LODE RESOURCES LTD — Capital/Financing Update 2025

Feb 24, 2025

ASX Announcement | 25 February 2025 ASX Code: LDR

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UP TO 31.9% ANTIMONY AND 5,460 g/t SILVER DISCOVERED AT MONTEZUMA

Lode Resources Ltd (‘Lode’ or ‘Company’) (ASX: LDR) is pleased to announce spectacular high-grade antimony and silver has been discovered along strike from the recently acquired Montezuma Antimony Project deposit located in Tasmanian’s premier West Coast Mining Province.

Highlights

• Surface mapping and grab sampling, focusing on a historical coincident geochemical soil anomaly and modelled extension of the Montezuma mineralised structure at surface and along strike, has resulted in surface grab samples returning spectacular high-grade antimony and silver assay values and potentially extending known strike substantially.

• These spectacular high-grade assays include:

• ➢ 31.9% Sb, 5,460 g/t Ag , 0.25 g/t Au (sample no. R462)

• ➢ 23.8% Sb, 5,430 g/t Ag, 3.04 g/t Au (sample no. R463)

• ➢ 16.6% Sb, 3,340 g/t Ag, 0.77 g/t Au (sample no. R464)

• ➢ 13.3% Sb, 687 g/t Ag, 0.13 g/t Au (sample no. R465)

• ➢ 11.9% Sb, 334 g/t Ag, 1.55 g/t Au (sample no. M008)

• This spectacular high-grade antimony and silver mineralisation, together with a coincident strong 500m long geochemical soil anomaly, has the potential to extend the Montezuma antimony and silver lode along strike by a substantial factor.

• The Montezuma antimony and silver lode is currently defined by 12 recently reported high-grade antimony and silver drill intercepts including:

• ➢ 3.57% Sb, 432 g/t Ag, 1.03 g/t Au over 7.0m (drill hole MZSFW7)

• ➢ 5.02% Sb, 738 g/t Ag, 0.70 g/t Au over 8.6m (drill hole MZSFW5)

• ➢ 2.98% Sb, 263 g/t Ag, 0.71 g/t Au over 10.5m (drill hole MZSFW3)

• ➢ 2.31% Sb, 329 g/t Ag, 0.48 g/t Au over 4.8m (drill hole MZS03)

• ➢ 1.79% Sb, 101 g/t Ag, 0.51 g/t Au over 3.0m (drill hole MZS02)

• ➢ 2.75% Sb, 280 g/t Ag , 1.12 g/t Au over 5.0m (drill hole MZSFW8)

• ➢ 2.13% Sb, 223 g/t Ag, 0.72 g/t Au over 8.0m (drill hole MZSFW2)

• ➢ 1.23% Sb, 443 g/t Ag, 1.23 g/t Au over 3.8m (drill hole MZSFW6)

• ➢ 1.86% Sb, 291 g/t Ag, 0.38 g/t Au over 9.5m (drill hole MZSFW1)

• An extensive diamond drill programme of up to 10,000m is imminent and details are expected to be reported to the market once mobilisation is underway. The Montezuma deposit remains open to the north, south and at depth.

Lode’s Managing Director Ted Leschke said : “The discovery of this spectacular high-grade mineralisation is the result of excellent predictive exploration work carried out by our highly talented exploration team. We are very excited about the up-and-coming drill programme. The Montezuma Antimony-Silver Project. will enhance Tasmania’s critical resource credentials as antimony and silver are essential to for the renewable industry.”

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

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Surface Grab Sample Assay Results

Spectacular high-grade antimony and silver has been discovered along strike from the recently acquired Montezuma Antimony Project deposit located in Tasmanian’s premier West Coast Mining Province.

Surface mapping and grab sampling, focusing on a coincident historical geochemical soil anomaly and modelled extensions of the Montezuma mineralised structure at surface and along strike, has resulted in surface grab samples returning spectacular high-grade antimony and silver assay values. These spectacular high-grade assays are shown in Table 1.

Table 1 . Montezuma surface grab sample assays

SampleID	Sb	Ag	Au	Pb	Cu	Sn
	%	g/t	g/t	%	%	%
R462	31.90	5460	0.25	36.00	1.68	0.49
R463	23.80	5430	3.04	18.90	1.27	0.59
R464	16.55	3340	0.77	18.55	1.13	0.36
R465	13.25	687	0.13	19.85	0.39	0.39
M008	11.85	334	1.55	26.20	0.41	0.22
R472	3.90	246	1.47	7.43	0.76	0.34
R491	0.10	231	0.39	0.80	0.07	0.01
M002	0.19	216	1.04	0.45	0.20	0.20
R471	0.32	130	0.35	0.39	0.13	0.27
M004	8.43	109	0.53	19.00	0.13	0.77

Grab sampling is a selective and qualitative sampling technique and not necessarily representative of the underlying mineralisation which may be higher or lower in grade.

This spectacular high-grade antimony and silver mineralisation, together with a coincident strong 500m long geochemical soil anomaly and the mapped Montezuma structure, has the potential to extend the Montezuma antimony and silver lode along strike by a substantial factor.

Despite low levels of outcrop the just completed mapping campaign generated 36 rock samples and identified 12 historic workings and was successful in extending the mapped Montezuma lode structure a further 130m to the north and 280m to the south of the defined 50m Montezuma lode. Mapping also located a potential lode west of the main Montezuma lode.

Montezuma mineralisation is considered to be structurally controlled hydrothermal vein-type mineralisation within steeply dipping structural zones and likely related to a granitic intrusion. Montezuma mineralisation is typically displayed as a large sulphide vein composed primarily of jamesonite and pyrite with minor amounts of stibnite, quartz and arsenopyrite and trace amounts of tetrahedrite and cassiterite. The mineralised lode is hosted within a sedimentary package composed mostly of siltstone, black shales and turbidites. The sediments are highly sheared and deformed in the wall rock adjacent to the mineralised lode.

Mineral emplacement is phased with jamesonite clearly emplace later than pyrite mineralisation. This is evident by jamesonite often cutting and infilling brecciation of the pyrite phase. Quartz veins are relatively sparse and are often associated with the pyrite phase. Stibnite mineralisation is present but far less abundant than the jamesonite but associated nevertheless. Ore grade samples taken from the current Montezuma adit are highly anomalous in Pb, Sb, Ag, Au, As, Cu, Sn, Zn and Bi. Mapping indicates there is lateral mineral zonation along strike with samples from the north and south extremities containing trace Sb but relatively high Zn grades.

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Figure 1 . Montezuma Antimony Project – Surface sampling and soil anomaly (latest assays in bold)

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Sample no. SGD+50: 5.12% Sb, 986g/t Ag
Sample no. SGD+45: 10.40% Sb, 158g/t Ag
Sample no. SGD+40: 5.73% Sb, 175g/t Ag
Sample no. SGD+30: 16.90% Sb, 640g/t Ag
Sample no. SGD+35: 4.36% Sb, 124/t Ag
Sample no. SGD+25: 24.50% Sb, 501g/t Ag
Sample no. SGD+15: 17.20% Sb, 399/t Ag
Sample no. SGD+10: 10.10% Sb, 1,950g/t Ag
Sample no. SGD+5: 18.30% Sb, 3,050g/t Ag
Sample no. SGD+0: 6.01% Sb, 446g/t Ag
Sample no. R471: 0.32% Sb, 130 g/t Ag
Sample no. M008: 11.85% Sb, 334 g/t Ag
Sample no. M004:
8.43% Sb, 109g/t Ag
Sample no. M002:
0.19% Sb, 216g/t Ag
Sample no. R472:
3.90% Sb, 246g/t Ag
Sample no. R462:
31.9% Sb, 5,460 g/t Ag
Sample no. R463:
23.8% Sb, 5,430 g/t Ag
Sample no. R464:
16.6% Sb, 3,340 g/t Ag
Sample no. R465:
13.3% Sb, 687 g/t Ag
Sample no. R491:
0.10% Sb, 231g/t Ag
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Diamond Drill Core Assay Results

The Montezuma antimony and silver lode is currently defined by 12 recently reported high-grade antimony and silver drill intercepts including:

• ➢ 18.23% Sb, 612 g/t Ag, 1.30 g/t Au over 0.8m (drill hole MZSFW7)

• ➢ 12.02% Sb, 1,677 g/t Ag, 1.16 g/t Au over 2.6m (drill hole MZSFW5)

• ➢ 12.00% Sb, 1,030 g/t Ag, 2.37 g/t Au over 2.0m (drill hole MZSFW3)

• ➢ 6.58% Sb, 826 g/t Ag , 0.76 g/t Au over 1.3m (drill hole MZS03)

• ➢ 5.51% Sb, 285 g/t Ag, 1.33 g/t Au over 0.9m (drill hole MZS02)

• ➢ 4.38% Sb, 445 g/t Ag, 1.80 g/t Au over 2.9m (drill hole MZSFW8)

• ➢ 5.59% Sb, 649 g/t Ag, 1.08 g/t Au over 1.7m (drill hole MZSFW2)

• ➢ 2.34% Sb, 742 g/t Ag, 1.58 g/t Au over 1.1m (drill hole MZSFW6)

• ➢ 5.36% Sb, 913 g/t Ag, 0.66 g/t Au over 1.9m (drill hole MZSFW1)

These very high-grade antimony and silver drill intercepts are contained within broader nevertheless high-grade intercepts including:

• ➢ 3.57% Sb, 432 g/t Ag, 1.03 g/t Au over 7.0m (drill hole MZSFW7) ➢ 5.02% Sb, 738 g/t Ag, 0.70 g/t Au over 8.6m (drill hole MZSFW5) ➢ 2.98% Sb, 263 g/t Ag, 0.71 g/t Au over 10.5m (drill hole MZSFW3) ➢ 2.31% Sb, 329 g/t Ag, 0.48 g/t Au over 4.8m (drill hole MZS03) ➢ 1.79% Sb, 101 g/t Ag, 0.51 g/t Au over 3.0m (drill hole MZS02) ➢ 2.75% Sb, 280 g/t Ag , 1.12 g/t Au over 5.0m (drill hole MZSFW8) ➢ 2.13% Sb, 223 g/t Ag, 0.72 g/t Au over 8.0m (drill hole MZSFW2) ➢ 1.23% Sb, 443 g/t Ag, 1.23 g/t Au over 3.8m (drill hole MZSFW6) ➢ 1.86% Sb, 291 g/t Ag, 0.38 g/t Au over 9.5m (drill hole MZSFW1)

These new drill intercept assay results reaffirm the exceptional high-grade nature of the Montezuma Antimony Project deposit. Similarly, drill intercept assays have shown mineralisation to be generally much wider than previously thought. Furthermore, significant gold, copper and tin assay values have enhanced the overall mineral endowment. See Table 1 and Figures 2 ,3, 4 & 5.

The Montezuma antimony-silver deposit is a structurally controlled lode, emplaced primarily within the well-known Montezuma fault and hosted by a sequence of turbidites, siltstones, sandstones and black shale units.

Antimony is contained within Jamesonite, a lead-iron-antimony sulphide mineral (Pb4FeSb6S14) and is a late-stage hydrothermal mineral forming at moderate to low temperatures. Stibnite (Sb 2S3) is also relatively abundant. This project is also prospective for gold, zinc, copper, tin and tungsten.

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Table 2 . Montezuma Antimony Project drill intercept assays – new assays in bold

Hole	From	To	Interval	Sb	Ag	Au	Pb	Cu	Sn
	(m)	(m)	(m)	(%)	(g/t)	(g/t)	(%)	(%)	(%)
MZSFW1	3.00	12.50	9.50	1.86	291	0.38	2.82	0.14	0.09
incl.	7.30	11.20	3.90	1.95	430	0.38	2.67	0.12	0.07
incl.	8.60	10.50	1.90	5.36	913	0.66	8.33	0.37	0.21
MZSFW2	11.00	19.00	8.00	2.13	223	0.72	3.61	0.10	0.20
incl.	12.10	16.80	4.70	3.49	340	1.03	5.92	0.11	0.26
incl.	14.30	16.00	1.70	5.59	649	1.08	7.99	0.17	0.10
MZSFW3	2.50	13.00	10.50	2.98	263	0.71	4.66	0.17	0.14
incl.	4.70	12.00	7.30	4.18	353	0.93	6.52	0.23	0.17
incl.	9.00	11.00	2.00	12.00	1,030	2.37	17.80	0.61	0.39
MZSFW4	3.00	12.00	9.00	0.17	98	0.52	0.19	0.11	0.10
inl	7.50	9.00	1.50	0.34	224	2.03	0.19	0.42	0.37
MZSFW5	0.00	8.60	8.60	5.02	738	0.70	7.28	0.32	0.16
incl.	3.30	8.20	4.90	8.59	1,251	1.18	12.43	0.54	0.26
incl.	5.20	7.80	2.60	12.02	1,677	1.16	17.40	0.71	0.33
MZSFW6	3.00	6.80	3.80	1.23	443	1.23	2.01	0.21	0.10
incl.	3.00	5.80	2.80	1.55	543	1.46	2.52	0.26	0.10
incl.	3.80	4.90	1.10	2.34	741	1.56	3.33	0.41	0.11
MZSFW7	15.00	22.00	7.00	3.57	432	1.03	4.60	0.17	0.10
Incl.	16.70	20.70	4.00	6.05	722	1.66	7.76	0.28	0.16
Incl.	19.40	20.20	0.80	18.23	612	1.30	22.56	0.20	0.13
MZSFW8	3.00	3.50	0.50	1.30	49	0.35	2.59	0.27	0.15
MZSFW8	10.00	15.00	5.00 2.90	2.75 4.38	280 445	1.12	4.51	0.22	0.31
incl.	10.90	13.80				1.80	7.22	0.34	0.50
MZS01	19.50	24.30	4.80 2.70	0.44 0.74	58 79	0.28	0.78	0.06	0.06
incl.	21.00	23.70				0.36	1.35	0.10	0.05
MZS02	22.00	25.00	3.00 0.90	1.79 5.51	101 285	0.51	4.56	0.12	0.14
incl.	23.10	24.00				1.33	14.30	0.35	0.27
MZS03	25.20	30.00	4.80 1.30	2.31 6.58	329 826	0.48	4.05	0.13	0.08
incl.	28.00	29.30				0.76	11.33	0.27	0.13
MZS04	10.00	13.00	3.00	0.09	174	0.14	0.12	0.05	0.11
MZS04	23.00	30.90	7.90	0.14	25	0.31	0.21	0.03	0.04

An extensive diamond drill programme of up to 10,000m is in the very final stages of planning and details are expected to be reported to the market once mobilisation is underway. The general aim of this drill programme is to test for extensions of the Montezuma deposit, both down dip and along strike. The Montezuma deposit remains open to the north, south and at depth.

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Figure 2. Montezuma Antimony Project long section showing antimony (Sb) assays for previously reported drill intercepts (dark blue annotation boxes) and surface grab samples (light blue annotation boxes)

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MZSFW1
9.50m @
1.86% Sb
291 g/t Ag
0.38 g/t Au
Open
MZSFW8 MZSFW4 MZSFW6
5.00m @ 9.00m @ 3.80m @
2.75% Sb 0.17% Sb 1.23% Sb
280 g/t Ag 98 g/t Ag 443 g/t Ag
1.12 g/t Au 0.52 g/t Au 1.23 g/t Au
MZSFW3 MZS01
10.50m @ 4.80m @
2.98% Sb 0.44% Sb
MZSFW7 263 g/t Ag 58 g/t Ag
7.00m @ 0.71 g/t Au 0.28 g/t Au
3.57% Sb
Open
432 g/t Ag MZSFW2 MZS02
1.03 g/t Au 8.00m @ 3.00m @ Modelled
2.13% Sb 1.79% Sb Montezuma
0.72 g/t Au223 g/t Ag MZSFW5 0.51 g/t Au 101 g/t Ag Structure
8.60m @
5.02% Sb MZS03
738 g/t Ag MZS04 4.80m @
0.70 g/t Au 7.90m @ 2.31% Sb
0.14% Sb 329 g/t Ag
25 g/t Ag 0.48 g/t Au
0.31 g/t Au
Open
`
SGD+0: 6.01% Sb 446 g/t Ag 10.6% Pb
SGD+5: 18.30% Sb 3,050g/t Ag 18.9% Pb SGD+10: 10.10% Sb 1,950 g/t Ag 14.00% Pb SGD+15: 17.2% Sb 399 g/t Ag 29.68% Pb
SGD+25: 24.50% Sb 501 g/t Ag 39.08% Pb
SGD+30: 16.90% Sb 640 g/t Ag 16.70% Pb g SGD+50: 5.12% Sb 986 g/t Ag 18.50% Pb
SGD+35: 4.36% Sb 124 g/t Ag 13.81% Pb SGD+40: 5.73% Sb 175 g/t Ag 11.00% Pb SGD+45: 10.40% Sb 158 g/t Ag 17.5% Pb
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Figure 3. Montezuma Antimony Project long section showing silver (Ag) assays for drill intercepts previously reported (dark blue annotation boxes) and surface grab samples (light blue annotation boxes)

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MZSFW1
9.50m @
1.86% Sb
291 g/t Ag
0.38 g/t Au
MZSFW8 MZSFW4 MZSFW6
5.00m @ 9.00m @ 3.80m @
2.75% Sb 0.17% Sb 1.23% Sb
280 g/t Ag 98 g/t Ag 443 g/t Ag
1.12 g/t Au 0.52 g/t Au 1.23 g/t Au
MZSFW3 MZS01
10.50m @ 4.80m @
2.98% Sb 0.44% Sb
MZSFW7 263 g/t Ag 58 g/t Ag
7.00m @ 0.71 g/t Au 0.28 g/t Au
3.57% Sb
Open
432 g/t Ag MZSFW2 MZS02
1.03 g/t Au 8.00m @ 3.00m @ Modelled
2.13% Sb 1.79% Sb Montezuma
0.72 g/t Au223 g/t Ag MZSFW5 0.51 g/t Au 101 g/t Ag Structure
8.60m @
5.02% Sb MZS03
738 g/t Ag MZS04 4.80m @
0.70 g/t Au 7.90m @ 2.31% Sb
0.14% Sb 329 g/t Ag
25 g/t Ag 0.48 g/t Au
0.31 g/t Au
Open
SGD+0: 6.01% Sb 446 g/t Ag 10.6% Pb
SGD+5: 18.30% Sb 3,050g/t Ag 18.9% Pb SGD+10: 10.10% Sb 1,950 g/t Ag 14.00% Pb SGD+15: 17.2% Sb 399 g/t Ag 29.68% Pb
SGD+25: 24.50% Sb 501 g/t Ag 39.08% Pb
SGD+30: 16.90% Sb 640 g/t Ag 16.70% Pb g SGD+50: 5.12% Sb 986 g/t Ag 18.50% Pb
SGD+35: 4.36% Sb 124 g/t Ag 13.81% Pb SGD+40: 5.73% Sb 175 g/t Ag 11.00% Pb SGD+45: 10.40% Sb 158 g/t Ag 17.5% Pb
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Figure 4. Montezuma Antimony Project long section showing gold (Au) assays for previously reported drill intercepts (dark blue annotation boxes)

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MZSFW1
9.50m @
1.86% Sb
291 g/t Ag
0.38 g/t Au
MZSFW8 MZSFW4 MZSFW6
5.00m @ 9.00m @ 3.80m @
2.75% Sb 0.17% Sb 1.23% Sb
280 g/t Ag 98 g/t Ag 443 g/t Ag
1.12 g/t Au 0.52 g/t Au 1.23 g/t Au
MZSFW3 MZS01
10.50m @ 4.80m @
2.98% Sb 0.44% Sb
MZSFW7 263 g/t Ag 58 g/t Ag
7.00m @ 0.71 g/t Au 0.28 g/t Au
3.57% Sb
Open
432 g/t Ag MZSFW2 MZS02
1.03 g/t Au 8.00m @ 3.00m @ Modelled
2.13% Sb 1.79% Sb Montezuma
0.72 g/t Au223 g/t Ag MZSFW5 0.51 g/t Au 101 g/t Ag Structure
8.60m @
5.02% Sb MZS03
738 g/t Ag MZS04 4.80m @
0.70 g/t Au 7.90m @ 2.31% Sb
0.14% Sb 329 g/t Ag
25 g/t Ag 0.48 g/t Au
0.31 g/t Au
Open
SGD+0: 6.01% Sb 446 g/t Ag 10.6% Pb
SGD+5: 18.30% Sb 3,050g/t Ag 18.9% Pb SGD+10: 10.10% Sb 1,950 g/t Ag 14.00% Pb SGD+15: 17.2% Sb 399 g/t Ag 29.68% Pb
SGD+25: 24.50% Sb 501 g/t Ag 39.08% Pb
SGD+30: 16.90% Sb 640 g/t Ag 16.70% Pb g SGD+50: 5.12% Sb 986 g/t Ag 18.50% Pb
SGD+35: 4.36% Sb 124 g/t Ag 13.81% Pb SGD+40: 5.73% Sb 175 g/t Ag 11.00% Pb SGD+45: 10.40% Sb 158 g/t Ag 17.5% Pb
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Figure 5. Montezuma Antimony Project plan view showing antimony (Sb) assays for previously reported drill intercepts (dark blue annotation boxes) and the modelled Montezuma structure

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MZS01 MZS02
4.80m @ 3.00m @
0.44% Sb 1.79% Sb
58 g/t Ag 101 g/t Ag
0.28 g/t Au 0.51 g/t Au
MZS03
4.80m @
2.31% Sb
MZSFW6 329 g/t Ag
3.80m @ 0.48 g/t Au
1.23% Sb
443 g/t Ag
1.23 g/t Au MZS04
7.90m @
0.14% Sb
MZSFW5 25 g/t Ag
8.60m @ 0.31 g/t Au
5.02% Sb MZSFW3
7.38 g/t Ag 10.50m @
0.70 g/t Au 2.98% Sb
263 g/t Ag
0.71 g/t Au
MZSFW4
9.00m @
0.17% Sb MZSFW1
98 g/t Ag 9.50m @
0.52 g/t Au 1.86% Sb
291 g/t Ag
0.38 g/t Au
MZSFW2
8.00m @
2.13% Sb
223 g/t Ag
0.72 g/t Au
MZSFW7
7.00m @
3.57% Sb
432 g/t Ag
MZSFW8 1.03 g/t Au
5.00m @
2.75% Sb
280 g/t Ag Modelled
1.12 g/t Au Montezuma
Structure
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The Montezuma Antimony Project

The Montezuma Antimony Project includes a high-grade antimony-silver deposit with initial development, advanced metallurgical test work and significant beneficiation infrastructure. Access is via the Zeehan township located 14km to the west.

The Montezuma Antimony Project (2M-2023, EL7-2019) is located between well-known mining centres such as:

• Rosebery (Zn,Cu,Pb) owned by MMG Ltd

• Renison Bell (Sn) owned by Metals X Ltd and Yunnan Tin Group Company Limited

• Henty (Au) owned by Catalyst Metals Ltd

• Zeehan (Sn,Pb,Ag) owned by Stella Resources Limited.

Antimony is classified as a critical metal by both the Australian Federal Government and the Tasmanian State Government, as well as almost every advanced western nation. Montezuma is Tasmania’s only antimony project.

Figure 6. Montezuma Antimony Project located in Tasmanian’s premier West Coast Mining Province

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Several significant mining centres
surround LDR’s 100% owned
Montezuma Antimony Project
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The Montezuma Antimony Project includes a variety of mining and exploration equipment and significant beneficiation infrastructure located 15km northwest of the Zeehan township. Infrastructure includes connection to grid power, cone crusher, ball mill, gravity tables, spirals, tankage, raw water and a recently constructed tailings dam. Trial pilot scale beneficiation treatment of Montezuma mineralisation is planned once metallurgical parameters, flowsheet configuration and permitting are finalised.

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The Montezuma antimony-silver lode is structurally controlled with strong shearing and open space fracturing along the Montezuma Fault. Modelling of this structure using drilling and surface mapping of the existing known mineralised lode shows that the Montezuma structure strikes 012° and dips 75° E. Extrapolation of the interception between the modelled Montezuma structure and surface along strike is an exploration method currently being employed.

Historically, previous explorers focused primarily on tin (Sn) exploration and antimony was rarely assayed. Assays of mineralisation encountered in drilling to date has shown there is good geochemical associations between several elements, that being Sb-Ag-Au-Pb-Cu-Zn-Sn.

Cassiterite is a tin bearing mineral which is relatively resistant to chemical weathering due it being an oxide (SnO2) and resistant to physical weathering due its high density (7.3 g/cm[3] ). Historic soil sampling by Electrolytic Zinc Company of Australia Ltd in the 1980’s has revealed a strong Sn anomaly over 500m strike.

Development Face and Bulk Sampling

Development of the portal box cut and exploration drive has provided an opportunity for development face and bulk sampling. Previously samples were taken from three development faces up to the initial adit face, each representing a 2.4m cut (drilled, charged, blasted, mineralised/waste rock removed and stockpiled).

These development face samples have graded up to 21.4% antimony (Sb), 2,478 g/t silver (Ag) and 44.3% lead (Pb) . Antimony (Sb) grades ranged from 1.54% to 21.40%, lead (Pb) grades ranged from 2.13% to 44.3% and silver (Ag) grades ranged from 93 g/t to 2,478 g/t.

Total interval grades for face sampling are 9.3% antimony (Sb), 306 g/t silver (Ag) and 16.7% lead (Pb) over 1.85m for development face LT1, 7.8% antimony (Sb), 804 g/t silver (Ag) and 10.9% lead (Pb) over 2.20m for development face LT2 and 6.2% antimony (Sb), 301 g/t silver (Ag) and 11.7% lead (Pb) over 2.00m for development face LT3.

Table 3. Montezuma Antimony Project deposit – sampling of three development faces

Sample	Easting	Northing	RL m	From m	To m	Interval m	Sb	Ag	Pb
Number	m	m					%	g/t	%
LT101				0.00	0.50	0.50	17.50	434	34.00
LT102	373154.2	5364182.0	620.0	0.50	1.45	0.95	3.07	186	5.26
LT103				1.45	1.85	0.40	13.90	431	22.40
LT1 Total Interval				0.00	1.85	1.85	9.31	306	16.73
LT201				0.00	0.50	0.50	18.65	2,478	25.80
LT202	373154.3	5364178.1	620.0	0.50	1.10	0.60	5.90	346	8.49
LT203				1.10	1.60	0.50	6.78	534	9.21
LT204				1.60	2.20	0.60	1.54	93	2.13
LT2 Total Interval				0.00	2.20	2.20	7.81	804	10.85
LT301				0.00	0.30	0.30	13.65	1,170	21.00
LT302	373154.0	5364176.3	620.3	0.30	0.50	0.20	21.40	462	44.30
LT303				0.50	2.00	1.50	2.66	106	5.51
LT3 Total Interval				0.00	2.00	2.00	6.18	301	11.71

Previously representative sample assays of mineralisation mined during box cut and portal development averaged 4.75% antimony (Sb), 239 g/t silver (Ag) and 9.36% lead (Pb) for combined mineralisation/waste batches and representative sampling averaged 9.02% antimony (Sb), 769 g/t silver (Ag) and 15.47% lead (Pb) for mineralisation only batches. The latter reconciles well with corresponding face sampling – see LT1 Total Interval in Table 4.

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Table 4. Combined development mineralisation/waste assays

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

Sample Sb Ag Pb
Number % g/t %
DSO1 All in 4.16 232 8.48
DSO2 All in 4.30 237 8.87
DSO3 All in 5.25 244 9.88
DSO4 All in 5.29 243 10.20
Average 4.75 239 9.36
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Table 5. Development mineralisation only assays

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Sample Sb Ag Pb
Number % g/t %
DSO11/22 01 7.96 917 12.85
DSO11/22 02 9.01 672 16.30
DSO11/22 03 10.10 718 17.25
Average 9.02 769 15.47
----- End of picture text -----

Photo 1. Mined and coarsely crushed Montezuma mineralisation. Representative sample assays of mineralisation only batches averaged 9.02% antimony (Sb), 769 g/t silver (Ag) and 15.47% lead (Pb)

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Figure 7. Montezuma Antimony Project tenements

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Antimony - One of the World’s most critical metals

Antimony is classified as a critical metal by both the Australian Federal Government and the Tasmanian State Government, as well as almost every advanced western nation. Antimony markets have tightened further with China announcing the ban on antimony exports specifically to the United States on 3 December*. This curb strengthens the enforcement of existing limits on critical minerals exported from China announced last year and the more specific ban on certain antimony product exports early this year, all due to national security concerns. Antimony prices have now reached record levels due to tight supply conditions.

The Tasmanian Government recently outlined a Critical Minerals Strategy which includes the objective of growing exploration for critical minerals and supporting critical minerals projects. Montezuma, 100% owned by Lode, is Tasmania’s only antimony project**.

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Figure 8. Tasmania’s strategic minerals – Montezuma is Tasmania’s only antimony project,100% owned by LDR

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

Montezuma Antimony Project
• 100% owned by LDR
• Tasmania’s only antimony project
----- End of picture text -----

• *https://www.reuters.com/markets/commodities/china-bans-exports-gallium-germanium-antimony-us-2024-12-03/

• **https://mrt.tas.gov.au/__data/assets/pdf_file/0017/551114/Critical_Minerals_Strategy_23_Oct_2024.pdf

Figure 9. Antimony Prices have tripled in the West in just one year and are up circa 70% in China

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Source: USGS, Polyus 2023 Annual Report

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Figure 10. China’s antimony production has fallen by 67% in the last decade

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Source: Bloomberg

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 this announcement and that all material assumptions and technical parameters underpinning the exploration activities in this market announcements continue to apply and have not materially changed.

Competent Person’s Statement

The information in this market announcement that relates to exploration results is based on information compiled by Mr. Mitchell Tarrant, who is a Member of the Australian Institute of Geoscientists. The information in this market announcement is an accurate representation of the available data for Montezuma project. Mr. Tarrant 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 consents to the inclusion in this announcement of the matters based on the information in the form and context in which it appears.

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JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria JORC Code explanation	Commentary
Sampling techniques • Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	Surface Rock Sampling • Surface samples were taken using a hammer. • Samples were taken of high-grade mineralization. • Samples were pulverized to 85% passing 75 microns at ALS Burnie laboratory.
Drilling techniques • Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, _etc) and details (eg core diameter, triple or _	• No new drilling was conducted.

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Criteria	JORC Code explanation	Commentary	Commentary
	standard tube, depth of diamond tails, face-
	sampling bit or other type, whether core is
	_oriented and ifso, by what method, etc). _
Drill sample	• Method of recording and assessing core and chip	•	No new drilling was conducted.
recovery	sample recoveries and results assessed.
	• Measures taken to maximise sample recovery
	and ensure representative nature of the samples.
	• Whether a relationship exists between sample
	recovery and grade and whether sample bias
	may have occurred due to preferential loss/gain
	of fine/coarse material.
Logging	• Whether core and chip samples have been	•	No new drilling was conducted.
	geologically and geotechnically logged to a level
	of detail to support appropriate Mineral Resource
	estimation, mining studies and metallurgical
	studies.
	• Whether logging is qualitative or quantitative in
	nature. Core (or costean, channel, etc)
	photography.
	• The total length and percentage of the relevant
	_intersections logged. _
Sub-	• If core, whether cut or sawn and whether quarter,	•	No new drilling was conducted.
sampling	half or all core taken.
techniques	• If non-core, whether riffled, tube sampled, rotary
and sample	split, etc and whether sampled wet or dry.
preparation	• For all sample types, the nature, quality and
	appropriateness of the sample preparation
	technique.
	• Quality control procedures adopted for all sub-
	sampling stages to maximise representivity of
	_samples. _

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Criteria JORC Code explanation	Commentary
• Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the _grainsize of the material being sampled. _
Quality of assay data and laboratory tests • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	Surface Rock Sampling • Testing method was 4 acid digest with ICP scan for the major elements, Ag, Cu, Pb, Sb, Zn. • Au was tested for using a fire assay method. • Due to the resistive nature of some Sb, W & Sn minerals to digest all samples were also tested using a XRF method for these elements.
Verification of sampling and assaying • The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • _Discuss any adjustment to assay data. _	• The assay data verified by the Project Manager. • The assay data has not been adjusted.
Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations	• The positions of the rock samples were picked up using a hand-held GPS. The accuracy of the coordinates is +- 4m.

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Criteria	JORC Code explanation	Commentary	Commentary
	used in Mineral Resource estimation.	•	All locations are reported in GDA94 MGA Zone 55
	• Specification of the grid system used.		.
	• Quality and adequacy of topographic control.
Data	• Data spacing for reporting of Exploration Results.	•	The data spacing and distribution is not currently sufficient for resource
spacing and	• Whether the data spacing and distribution is		estimation.
distribution	sufficient to establish the degree of geological	•	No compositing has been appliedtosurface rock sampling and development face
	and grade continuity appropriate for the Mineral		sampling.
	Resource and Ore Reserve estimation
	procedure(s) and classifications applied.
	• _Whether sample compositing has been applied. _
Orientation	• Whether the orientation of sampling achieves	•	The samples taken were spot samples of high-grade mineralization.
of data in	unbiased sampling of possible structures and the
relation to	extent to which this is known, considering the
geological	deposit type.
structure	• If the relationship between the drilling orientation
	and the orientation of key mineralised structures
	is considered to have introduced a sampling bias,
	this should be assessed and reported if material.
Sample	• The measures taken to ensure sample security.	•	All samples have been overseen by the Project Manager during transport from
security			site to the assay laboratories.
Audits or	• The results of any audits or reviews of sampling	•	No audits or reviews have yet been undertaken
reviews	techniques and data.

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Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location and	• The Montezuma Project contains two tenements EL7/2019 and 2M/2023
tenement	ownership including agreements or material issues	• The Granville Project contains 3 tenements EL9/2019, 2M/2018 & 32M/1988
and land	with third parties such as joint ventures,	• Lode Resources, through Spero and related entities and parties, have a 100%
tenure	partnerships, overriding royalties, native title	interest in these tenements
status	interests, historical sites, wilderness or national
	park and environmental settings.
	• The security of the tenure held at the time of
	reporting along with any known impediments to
	_obtaining a licence to operate inthe area. _
Exploration	• Acknowledgment and appraisal of exploration by	• Electrolytic Zinc Company (EZ) discovered Montezuma while exploring for tin. EZ
done by	other parties.	completed 2 diamond holes including MZP245a that intersected the
other parties		Antimony/Silver/Lead mineralisation in 1983.
		• The Montezuma antimony-silver-lead deposit is defined by Spero (now 100%
		owned by Lode Resources) that undertook surface sampling of the exposed
		mineralised structure over 50m strike length, development face sampling as
		outlined in this announcement and 12 diamond drill holes which have intercepted
		high-grade mineralisation down to a depth of 80m and are current be verified
		though Recutting, resampling and relogging outlined in this announcement.
		• The Montezuma antimony-silver-lead deposit remains open to the north, south
		and at depth.
Geology	• Deposit type, geological setting and style of	• The Montezuma antimony-silver-lead deposit is a structurally control lode
	mineralisation.	emplaced primarily within the well-known Montezuma fault and hosted by a
		sequence of turbidites, siltstones and black shale units. Antimony is present as
		Jamesonite, a lead-iron-antimony sulphide mineral (Pb4FeSb6S14) and as stibnite
		(Sb2S3) an antimony sulphide mineral. Lead is present in the Jamesonite.
		Jamesonite is a late-stage hydrothermal mineral forming at moderate to low
		temperatures. Silver is primarily present as tetrahedrite.

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	Criteria JORC Code explanation	Criteria JORC Code explanation	Criteria JORC Code explanation	Criteria JORC Code explanation	Criteria JORC Code explanation	Criteria JORC Code explanation	Commentary	Commentary	Commentary
	Drill hole Information • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent _Person should clearly explain why this is the case. _						• See	table below.
	Montezuma Antimony Project – Grab sample assays								Sn % 0.08 0.20 0.19 0.77 0.01 0.21 0.17 0.22 0.49
	SampleID	Easting	Northing	Sb	Ag	Au	Pb	Cu	Sn
		GDA94 MGA55	GDA94 MGA55	%	g/t	g/t	%	%	%
	M001	373103	5364139	0.44	73	1.48	0.50	0.12	0.08
	M002	373105	5364146	0.19	216	1.04	0.45	0.20	0.20
	M003	373098	5364135	1.08	15	0.02	0.14	0.05	0.19
	M004	373100	5364195	8.43	109	0.53	19.00	0.13	0.77
	M005	373063	5364044	1.18	3	<0.01	0.30	0.07	0.01
	M006	373170	5363940	0.03	57	0.08	0.22	0.02	0.21
	M007	373119	5364167	0.19	52	0.68	0.94	0.08	0.17
	M008	373152	5364180	11.85	334	1.55	26.20	0.41	0.22
	R462	373130	5364044	31.90	5460	0.25	36.00	1.68	0.49

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	Criteria	JORC Code explanation	JORC Code explanation	JORC Code explanation			Commentary	Commentary
	R463	373130	5364044	23.80	5430	3.04	18.90	1.27	0.59
	R464	373130	5364044	16.55	3340	0.77	18.55	1.13	0.36
	R465	373128	5364049	13.25	687	0.13	19.85	0.39	0.39
	R466	373158	5363947	0.40	95	0.03	0.63	0.03	<0.01
	R467	373188	5363916	0.35	58	<0.01	0.36	0.02	<0.01
	R468	373164	5363893	0.30	19	0.02	0.43	0.01	0.05
	R469	373164	5363878	0.02	9	0.01	0.12	0.01	0.18
	R470	373051	5363990	0.01	16	0.02	0.12	0.04	<0.01
	R471	373152	5364144	0.32	130	0.35	0.39	0.13	0.27
	R472	373146	5364129	3.90	246	1.47	7.43	0.76	0.34
	R473	373130	5364060	0.03	5	0.53	0.03	0.00	0.04
	R474	372872	5364184	0.05	18	0.01	0.66	0.08	0.01
	R475	372997	5364096	0.22	64	0.01	1.70	0.04	0.01
	R476	373022	5364085	0.04	28	<0.01	0.54	0.02	0.01
	R477	374206	5364100	0.02	2	<0.01	0.06	0.01	<0.01
	R478	374117	5364420	0.02	2	<0.01	0.07	0.00	<0.01
	R479	374184	5364441	0.01	2	0.01	0.02	0.00	<0.01
	R480	374134	5364441	16.20	92	0.08	6.30	0.00	0.01
	R481	374124	5364441	0.02	2	<0.01	0.02	0.01	<0.01
	R482	373143	5364260	<0.01	2	<0.01	0.02	0.00	<0.01
	R483	373136	5364276	0.17	11	0.22	0.11	0.00	<0.01
	R484	373134	5364273	0.01	33	0.05	0.24	0.01	0.01
	R485	373126	5364309	0.02	31	0.24	0.05	0.07	0.05
	R486	373117	5364002	0.01	63	0.05	0.09	0.01	0.04
	R490	373014	5364010	<0.01	13	0.01	0.52	0.01	<0.01
	R491	373095	5364001	0.10	231	0.39	0.80	0.07	0.01

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	Criteria	JORC Code explanation	JORC Code explanation	JORC Code explanation			Commentary	Commentary
	R492	373143	5363956	0.02	48	0.06	0.38	0.02	0.48
	R493	373155	5363865	0.02	4	<0.01	0.10	0.00	<0.01
	Data aggregation methods • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal _equivalent values should be clearly stated. _						• There has been no cut-off applied to the assay grades • The zone of high-grade mineralisation for each diamond hole has been composited into one sample
	Relationship between mineralisatio n widths and intercept lengths • These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not _known’). _						• The samples taken were spot samples of high-grade mineralization
	Diagrams • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill						• Refer Figure 1.

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Criteria	JORC Code explanation	Commentary
	hole collar locations and appropriate sectional
	_views. _
Balanced	• Where comprehensive reporting of all Exploration	• All analysis has been reported.
reporting	Results is not practicable, representative reporting
	of both low and high grades and/or widths should
	be practiced to avoid misleading reporting of
	_Exploration Results. _
Other	• Other exploration data, if meaningful and material,	• Core Resources has completed flowsheet design, test work and engineering
substantive	should be reported including (but not limited to):	plans for the Montezuma Antimony Project. This work has involved developing an
exploration	geological observations; geophysical survey	innovative approach to recovering antimony from Jamesonite, whilst recovering
data	results; geochemical survey results; bulk samples	silver and lead by-products in a low-cost and straightforward process flowsheet
	– size and method of treatment; metallurgical test	that could be implemented on site using readily available equipment
	results; bulk density, groundwater, geotechnical	• Metallurgical test work on a batch of development mineralisation involved bulk
	and rock characteristics; potential deleterious or	leaching, hydrocycloning remaining solids to produce a separate a Pb/Ag product,
	contaminating substances.	oxidation, crystallization and precipitation of an antimony compound with a 90%
		antimony recovery and 47% antimony content by weight was achieved. The
		resultant product sodium pyroantimonate (Na4Sb2O7) is primarily used as a glass
		clarifier
		• Further metallurgical work is needed to determine silver and lead recoveries,
		however high-grade concentrate grading 2,575 g/t Ag and 60% Pb has already
		been achieved.
Further work	• The nature and scale of planned further work (eg	• Beside underground development and drilling, initial assessment work is being
	tests for lateral extensions or depth extensions or	carried out to determine the best approach to define deposit extensions as well as
	large-scale step-out drilling).	potential parallel mineralised structures
	• Diagrams clearly highlighting the areas of possible
	extensions, including the main geological
	interpretations and future drilling areas, provided
	this information is not commercially sensitive.

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