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LODE RESOURCES LTD Regulatory Filings 2026
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Regulatory Filings
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LODE RESOURCES LTD
ASX Announcement | 2 June 2026
ASX Code: LDR
NEW SILVER-ZINC MINERALISATION SYSTEM DISCOVERY AT MONTEZUMA - RESOURCE GROWTH POTENTIAL SIGNIFICANTLY EXPANDED
Highlights
- Deep drilling at Montezuma Silver & Antimony Project has intercepted a previously unrecognised silver-zinc mineralisation system adjacent to the existing resource — opening an entirely new exploration front with potential to materially grow the 8.2Moz AgEq resource base.
> Drill hole MZS42 has intercepted 6.40m @ 6.2% Zn, 1.5% Pb, 0.1% Sb, 43g/t Ag & 0.1g/t Au, comparable to grades at world-class operations in Tasmania's West Coast Mining Province, including the nearby Rosebery and Hercules mines.
> Mineral genesis characteristics of the silver-zinc mineral intercept are akin to the nearby Renison tin deposit and Mt Bishoff tin deposit further afield where most resource mineralisation is a result of carbonate replacement. Thus, the entire 40m wide Maestries carbonate conglomerate unit at Montezuma is considered a drill target at depth.
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The discovery of replacement style silver-zinc mineralisation introduces a second, prospect, opening up a new target adjacent to the Montezuma fault Silver-Antimony mineralisation.
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This discovery adds a new and significant exploration element to Lode's Montezuma Silver & Antimony Project and opens the possibility of significant resource expansion which will be tested with further drilling currently being planned.
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An inaugural JORC (2012) Mineral Resource Estimate²² of 480kt at 533g/t AgEq¹ for 8.2Moz AgEq¹ was recently announced for Lode's Montezuma Silver and Antimony Project with work on a scoping study and PFS underway.
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With the existing Montezuma lode open in all directions and a second silver-zinc system now identified immediately adjacent, the conditions for a meaningful resource upgrade are in place. Further drilling to define the extent of both systems is planned.
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Exploration continues at Fahlore, Silver Cliffs and Persic high-grade silver and antimony prospects with the commencement of drilling at Fahlore imminent. These areas are potential satellite deposits for the Montezuma operation.
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Approval has now been received for Lode's first drilling planned at the Granville tin project to commence in June.
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With multiple funded drill programs across the Montezuma, Fahlore, Silver Cliffs, Persic and Granville prospects, Lode shareholders have a pipeline of near-term exploration catalysts across a district-scale position in Tasmania's West Coast Mining Province.
ASX Code: LDR | ACN: 637 512 415 | www.loderesources.com
A: Suite 506, Level 5, 50 Clarence Street Sydney NSW 2000 | P: +61 (2) 9078 7176 | E: [email protected]
LODE RESOURCES LTD
Lode's Managing Director Keith Mayes said: "The discovery of a replacement style silver-zinc mineralisation system sitting right alongside our existing 8.2Moz resource is the kind of result that can change the scale of a project. When we drill from the east, we'll be able to test both the Montezuma silver & antimony lode and the newly discovered silver-zinc lode in a single hole — that's a significant improvement in drilling efficiency.
We also look forward to the imminent drilling commencing at Fahlore, Silver Cliffs, Persic, Granville and now a new target at Montezuma itself. The scale of what we're building in Tasmania is becoming clearer with every programme, demonstrating immense prospectivity."
Lode Resources Ltd ('Lode' or 'Company') (ASX: LDR) is pleased to announce the discovery of a second and distinctly different mineralisation system at its Montezuma Silver & Antimony Project: a silver-zinc replacement lode intersected adjacent to the existing resource, with the potential to materially grow Lode's maiden JORC (2012) MRE of 480kt at 533g/t AgEq for 8.2Moz AgEq¹.
Drill hole MZS42 returned 6.40m @ 6.2% Zn, 1.5% Pb, 0.1% Sb, 43g/t Ag and 0.1g/t Au (high-grade by global zinc standards) and comparable to grades at producing operations in Tasmania's West Coast Mining Province, including the nearby Rosebery and Hercules mines²⁴.
Whilst mineralisation intercepted in drill hole MZS42 draws similarities to Rosebury and Hercules in terms of grade, mineral genesis characteristics are akin to the nearby Renison tin deposit and Mt Bishoff tin deposit further afield²⁴-²⁸. Most of mineralisation at these two deposits is classified as stratabound carbonate replacement. A significant economic driver when mining this style of deposit is the potential for large mineralisation widths, and hence tonnage, due to mineral bearing fluids having replaced large portions of the carbonate sedimentary unit.
Whilst the intercept in drill hole MZS42 is 6.2m (with an TW estimate of 2.8m) it should be noted that this mineralisation is not present at surface within the Maestries carbonate conglomerate unit and it is not unusual for the intensity replacement mineralisation to increase towards the source of mineralising fluids at depth. Thus the entire dolomitic unit, which is believed to have a width of 40m, is considered a drill target at depth.
Critically, future drilling from the east will be able to test both the Montezuma silver-antimony lode and the newly discovered silver-zinc mineralisation within a single drill hole, increasing the potential mineralised tonnes per vertical metre drilled.
With drilling at the Fahlore, Silver Cliffs and Persic prospects also planned, and Lode's first programme at the Granville tin project commencing early June, the Company enters a period of sustained news flow across a district-scale position in one of Australia's premier mining jurisdictions.
Diamond drill hole MZS42 was designed to test the Montezuma fault lode at depth, with the collar position stepped back to the west and drilled beneath the existing mineralisation.
Lode's tenements EL7/2019 and 2M/2023 host a mineralised system associated with Carboniferous granite intrusions. Sulphide mineralisation includes multiple commodities including Ag-Pb-Zn fissure lodes with critical mineral associations of Sb, Bi, Sn and W. This polymetallic character is a key attribute of the project, providing exposure to several metals with strong and growing demand profiles.
The Montezuma deposit is hosted within fissure veins along the north-south trending Montezuma fault and associated splay structures. The Fault dips steeply east, with drill defined mineralisation extending over 250m strike length and 200m down dip, remaining open in all directions. This open-ended geometry is significant: it means the current 8.2Moz AgEq resource has not been closed off at any boundary, and each new drill programme carries genuine resource growth potential.
LODE
RESOURCES LTD
Figure 1a. Section 5364000N showing newly discovered silver & zinc replacement mineralisation situated adjacent to the Montezuma Silver & Antimony Project lode.
Prior to drilling MZS42 Lode had completed 41 holes into the Montezuma silver-antimony lode resulting in an inaugural and recently announced Montezuma JORC (2012) $\mathsf{MRE}^{22}$ of 480kt at $533\mathrm{g / t}$ $\mathsf{AgEq}^1$ for 8.2Moz $\mathsf{AgEq}^1$ .
Table 1. Montezuma Indicated and Inferred Mineral Resource Estimate ${}^{22}$ AgEq ${}^{1} > {200}\mathrm{g}/\mathrm{t}$
| Grade | ||||||||
|---|---|---|---|---|---|---|---|---|
| Classification | Klonnes | Ag g/t | Au g/t | Cu % | Pb % | Sb % | Sn % | AgEq g/t |
| Indicated Resource | 310 | 172 | 0.63 | 0.58 | 1.98 | 1.01 | 0.53 | 621 |
| Inferred Resource | 170 | 173 | 0.57 | 0.7 | 1.35 | 0.31 | 0.31 | 375 |
| TOTAL | 480 | 173 | 0.61 | 0.62 | 1.75 | 0.76 | 0.45 | 533 |
| Metal | ||||||||
| Classification | Ag Moz | Au hoz | Cu kt | Pb kt | Sb kt | Sn kt | AgEq Moz | |
| Indicated Resource | 1.7 | 6.3 | 1.8 | 6.1 | 3.1 | 1.6 | 6.2 | |
| Inferred Resource | 0.9 | 3.1 | 1.2 | 2.3 | 0.5 | 0.5 | 2.0 | |
| TOTAL | 2.7 | 9.4 | 3.0 | 8.4 | 3.7 | 2.2 | 8.2 |
LODE
RESOURCES LTD
Drill hole MZS42 was collared in Cambrian dolomitic polymict conglomerate and dolomitic sediments of the Maestries Conglomerate (Figure 1). At $267.0\mathrm{m}$ to $273.4\mathrm{m}$ , the hole intersected metasomatic replacement silver-zinc sulphides on the Maestries conglomerate-shale contact, returning a discovery intercept of $6.40\mathrm{m}$ @ $6.2\%$ Zn, $1.5\%$ Pb, $0.1\%$ Sb, $43\mathrm{g/t}$ Ag & $0.1\mathrm{g/t}$ Au.
The discovery of replacement style mineralisation had not previously been recognised at the project and opens up a new accessible drill target that is adjacent to the Montezuma fault mineralisation.
MZS42 also intersected the Montezuma Fault at 590.5m intersecting low grade sulphide mineralisation with 3.2m @ 32g/t Ag, 0.5% Cu and 0.2g/t Au.
Figure 1b. Isometric view showing newly discovered silver & zinc replacement mineralisation situated adjacent to the Montezuma Silver & Antimony Project lode.
LODE
RESOURCES LTD
Figure 2. Montezuma Silver & Antimony Project - Hanging Wall Lode Long Section showing metal endowment (AgEq $^1$ x metres)
LODE
RESOURCES LTD
Figure 3. Montezuma Silver & Antimony Project – soil anomaly, completed and planned drilling
LODE
RESOURCES LTD
Figure 4. Montezuma Silver & Antimony Project – high resolution electromagnetics (EM) shows a conductive zone coincident with known mineralisation and indicates significant strike, potentially $1000\mathrm{m}$ in length
LODE RESOURCES LTD
1 Montezuma Silver & Antimony Metal Equivalent Grades
LDR is reporting both silver & antimony equivalent grade figures due to interchanging dominance of these two metals from intercept to intercept. Metal equivalent grade figures are a method of demonstrating overall metal endowment for all significant metals grades in a single grade figure for each intercept and thus allowing a simpler comparison between intercepts. Montezuma's reported silver & antimony equivalent figures are based on conversion factors as follows:
> AgEq(g/t) = Ag(g/t) + 357Sb(%) + 20Pb(%) + 91*Cu(%)
Metal equivalent conversion factors were calculated using 30 December 2024 metal prices of US$34,747/t antimony, US$29.1/oz silver, US$1,912/t lead and US$8,705/t copper. The antimony price was calculated as an average of several antimony products in several markets including:
- antimony concentrate delivered China
- antimony ingot FOB China
- antimony trioxide FOB China
- antimony trioxide in warehouse Baltimore
- antimony ingot in warehouse Baltimore
- antimony trioxide in warehouse Baltimore
- antimony trioxide in warehouse Rotterdam
Metal equivalent conversion factors were calculated using a preliminary flotation test carried out by ALS Metallurgy (Burnie) in March 2026, where recoveries achieved were 88.4% antimony, 93.0% silver, 88.4% lead and 91.5% copper. It is Lode's opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.
Figure 5. Antimony prices for various markets
2 Tin and Gold Assays
Tin and Gold assay figures are not included in equivalent figures as gold was not assayed in an early flotation test. ALS Metallurgy has been commissioned to complete further comprehensive flotation tests on Montezuma Silver & Antimony mineralisation including the recovery of tin and gold. This includes Quantitative X-ray Diffraction (QXRD) analysis to determine overall mineralogy.
LODE RESOURCES LTD
The Montezuma Silver & Antimony Project
The Montezuma Silver & Antimony Project includes a high-grade silver & antimony deposit with initial development, advanced metallurgical test work and considerable beneficiation infrastructure. Access is via the Zeehan township located 13km to the west.
The Montezuma Silver & Antimony Project (2M-2023, EL7-2019) is located between well-known mining centres such as:
- Rosebery (Zn,Pb,Cu,Ag,Au) owned by MMG Ltd
- Hercules (Pb, Zn, Ag, Au) owned by MMG Ltd
- Renison Bell (Sn) owned by Metals X Ltd and Yunnan Tin Group Company Limited
- Henty (Au) owned by Kaiser Reef Ltd
- Zeehan (Sn,Pb,Ag) owned by Stellar Resources Limited.
- Mt Lyell (Cu) owned by Sibanye Stillwater Ltd
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 and one of very few advanced antimony development assets in the western world outside of China's supply chain.
Figure 6. Montezuma Silver & Antimony Project is located in Tasmania's premier West Coast Mining Province
LODE
RESOURCES LTD
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 tightened further when China announced a ban on antimony exports specifically to the United States on 3 December 2024*. This curb strengthened the enforcement of existing limits on critical minerals exported announcement by China in the prior year and the more specific ban on certain antimony product exports early in 2024, all due to national security concerns.
In November 2025, China agreed to suspend its export controls on rare earths and other critical minerals, including antimony, following a new trade and economic deal with the United States. This doesn't change China's strong dominance of the global antimony market, nor the mercurial nature of both countries' trading policies. Europe remains outside the agreement.
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**.
Figure 7. Tasmania's strategic minerals – Montezuma is Tasmania's only antimony project, $100\%$ owned by LDR
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
LODE RESOURCES LTD
This announcement has been approved and authorised by Lode Resource Ltd.'s Managing Director, Keith Mayes.
For more information on Lode Resources and to subscribe for our regular updates, please visit our website at www.loderesources.com or email [email protected]
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 Tim Callaghan, 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. Callaghan 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 Callaghan 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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LODE RESOURCES LTD
Appendix I
Drill Hole Collar, Orientation, Depth and Interval Information
| Hole | Easting (m gda94) | Northing (m gda94) | RL (m) | Azimuth (deg) | Dip (deg) | Depth (m) | From (m) | To (m) | Interval (m) | ETW (m) |
|---|---|---|---|---|---|---|---|---|---|---|
| MZS42 | 373005 | 5364045 | 614 | 92.7 | -54 | 618 | 267.0 | 273.4 | 6.4 | 2.8 |
| 557.0 | 562.0 | 5.0 | 2.2 | |||||||
| 590.5 | 593.7 | 3.2 | 1.4 |
Appendix II
Drill Hole Assays - only significant assay results are shown
| Sample Number | Drill Hole | From (m) | To (m) | Interval (m) | Ag (g/t) | Cu (%) | Pb (%) | Zn (%) | Sb (%) | Au g/t | Sn (%) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| M01703 | MZS42 | 198.0 | 199.0 | 1.0 | 14.4 | 0.05 | 0.29 | 0.75 | 0.00 | 0.01 | 0.0 |
| M01704 | MZS42 | 199.0 | 200.0 | 1.0 | 15.4 | 0.04 | 0.54 | 1.69 | 0.01 | 0.03 | 0.0 |
| M01717 | MZS42 | 212.0 | 213.0 | 1.0 | 18.7 | 0.18 | 0.25 | 0.18 | 0.01 | 0.03 | 0.0 |
| M01720 | MZS42 | 213.0 | 214.0 | 1.0 | 15.5 | 0.11 | 0.12 | 0.13 | 0.01 | -0.01 | 0.0 |
| M01723 | MZS42 | 216.0 | 217.0 | 1.0 | 10.3 | 0.11 | 0.10 | 0.02 | 0.01 | 0.05 | 0.0 |
| M01724 | MZS42 | 217.0 | 218.0 | 1.0 | 8.1 | 0.02 | 0.35 | 0.40 | 0.01 | 0.01 | 0.0 |
| M01725 | MZS42 | 218.0 | 219.0 | 1.0 | 8.1 | 0.03 | 0.19 | 0.09 | 0.02 | 0.06 | 0.0 |
| M01726 | MZS42 | 219.0 | 220.0 | 1.0 | 3.5 | 0.08 | 0.06 | 0.05 | 0.00 | 0.01 | 0.0 |
| M01728 | MZS42 | 226.0 | 227.0 | 1.0 | 6.8 | 0.01 | 0.15 | 0.12 | 0.01 | 0.15 | 0.0 |
| M01729 | MZS42 | 227.0 | 228.0 | 1.0 | 8.4 | 0.01 | 0.12 | 0.02 | 0.02 | 0.19 | 0.0 |
| M01730 | MZS42 | 228.0 | 229.0 | 1.0 | 9 | 0.02 | 0.09 | 0.04 | 0.01 | 0.05 | 0.0 |
| M01736 | MZS42 | 267.0 | 268.0 | 1.0 | 39.1 | 0.03 | 1.31 | 3.89 | 0.01 | 0.03 | 0.0 |
| M01737 | MZS42 | 268.0 | 269.0 | 1.0 | 46.9 | 0.04 | 1.64 | 4.93 | 0.02 | 0.06 | 0.0 |
| M01738 | MZS42 | 269.0 | 270.0 | 1.0 | 76.7 | 0.05 | 2.84 | 7.46 | 0.13 | 0.07 | 0.0 |
| M01741 | MZS42 | 270.0 | 271.0 | 1.0 | 21.6 | 0.04 | 0.53 | 6.81 | 0.05 | 0.02 | 0.0 |
| M01742 | MZS42 | 271.0 | 272.0 | 1.0 | 19.2 | 0.03 | 0.69 | 7.67 | 0.12 | 0.05 | 0.0 |
| M01743 | MZS42 | 272.0 | 272.7 | 0.7 | 27 | 0.02 | 0.91 | 4.68 | 0.02 | 0.05 | 0.0 |
| M01744 | MZS42 | 272.7 | 273.4 | 0.7 | 72.9 | 0.05 | 2.63 | 7.89 | 0.20 | 0.31 | 0.0 |
| M01745 | MZS42 | 273.4 | 274.0 | 0.6 | 11.9 | 0.01 | 0.35 | 1.07 | 0.02 | 0.01 | 0.0 |
| M01790 | MZS42 | 556.0 | 557.0 | 1.0 | 11.8 | 0.08 | 0.03 | 0.01 | 0.01 | 0.1 | 0.4 |
| M01791 | MZS42 | 557.0 | 558.0 | 1.0 | 36.7 | 0.30 | 0.08 | 0.01 | 0.03 | 0.18 | 1.0 |
| M01792 | MZS42 | 558.0 | 559.0 | 1.0 | 4.6 | 0.02 | 0.01 | 0.00 | 0.00 | 0.03 | 0.0 |
| M01793 | MZS42 | 559.0 | 560.0 | 1.0 | 11.8 | 0.05 | 0.01 | 0.00 | 0.01 | 0.07 | 0.1 |
| M01794 | MZS42 | 560.0 | 561.0 | 1.0 | 5.4 | 0.10 | 0.00 | 0.00 | 0.00 | 0.04 | 0.0 |
| M01795 | MZS42 | 561.0 | 562.0 | 1.0 | 17.6 | 0.39 | 0.02 | 0.00 | 0.01 | 0.39 | 0.0 |
| M01804 | MZS42 | 583.0 | 584.0 | 1.0 | 9.1 | 0.47 | 0.00 | 0.01 | 0.00 | 0.01 | 0.0 |
| M01812 | MZS42 | 590.5 | 591.0 | 0.5 | 37.3 | 1.06 | 0.03 | 0.01 | 0.01 | 0.19 | 0.0 |
| M01813 | MZS42 | 591.0 | 592.0 | 1.0 | 1.9 | 0.05 | 0.00 | 0.00 | 0.00 | 0.04 | 0.1 |
| M01814 | MZS42 | 592.0 | 592.8 | 0.8 | 9.4 | 0.08 | 0.01 | 0.00 | 0.00 | 0.08 | 0.0 |
| M01815 | MZS42 | 592.8 | 593.7 | 0.9 | 77.8 | 1.01 | 0.08 | 0.01 | 0.02 | 0.24 | 0.0 |
Montezuma Project and Silver Hills Project References
- LDR announcement 9 December 2024 "Montezuma Antimony Project Development Activities Commence"
- LDR announcement 21 January 2025 "Montezuma Antimony Project Inaugural High-Grade Assays"
- LDR announcement 3 February 2025 "High-Grade Antimony and Silver Drill Intercepts"
- LDR announcement 25 February 2025 "Up to 31.9% Antimony and 5,460 g/t silver"
- LDR announcement 10 April 2025 "Extensive Drill Programme Underway at Montezuma Antimony Project"
- LDR announcement 30 April 2025 "Quarterly Activities Reports for the Period Ended 31 March 2025"
- LDR announcement 1 July 2025 "Multiple High-Grade Antimony and Silver Drill Intercepts"
- LDR announcement 14 July 2025 "Gold Assays Enhance High-Grade Antimony and Silver Drill Intercepts"
- LDR announcement 21 July 2025 "Tin Assays Enhance High-Grade Antimony and Silver Drill Intercepts"
- LDR announcement 8 August 2025 "More High-Grade Antimony and Silver Drill Intercepts"
- LDR announcement 8 September 2025 "Grades up to 2,730 g/t Silver Eq and Deepest Intercept To Date"
- LDR announcement 30 September 2025 "Montezuma Regional High-Grade Silver & Antimony Assays"
- LDR announcement 10 November 2025 "Further High-Grade Drill Results Extend the Montezuma Silver & Antimony Deposit"
- LDR announcement 6 January 2026 titled "Up To 1,948g/t Silver Eq in Latest Drill Results from the Montezuma Silver & Antimony Deposit" 15. LDR announcement 4 March 2026 "Lode Secures 155km2 of Highly Prospective Ground in Tasmania's Premier West Coast Mining District"
- LDR announcement 17 March 2026 "High Grade Silver and Antimony Identified at Silver Hills"
- LDR announcement 24 March 2026 "Deepest Drill Hole To Date Extends Montezuma Silver & Antimony Deposit To 270m Depth"
- LDR announcement 30 March 2026 "Fourth High Grade Silver & Antimony Prospect Identified in Tasmania"
- LDR announcement 1 April 2026 "Revision to Announcements dated 17th and 30th March 2026"
- LDR announcement 14 April 2026 "Maiden Resource High Grade Silver Antimony System Montezuma"
- LDR announcement 15 April 2026 "High-Grade Tin Identified at Silver Hills Project, Tasmania"
- www.mmg.com/content/uploads/2026/04/e_2026-04-21_2025-Annual-Report-1.pdf
- www.mrt.tas.gov.au/mrtdoc/taxpylor/download/99_4366/99-4366.pdf
- www.metalex.com.au/wp-content/uploads/2025/07/21_MLX_ASX_Revision-2025-Mineral-Resource-Statement_29-July-2025.pdf
- www.mrt.tas.gov.au/mrtdoc/dominfo/download/REHAB2002_02/rehab2002_02.pdf
- www.mrt.tas.gov.au/mrtdoc/taxpylor/download/09_5802/EL4_2005_200808_01_FinalReport.pdf
LODE RESOURCES LTD
Appendix III
JORC Code, 2012 Edition - Table 1.
(Criteria in this section apply to all succeeding sections.)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Sampling techniques | • Nature and Quality of sampling (e.g. cut channels, random chips or specific specialized industry standard measurement tools appropriate to the minerals under investigation, such as downhole gamma sondes, or hand held XRF instruments etc.). | |
| • 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 (e.g. ‘reverse circulation drilling was used to obtain 1m samples from which 3kg was pulverized to produce 30g 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 sampling types (e.g. submarine nodules) may warrant disclosure of detailed information. | • Industry standard wireline diamond drilling techniques were used at the Montezuma Silver & Antimony Project to obtain NQ2 (50.7mm diameter) diamond core. | |
| • An underground Atlas Copco Diamec drill rig was used to drill MZS42 in steep topography. Drilling orientation was designed to intercept the mineralisation at a high angle to ensure representivity. | ||
| • Logged mineralisation was sampled on a 1m basis while respecting geological boundaries with a diamond saw for diamond drill core. | ||
| • Sampling techniques are considered appropriate for the style of mineralisation. | ||
| Drilling techniques | • Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). | • All drilling was completed as standard tube wireline NQ2 diamond drilling producing core 50.7mm in diameter. |
| • An underground Atlas Copco Diamec drill rig was used to allow shallow dipping holes in steep topography | ||
| • Drill core was oriented with a digital downhole orientation tool. | ||
| Drill sample recovery | • Method of recording and assessing core and chip 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. | • Drill core was reconstituted and measured for recovery and RQD by experienced field technicians in LDR’s Zeehan core storage facility. | |
| • Core recoveries are 100% in mineralised zones. | ||
| • No relationship exists between sample recovery and grade. | ||
| Logging | • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. | |
| • Whether logging is qualitative of quantitative in nature. Core (or costean, channel etc) photography. | • Drill holes were geologically logged by an experienced geologist to industry standard. | |
| • Geological logs were qualitative with quantitative estimates of mineral contents. | ||
| • Quantitative logging includes sulphide and gangue mineral percentages. Mineralised intervals were marked for sub sampling and quantitative analysis. | ||
| • All drill core was photographed wet and dry. | ||
| • Geotechnical and structural logs were completed on oriented drill core. |
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LODE RESOURCES LTD
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Sub- sampling techniques and sample preparation | • If core, whether cut or sawn and whether quarter, half or all core taken. | |
| • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. | ||
| • 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. | ||
| • 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 grain size of the material being sampled. | • Core was prepared using standard industry best practice for diamond core with the core to be sampled sawn in half using a diamond saw. | |
| • Half core was bagged and numbered on a 1m basis while respecting geological boundaries with a minimum width of 0.5m. | ||
| • Samples were generally 2-3kg. | ||
| • The sample size is considered appropriate for the material being sampled. | ||
| • The samples were sent to ALS Burnie and Brisbane for analysis. | ||
| • QAQC included industry best practice insertion of blanks and standards were at >5% where appropriate. | ||
| • Coarse crush and pulp duplicates were requested and performed by ALS at >5%. | ||
| • All QAQC performed within acceptable limits. | ||
| 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 (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. | • Samples were stored in a secure location and transported to the ALS laboratory in Burnie by LDR staff. | |
| • Sample preparation comprised drying (DRY-21), weighing, crushing to 85% passing 2mm (CRU-36) and a 3kg split pulverised to 85% passing 75um (PUL-33). | ||
| • The assay methods included 4 acid digest followed by multi element ICP-AES spectrometry (ME-ICP61). Gold was analysed by 30g fire assay method Au-AA25. Sn and Sb ore grade was analysed by fused disc XRF(XRF15c) (refer to ALS assay codes). High grade samples triggered further OG62 OG46 and XRF15 analysis. | ||
| • Certified reference materials and blanks were inserted at a rate of >5% at the appropriate locations. Coarse and pulp duplicates were requested at >5%. All QAQC fall within the accepted limits. | ||
| • The assay methods employed are considered appropriate for total analysis. | ||
| 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. | • Laboratory results have been reviewed by the Managing Director. | |
| • Significant intersections are reviewed by the Managing Director. | ||
| • No twin holes were drilled. | ||
| • Commercial laboratory certificates and digital data were supplied by ALS and uploaded to mining software. | ||
| • Industry standard QAQC reported within acceptable limits. | ||
| 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 used in Mineral Resource estimation. | |
| • Specification of the grid system used. | ||
| • Quality and adequacy of topographic control. | • Preliminary collar positions were located by handheld GPS | |
| • Drill holes collars were surveyed with a total station RTK GPS by licenced surveyors.. | ||
| • All locations are reported in GDA94 MGA Zone 55. | ||
| • Down hole surveys were completed with a Boart Longyear Tru-core tool at 50m intervals. | ||
| • Topographic control from government lidar and lands department surveys. |
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LODE RESOURCES LTD
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Data spacing and distribution | • Data spacing for reporting of Exploration Results. | |
| • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. | ||
| • Whether sample compositing has been applied. | • Drill holes were designed to provide a 25 x 25 to 50 x 50m drilling pattern. | |
| • MZS42 extended well below the Montezuma resource to test depth extent. | ||
| • The data spacing, distribution and geological understanding is considered to be sufficient for the estimation of mineral resource estimation within closed spaced drilling pattern. | ||
| • No sample compositing has been applied. | ||
| Orientation of data in relation to geological structure | • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. | |
| • 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. | • Drill holes were designed to intersect the mineralised lodes approximately perpendicular to the strike and dip and are considered close to true width. | |
| • An underground drill rig was used to allow multiple high angle holes from the same drill pad. | ||
| • Drill hole orientation is not considered to have introduced any bias. | ||
| Sample security | • The measures taken to ensure sample security. | • Samples were bagged and sealed on site and transported to ALS Burnie by LDR staff. |
| Audits or reviews | • The results of any audits or reviews of sampling techniques and data. | • No audits or reviews have been carried out at this point. |
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LODE RESOURCES LTD
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Mineral tenement and land tenure status | • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title 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 in the area. | • The Montezuma Project is located on tenements EL7/2019 and 2M/2023. | |
| • These tenements are 100% held by Spero Mining Pty Ltd, Granville Mining Pty Ltd and parties related to the recent 100% acquisition by Lode Resources Ltd. | ||
| • Native title does not exist over the above tenements. | ||
| • All leases/tenements are in good standing. | ||
| Exploration done by other parties | • Acknowledgment and appraisal of exploration by other parties. | • The Montezuma deposit was discovered during extensive historic silver mining activity in the Zeehan-Dundas region in the 1880's to the 1920's. |
| • Electrolytic Zinc Company (EZ) completed 3 diamond holes including MZP245a that intersected high grade antimony-silver-lead mineralisation in 1983. | ||
| • Spero Mining established a costean on the mineralisation and drilled several short diamond holes. | ||
| Geology | • Deposit type, geological setting and style of mineralisation. | • The Montezuma Silver & Antimony Project deposit is a structurally controlled lode, associated with the Montezuma fault. Fault related fissure vein Mineralisation is associated with Carboniferous granite intrusions associated with widespread Sn-W and Pb-Zn-Ag-Sb mineralising event in western Tasmania. Low temperature, high sulphidation Ag rich base -metal mineralisation is located distally to high temperature Sn-W deposits. Antimony and lead are contained primarily within Jamesonite, a lead-iron-antimony sulphide mineral (Pb₄FeSb₆S₁₄). Stibnite (Sb₂S₃) is also relatively abundant. This project is also prospective for gold, zinc, copper, tin and tungsten. |
| • Replacement style Pb-Zn-Ag sulphide mineralisation within Dolomitic sediments is a new style of mineralisation identified by MZS42. | ||
| 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, including, easting and northing, elevation or RL, dip and azimuth, down hole length, interception depth and hole length. | |
| • If the exclusion of this information is justified the Competent Persons should clearly explain why this is the case. | • See tables containing relevant drill collar details and intercept depths and grades in the body of this report. | |
| Data aggregation methods | • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. | • Intersection calculations are weighted to sample length. |
| • No grade capping has been applied. | ||
| • Montezuma reported silver & antimony equivalent figures are based on conversion factors as follows: |
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LODE RESOURCES LTD
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| • 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. | • AgEq(g/t) = Ag(g/t) + 357Sb (%) + 20Pb (%) + 91*Cu (%) Metal equivalent conversion factors were calculated using 30 December 2025 metal prices of US$34747/t antimony, US$29.1/oz silver, US$1912/t lead and US$8705/t copper. | |
| • Metal equivalent conversion factors were calculated using a preliminary flotation test carried out by ALS Metallurgy (Burnie) in 2025 where recoveries achieved were 88.4% antimony, 93% silver, 84.4% lead and 91.5% copper. It is Lode’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold. | ||
| Relationship between mineralisation 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 (e.g. ‘down hole length, true width not known’). | • The azimuth and dip of all diamond drill holes was oriented approximately perpendicular to the strike direction of the mineralisation. | |
| • An Atlas Copco Diamec underground drill rig was used to allow shallow dipping holes in the steep topography to achieve industry best practice drill intercepts. | ||
| • Down hole and estimated true width intercepts are included in the body of this report. | ||
| 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 plans and sections. | • Refer to plans and sections within this report. |
| Balanced reporting | • Where comprehensive reporting of all Exploration 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. | • All exploration results discussed in this report are included in the tables and figures associated with this report. |
| • Exploration results previously reported in LDR ASX announcements are listed at the end of this report. | ||
| Other substantive exploration data | • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. | • Development of portal box cut and exploration drive has commenced with samples taken from three development faces up to the initial adit face, each representing a 2.4m mining cut. See LDR announcement 9 December 2024 titled “Montezuma Silver & Antimony Project Development Activities Commence”. |
| • Development of a portal box cut and the commencement of an exploration drive has produced stockpiled mineralisation. | ||
| • Preliminary metallurgical testwork including flowsheet design, test work and engineering plans for the Montezuma Silver & Antimony Project were completed by CORE Resources Brisbane and ALS Burnie. | ||
| • Preliminary flotation recoveries were used for the estimation of recoverable metal equivalents in this report. | ||
| • Further metallurgical work is in progress. |
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LODE RESOURCES LTD
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Further work | • The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). | |
| • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. | • Infill and extension diamond drilling is currently in progress. | |
| • Exploration, metallurgical, mining and marketing studies are in progress. |
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