LODE RESOURCES LTD — Capital/Financing Update 2025

Sep 4, 2025

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5 September 2025

The Manager Companies ASX Limited 20 Bridge Street Sydney NSW 2000

Additional Information Announcement dated 1 September 2025 Lode Divest Webbs Consol Silver Project

The Company would like to add the resource category breakdown, the assumptions used on the reporting of metal equivalent values and a No Material Changes statement in the announcement released Monday 1 September 2025 titled “Lode Divest Webbs Consol Silver Project.

This announcement has been approved by the Managing Director.

Kind Regards, Marcelo Mora Company Secretary

ASX Code: LDR | ACN: 637 512 415 | www.loderesources.com A: Level 15, Governor Macquarie Tower, 1 Farrer Place Sydney NSW 2000 | P: +61 2 9199 8017

| E: info@loderesources.com

ASX Announcement | 5 September 2025 ASX Code: LDR

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Lode Resources Ltd executes agreement with Rapid Critical Metals Limited to divest Webbs Consol Silver Project

Highlights

• Binding agreement executed between Lode Resources Ltd (“Lode”) and Rapid Critical Metals (“Rapid”) for Lode to divest Webbs Consol to Rapid

• Lode to receive A$3.75 million in cash, of which, A$3 million is to be paid upon completion, with A$750,000 to be paid 12 months from completion

• Lode to receive 115 million shares in Rapid (equivalent to 15.3% of Rapid, based on Rapid’s 638 million ordinary shares currently on issue and allowing for the issue of the 115 million Rapid shares to Lode)

• Lode to hold a 2% NSR royalty over Webbs Consol

• Through the shareholding in Rapid, Lode shareholders gain exposure to the potential gained from consolidating Webbs Consol with Rapid’s 100% owned Webbs and Conrad silver deposits creating a group with a significant combined silver dominant mineral resource and extensive exploration licences

• Consolidated ownership of three nearby, high-grade deposits supports potential unified mine planning, centralised processing options, and potential operating synergies.

• Cash component of the transaction will materially enhance the Lode balance sheet and allow for increased exploration activity at Lode’s flagship Montezuma project in Tasmania and the Magwood Antimony and Uralla Gold projects in the New England Fold Belt

Overview

Lode Resources Ltd (“Lode” or “the Company”) is pleased to announce execution of a binding agreement with Rapid Critical Metals (“Rapid”) to divest Lode’s Webbs Consol silver project in northeast New South Wales to Rapid. The divestment will comprise the transfer of two licenses containing the Webbs Consol deposit, being Webbs Consol EL 8933 and Webbs Consol Expanded EL9454.

Consideration to Lode for the divestment is to be comprised of the following:

• ➢ A$3.75 million in cash, of which, A$3 million is to be paid upon completion, with A$750,000 to be paid 12 months from completion;

• ➢ 115 million shares in Rapid (“RCM Consideration Shares” - equivalent to 15.3% of Rapid, based on Rapid’s 638 million ordinary shares currently on issue and allowing for the issue of the 115 million Rapid shares to Lode). The RCM Consideration Shares will be voluntarily escrowed by Lode for a period of 12 months. Thereafter, Lode is to use its best endeavours to affect an in-specie distribution of these RCM Consideration Shares to Lode shareholders; and

• ➢ a 2% NSR royalty over Webbs Consol

The divestment is subject to completion of limited remaining due diligence by both companies and execution of full-form transaction documentation. The transaction is also likely to be subject to a shareholder approval of Rapid which, if required, is expected to be sought at a General Meeting of Rapid likely to be held in October.

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

A: Level 15, Governor Macquarie Tower, 1 Farrer Place Sydney NSW 2000 | P: +61 2 9199 8017 | E: info@loderesources.com

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Strategic Rationale

Over recent years, Lode has continued to undertake significant work with a view to progressing the Webbs Consol silver project. In June 2025, Lode announced a maiden mineral resource at Webbs Consol of 1.6Mt at 636g/t AgEq for a total of 32 million AgEq ounces[1,2,3] (please see Table 1 below).

Table 1. Webbs Consol Resource Estimate at 140g/t AgEq lower cutoff[1.2.3]

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Webb's Consol Mineral Resource Estimate Grade Metal
Category Tonnage kt Ag g/t Cu % Pb % Zn % Au g/t AgEq g/t Ag Moz Cu kt Pb kt Zn kt Au oz AgEq Moz
Indicated 590 162 0.2 3.4 5.8 0.02 647 3.1 0.9 20.3 34.0 489 12.2
Inferred 980 144 0.1 2.1 6.6 0.02 630 4.6 1.1 21.1 64.6 490 19.9
Total 1,570 151 0.1 2.6 6.3 0.02 636 7.6 2.1 41.3 98.6 979 32.1
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Lode considers the Company to be a in a strong position with a portfolio of high-quality exploration and development projects, all located within the low sovereign risk setting of Australia. Since Lode’s acquisition of the Montezuma antimony and silver project (Tasmania) in late 2024 and against a backdrop of material interest in new sources of western world antimony supply, Lode has focused on advancing Montezuma along with Lode’s other flagship antimony asset, the Magwood Mine, located in northeast New South Wales.

The divestment of Webbs Consol and receipt of the RCM Consideration Shares will allow Lode to benefit from the potential consolidation of combining Webbs Consol (and its resource of 32 million ounces of AgEq[1,2,3] ) with the Webbs and Conrad silver projects, owned by Rapid. Rapid is expected to simultaneously look to grow the total resources between these proximately located silver dominant assets while examining a unified development scenario to bring on a new source of high-grade silver production in New South Wales. Consolidating ownership of three nearby, high-grade deposits supports potential unified mine planning, centralised processing options, and potential operating synergies.

The cash component of the consideration for divesting Webbs Consol will materially strengthen the Lode balance sheet and allow Lode to continue its exploration activities at Montezuma and Magwood as the Company seeks to become an owner of multiple sources of quality antimony and silver production.

Executive Chairman, Mr Andrew Van Heyst, said

“We see the divestment of our Webbs Consol asset to Rapid as a compelling win-win for Lode and Rapid shareholders and a good example of logical consolidation activity in the re-emerging New England mining sector.

We continue to believe in the strategic potential of the high-grade Webbs Consol resource with its resources of approximately 32Moz AgEq at 636g/t AgEq. By combining Webbs Consol with Rapid’s recently acquired Webbs and Conrad assets, aggregate silver resources increase significantly, providing a great foundation for Rapid to progress a unified development at a time of historically high US$ and A$ silver prices.

This transaction puts the pieces of the jigsaw together. We believe Rapid, with its core focus on these northeast New South Wales silver-dominant assets, is ideally placed to deliver an attractive pathway forward. As a material shareholder in Rapid, and with a 2% Net Smelter Royalty over both Webbs and Webbs Consol, Lode looks forward to Byron and the Rapid team delivering on this attractive endowment of high-grade silver mineralisation.

While Rapid progresses Webbs Consol as part of a planned integrated development in the northeast of New South Wales, Lode can deploy cash to be received from this transaction to continue our work on Montezuma and Magwood. With the western world increasingly looking for new sources of antimony supply and a commensurately strong antimony price backdrop, we are very excited about the likely news flow from these assets across the balance of the year. We look forward to keeping the market appraised of developments at these two emerging projects.”

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No Material Changes

Lode confirms in the subsequent public report that it is not aware of any new information or data that materially affects the information included in the relevant market announcement and, in the case of estimates of mineral resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

Advisers

Blue Ocean Equities is acting as financial adviser to Lode and Thomson Geer is acting as legal adviser.

References

1 LDR announcement 17 June 2025 titled “Webbs Consol High Grade Resource”

2 LDR announcement 20 June 2025 titled “Correction - Announcement dated 17 June 2025”

3 Equivalent grades are based on assumptions: AgEq(g/t)=Ag(g/t)+61Zn(%)+33Pb(%)+107Cu(%)+88*Au(g/t) calculated from 28 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. Recoveries derived from metallurgical test work (LDR announcement 14 December 2021). It is Lode’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.

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