LORD RESOURCES LIMITED — Capital/Financing Update 2023

Mar 23, 2023

ASX ANNOUNCEMENT 24th March 2023

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HORSE ROCKS DRILLING UPDATE Pe matite intersected in all 32 holes com leted to date g p

HIGHLIGHTS

• RC Drilling now 50% complete at Horse Rocks Lithium Project, with 32 holes (totalling 2,560m) completed to date - assays are pending.

• Pegmatites intercepted in all 32 holes with multiple wide zones of pegmatites intercepted up to 27m thick (downhole width).

• Numerous shallow and potentially lithium-bearing pegmatites intersected from surface with interval thicknesses of more than 20m (Figures 1-2).

• Five high priority geochemical anomalies to be drill-tested during the current program.

• Horse Rocks Project surrounded by Mineral Resources Limited (ASX: MIN) and Essential Metals Limited (ASX: ESS) in Western Australia’s emerging lithium Super-Province, 20km South of Coolgardie.

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Figure 1 – Simplified cross section from 6558750mN showing wide zones of pegmatite.

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Figure 2 – Simplified cross section from 6558300mN showing wide zones of pegmatite.

Managing Director, Barnaby Egerton-Warburton commented:

“Our exploration team has made a strong start at the Horse Rocks project with over 2,500 metres completed and all holes thus far encountering potentially lithium-bearing pegmatites. Samples have been submitted for analysis and first results are expected in approximately two to three weeks. The drilling so far has been focused on the main central permit anomaly and focus will now move to the southern anomalies”.

Lord Resources Limited (ASX: LRD) (“Lord” or the “Company”) is pleased to provide an update on RC drilling at the Horse Rocks Lithium Project (E15/1770), located 20km south of Coolgardie, in Western Australia.

The Project is within 8km’s of Mineral Resources Limited Mt Marion Lithium Mine. The ground surrounding the Horse Rocks Lithium Project is held by Mineral Resources (E15/1599, EEL53, EEL59) and Essential Metals Limited (E15/1710).

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DRILLING PROGRAM

A first pass RC drilling program has been designed to test the potential of lithium mineralisation within the Horse Rocks Lithium Project (Figure. 3). To date, a total of 32 drillholes (for 2,560 m) have been completed over the largest geochemical anomaly. Assays are expected in approximately 2 to 3 weeks.

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Figure 3 - Drill spoils from hole 23RC031 showing wide zone of pegmatite (white samples)

All drillholes have intercepted pegmatites dipping shallow towards the east, with multiple pegmatites of over 20m width encountered (Figures 1-2).

The drilling program is planned at five areas of high priority geochemical anomalism, where multiple pegmatite swarms have been mapped at surface (Figure 4). This drilling program is the first lithium targeted sub-surface exploration within the Project.

The drilling to date has demonstrated a series of shallow east dipping pegmatites that vary from 1m to 27m width (downhole). Some pegmatites demonstrate internal zonation, with quartz cores evident.

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6558750m
6558300m
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Figure 4 – Planned RC drilling overlain geochemical samples and interpreted geology.

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This release is authorised by the Board of Directors of Lord Resources Limited.

For further information please contact:

Barnaby Egerton-Warburton

Managing Director E: bew@lordresources.com P: +61 437 291 155

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ABOUT HORSE ROCKS

Located 20km south of Coolgardie in Western Australia’s Eastern Goldfields, the Horse Rocks Lithium Project comprises a 23.8km[2 ] exploration licence (E15/1770), 8km west of Mineral Resources’ (ASX: MIN) Mt Marion Lithium Mine (51.4MT @ 1.45% Li2O).

The Horse Rocks Project lies within a folded portion of an isolated greenstone belt, within the Coolgardie Domain of the Yilgarn Craton. The greenstone belt is comprised of highmagnesium basalts, gabbroic sills and komatiite sequences. The granodiorite Depot Dome is to the immediate east of the greenstones and is the interpreted source of the many pegmatite intrusions within the tenure.

The Horse Rocks Project is considered prospective for pegmatite hosted lithium, nickel sulphide and orogenic gold mineralisation. Historical drilling has identified elevated nickel within the ultramafic sequences, along with gold anomalism in surface sampling. The lack of any exploration for lithium provides an untested conceptual opportunity for Lord Resources.

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Figure 5 – Horse Rocks Li Project, located within the Coolgardie-Norseman Lithium Super-Province.

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COMPETENT PERSON’S STATEMENT

The information in this report that relates to exploration results is based on and fairly represents information compiled by Ms Georgina Clark, a Competent Person who is a Member of the Australian Institute of Geoscientists. Ms Clark is a full-time employee of the Company. Ms Clark has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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’ (“JORC Code”). Ms Clark consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

All parties have consented to the inclusion of their work for the purposes of this announcement. The interpretations and conclusions reached in this announcement are based on current geological theory and the best evidence available to the author at the time of writing. It is the nature of all scientific conclusions that they are founded on an assessment of probabilities and, however might be, they make no claim for absolute certainty. Any economic decisions which might be taken on the basis of interpretations or conclusions contained in this presentation will therefore carry an element of risk.

ABOUT LORD RESOURCES

Lord Resources is an exploration company with a highly prospective portfolio of future facing metals located within Western Australia’s famed Greenstone belts and close to high profile and prolific historic and producing mines. Lord Resources’ five largely unexplored projects provide exposure to lithium, nickel, PGE and gold sectors.

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Appendix 1 Drillhole details

Table 1 List of drillholes with coordinates and orientation

Hole ID	East	North	Azi	Dip	Depth
23RC001	339820	6559300	90	-60	84
23RC002	339880	6559300	270	-60	84
23RC003	339920	6559300	270	-60	100
23RC004	339960	6559300	270	-60	42
23RC005	340000	6559300	270	-60	54
23RC006	340040	6559300	270	-60	60
23RC007	340080	6559300	270	-60	78
23RC008	339920	6559100	90	-60	84
23RC009	339960	6559100	90	-60	54
23RC010	340000	6559100	270	-60	90
23RC011	340040	6559100	270	-60	108
23RC012	339780	6558900	90	-60	90
23RC013	339840	6558900	270	-60	72
23RC014	339880	6558900	270	-60	78
23RC015	339920	6558900	270	-60	102
23RC016	339960	6558900	270	-60	78
23RC017	340000	6558900	270	-60	90
23RC018	340040	6558900	270	-60	78
23RC019	340080	6558900	270	-60	90
23RC020	340100	6558900	270	-60	84
23RC021	339760	6558750	90	-60	60
23RC022	339820	6558750	270	-60	78
23RC023	339860	6558750	270	-60	84
23RC024	339900	6558750	270	-60	78
23RC025	340160	6558750	270	-60	84
23RC026	340200	6558750	270	-60	84
23RC027	340140	6558600	270	-60	84
23RC028	340000	6558300	270	-60	96
23RC029	340040	6558300	270	-60	90
23RC030	340080	6558300	270	-60	90
23RC031	340120	6558300	270	-60	102
23RC032	339940	6558300	90	-90	30

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Appendix 2 JORC Code Table 1

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 (e.g. 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 (e.g. ‘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 (e.g. submarine nodules) may warrant disclosure of detailed information.	• Sampling completed by Lord Resources Ltd (LRD) is conducted using industry standard practice, blanks and CRM’s at regular intervals. The performance of QAQC is monitored on a batch-by-batch basis. • The sampling in this announcement has been carried out using reverse circulation (RC) drilling. • Drilling is ongoing. To date, a total of 32 holes were drilled, for 2,560m (23RC001-23RC032), with depths ranging from 30m to 108m. • Drillholes were located using hand-held GPS. • Sampling was carried out under LRD protocols and QAQC procedures as per current industry practice. See further details below. • RC drilling was used to obtain 1m samples collected through a cyclone into buckets and placed on the ground as 1m samples, generally in rows of 20. • Sample quality was high with any sample loss or moisture recorded in the sample table. • A representative sample was split from the bulk 1m sample via a cone splitter and collected in a calico bag. • Composite samples were collected with a scoop to generate 3m composite samples. • The 2-3 kg composite samples were dispatched to ALS laboratories in Perth. These samples will be sorted and dried by the assay laboratory and pulverised. • All samples have been submitted to the laboratory for analysis by sodium peroxide fusion.
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.). _	• The drilling contractor was Drillwest, using a 4inch rod string and RC hammer. • Drillholes were drilled at either -60° or vertical, as listed in Appendix 1 above.

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Criteria	JORC Code explanation	Commentary
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.	• The majority of samples were dry with sample quality recorded in the sample table. • Sample recoveries were visually estimated and recorded in the sample table. • The drill cyclone and buckets were cleaned between rod changes and at the end of each hole, to minimise contamination. • At this stage, there is no observed relationship between recovery and grade in the drilling.
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 or quantitative in nature. Core (or costean, channel, etc.) photography. The total length and percentage of the relevant intersections logged.	• All holes were logged geologically by LRD geologists, using the companies logging scheme. • Logging is both qualitative and quantitative in nature. • Logging includes recording lithology, mineralogy, mineralisation, weathering, colour and any other identifiable features, for the entire drillhole. • A photograph taken of the drill chips for each drillhole. • All drillholes were logged in full.
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.	• No core samples were collected. • Composite samples were collected with a scoop. • 1m individual samples were collected via a cone splitter directly from the cyclone. • Samples are recorded as dry, wet or damp. • If anomalous results are returned from the sample, the single metre samples may be submitted for analysis. • Composite samples are not used in resources calculations. • No analytical results have been returned so far. • CRM’s were inserted at a ratio of approximately 1:20. • Samples are collected at 1m intervals or composited into 3 m samples using a scoop to sample individual metre samples. • Certified Reference Materials (CRM’s) and/or blanks are analysed with each batch of samples. These quality control results are reported along with the sample values in the final report. • Compositing of samples involves collection of representative scoops from within the single sample metre pile. Samples weigh 2-3kg prior to pulverisation. • Sample sizes are considered appropriate to give an indication of mineralisation given the particle sizes and the practical requirement to maintain manageable sample weights.

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Criteria	JORC Code explanation	Commentary
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 (i.e. lack of bias) and precision have been established.	• All analytical results are pending.
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	• All analytical results are pending.
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.	• The drillhole collar positions were surveyed using a hand held GPS. • Accuracy is generally in the range of +/- 5m for E/N and +/- 10m for RL. • No downhole surveys were completed. • The angle of the drill rig mast is set up using a clinometer and rig is orientated using a handheld compass • All coordinates were recorded in GDA94 z51. • There has been no topographical control applied
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.	• The drill spacing is suitable for the reporting of exploration results. • The drill spacing is not suitable for the Mineral Resource estimation. • Sample compositing has not been applied.

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Criteria	JORC Code explanation	Commentary
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.	• Drilling has occurred at a near perpendicular angle to the targeted lithological unit. • The sampling is believed to be unbiased in regards to orientation of the geology.
Sample security	The measures taken to ensure sample security.	• Samples were submitted in pre -numbered plastic bags (five calico bags per single plastic bag), sealed and transported to the Laboratory in Perth for assaying.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	• Sampling and assaying techniques are industry-standard. No specific audits or reviews have been undertaken at this stage in the program. • The results of this drill program have been reviewed by LRD senior management.

Section 2 Reporting of Exploration Results

Criteria in this section apply to all succeeding sections

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 Horse Rocks Project, consists of one Exploration Licence E15/1770, covering 23.8km2 and is located approximately 20km south of Coolgardie, Western Australia. It is readily accessible from Coolgardie via the sealed Coolgardie-Esperance highway and thereafter northwards along the unsealed fence lines and historic drilling tracks. • The Project is within the Yallari Timber Reserve. A Conservation Management Plan (CMP) has been approved by the Environment Minister and is attached as a tenement condition. • E15/1770 is in good standing, and is held by Tailflower Pty Ltd, a wholly owned subsidiary of Lord Resources Ltd
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	• The majority of past exploration work within the project area including drilling, surface sampling; geophysical surveys, geological mapping was largely completed in the 1970’s by Carpentaria Exploration, and 1990’s MPI and Newcrest. • The reports are available on the West Australian Mines Department WAMEX open file library.
Geology	Deposit type, geological setting and style of mineralisation.	• The Project lies on the Coolgardie Domain, of the Kalgoorlie Terrain, within the Eastern Goldfields Supergroup, which is part of the Yilgarn Craton. The dominant geological feature of the tenure is an anticlinal folded portion of an isolated Archaean greenstone belt, between the Nepean-Coolgardie belt and the Saddle Hills-Spargoville belt. The greenstone unit has been metamorphosed to upper greenschist to mid-amphibolite facies. • The Depot Dome intrusion is located to the east of the tenure. The Depot Granodiorite is a medium- to coarse grained hornblende leucogranodiorite-tonalite, with moderate to strong shearing. This discretegranitoid dome is the interpreted source forpegmatites

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Criteria	JORC Code explanation	Commentary
		intrusions which host the Mt Marion Lithium Mine. Pegmatites have been historically mapped within the greenstone sequence, but the lithium potential has not been determined. • There are two east-north-easterly trending Proterozoic dykes bisecting the project area, the northern of which labelled the Celebration Dyke. • The north trending Kununalling Shear Zone passes through the Horse Rocks Project. The Ghost Crab – Mount Marion gold deposits are spatiallyassociated with shear zones.
Drillhole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drillholes: easting and northing of the drillhole collar elevation or RL (elevation above sea level in metres) of the drillhole collar dip and azimuth of the hole down hole length and interception depth hole length.	• An overview of the drill program is given within the text and tables of this announcement. • Holes drilled to date are listed in Appendix 1.
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. 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.	• No assay results are reported – all assays are pending.
Relationship between mineralisation widths and intercept lengths	If the geometry of the mineralisation with respect to the drillhole 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 geometry of mineralisation is unknown
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 hole collar locations and appropriate sectional views.	• Refer to figures in this announcement.

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Criteria	JORC Code explanation	Commentary
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.	• The report has been prepared to summarise the drilling program to date. Further drilling will be completed and reported on in due course.
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.	• All material results from exploration at Horse Rocks have been disclosed in this announcement.
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). _	• Planned further work will be assessment of assay results from the RC drilling.

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