LODE RESOURCES LTD — Interim / Quarterly Report 2023

Jan 29, 2024

ASX Announcement | 30 January 2024

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QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 31 DECEMBER 2023

December Quarter Highlights

• A 15-hole RC drill program at the Webbs Consol North prospect was completed during the December quarter with assays expected to be completed shortly.

• The Webbs Consol North Prospect surface anomaly is defined by high silver (Ag), lead (Pb), and zinc (Zn) assay values returned over a 300 meter strike length.

o Assays of soil samples have returned:

     - ➢ 17 samples >1 g/t Ag with a maximum of 6.5 g/t Ag

     - ➢ 20 samples >500 ppm Pb with a maximum of 3,410 ppm Pb

     - ➢ 21 samples >250 ppm Pb with a maximum of 1,090 ppm Pb

• Assay of subcrop chip samples have returned:

   - ➢ 13 samples >10 g/t Ag with a maximum of 252 g/t Ag
  
   - ➢ 12 samples >5,000 ppm Pb with a maximum of 12.95% Pb
  
   - ➢ 9 samples >1,000 ppm Zn with a maximum of 0.84% Zn
  

• Also during the December quarter, diamond drilling at the Webbs Consol Silver Project tested the lateral extent of the Tangoa West Lode at depth.

• Significant intercepts confirmed the constancy of high-grade mineralisation throughout the Tangoa West Lode, which remains open at depth.

• Drill hole WCS064 returned:

  • 27.7m @ 663 g/t AgEq[1] from 203.3m, including;

    • ➢ 10.0m @ 918 g/t AgEq[1] from 219.0m including;

    • ➢ 3.3m @ 1,890 g/t AgEq[1] from 225.7m.

• Drill hole WCS065 returned:

  • 33.2m @ 569 g/t AgEq[1] from 270.0m including; ➢ 18.5m @ 992 g/t AgEq[1] from 279.9m including; ➢ 14.4m @ 1,172 g/t AgEq[1] from 282.0m.

• The drill results from the Tangoa West Lode demonstrate:

• Continuity and orientation of high-grade silver-base metal mineralisation;

• Mineralisation extending to a vertical depth of 300m and remains open;

• The dominance of silver and zinc mineralisation at depth;

• Multiphase mineralisation emplacement.

• With $3.2m cash as at December 31, Lode remains fully funded for planned exploration work at both the Webbs Consol Silver and Uralla Gold projects.

ASX Code: LDR | ACN: 637 512 415 | www.loderesources.com A: Level 5, 1 Margaret Street, Sydney NSW 2000 | P: +61 2 9199 8017 | E: info@loderesources.com

ASX Announcement | 30 January 2024

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During the December quarter, Lode primarily focused its exploration activities on 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.

Webbs Consol North RC Drill Assays Due Shortly

A 15-hole RC drill program at the Webbs Consol North prospect was completed during the December quarter, and sample assays are expected to be completed shortly. This prospect represented a significant exploration target at the Lode Resources Webbs Consol Silver Project. A significant amount of surface work by Lode’s exploration team defined a new and highly significant geochemical anomaly located at the northern reaches of the Webbs Consol Silver Project, where no historical workings exist.

A previously reported Loupe TEM (Time Domain Electromagnetic) survey revealed multiple new targets, of which the Loupe #1 target was the strongest, and follow-up geochemical work showed this anomaly to be highly mineralised. This newly discovered anomaly is defined by high Ag, Pb and Zn assay values returned from both systematic soil and subcrop chip sampling over a 300m strike length.

The geochemical anomaly has a NE-SW orientation coincidental with the Webbs Consol Leucogranite and Emmaville Volcanics contact. Assay of soil samples have returned:

• ➢ 17 samples graded >1 g/t Ag with a maximum of 6.5 g/t Ag

• ➢ 20 samples graded >500 ppm Pb with a maximum of 3,410 ppm Pb

• ➢ 21 samples graded >250 ppm Pb with a maximum of 1,090ppm Pb

• Assay of subcrop chip samples have returned:

• ➢ 13 samples grade >10 g/t Ag with a maximum of 252 g/t Ag

• ➢ 12 samples graded >5,000 ppm Pb with a maximum of 12.95% Pb

• ➢ 9 samples graded >1,000 ppm Zn with a maximum of 0.84% Zn

It should be noted that chip sampling is a selective technique and thus not necessarily representative of the underlying mineralisation.

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Photo 1. RC Drilling at the Webbs Consol North Prospect

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ASX Announcement | 30 January 2024

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Figure 1. Webbs Consol North Prospect – High silver assay values in subcrop and soils plus planned drill holes

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•
17 soil samples graded >1 g/t Ag with a
maximum of 6.5 g/t Ag
•
13 subcrop chip samples graded >10 g/t Ag
with maximum of 252 g/t Ag
Planned RC Drill Holes
Emmaville Volcanics
Webbs Consol
Leucogranite
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ASX Announcement | 30 January 2024

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Figure 2. Webbs Consol North Prospect – High lead assay values in subcrop and soils plus planned drill holes

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• 20 soil samples graded >500 ppm Pb with
a maximum of 3,410 ppm Pb
• 12 subcrop chip samples graded >5,000
ppm Pb with a maximum of 12.95% Pb
Planned RC Drill Holes
Emmaville Volcanics
Webbs Consol
Leucogranite
----- End of picture text -----

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ASX Announcement | 30 January 2024

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Figure 3. Webbs Consol North Prospect – High zinc assay values in subcrop and soils plus planned drill holes

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• 21 soil samples graded >250 ppm Zn with a
maximum of 1,090 ppm Zn
• 9 subcrop chip samples graded >1,000 ppm
Zn with a maximum of 0.84% Zn
Planned RC Drill Holes
Emmaville Volcanics
Webbs Consol
Leucogranite
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ASX Announcement | 30 January 2024

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Deep High Grade Drill Intercepts at Webbs Consol Silver Project

During the December quarter an additional two drill holes targeting the Tangoa West Lode returned intercepts with high-grade mineralisation over substantial widths, further demonstrating mineralisation at depth. Drill holes WCS064 and WCS065 intercepted 27.7m @ 663 g/t AgEq[1] from 203.3m and 33.2m @ 569 g/t AgEq[1] from 270.0m respectively. See Tables 1 & 2 for details.

Table 1. Drill hole WCS064 intercept assay summary

From To Interval AgEq1 Ag Pb Zn Cu Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (AgEq g/t.m) Hole
WCS064	203.3	231.0	27.7	633	146	0.35	7.69	0.03	17,537
incl.	219.0	229.0	10.0	918	179	0.36	11.78	0.03
incl.	222.4	225.7	3.3	1,890	306	0.47	25.45	0.06

Table 2. Drill hole WCS065 intercept assay summary

From To Interval AgEq1 Ag Pb Zn Cu Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (AgEq g/t.m) Hole	From To Interval AgEq1 Ag Pb Zn Cu Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (AgEq g/t.m) Hole
WCS065	270.0	303.2	33.2	569	64	0.14	8.13	0.01	18,895
incl.	279.9	298.3	18.5	992	101	0.20	14.37	0.02
incl.	282.0	296.4	14.4	1,172	118	0.22	17.00	0.02

Sulphide distribution within these two intercepts ranges from disseminated coarse blebs of sphalerite ((Zn,Fe)S) and minor galena (PbS) to semi-massive veins of sphalerite. Silver mineralisation is present as tetrahedrite ((Cu,Fe,Zn,Ag)12Sb4S13) and stephanite (Ag5SbS4).

Drill holes WCS064 and WCS065 were designed to test the lateral extent of two mineralisation zones previously intercepted in drill hole WCS052 (see Tables 3 & 4) so as to help define the lode’s footwall and hanging wall boundaries at approximately 190m and 290m vertical depth, respectively.

The strategy of defining the lode boundary at different levels by multi-directional drilling has been instrumental in defining lode orientation and targeting extensions. The Tangoa West Lode plunges vertically (90°) to a vertical depth of 100m and then plunges 65°-70° north below 100m to at least 300m vertical depth.

Table 3. Drill hole WCS052 zone A 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
WCS052A	98.0	247.2	149.2	627	183	3.13	5.19	0.19	0.02	93,502
incl.	101.0	115.0	14.0	933	135	8.04	7.56	0.66	0.01
incl.	107.4	112.0	4.6	1,494	213	9.38	14.19	0.96	0.01
and	169.3	173.7	4.4	1,520	430	0.82	16.13	0.65	0.03
and	202.2	210.1	7.9	2,519	809	0.55	27.50	0.03	0.02
and	213.7	228.0	14.3	927	353	0.92	8.73	0.06	0.02
incl.	219.1	227.0	7.9	1,227	481	1.20	11.34	0.07	0.03

Table 4. Drill hole WCS052 zone B 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
WCS052B	279.0	319.2	40.2	804	83	0.16	11.56	0.04	0.01	32,302
incl.	299.4	318.0	18.6	1,131	93	0.16	16.77	0.02	0.01
incl.	308.0	313.0	5.0	1,611	71	0.11	24.94	0.04	0.01

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ASX Announcement | 30 January 2024

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Photo 2. WCS064 drill core (222.3m-222.5m) 0.2m grading 160 g/t Ag, 23.8% Zn and 0.26% Pb with dark burgundy coloured semi massive sphalerite ((Zn,Fe)S) within a broader intercept of (203.3m-231.0m) 27.7m grading 146 g/t Ag, 7.69% Zn and 0.35% Pb

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South North
WCS019: 26.7m @ 421 g/t AgEq WCS020: 31.0m @ 241 g/t AgEq
WCS051 : 30.7m @ 376 g/t AgEq
WCS049: 44.2m @ 264 g/t AgEq
WCS044: 54.0m @ 304 g/t AgEq
WCS050: 65.8m @ 904 g/t AgEq
WCS047: 24.5m @ 1,450 g/t AgEq
WCS045: 116.1m @ 1,003 g/t AgEq
WCS052A: 149.2m @ 627 g/t AgEq
WCS064: 27.7m @ 633 g/t AgEq
? 65°-70°
?
?
Note Tangoa West Lode
WCS052B: 40.m @ 804 g/t AgEq appears to plunges 65° to 70°
north below 100m vertical
? depth however strike length
remains undefined.
WCS065: 33.2m @ 569 g/t AgEq
?
?
?
Open
?
All widths are down hole
300 metres
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Figure 4. Tangoa West Lode longitudinal section showing holes drilled to date (Looking west).

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ASX Announcement | 30 January 2024

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Table 5 – Main drill intercepts to date at the Webbs Consol Silver-Base Metals Project

From To Interval AgEq1 Ag Pb Zn Cu Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (AgEq g/t.m) Hole Prospect	From To Interval AgEq1 Ag Pb Zn Cu Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (AgEq g/t.m) Hole Prospect	From To Interval AgEq1 Ag Pb Zn Cu Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (AgEq g/t.m) Hole Prospect	From To Interval AgEq1 Ag Pb Zn Cu Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (AgEq g/t.m) Hole Prospect	From To Interval AgEq1 Ag Pb Zn Cu Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (AgEq g/t.m) Hole Prospect	From To Interval AgEq1 Ag Pb Zn Cu Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (AgEq g/t.m) Hole Prospect	From To Interval AgEq1 Ag Pb Zn Cu Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (AgEq g/t.m) Hole Prospect	From To Interval AgEq1 Ag Pb Zn Cu Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (AgEq g/t.m) Hole Prospect	From To Interval AgEq1 Ag Pb Zn Cu Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (AgEq g/t.m) Hole Prospect	From To Interval AgEq1 Ag Pb Zn Cu Endowment (m) (m) (m) (g/t) (g/t) (%) (%) (%) (AgEq g/t.m) Hole Prospect	From To Interval AgEq1 Ag Pb Zn Cu Endowment (m) (m) (m) (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	116,401	Tangoa West
WCS052A	98.0	247.2	149.2	627	183	3.13	5.19	0.19	93,502	Tangoa West
WCS050	104.4	170.2	65.8	904	266	13.56	2.38	0.42	59,505	Tangoa West
WCS047	144.7	169.2	24.5	1,450	389	1.56	16.00	0.24	35,519	Tangoa West
WCS052B	279.0	319.2	40.2	804	83	0.16	11.56	0.04	32,302	Tangoa West
WCS065	270.0	303.2	33.2	569	64	0.14	8.13	0.01	18,895	Tangoa West
WCS064	203.3	231.0	27.7	633	146	0.35	7.69	0.03	17,537	Tangoa West
WCS044	48.3	102.3	54.0	304	84	3.69	1.22	0.21	16,394	Tangoa West
WCS023	17.0	67.0	50.0	314	94	2.93	1.81	0.08	15,708	Castlereagh
WCS006	104.6	132.1	27.5	552	118	0.77	6.52	0.07	15,168	Main Shaft
WCS049	81.8	126.0	44.2	264	68	4.16	0.56	0.20	11,656	Tangoa West
WCS051	79.0	109.7	30.7	376	93	3.88	2.13	0.21	11,531	Tangoa West
WCS019	30.1	56.8	26.7	421	115	6.43	1.07	0.25	11,237	Tangoa West
WCS007	122.9	147.1	24.2	450	63	0.49	5.96	0.04	10,871	Main Shaft
WCS020	30.6	61.6	31.0	241	55	3.37	0.98	0.12	7,471	Tangoa West
WCS031	66.5	113.9	47.4	152	46	0.79	1.22	0.04	7,227	Castlereagh
WCS034	16.0	36.5	20.5	302	77	1.10	2.87	0.10	6,183	Copycat
WCS028	138.4	182.0	43.6	141	12	0.28	1.91	0.02	6,143	Main Shaft
WCS035	23.3	37.0	13.7	299	87	0.71	2.61	0.26	4,092	Copycat
WCS012	48.0	60.1	12.1	324	108	5.49	0.36	0.10	3,916	Mt Galena

Photo 2 – Drill rig at Webbs Consol Silver-Base Metals Project

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ASX Announcement | 30 January 2024

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Figure 5. Webbs Consol Silver Project – Location of main lodes, significant drill intercepts and the newly defined Webbs Consol North Prospect anomaly.

• Webbs Consol North Prospect Anomaly

• • 300 metre strike length

• highly anomalous Ag, Pb & Zn in soils & subcrop

• • up to 6.5 g/t Ag, 3,410 ppm Pb & 1,090ppm Zn in soils • up to 252 g/t Ag, 12.95% Pb & 0.84% Zn in subcrop • 15 RC drill holes planned

WCS008: 21.2m @ 50 g/t AgEq WCS009: 10.0m @ 88 g/t AgEq WCS026: 34.3m @ 56 g/t AgEq WCS029: 30.5m @ 59 g/t AgEq

WCS006: 27.5m @ 552 g/t AgEq WCS007: 24.2m @ 450 g/t AgEq WCS028: 43.6m @ 141 g/t AgEq WCS012: 12.1m @ 324 g/t AgEq WCS023: 50.0m @ 314 g/t AgEq WCS031: 47.4m @ 152 g/t AgEq WCS034: 20.5m @ 302 g/t AgEq WCS035: 13.7m @ 299 g/t AgEq WCS019: 26.7m @ 421 g/t AgEq WCS020: 31.0m @ 241 g/t AgEq WCS044: 54.0m @ 304 g/t AgEq WCS045: 116.1m @ 1,003 g/t AgEq WCS047: 24.5m @ 1,450 g/t AgEq WCS049: 44.2m @ 264 g/t AgEq WCS050: 65.8m @ 904 g/t AgEq WCS051 : 30.7m @ 376 g/t AgEq WCS052A: 149.2m @ 627 g/t AgEq WCS052B: 40.2m @ 804 g/t AgEq WCS064: 27.7m @ 633 g/t AgEq WCS065: 33.2m @ 569 g/t AgEq

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ASX Announcement | 30 January 2024

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Tenements – December Quarter 2023

Project	Tenements as at 30 Sept 2023				% Interest	Units
		Tenements	Tenements
				Tenements
		acquired	disposed				Area	Type of
				as at 31 Dec
		during the	during the				**(km2) **	Tenements
				2023
		quarter	quarter
Uralla	EL8980	-	-	EL8980	100	80	237	Exploration
Webbs Consol	EL8933	-	-	EL8933	100	16	48	Exploration
Fender	EL9003	-	-	EL9003	100	76	223	Exploration
Elsinore	EL9004	-	EL9004
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	758	Exploration
Webbs Consol Exp.	EL9454	-	-	EL9454	100	53	155	Exploration
						622	1,788

Corporate

No significant corporate activities have occurred during the quarter.

• As of 31 December 2023, the Company had cash reserves of approximately $3.228 million. Expenditure for the quarter ended 31 December 2023 was approximately $526,000.

• Exploration and evaluation expenditure was $309,000. Exploration spend over the next quarter is expected to be at levels comparable to September quarter as new targets are drilled using RC and augur methods of drilling rather than diamond drilling.

• Administration and corporate costs were $63,000, Staff costs were $154,000 and lease payments were $9,000. During the December quarter, the aggregate amount of payments to related parties and their associates totaled $154,000. 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.

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ASX Announcement | 30 January 2024

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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.

11

ASX Announcement | 30 January 2024

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Lode’s Project Locations (blue polygons)

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Twin Hills
Mt Carrington
Gold & Silver Gold & Silver
FMG Resources
New EL
Timbarra
Gold & Silver
Webbs Consol
NSW Silver Webbs
Silver
Sandon
Thor Tea Tree Base Metals
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.

12

ASX Announcement | 30 January 2024

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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 an 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.

1Use of Silver Equivalent Figures

Silver is deemed to be the appropriate metal for equivalent calculations as silver is the most common metal to all mineralisation zones. Webbs Consol silver equivalent grades are based on assumptions: AgEq(g/t)=Ag(g/t)+61Zn(%)+33Pb(%)+107Cu(%)+88Au(g/t) calculated from 29 August 2022 spot metal prices of US$18.5/oz silver, US$3600/t zinc, US$2000/t lead, US$8100/t copper, US$1740/oz gold and metallurgical recoveries of 97.3% silver, 98.7%, zinc, 94.7% lead, 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.

AgEq[1] (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 (%)

13

Rule 5.5

Appendix 5B

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

Name of entity

Name of entity	Name of entity	Name of entity
LODE RESOURCES LTD
ABN 30 637 512 415	Quarter ended (“current quarter”)
	31 December 2023
Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 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	- - - - (154) (63) - 52 - - - -	- - - - (309) (316) - 84 - - - -
	(165)	(541)
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	- - - (309)	- - - (1,030)

ASX Listing Rules Appendix 5B (17/07/20) Page 14 + 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 (6 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	- (39) - - - - 10 - - -	- (39) - - - - 10 - - -
	(338)	(1,059)
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	- - - - - - - - (9)	- - - - - - - - (18)
	(9)	(18)
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)	3,740 (165) (338)	4,846 (541) (1,059)

ASX Listing Rules Appendix 5B (17/07/20) Page 15 + 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 (6 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	(9) -	(18) -
	3,228	3,228
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)	1,117 2,111 - -	677 3,063 - -
	3,228	3,740
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 1 154 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.		154
		-
Director fees, salaries and superannuation payments.

ASX Listing Rules Appendix 5B (17/07/20) Page 16 + 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) (165) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (309) Total relevant outgoings (item 8.1 + item 8.2) (474) Cash and cash equivalents at quarter end (item 4.6) 3,228 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 3,228 Estimated quarters of funding available (item 8.6 divided by item 8.3) 6.81 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?		(165) (309) (474) 3,228 -
			3,228
	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 17 + 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: 30 January 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 18 + See chapter 19 of the ASX Listing Rules for defined terms.