes completed across ~1.6km[2] at the Hudson’s group of prospects at Uralla Gold Project.

• Multiple drill targets have been defined at Uralla with gold and pathfinder metals gridded, imaged and/or contoured showing:

• Delineation of numerous gold anomaly highs, with assays up to 1,300 ppb Au, each representing a prospective drill target.

• ~50% of the defined gold anomalies have no hard rock outcrop, potentially indicating blind gold mineralisation, whilst other gold anomalies are enhancing previous surface work.

• Dyke/Gracie Lode area gold anomalies appear to form a circular feature potentially representing an intrusive pluton and large mineralisation system at depth.

• Pathfinder elements anomalies also potentially represent mineralised lodes which are not obvious near surface.

• Future drilling is planned at Uralla designed to test for the presence of an Intrusive Related Gold System (IRGS).

• New and extensive exploration licence granted by the NSW government to Lode.

• EL9662 covers an area of 399 units or approximately 1,105 square kilometres, and is prospective for orogenic structurally-controlled antimony mineralisation.

• Several recorded antimony prospects within the EL9662 exploration licence area, including the historic Magword antimony mine.

• The Magwood mine was Australia’s primary producer before the focus switched to Hillgrove in 1969.

• Lode intends to commence preliminary exploration on EL9662 during the September quarter.

ASX Code: LDR | ACN: 637 512 415 | www.loderesources.com

A: Level 5, 1 Margeret St Sydney NSW 2000 | P: +61 2 9199 8017 | E: info@loderesources.com

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During the June 2024 quarter, Lode primarily focused its exploration activities on the Company’s 100% owned Webbs Consol Silver Project (“Webbs Consol”) and 100% owned Uralla Gold Project (“Uralla”), both located in the New England Fold Belt in north-eastern New South Wales.

Webbs Consol Silver Project

During the June 2024 quarter preparations for follow up drilling at the Webbs Consol Silver Project were carried out and with initial holes underway subsequent to quarter’s end[52,54] . The 2,200m, 17-hole program is being undertaken by Centurion Drilling at the Webbs Consol Project with the entire program expected to take ~6 weeks.

This current program has 2 objectives: i) testing for extensions at discovered lodes with multiple highgrade silver intercepts[11,14,15,22,24,27,35,36,37,39,40,44,47] & ii) drilling untested surface silver occurrences[2,3] (See Figures 1 & 2).

The first drill holes are targeted at the Webbs Consol North discovery where previously reported intercepts included 13.0m @ 193 g/t AgEq[1] from 10.0m & 21.0m @ 122 g/t AgEq[1] from 2.0m, including high-grade zones such as 779 g/t AgEq[1] over 3m and 592 g/t AgEq[1] over 3m.

To date the majority of extension drilling has been carried out at Tangoa West, in the southern end of the Project, where 12 drill holes intercepted exceptionally high-grade silver mineralisation down to a vertical depth of 300m.

Another key discovery to be tested is Castlereagh with previously reported intercepts of 50.0m @ 224 g/t AgEq[1] from 17.0m and 47.4m @ 112 g/t AgEq[1] from 66.5m, including high-grade zones such as 801 g/t AgEq[1] over 4.1m and 720 g/t AgEq[1] over 2.0m.

Untested surface silver occurrences to be drilled include the Canoon prospect where a pseudo-gossan with ~ 100m of strike has been delineated and selective grab samples have returned up to 126.0 g/t Ag[2,3] (It should be noted that grab samples are qualitative in nature and are not necessarily representative of underlying mineralisation which may be lower or higher in grade and the dimensions are unknown).

Prior follow-up holes have often shown high-grade mineralisation to be contiguous with depth, with silver mineralisation showing continuity throughout both the upper lead-rich and the lower zinc-rich zones.

Figure 1: Centurion Drilling rig on site at the Webbs Consol North Discovery

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Figure 2. Lode’s Webbs Consol Silver Project (EL8933) - Location of main lodes, significant drill hole intercepts to date[1,11,14,15,22,24,27,35,36,37,39,40,44,47] and grab samples at the Canoon prospect[2,3]

N WCS070: 21.0m @ 122 g/t AgEq[1] from 2.0m WCS071: 13.0m @ 193 g/t AgEq[1] from 10.0m WCS072: 34.0m @ 82 g/t AgEq[1] from 18.0m WCS074: 20.0m @ 83 g/t AgEq[1] from 75.0m Grab samples: 126.0 g/t Ag, 84.2 g/t Ag, 81.9 g/t Ag, 64.6 g/t Ag, 32.1 g/t Ag and 27.6 g/t Ag WCS008: 21.2m @ 44 g/t AgEq[1] from 24.0m WCS009: 10.0m @ 77 g/t AgEq[1] from 70.0m WCS026: 34.3m @ 46 g/t AgEq[1] from 28.7m WCS029: 30.5m @ 41 g/t AgEq[1] from 138.4m WCS006: 27.5m @ 357 g/t AgEq[1] from 104.6m WCS007: 24.2m @ 273 g/t AgEq[1] from 122.9m WCS028: 43.6m @ 83 g/t AgEq[1] from 138.4m WCS012: 12.1m @ 282 g/t AgEq[1] from 48.0m WCS023: 50.0m @ 224 g/t AgEq[1] from 17.0m WCS031: 47.4m @ 112 g/t AgEq[1] from 66.5m

WCS034 : 20.5m @ 210 g/t AgEq[1] from 16.0m WCS035 : 13.7m @ 214 g/t AgEq[1] from 23.3m

WCS019: 26.7m @ 351 g/t AgEq[1] from 30.1m WCS020: 31.0m @ 192 g/t AgEq[1] from 30.6m WCS044: 54.0m @ 245 g/t AgEq[1] from 48.3m WCS045: 116.1m @ 721 g/t AgEq[1] from 90.9m WCS047: 24.5m @ 971 g/t AgEq[1] from 144.7m WCS049: 44.2m @ 221 g/t AgEq[1] from 81.8m WCS050: 65.8m @ 755 g/t AgEq[1] from 104.4m WCS051: 30.7m @ 289 g/t AgEq[1] from 79.0m WCS052A: 149.2m @ 455 g/t AgEq[1] from 98.0m WCS052B: 40.2m @ 466 g/t AgEq[1] from 279.0m WCS064: 27.7m @ 407 g/t AgEq[1] from 203.3m WCS065: 33.2m @ 332 g/t AgEq[1] from 270.0m

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All widths are down hole
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Table 1. Lode’s Webbs Consol Silver Project (EL8933) - Significant drill intercepts to date[1,11,14,15,22,24,27,35,36,37,39,40,44,47]

From To Interval AgEq1 ZnEq1 Ag Pb Zn Cu (m) (m) (m) (g/t) (%) (g/t) (%) (%) (%) Prospect Hole	From To Interval AgEq1 ZnEq1 Ag Pb Zn Cu (m) (m) (m) (g/t) (%) (g/t) (%) (%) (%) Prospect Hole	From To Interval AgEq1 ZnEq1 Ag Pb Zn Cu (m) (m) (m) (g/t) (%) (g/t) (%) (%) (%) Prospect Hole	From To Interval AgEq1 ZnEq1 Ag Pb Zn Cu (m) (m) (m) (g/t) (%) (g/t) (%) (%) (%) Prospect Hole	From To Interval AgEq1 ZnEq1 Ag Pb Zn Cu (m) (m) (m) (g/t) (%) (g/t) (%) (%) (%) Prospect Hole	From To Interval AgEq1 ZnEq1 Ag Pb Zn Cu (m) (m) (m) (g/t) (%) (g/t) (%) (%) (%) Prospect Hole	From To Interval AgEq1 ZnEq1 Ag Pb Zn Cu (m) (m) (m) (g/t) (%) (g/t) (%) (%) (%) Prospect Hole	From To Interval AgEq1 ZnEq1 Ag Pb Zn Cu (m) (m) (m) (g/t) (%) (g/t) (%) (%) (%) Prospect Hole	From To Interval AgEq1 ZnEq1 Ag Pb Zn Cu (m) (m) (m) (g/t) (%) (g/t) (%) (%) (%) Prospect Hole	From To Interval AgEq1 ZnEq1 Ag Pb Zn Cu (m) (m) (m) (g/t) (%) (g/t) (%) (%) (%) Prospect Hole	From To Interval AgEq1 ZnEq1 Ag Pb Zn Cu (m) (m) (m) (g/t) (%) (g/t) (%) (%) (%) Prospect Hole
WCS045	90.9	207.0	116.1	721	22.33	254	6.35	8.35	0.24	Tangoa West
WCS052A	98.0	247.2	149.2	455	14.09	183	3.13	5.19	0.19	Tangoa West
WCS050	104.4	170.2	65.8	755	23.37	266	13.56	2.38	0.42	Tangoa West
WCS047	144.7	169.2	24.5	971	30.06	389	1.56	16.00	0.24	Tangoa West
WCS052B	279.0	319.2	40.2	466	14.41	83	0.16	11.56	0.04	Tangoa West
WCS065	270.0	303.2	33.2	332	10.26	64	0.14	8.13	0.01	Tangoa West
WCS064	203.3	231.0	27.7	407	12.60	146	0.35	7.69	0.03	Tangoa West
WCS044	48.3	102.3	54.0	245	7.57	84	3.69	1.22	0.21	Tangoa West
WCS023	17.0	67.0	50.0	244	7.56	94	2.93	1.81	0.08	Castlereagh
WCS006	104.6	132.1	27.5	357	11.03	118	0.77	6.52	0.07	Main Shaft
WCS049	81.8	126.0	44.2	221	6.85	68	4.16	0.56	0.20	Tangoa West
WCS051	79.0	109.7	30.7	289	8.95	93	3.88	2.13	0.21	Tangoa West
WCS019	30.1	56.8	26.7	351	10.86	115	6.43	1.07	0.25	Tangoa West
WCS007	122.9	147.1	24.2	273	8.46	63	0.49	5.96	0.04	Main Shaft
WCS020	30.6	61.6	31.0	192	5.95	55	3.37	0.98	0.12	Tangoa West
WCS031	66.5	113.9	47.4	112	3.47	46	0.79	1.22	0.04	Castlereagh
WCS034	16.0	36.5	20.5	210	6.51	77	1.10	2.87	0.10	Copycat
WCS028	138.4	182.0	43.6	83	2.58	12	0.28	1.91	0.02	Main Shaft
WCS012	48.0	60.1	12.1	282	8.73	108	5.49	0.36	0.10	Mt Galena
WCS035	23.3	37.0	13.7	214	6.62	87	0.71	2.61	0.26	Copycat
WCS070	2.0	23.0	21.0	122	3.76	97	0.33	0.35	0.01	WC North
WCS072	18.0	52.0	34.0	82	2.54	25	0.63	1.19	0.01	WC North
WCS071	10.0	23.0	13.0	193	5.97	82	0.36	3.03	0.01	WC North
WCS026	28.7	63.0	34.3	46	1.43	23	0.13	0.26	0.06	Luck Lucy N
WCS074	75.0	88.0	13.0	83	2.57	20	0.49	1.45	0.01	WC North
WCS008	24.0	45.2	21.2	44	1.36	17	0.09	0.14	0.01	Luck Lucy N
WCS009	70.0	80.0	10.0	77	2.39	45	0.09	0.17	0.23	Luck Lucy N
WCS029	36.3	42.1	5.8	41	1.26	10	0.43	0.55	0.01	Luck Lucy N

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CSIRO Research Enhances Upside at Webbs Consol Silver Project[49]

During the June quarter Lode reported that Australia’s national science agency, CSIRO, has completed a research study at Lode Resources’ Webbs Consol Silver Project in New South Wales, funded through the Entrepreneurs’ Programme Innovation Connections Grant (ICG002410).

In 2023, CSIRO, funded through the Entrepreneurs Programme Innovation Connections Grant (ICG002410), was engaged to undertake a collaborative research project to achieve a comprehensive ‐ ‐ understanding of the characteristics of hydrothermal Zn Ag Pb sulphide mineralisation linked to the ca. 256 Ma Webbs Consol Leucogranite in the New England Fold Belt (NEFB). CSIRO produced a comprehensive 79-page research report titled “Webbs Consol silver and base metal deposit characterisation, New England Fold Belt, NSW” a summary of which was release to the market during the quarter.

The project included mapping of structures in drill core and the field, covering prospects throughout the research area, including Copy Cat, Castlereagh, Mount Galena, Lucky Lucy, Lucky Lucy North, Main Shaft, and Tangoa West. The findings were integrated with existing structural information provided by Lode Resources, allowing the creation of 3D models that support the multi ‐ scale structurally ‐ controlled nature of mineralisation.

To constrain hydrothermal alteration styles (chloritisation and sericitisation) and mineralisation ‐ ‐ processes, CSIRO conducted whole rock geochemical analyses and micro analytical characterisations on unaltered granite and mineralised samples from a number of prospects (Tangoa West, Main Shaft, ‐ Castlereagh, and Lucky Lucy North). The results were integrated with whole rock assay data supplied by Lode Resources to geochemically classify the granitic intrusions and discriminate alteration and mineralisation zones.

A robust correlation between alteration styles and metal endowment was established through the integration of geochemical data, hyperspectral (FTIR) core logging results, petrophysical data, as well as micro ‐ XRF elemental mapping and mineralogical/mineral ‐ chemical characterisations of drill core samples.

The chloritised mineralisation are characterised by ‐ high Zn concentrations, with Fe rich sphalerite containing numerous chalcopyrite inclusions (chalcopyrite disease). The sericitised zones exhibit ‘ordinary’ sphalerite but enrichments in Pb and As, primarily manifesting as galena and arsenopyrite together with blebby chalcopyrite. Furthermore, the sericitised samples prominently ‐ ‐ feature Ag rich sulphide grains bound to galena chalcopyrite±arsenopyrite assemblages. Similar Ag concentrations were observed in chloritized ‐ samples, but Ag rich sulphide grains are rare. This discrepancy may be attributed to the preferential uptake of Ag by sphalerite, or by the microscopic inclusions of chalcopyrite enclosed within the sphalerite.

Figure 3. Photomicrographs and micro ‐ XRF elemental distribution maps (K, Si, Fe, and Zn, As, Pb, Cu) of strongly altered samples in drill hole WCS045.[49]

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Chloritized granite
Sphalerite
Sphalerite
Sphalerite
Sphalerite
Sphalerite
Galena
Sericitised granite
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Figure 4. BSE image overlaid with EDS elemental distribution map showing large accumulation of galena with overgrowths of Ag ‐ Sb ‐ Bi ‐ rich sulphide phase in drill holed WCS045.[ 49]

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‐ ‐ Figure 5. Reflected light microscopy images along with TESCAN TIMA mineral and Ag Sb sulphide distribution maps of mineralised chloritised samples for drill hole WCS045. The presence of Ag ‐ Sb ‐ rich ‐ sulphide grains is highlighted by red circles. Sphalerite is discriminated based on its Fe content [low Fe sphalerite ‐ (light red) < 10 wt% Fe < high Fe sphalerite (red), with up to c. 15 wt% Fe). Chlorite is discriminated based on its ‐ ‐ Mn content (low Mn chlorite < 4 wt% Mn < high Mn chlorite). [ 49]

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By understanding the alteration style and mineralisation process at each prospect a consistent trend of hydrothermal alteration patterns and ore zones relative to elevation across the entire Webbs Consol mineral system can be observed.

Using a threshold elevation of 700 meters above sea level, consistent patterns are summarised as:

• i. The lower ore zones (characterised Ag and Fe ‐ bearing Zn ‐ rich mineralisation) at Tangoa West ‐

• and Main Shaft are consistently found at greater depths, below the 700 meter threshold, and;

• ii. The upper ore zones (characterised by an assembly of Ag ‐ Zn ‐ Pb ‐ Cu mineralization) throughout the Webbs Consol mineral system predominantly appear at elevations exceeding 700 meters.

This observation suggests very limited rotation and likely preservation of mineralisation around the entire perimeter of the Webbs Consol Leucogranite.

At Tangoa West, zinc data from drillholes support steep ESE and ENE anisotropic fields, further suggesting that the mineralisation, regardless of whether genetic/structural connections between the two ore zones exist, are steeply plunging and overall linear.

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Figure 6 . 3D model of Tangoa West prospect showing drill hole Zn assays and modelled 5.0% Zn anisotropic iso ‐ surfaces (Ag and Pb assays are not shown). Modelled anisotropic iso-surfaces based on drill assays, alteration vectors and dominant controlling structural (left diagram: 85° towards 105° – 3:3:1 & right diagram: 85° towards 60° – 3:3:1). Please note this modelling is conceptual. All assays have been previously reported prior to the June quater[11,14,15,22,24,27,35,36,37,39,40,44,47]

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300 metres
depth
Drill
Target
Drill
Target
Drill Hole WCS052 Drill Hole WCS052
149.2m @ 455 g/t AgEq or 14.09% ZnEq & 149.2m @ 455 g/t AgEq or 14.09% ZnEq &
33.2m @ 332 g/t AgEq or 10.26% ZnEq 33.2m @ 332 g/t AgEq or 10.26% ZnEq
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Figure 7. 3D model of Tangoa West prospect showing drill hole AgEq assays and interpreted lode (blue shell) as well as both modelled 5.0% Zn anisotropic iso ‐ surfaces from Figures 6. Modelled anisotropic iso-surfaces based on drill assays, alteration vectors and dominant controlling structural (Orange shell: 85° towards 105° – 3:3:1 & right diagram: 85° towards 60° – 3:3:1). Please note this modelling is conceptual. All assays have been previously reported prior to the June quarter[11,14,15,22,24,27,35,36,37,39,40,44,47]

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Drill Hole Assays
AgEq g/t
Drill
Target
300 m
depth
Drill
Target
Drill Hole WCS052
149.2m @ 455 g/t AgEq or 14.09% ZnEq &
40.2m @ 466 g/t AgEq or 14.41% ZnEq
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The results of this research constrained ore genesis and comparisons with potentially similar vein/pipe ‐ like Zn ‐ Ag ‐ Pb deposits within the NEFB and on a global scale. The observation of chloritised Fe ‐ rich sphalerite mineralisation prevailing at greater depths, while sericitised Zn ‐ Pb ‐ As ‐ rich mineralisation occur at shallower levels, aligns with earlier reports of a vertical zonation pattern of metals at Webbs Consol. We interpret that the lower, deeper chloritised Zn ‐ rich zones have formed closer to hot fluid sources, perhaps at temperatures of up to 400 °C, resembling mesothermal mineralisation styles. In contrast, the upper ore zones may have formed under cooler conditions, ‐ promoting sericitisation in the 200 300 °C range.

Overall, we note similarities in terms of deposit geometry and mineralisation style compared to certain deposits associated with the Gilgai Granitic suites in the NEFB, such as the Conrad Mine. Additionally, similarities are noted with the Devonian Zeehan and Dundas Pb ‐ Zn ‐ Ag ore fields in Tasmania and several world ‐ class deposits located in orogenic belts of Central/Eastern Asia and Northern America.

Table 2. Comparison of the Webbs Consol Silver and Base Metal Deposit with selected Australian and global base metal sulphide deposits of comparable origins[49] .

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Uralla Gold Project[- ] Auger Drill Programme Results

Over a 2-month period 1,192 auger drill holes were completed on a 25m x 50m grid spacing covering an expansive 1.6km[2] area covering the Hudson’s group of prospects (Gumtree, Dyke, Martins Shaft) at Lode’s Uralla Gold Project[48,51] .

The aim of the auger drill program was to identify areas of anomalous gold values as well as pathfinder elements near surface so as to identify new drill targets in the Hudsons area as well as assisting with deeper and infill drill targeting planned for this year.

An earlier high-density auger drill survey was successful in defining the Gumtree prospect, one of several gold prospects within the Uralla Gold Project. Sampling deeper soils (C horizon) closer to bed rock has demonstrated more coherent anomaly definition for gold as well as pathfinder metals.

During the June 2024 quarter all assays where received[51] from this significant auger drill program with gold and pathfinder metals imaged and/or contoured as shown in Figures 8 to 11. A number of observations and interpretations can be made including:

• Numerous gold anomaly highs (>10) have been defined, each representing a prospective drill target.

• 289 auger samples graded >10 ppb Au, 23 auger samples graded 100 ppb Au and 3 auger samples graded 1,000 ppb Au with the highest being 1,300ppb Au.

• Over half of the gold anomalies defined have no hard rock outcrop, potential indicate blind mineralisation, whilst other gold anomalies have enhanced previous surface work.

• Two Au anomalies have been tested by earlier preliminary drilling [2,18] with the best intercepts being KTN010: 15.0m @ 2.09g/t Au from 12m and KTN007: 14.0m @ 1.24 g/t Au from 68m for the Dyke/Gracie and Redgum Prospects respectively. Only the Martin Shaft Prospect has been extensively drill tested by a previous exploration licence holder (Sovereign Gold Company Ltd) with the best intercept being SGRDD002: 26.0m @ 2.80 g/t Au from 15.0m. See Table 3.

• A number of gold anomalies in the Dyke/Gracie Lode area appear to form a circular feature potentially representing an intrusive pluton at depth and a source of mineralisation (see Figures 8,9 & 12).

• There is a strong correlation between gold and pathfinder metals including a broad association with antimony. Pathfinder elements can help define mineralised lodes which are not obvious near surface.

• Historic drilling by a previous exploration licence holder (Sovereign Gold Company Ltd) focused on Martin Shaft prospect resulting in numerous gold intercepts. Confirmation drilling will be required as much of this work predates the JORC code - 2012 edition [1,2,18] .

The highest endowed diamond and RC drilling results from earlier drill programs are shown in Table 3.

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Table 3. Drilling at the Hudson’s group of prospects, Uralla Gold Project (previously reported[2,18.] )

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Hole No. From(m) (Tom) Interval(m) Gold(g/t) Target Endowment(m.g/t) Hole No. From(m) (Tom) Interval(m) Gold(g/t) Target Endowment(m.g/t)
SGRDD002 15.0 41.0 26.0 2.80 Martin Shaft 72.78 SGRRC006 35.0 52.0 17.0 1.61 Martin Shaft 27.32
incl. 24.0 38.0 14.0 4.82 incl. 37.0 44.0 7.0 3.54
SGRDD004 52.0 70.0 18.0 3.51 Martin Shaft 63.23 SGRRC005 23.0 38.0 15.0 1.60 Martin Shaft 24.06
incl. 57.0 64.0 7.0 7.47 incl. 25.0 32.0 7.0 3.13
SGRDD014 16.0 36.0 20.0 2.33 Martin Shaft 46.69 SGRRC011 46.0 64.0 18.0 0.95 Martin Shaft 17.17
incl. 21.0 29.0 8.0 5.40 incl. 57.0 63.0 6.0 2.23
SGRDD008 73.0 97.0 24.0 1.88 Martin Shaft 45.03 KTN007 68.0 82.0 14.0 1.24 Gum Tree 17.29
incl. 73.5 92.0 18.5 2.41 incl. 73.0 75.0 2.0 2.04
SGRDD010 78.0 113.0 35.0 1.10 Martin Shaft 38.50 and 77.0 80.0 3.0 2.21
incl. 84.0 89.0 5.0 3.29 KTN007 96.0 100.0 4.0 0.76
SGRRC004 4.0 28.0 24.0 1.60 Martin Shaft 38.32 SGRRC002 16.0 35.0 19.0 0.82 Martin Shaft 15.56
incl. 13.0 23.0 10.0 3.00 incl. 26.0 33.0 7.0 1.36
KTN010 12.0 27.0 15.0 2.09 Dyke 31.38 SGRDD006 32.0 51.0 20.0 0.73 Martin Shaft 14.53
incl. 15.0 22.0 7.0 3.65 KTN005 9.0 19.0 10.0 1.32 Gum Tree 13.15
incl. 15.0 19.0 4.0 4.18 incl. 9.0 14.0 5.0 2.49
SGRRC017 76.0 102.0 26.0 1.20 Martin Shaft 31.29 KTN006 10.0 26.0 16.0 0.79 Gum Tree 12.58
SGRRC003 25.0 54.0 29.0 1.21 Martin Shaft 35.09 incl. 10.0 18.0 8.0 1.04
incl. 39.0 45.0 6.0 2.90 incl. 10.0 14.0 4.0 1.59
SGRDD003 29.0 62.0 33.0 0.91 Martin Shaft 30.12 SGRDD001 0.0 13.0 13.0 0.96 Martin Shaft 12.48
incl. 37.0 44.0 7.0 2.83 SGRDD005 0.0 20.0 20.0 0.54 Martin Shaft 10.84
SGRRC001 0.0 27.0 27.1 1.06 Martin Shaft 28.83 SGRRC022 112.0 128.0 16.0 0.58 Martin Shaft 9.22
incl. 15.0 24.0 9.0 2.41 SGRDD009 75.0 90.0 15.0 0.55 Martin Shaft 8.20
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Figure 8. Gold assay gridded image and contouring in the Dyke/Gracie Lode area located within the Hudson’s group of prospects, Uralla Gold Project.

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Figure 9. Gold assay grided image and contouring of 1,192 auger drill holes covering the Hudson’s group of prospects, Uralla Gold Project. Higher gold value colours stretched to highlight the strongest anomalies. Drill results previously reported[2,18]

Gumtree Prospect

Au High Au High 98ppb 1300ppb Anomalies with Au High 99ppb preliminary drill intercepts

Au High 998ppb Au High 333ppb Untested anomalies Au High Au High 107ppb 741ppb Au High Au High 90ppb 86ppb Au High 57ppb

KTN007: 14.0m @ 1.24 g/t Au from 68m KTN005: 10.0m @ 1.32g/t Au from 9m KTN006: 16.0m @ 0.79g/t Au from 10m

Dyke/Gracie Prospects

KTN010: 15.0m @ 2.09g/t Au from 12m KTN011: 5.0m @ 1.04 g/t Au from 16m KTN012: 6.0m @ 0.75g/t Au from 39m

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Circular feature potentially
representing an intrusive
stock at depth
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Martins Shaft Prospect (intercepts > 24 g.m) SGRDD002: 26.0m @ 2.80 g/t Au from 15.0m SGRDD004: 18.0m @ 3.51 g/t Au from 52.0m SGRDD014: 20.0m @ 2.33 g/t Au from 16.0m SGRDD008: 24.0m @ 1.88 g/t Au from 73.0m SGRDD010: 35.0m @ 1.10 g/t Au from 78.0m SGRRC004: 24.0m @ 1.60 g/t Au from 4.0m SGRRC017: 26.0m @ 1.20 g/t Au from 76.0m SGRRC003: 29.0m @ 1.21 g/t Au from 25.0m SGRRC003: 33.0m @ 0.91 g/t Au from 29.0m SGRRC001: 27.1m @ 1.06 g/t Au from 0.0m SGRRC006: 17.0m @ 1.61 g/t Au from 35.0m SGRRC035: 22.0m @ 1.15 g/t Au from 90.0m SGRRC005: 15.0m @ 1.60 g/t Au from 23.0m

Au High 1030ppb

Auger Drill Assay Image Au (ppb) High : 1300 Low : 1

12

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Figure 10. Gold assay image of 1,192 auger drill holes covering the Hudson’s group of prospects, Uralla Gold Project. Lower gold values colours stretched to highlight broader anomalism. Drill results previously reported[2,18 ]

Gumtree Prospect

Anomalies with preliminary drill intercepts Untested anomalies

KTN007: 14.0m @ 1.24 g/t Au from 68m KTN005: 10.0m @ 1.32g/t Au from 9m KTN006: 16.0m @ 0.79g/t Au from 10m

Dyke/Gracie Prospects

KTN010: 15.0m @ 2.09g/t Au from 12m KTN011: 5.0m @ 1.04 g/t Au from 16m KTN012: 6.0m @ 0.75g/t Au from 39m

Circular feature potentially representing an intrusive stock at depth

Martins Shaft Prospect (intercepts > 24 g.m) SGRDD002: 26.0m @ 2.80 g/t Au from 15.0m SGRDD004: 18.0m @ 3.51 g/t Au from 52.0m SGRDD014: 20.0m @ 2.33 g/t Au from 16.0m SGRDD008: 24.0m @ 1.88 g/t Au from 73.0m SGRDD010: 35.0m @ 1.10 g/t Au from 78.0m SGRRC004: 24.0m @ 1.60 g/t Au from 4.0m SGRRC017: 26.0m @ 1.20 g/t Au from 76.0m SGRRC003: 29.0m @ 1.21 g/t Au from 25.0m SGRRC003: 33.0m @ 0.91 g/t Au from 29.0m SGRRC001: 27.1m @ 1.06 g/t Au from 0.0m SGRRC006: 17.0m @ 1.61 g/t Au from 35.0m SGRRC035: 22.0m @ 1.15 g/t Au from 90.0m SGRRC005: 15.0m @ 1.60 g/t Au from 23.0m

Auger Drill Assay Image Au (ppb)

High : 1300 Low : 1

13

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Figure 11. Antimony assay image of 1,192 auger drill holes covering the Hudson’s group of prospects, Uralla Gold Project. Lower antimony value colours stretched to highlight broader anomalies. Drill results previously reported[2,18 ]

Gumtree Prospect

Anomalies with preliminary drill intercepts

KTN007: 14.0m @ 1.24 g/t Au from 68m KTN005: 10.0m @ 1.32g/t Au from 9m KTN006: 16.0m @ 0.79g/t Au from 10m

Dyke/Gracie Prospects

Untested anomalies

KTN010: 15.0m @ 2.09g/t Au from 12m KTN011: 5.0m @ 1.04 g/t Au from 16m KTN012: 6.0m @ 0.75g/t Au from 39m

Circular feature potentially representing an intrusive stock at depth

Martins Shaft Prospect (intercepts > 24 g.m) SGRDD002: 26.0m @ 2.80 g/t Au from 15.0m SGRDD004: 18.0m @ 3.51 g/t Au from 52.0m SGRDD014: 20.0m @ 2.33 g/t Au from 16.0m SGRDD008: 24.0m @ 1.88 g/t Au from 73.0m SGRDD010: 35.0m @ 1.10 g/t Au from 78.0m SGRRC004: 24.0m @ 1.60 g/t Au from 4.0m SGRRC017: 26.0m @ 1.20 g/t Au from 76.0m SGRRC003: 29.0m @ 1.21 g/t Au from 25.0m SGRRC003: 33.0m @ 0.91 g/t Au from 29.0m SGRRC001: 27.1m @ 1.06 g/t Au from 0.0m SGRRC006: 17.0m @ 1.61 g/t Au from 35.0m SGRRC035: 22.0m @ 1.15 g/t Au from 90.0m SGRRC005: 15.0m @ 1.60 g/t Au from 23.0m

Auger Drill Assay Image Sb (ppm)

High : 300

Low : 0.2

14

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Figure 12. Potential mineralisation model for the Uralla Gold Project with two styles of gold mineralisation emplacement shown: A) Vein style gold mineralisation, B) Intrusive hosted gold mineralisation.

==> picture [326 x 368] intentionally omitted <==

Tenements – June Quarter 2024

Project		Tenements	Tenements				Area **(km2) **
	Tenements			Tenements
		acquired	disposed		%			Type of
	as at 31			as at 30		Units
		during the	during the		Interest			Tenements
	March 2024			June 2024
		quarter	quarter
Uralla	EL8980	-	-	EL8980	100	80	237	Exploration
Webbs Consol	EL8933	-	-	EL8933	100	16	48	Exploration
Fender	EL9003	-	-	EL9003	100	76	224	Exploration
Tea Tree	EL9084	-	-	EL9084	100	24	71	Exploration
Thor	EL9085	-	-	EL9085	100	78	231	Exploration
Uralla West	EL9087	-	-	EL9087	100	22	65	Exploration
Sandon	EL9319	-	-	EL9319	100	273	809	Exploration
Webbs Consol Exp.	EL9454	-	-	EL9454	100	53	159	Exploration
New England Antimony	-	EL9662	-	EL9662	100	399	1,105	Exploration
						1,021	2,949

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New England Antimony

During the June quarter a new and extensive exploration licence was granted by the NSW government to Lode. EL9662 covers an area of 399 units or approximately 1,105 square kilometres and is prospective for orogenic structurally-controlled antimony mineralisation.

There are a number of recorded antimony prospects within the EL9662 exploration licence area, including the historic Magword antimony mine which was operational more-or-less continuously from 1941 until 1971 and was Australia’s primary producer before the focus switched to Hillgrove in 1969.

Lode intends to commence preliminary exploration on EL9662 during the September quarter.

Net Smelter Royalty owned by Lode Resources Ltd

Lode Resources Ltd owns a 2% Net Smelter Royalty (NSR) and Right of First Refusal[50,52 ] over Thomson Resources Ltd’s 100% owned Webbs Silver Project (EL5674), containing a significant undeveloped JORC Mineral Resource Estimate of 2.2Mt @ 205 g/t AgEq[55] for a contained 14.2 Moz AgEq[55] . Royalty rights are a commonly traded asset and there are numerous companies that specialize in purchasing and holding such royalties.

The Webb’s Mineral Resource Estimate, at a 30 g/t Ag cut off, contains an Indicated and Inferred resource of 2.2 Mt at 140 g/t Ag, 0.15% Cu, 0.55% Pb and 1.10% Zn for a contained 9.7 Moz Ag, 3.3 Kt Cu, 12 Kt Pb and 24 kt of Zn. Note, this is a completely separate project to Lode’s Webbs Consol Silver Project located just 10km to the southwest.

Please refer to Thomson Resources Ltd’s announcement on 9 June 2022 titled “ Thomson Delivers 14 Moz Silver Equivalent Indicated and Inferred Mineral Resource Estimate for Webbs Deposit ” for full project details including metal equivalent assumptions used by Thomson Resources Ltd.

The 2% Net Smelter Royalty and the Right of First Refusal held over Thomson Resources Ltd’s Webbs Silver Project (EL 5674) are registered against the tenement in the NSW government Mining Titles Register and therefore the Net Smelter Royalty and Right of First Refusal remains with the asset as defined by the geographic boundaries of EL 5674 regardless of the tenement ownership.

Corporate

No significant corporate activities have occurred during the quarter.

• As of 30 June 2024, the Company had cash reserves of approximately $2.278 million. Expenditure for the quarter ended 31 March 2024 was approximately $504,000.

• Exploration and evaluation expenditure was $168,000. Exploration spending over the next quarter is expected to be levels comparable to the March 2024 quarter with drilling having recommenced at the beginning of the September quarter.

• Administration and corporate costs were $191,000, Staff costs were $155,000 and lease payments were $8,000. During the June quarter, the aggregate amount of payments to related parties and their associates totaled $155,000. The payments were made to Directors or Director related entities for Directors’ consulting fees and superannuation.

• No expenditure was incurred during the Quarter on mining production and development activities.

16

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About Lode Resources

Lode Resources is an ASX-listed explorer focused on the highly prospective but under-exploited 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.

This has resulted in a portfolio of assets with diverse mineralisation styles with 3 drilled since listing on the ASX in mid-2021.

1. Uralla Gold – Located 8km west of the Uralla township, this goldfield was one of the earlier goldfields discovered in NSW and a significant gold producer in the 1850’s. Despite this long history the mineralisation style has only recently been recognised as being an Intrusive Related Gold System (IRGS) and this has strong implications for this project’s discovery potential. Lode’s holdings cover over 300 square kilometres.

2. Webbs Consol Silver – Located 16km west-southwest of Emmaville, this historical mining centre is known for high-grade silver-base metal-bearing lodes that provide attractive targets that were essentially drill-ready. Historical records of underground sampling indicated highgrade mineralisation remains open at relative shallow depths and subsequent geophysical anomalies were never followed-up by drilling.

3. Fender Copper (Trough Gully ) – Located 30km southeast of Tamworth this project has incurred surface exploration carried out by several companies since the 1960s comprising stream/soil, surface mapping, IP and magnetics however no drilling has occurred. Significant copper in drainage anomalies and several know historical workings on VMS style mineralisation provide some very attractive exploration targets.

4. Thor Gold – Located 35km northwest of Manila this project hosts a large gold anomaly potentially associated with high level intrusions or major regional fault structures.

5. Tea Tree Gold – Located 24km north of Manila this project comprises an underexplored goldfield.

6. Sandon Base Metals – Located 50km northwest of Armidale, this project includes the Bundarra Copper Project and Abington Base Metal Project and being the two most prominent explorations targets. Extensive historic surface work means minimal preliminary work is needed for drill target definition.

Lode’s strategy is to:

• Systematically explore and develop the Company’s Tenements in the New England Fold Belt;

• Target large-scale gold, silver and copper mineral systems;

• Use modern exploration methods and best practices in cost-effective programs; and

• • Advance discoveries to the development stage.

17

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Lode’s Project Locations - blue polygons

==> picture [481 x 421] intentionally omitted <==

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

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

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

No Material Changes

The Company confirms it is not aware of any new information or data that materially affects the information included in these quarterly activities report and that all material assumptions and technical parameters underpinning the exploration activities in this market announcements continue to apply and have not materially changed.

18

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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 Jason Beckton, who is a Member of the Australian Institute of Geoscientists. Mr Beckton, who is Executive Director – Resource Development at Lode Resources Ltd, 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 Beckton has a beneficial interest as a shareholder and 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.

1. Use of Silver and Zinc Equivalent Figures

Metal equivalent figures are a simple way to demonstrate overall grade with a single figure thus making comparisons easier for investors. Since the commencement of drilling at Webbs Consol Silver Project it was deemed that silver was the appropriate metal for equivalent calculations as silver is the most common metal to all mineralisation zones. This is still the case however zinc is becoming increasing dominant with depth and therefore LDR has decided to calculated both silver and zinc equivalent grades to demonstrate overall grades. Webbs Consol silver and zinc equivalent grades are based on assumptions:

AgEq(g/t)=Ag(g/t)+32.3Zn(%)+27.5Pb(%)+107Cu(%)+87.1Au(g/t) &

ZnEq(g/t)=0.031Ag(g/t)+Zn(%)+0.850Pb(%)+0.2.694Cu(%)+2.57Au(g/t) calculated from 12 February 2024 (previously 29 August 2022) spot metal prices of US$22.7/oz silver, US$2325/t zinc, US$2060/t lead, US$8100/t copper, US$2020/oz 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 + Cu (%) x ZnEq1(g/t) = Zn (%) + 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 Pb (%) x Pb Recovery (%) + Ag g/t) x Price 1 Zn (%) x Zn Recovery (%) Price 1 Cu (%) x Cu Recovery (%) + Au(g/t) x Price 1 Zn (%) x Zn 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 (%) Price 1 Ag (g/t) x Ag Recovery (%) Price 1 Zn (%) x Zn Recovery (%) Price 1 Au (g/t) x Au Recovery (%)
		Price 1 Zn (%) x Zn Recovery (%)

19

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	LDR announcement references
2.	LDR Prospectus 14 April 2021 & LDR Supplementary Prospectus 6 May 2021
3.	LDR announcement 30 June 2021 titled “ASX Market Release - Admission and Quotation”
4.	LDR announcement 12 July 2021 titled “New gold mineralisation style discovered”
5.	LDR announcement 20 July 2021 titled “Further Assays Enhance & Expand Uralla Gold Project”
6.	LDR announcement 29 July 2021 titled “Lode Ramps Up Exploration at Uralla Gold Project”
7.	LDR announcement 15 September 2021 titled “Drilling Commences at Webbs Consol Silver Project”
8.	LDR announcement 5 October 2021 titled “Enhanced Drill Targets at Uralla Gold Project”
9.	LDR announcement 19 October 2021 titled “Significant sulphides intersected at Webbs Consol”
**10. **	LDR announcement 5 November 2021 titled “Lode Resources Adds New Projects To Base Metal Portfolio”
11.	LDR announcement 17 November 2021 titled “First drill assays received for Webbs Consol Silver Project”
12.	LDR announcement 29 November 2021 titled “Drilling Commences at Uralla Gold Project”
13.	LDR announcement 1 December 2021 titled “Drilling Commences at Trough Gully Copper Mine”
14.	LDR announcement 17 November 2021 titled “First drill assays received for Webbs Consol Silver Project”
15.	LDR announcement 14 December 2021 titled “High-grade mineralisation in Webbs Consol drilling”
16.	LDR announcement 18 January 2022 titled “Webbs Consol new drill targets”
17.	LDR announcement 15 February 2022 titled “High-grade copper and zinc intersected at Trough Gully Mine”
18.	LDR announcement 21 February 2022 titled “Discovery of Gold Mineralisation Over Significant Widths”
19.	LDR announcement 24 March 2022 titled “Drilling Recommences at Webbs Consol Silver-Base Metals”
20.	LDR announcement 5 April 2022 titled “Significant Sulphide Mineralisation at Mt Galena Prospect”
21.	LDR announcement 14 April 2022 titled “Outstanding Metal Recoveries in Trough Gully Testwork”
22.	LDR announcement 31 May 2022 titled “High grade silver-lead-zinc drill results”
23.	LDR announcement 2 June 2022 titled “Drilling Intersects 26.5m of Lead-Zinc-Silver Mineralisation”
24.	LDR announcement 21 June 2022 titled “Over 1,000g/t Silver Eq Intercepted at Tangoa West”
25.	LDR announcement 23 June 2022 titled “Another Thick (31.0m) Intercept of Sulphide Mineralisation”
26.	LDR announcement 7 July 2022 titled “Further Mineralised Lodes Discovered at Webbs Consol”
27.	LDR announcement 18 July 2022 titled “Most Significant Drill Intercepts to Date at the Webbs Consol”
28.	LDR announcement 25 July 2022 titled “Mineralisation Extended to 150m Depth at Webbs Consol”
**29. **	LDR announcement 17 August 2022 titled “Completion of Placement”
**30. **	LDR announcement 18 August 2022 titled “Phase II Drilling to Commence at Webbs Consol”
**31. **	LDR announcement 21 September 2022 titled “Phase II Drilling Commences at Webbs Consol”
**32. **	LDR announcement 4 October 2022 titled “Webbs Consol Silver Project area expanded four-fold”
**33. **	LDR announcement 11 October 2022 titled “Phase II Drilling Intersects 47m of Sulphide Mineralisation”
**34. **	LDR announcement 26 October 2022 titled “Sixth Sulphide Lode Discovered at Silver Project”
**35. **	LDR announcement 8 November 2022 titled “1,899 g/t Silver Eq Intercepted at Copy Cat Lode Discovery“
**36. **	LDR announcement 17 January 2023 titled “54m High grade Silver Eq Intercept”
**37. **	LDR announcement 1 February 2023 titled “Outstanding High-Grade Drill Intercept”
**38. **	LDR announcement 27 February 2023 titled “Diamond Drilling Program Recommences at Webbs Consol”
**39. **	LDR announcement 18 May 2023 titled “High-Grade Drill Intercepts at Webbs Consol”
**40. **	LDR announcement 13 June 2023 titled “High-Grade Mineralisation Extended to 280m Vertical Depth”
**41. **	LDR announcement 6 July 2023 titled “New Targets Defined at Webbs Consol Silver Project ”
**42. **	LDR announcement 18 July 2023 titled “CSIRO Collaboration Study”
**43. **	LDR announcement 10 August 2023 titled “Webbs Consol Silver Project Exploration Update”
**44. **	LDR announcement 9 October 2023 titled “High-Grade Drill Intercepts At Webbs Consol Silver Project”
**45. **	LDR announcement 16 October 2023 titled “Significant Drill Target Defined at WC Silver Project”
**46. **	LDR announcement 22 November 2023 titled “Drilling Commences On Large Surface Silver Anomaly”
**47. **	LDR announcement 19 February 2024 titled “Drilling at Webbs Consol North Delivers Solid Silver-Zinc Intercepts”
**48. **	LDR announcement 12 March 2024 titled “Significant Auger Drill Program Completed At Uralla Gold Project”

49. LDR announcement 9 April 2024 titled “CSIRO Research Enhances Upside at Webbs Consol Silver Project” - relodged 50. LDR announcement 24th April 2024 titled “Quarterly Activities Report for the period ending 31 March 2024.

51. LDR announcement 8 May 2024 titled “Augur Drilling Defines Multiple Targets At Uralla Gold Project”

52. LDR announcement 18 June 2024 titled “Silver Drilling to Resume at Webbs Consol”

53. LDR announcement 9 July 2024 titled “Executive Director Appointment”

54. LDR announcement 22 July 2024 titled “Follow Up Silver Drilling Commences at Webbs Consol Project”

55. Thomson Resources Ltd’s announcement 9 June 2022 titled “Thomson Delivers 14 Moz Silver Equivalent Indicated and Inferred Mineral Resource Estimate for Webbs Deposit.

20

Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity

LODE RESOURCES LTD

ABN 30 637 512 415	Quarter ended (“current quarter”)	Quarter ended (“current quarter”)
	30 June 2024
Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (Cash flow Boost) 1.9 Net cash from / (used in) operating activities	- - - - (155) (191) - 28 - - - -	- - - - (619) (585) - 146 - - - -
	(318)	(1,058)
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation	- - - (168)	- - - (1,405)

ASX Listing Rules Appendix 5B (17/07/20) Page 21 + See chapter 19 of the ASX Listing Rules for defined terms.

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
(e) investments (f) other non-current assets 2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities	- (10) - - - - - - - -	- (80) - - - - 10 - - -
	(178)	(1,475)
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	- - - - - - - - (8)	- - - - - - - - (35)
	(8)	(35)
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above)	2,782 (318) (178)	4,846 (1,058) (1,475)

ASX Listing Rules Appendix 5B (17/07/20) Page 22 + See chapter 19 of the ASX Listing Rules for defined terms.

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
4.4 Net cash from / (used in) financing activities (item 3.10 above) 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	(8) -	(35) -
	2,278	2,278
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	520 1,758 - -	40 2,742 - -
	2,278	2,782
6. Payments to related parties of the entity and their associates		Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 155 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.		155
		-
Director fees, salaries and superannuation payments.

ASX Listing Rules Appendix 5B (17/07/20) Page 23 + See chapter 19 of the ASX Listing Rules for defined terms.

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities - - Credit standby arrangements - - Other (please specify) - - Total financing facilities - - Unused financing facilities available at quarter end - Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
		-	-
		-	-
		-	-
		-	-
8.	Estimated cash available for future operating activities		$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8	Net cash from / (used in) operating activities (item 1.9) (318) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (168) Total relevant outgoings (item 8.1 + item 8.2) (486) Cash and cash equivalents at quarter end (item 4.6) 2,278 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 2,278 Estimated quarters of funding available (item 8.6 divided by item 8.3) 4.69 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?		(318) (168) (486) 2,278 -
			2,278
			4.69
	Answer: N/A
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: N/A

ASX Listing Rules Appendix 5B (17/07/20) Page 24 + See chapter 19 of the ASX Listing Rules for defined terms.

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

• 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer:

N/A

Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 31 July 2024

Authorised by: By the Managing Director – Edward Leschke

…………………………………………………………………..

(Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (17/07/20) Page 25 + See chapter 19 of the ASX Listing Rules for defined terms.