LORD RESOURCES LIMITED — Capital/Financing Update 2024

Nov 5, 2024

ASX ANNOUNCEMENT 6 November 2024

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ACQUISITION OF HIGH-GRADE COPPER PROJECT IN WESTERN AUSTRALIA.

HIGHLIGHTS

• Copper mineralisation at Ilgarari is hosted in steeply dipping NE-trending structures, with historic drilling defining mineralisation over a strike distance of more than 4 km, including historic high-grade drill results.

• Historic deeper drilling has returned high-grade copper intersections, including:

• 17m @ 1.27% Cu from 145 m (RC12IL140)

• Inc. 7m @ 2.04% Cu from 147 m

• 17.1m @ 1.20% Cu from 251m (RC12IL175)

• Inc. 4m @ 3.42% Cu from 251 m

• 12m @ 1.57% Cu from 158 m (RC12IL151)

• Inc. 2m @ 6.62% Cu from 158 m

• 3m @ 3.26% Cu from 139 m (RC12IL122)

• 2m @ 2.45% Cu from 343.7 m (RC12IL175)

• 1m @ 3.61% Cu from 457.5 m (DD14IL014)

• IP survey and geophysical review highlighted multiple drill targets including a broad chargeability conductor which splays off the main mineralised fault zone.

• Regionally significant magnetic feature has been modelled directly under the known mineralisation and is yet to be drill tested.

• Earn-in agreement to acquire up to an 80% interest in all rights to minerals at the Ilgarari Copper Project located below 120m from the natural surface.

• Additional tenement applications submitted to expand the footprint over regional scale structures.

Commenting on the agreement, CEO Andrew Taylor said : “This acquisition represents a unique opportunity to secure a joint venture in a highly prospective copper project in a tier one jurisdiction. Prior exploration has defined mineralisation over 4 km along the Ilgarari Fault and with numerous high-grade hits around both the “Main” and “Alac” workings. The Lord team looks forward to undertaking a systematic exploration program for the extensions and source of this mineralisation in conjunction with Blackrock Resources.

“The acquisition presents a low-cost entry into a highly prospective copper project for Lord.”

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Lord Resources Limited (ASX: LRD) (“Lord” or the “Company”) is pleased to report the Company, via its wholly owned subsidiary, Tailflower Pty Ltd (‘Tailflower’), has entered into a binding earn-in agreement (‘Agreement’) with Blackrock Resources Pty Ltd (‘Blackrock’) to earn up to an 80% interest in the Sulphide Rights within exploration licence E52/2274 (‘Tenement’), which hosts the high-grade Ilgarari Copper workings (Fig. 1), in Western Australia.

The Tenement is located 110km south of Newman, off the Great Northern Highway in Western Australia.

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Figure 1: Ilgarari Copper Project location plan.

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Copper mineralisation at Ilgarari is hosted within the steeply dipping NE-trending Ilgarari Fault which crosscuts flat lying siltstones, shales and dolerites sills and dykes. The dolerite sills and dykes have been attributed to a major continental tholeiitic magmatic event within the Collier basin of the Bangemall Supergroup.

Previous drilling was generally to a depth of less than 100 metres and mainly intersected secondary copper mineralisation of malachite, azurite and chrysocolla where a deep weathering profile is proximal to the fault zone. Deeper drilling has shown that mineralisation persists into fresh sulphide ore (Fig. 2-3), although no systematic exploration has been undertaken at depth.

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Figure 2: Historic drilling and workings at the Ilgarari Copper Project.

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Figure 3: Long section, showing high-grade intercepts below the JV partners oxide zone.

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Exploration activity has largely focused on two areas of oxide mineralisation being the “Main” and “Alac” zones (Fig. 4). Only 11 holes were drilled deep enough to intercept the Ilgarari fault beneath the 120mRL threshold, with 10 of these hitting mineralisation (see Table 1).

The depth extensions to Main and Alac zones will be the initial focus of exploration activities, with the Company intending to undertake detailed analysis of mineralisation, alteration, petrophysics and geophysics of these defined zones to form an exploration framework that can be applied across the wider project.

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Figure 4: Cross section showing historic drill results at the “Alac” zone, indicating the oxide – sulphide boundary defined 120m below surface.

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INDUCED POLARISATION SURVEY

An Induced Polarisation survey (IP survey) was completed in 2012. This survey highlighted chargeability anomalies within splays off the main Ilgarari Fault zone, assigned the name “Target 8”.

As this survey was only modelled to a depth of 100m, Lord has had this data remodelled by a geophysical consultant (see Figure 5) who has extended the model down to a depth of 225m and defined several chargeability anomalies, particularly as splays off the Ilgarari Fault zone.

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Figure 5: Oblique view (looking north) of Ilgarari IP survey & historic drilling, red arrows pointing to the untested northeast trending chargeable targets.

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AEROMAGNETIC SURVEY

An aeromagnetic survey flown in 2010 was completed on a line spacing of 100m and was reprocessed to produce a magnetic inversion model by Lord’s consulting geophysicist.

The results of this processing were highly encouraging, with modelling showing a regionally significant magnetic anomaly of approximately 270nT, starting at 350m from surface.

The centre of this anomaly is between the surface expressions of the “Main” and “Alac” oxide zones (see Figure 6) and extends north to the interpreted down-dip intersection point of the two lodes at Alac (Figure 7).

There is a notable single-station ground gravity anomaly that coincides with this magnetic anomaly. The ground gravity coverage was collected on a regional 2.5km station spacing, Lord intends to undertake a close-spaced ground gravity survey to further refine this target.

These geophysical characteristics could indicate a concealed hydrothermal system at depth and be the potential source of the near-surface mineralisation at Ilgarari.

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Figure 6: Long Section of magnetic inversion model showing 270nT magnetic high between the Main and Alac zones at Ilgarari.

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Figure 7: Cross Section of magnetic inversion model showing magnetic high down-dip of high-grade drilling at the Alac zone.

TENEMENT APPLICATIONS

In addition to the Ilgarari Copper Project Agreement on E52/2274, Lord has also lodged two tenement applications for exploration licences E52/4403 and E52/4405, to the northeast of the Ilgarari copper workings.

Both these applications have numerous geochemical targets defined along repetitions of the same northeast structures which host the Ilgarari copper workings. RAB drilling to blade refusal was undertaken in 2010 to test the base metal potential of structures interpreted from aeromagnetic images, with sampling taken as bottom of hole single metre samples, and wide composites throughout the hole. Encouragingly, one of these holes, ILR241, returned 10m @ 0.12% Cu in a 10-metre composite sample from 55-65m, and has yet to be followed up.

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Figure 8: Tenements of the Ilgarari Copper Project, showing prominent northeast trending structures over regional magnetic imagery and GSWA noted copper occurrences.

NEXT STEPS:

• Due diligence; including geophysical and historical data review, validation and compilation (underway)

• Field reconnaissance and validation work

• Drill planning

• Heritage survey

• Permitting

• Drilling

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Lord’s priority after entering the Agreement with Blackrock is to explore for high-grade mineralisation or feeder structures at depth, which have deposited the copper occurrence near surface. Extensions to mineralisation beneath the “Alac” zone (see Figure 9) will be the near-term priority drill targets, in addition to testing IP targets.

The knowledge gained from understanding the nature and controls on mineralisation at “Alac” will then be applied across the broader project including the north-east extensions of the Ilgarari Fault zone, where a single drillhole DD14IL014 was drilled under EIS funding 2,500m north of the “Alac” Zone, and returned:

 1m @ 3.61% Cu from 457.5m (DD14IL014)

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Figure 9: Long section highlighting 2014 EIS hole stepping 2.5km along the Ilgarari Fault zone.

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Figure 10: Chalcopyrite mineralisation in remanent quarter core from hole DD14IL014, returning 1m @ 3.61% Cu from 457.5m (Assays from WAMEX report A104610, photo taken by Lord geologist at GSWA Core Library).

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TRANSACTION TERMS

The Company, via its wholly owned subsidiary Tailflower Pty Ltd, has entered into a binding earn-in agreement with Blackrock Resources Pty Ltd, pursuant to which Blackrock has agreed to grant Tailflower the exclusive right to earn up to an 80% legal and beneficial interest in the Sulphide Rights (defined below) within the Tenement (‘Acquisition’).

The Sulphide Rights means all rights to minerals the subject of the Tenement located below 120m (Relative Level) from the natural surface.

For the avoidance of doubt, Blackrock is only interested in the Oxide Rights, being all rights to minerals the subject of the Tenement located above 120m (Relative Level) from the natural surface.

Conditions

Completion of the Acquisition, is subject to and conditional upon the satisfaction (or waiver) of the following conditions precedent (‘Conditions’):

• (i) completion of due diligence in relation to the Sulphide Rights, to the satisfaction of the Company in its absolute discretion, and notifying Blackrock of such satisfaction, on or before 31 January 2025;

• (ii) the Company obtaining all necessary shareholder approvals for the Acquisition, including approval for the issue of the Consideration Shares (if required);

• (iii) Blackrock becoming the legal and beneficial owner of the Tenement; and

• (iv) the Company and Blackrock receiving all other necessary regulatory, governmental and third-party approvals or consents that are necessary to realise completion under the Agreement.

Consideration

In consideration for the Acquisition, the Company, on behalf of Tailflower, will pay/issue to Blackrock the following consideration:

• (i) a cash payment of $25,000 (exclusive of GST) upon execution of the Agreement;

• (ii) a cash payment of $75,000 (exclusive of GST) upon completion of the Acquisition; and

• (iii) the issue of $100,000 (exclusive of GST) worth of fully paid ordinary shares in the capital of Lord (‘Shares’), with the number of Shares determined by reference to the volume weighted average price of Shares for the 30-trading day period ending on the business day before the completion date (‘Consideration Shares’).

Earn-In and Joint Venture

On and from completion of the Acquisition (‘Completion Date’), Tailflower has the right to acquire an 80% legal and beneficial interest in the Sulphide Rights (‘Earn-in Interest’) by funding $1,500,000 of expenditure in respect of the Sulphide Rights within 4 years from the Completion Date (‘Earn-in Period’), including expenditure of at least $500,000 within the first 24 months of the Earn-in Period.

On and from the Completion Date, where Blackrock proposes to sell, transfer or assign any of its interest in the Oxide Rights and/or the Tenement to a third party, Lord will be granted the pre-emptive right over the Oxide Rights and/or interest in the Tenement.

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If Tailflower earns the Earn-in Interest within the Earn-in Period, Tailflower and Blackrock will form an unincorporated joint venture in respect of the Sulphide Rights (‘JV’) with the participating interests in the JV being, 80% (Tailflower) and 20% (Blackrock). Blackrock will be free carried by Tailflower in relation to its 20% interest in the JV until a decision to mine (‘Free Carried Period’). Taiflower will be granted pre-emptive rights over Blackrock’s 20% JV interest.

If Blackrock elects not to contribute to JV expenditure after the Free Carried Period in proportion to its JV interest, Lord will granted the irrevocable right to acquire Blackrock’s 20% JV interest at a fair market value.

The Company notes that the Tenement is subject to a royalty to be paid to a former owner of the Tenement, consisting of:

• (i) $50 per tonne of copper metals produced up to a total of 20,000 tonnes of copper metal and a 1% NSR above 20,000 tonnes of copper; and

• (ii) a 1% net royalty on all metals produced other than copper.

- END -

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

For further information please contact:

Andrew Taylor

CEO

E: andrew@lordresources.com

P: +61 407 994 019

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Figure 11: Lord Resources Ltd portfolio of projects

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ABOUT LORD RESOURCES LTD

Lord Resources Ltd (ASX:LRD) 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 copper, lithium, nickel, PGE and gold sectors.

COMPETENT PERSON’S STATEMENT

The information in this announcement that relates to exploration results is based on and fairly represents information compiled by Mr Andrew Taylor, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr Taylor is the CEO of the Company. Mr Taylor 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”). Mr Taylor consents to the inclusion in the announcement of the matters based on his 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.

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Table 1 Drillholes and significant intercepts: +120m below surface (to be read in conjunction with JORC Table 1)

Zone	Hole ID	East	North	Elev	Az/Dip	Total Depth	**Intercept **	Depth From
Main	14DDIL013A	759204	7302100	630	345/-60	509.4	No significant intercepts
	RC12IL172	759733	7302543	630	335/-60	300	1m @ 0.58% Cu	252
	RC12IL171	759824	7302583	630	335/-60	331.4	2m @ 1.09% Cu	267
	RC12IL140	759795	7302657	630	335/-60	180	17m @ 1.27% Cu	145
	incl						7m @ 2.04% Cu	147
	RC12IL173	759914	7302620	630	335/-60	300	1m @ 2.26% Cu	191
Alac	RC12IL122	760792	7302997	630	335/-60	146	3m @ 3.26% Cu	139
	RC12IL175	761023	7302969	630	335/-60	363.2	1.05m @ 1.19% Cu	209.15
	and						17.1m @ 1.20% Cu	251
	incl						4m @ 3.42% Cu	251
	and						2m @ 2.45% Cu	343.7
	RC12IL176	760971	7303090	630	335/-60	240	3m @ 1.55% Cu	210
	RC12IL151	761078	7303219	630	335/-60	198	12m @ 1.57% Cu	158
	incl						2m @ 6.62% Cu	158
	RC12IL174	761101	7303165	630	335/-60	200	2m @ 0.83% Cu	190
NE Zone	DD14IL014	763200	7304300	630	345/-60	589.1	1m @ 3.61% Cu	457.5

*Note: Intercepts are reported as downhole widths. True width is yet to be determined.

** Reported intervals are length weight composited into continuous intervals above 0.2% Cu cut-off. A maximum of 2m continuous waste is permitted with a minimum sample length of 1m.

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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.

 The Ilgarari Copper Project has had variable amounts of drilling, with most drilling targeting the oxide mineralisation within 120m from surface, which is not part of this acquisition.  Historic exploration at the Ilgarari Copper Project has included: Year Company Exploration Completed Report 2016 GME Resources Ltd 2 AC & 26 RC holes for 1177m A112339 2014 Kumarina Resources Pty Ltd 10RC holes 4 DD tails A104610 2013 Sipa Resource Ltd 1160 RAB & AC holes for 18975m A99985 2012 Kumarina Resources Pty Ltd 51 RC holes for 5834m IP Survey A97234 2010 Sipa Resource Ltd 410 RAB/AC holes for 16388m Air Mag/Rad survey A88139 1989 - 1990 West Australian Metals NL 88 RC holes for 2967m (shallow) 10 DD holes for 380.6m(shallow) A34402 (summarised) Drilling data supplied by vendor, no QA/QC available 1967 - 1989 Conwest (Aust) NL 74 RC holes for 2880m (shallow) 3 DD holes for 315m (shallow) Soil sampling IP Survey Costeaning Underground development A34402 (summarised) Drilling data supplied by vendor, no QA/QC available Up to 1970 Various Copper mined intermittently A80276 (summarised) 1913 Copper discovered at Ilgarari DRILLING  The AC & RC drilling by GME Resources Ltd in 2016 is between 180m and 2615m northeast of the Alac copper workings, targeting the interpreted Ilgarari Fault. Samples were collected via cyclone at 1m intervals. A 4m composite sub- sample was submitted to the laboratory for analysis.  Four diamond drillholes were completed by Kumarina Resources Pty Ltd in 2014, in conjunction with the EIS. All holes had RC pre-collars. The sampling was based on geological observations and anomalous results from pXRF. Half-core was collected from selected intervals, and sent to a laboratory for chemical analysis.  The RC drilling completed by Kumarina Resources Pty Ltd in 2012 and 2014 collected samples at 1m intervals via a cyclone then passed through a riffle splitter. All samples were scanned using a hand-held pXRF instrument. Samples the recorded values of >0.1% copper were collected and sent for acid digest followed by AAS or OES analysis.  There has been no data submitted to DEMIRS for any drilling on E52/2274 before 2012. The vendors have supplied a drill database, but the records cannot be verified or validated. There is no detailed information available about drilling methods and conditions, or sampling methodology and analysis.  Sipa Resources Ltd completed regional RAB & AC drillingin

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Criteria	Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
					2013. Drill cuttings were screened with pXRF at variable
					intervals. End of hole samples were sent to a laboratory for
					analysis.
					Sipa Resources Ltd completed regional RAB & AC drilling in
					2010 on NW-SE striking traverses. Holes were drilled to blade
					refusal where possible, to get the least weathered sample
					available. Samples were collected as composites between 1
					and 10m, with an additional bottom of hole sample collected,
					but not all were analysed.
				INDUCED POLARISATION GEOPHYSICAL SURVEY
					A Time Domain Induced Polarisation and DC Resistivity
					geophysical survey was undertaken during April 2012, by
					Fugro ground geophysics Pty Ltd, an independent geophysical
					acquisition contractor.
					The survey employed the following sampling techniques:
					o Time Domain Induced Polarisation and DC Resistivity
					geophysical survey.
					o The survey used the following sampling equipment:
					o Method: Induced Polarisation and DC Resistivity
					o Array: Dipole-Dipole
					o Geometry: Inline 2D Receiver a spacing (m): 50
					Transmitter a spacing (m): 50 Station Move Up (m): 50 N
					level: > n = 8 Transmitter Electrode: Two 1x0.3x0.1m
					aluminium plates
					o Receiver Electrode: Cu/CuSO4 non-polarising
					electrodes
					o Receiver System: Scintrex IPR-12
					o Transmitter System: Scintrex TSQ4
					o Transmitter Waveform: Square, 2 sec on 2 sec off
					o Stacking Time (sec): 120, Readings: 3 or more
Drilling			Drill type (eg core, reverse		2016 – AC & RC drilling was completed with Schramm 64
techniques			circulation, open-hole		(350psi / 900cfm) and 100m RC rods with 108mm bit.
			hammer, rotary air blast,		2014 – Diamond drilling (tails) was both HQ and NQ3. No
			auger, Bangka, sonic, etc) and		further details are available.
			details (eg core diameter,		2012 & 2014 – RC drilling: Drill hammer or rod size has not
			triple or standard tube, depth		been recorded. Samples were collected via cyclone every
			of diamond tails, face-		metre, passed through a riffle splitter, with ~1/8thcollected in a
			sampling bit or other type,		bag for later analysis.
			whether core is oriented and if		2010 & 2013 – RAB & AC – no details have been recorded
			so, by what method, etc).		1967 - 1990 RC & Diamond drilling – no data available for
					validation or review.
Drill	sample		Method of recording and		2016 AC & RC – the drill sample recovery was not reported
recovery			assessing core and chip		2014 Diamond – the drill sample recovery was not reported
			sample recoveries and results		2012 & 2014 RC – the drill sample recovery was not reported
			assessed.		2010 & 2013 – RAB & AC – no details have been recorded
			Measures taken to maximise		1967 - 1990 RC & Diamond drilling – no data available for
			sample recovery and ensure		validation or review.
			representative nature of the samples. Whether a relationship exists	Lord is not able to determine if there is any sample bias from RC or Diamond drilling
			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		2016 AC & RC – lithological logs for entire holes are reported
			samples have been		in WAMEX
			geologically and		2014 Diamond – lithological logs for entire holes are reported
			geotechnically logged to a		in WAMEX. No geotech, RQD, recovery, structural or SG data
			level of detail to support		has been reported.
			appropriate Mineral Resource		2012 & 2014 RC – lithological logs for entire holes are reported
			estimation, mining studies and		in WAMEX
			metallurgical studies.		2010 & 2013 – RAB & AC – lithological logs for entire holes are

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Criteria	Criteria		JORC Code explanation	JORC Code explanation	Commentary	Commentary
				Whether logging is qualitative		reported in WAMEX
				or quantitative in nature. Core		1967 - 1990 RC & Diamond drilling – no data available for
				(or costean, channel, etc)		validation or review.
				photography.
				The total length and
				percentage of the relevant
				intersections logged.
Sub-sampling				If core, whether cut or sawn		2016 AC & RC – Four-meter composite samples were sent to a
techniques				and whether quarter, half or all		laboratory for chemical analysis. This sampling technique is
and	sample			core taken.		considered appropriate for first pass exploration. No sample
preparation				If non-core, whether riffled,		size has been reported.
				tube sampled, rotary split, etc		2014 Diamond – The sampling interval was based on
				and whether sampled wet or		geological observations and anomalous results from pXRF.
				dry.		Mineralised sections were split by diamond saw along the core
				For all sample types, the		axis with 1m sections selected for analysis. Samples were
				nature, quality and		pulverized to 75% passing 85um. A 10g split was digested via
				appropriateness of the sample		aqua regia for gold. A second split was digested with 4-acid
				preparation technique.		mix of HCl, H2SO4, HNO3and HF and analysed by OES for Ag,
				Quality control procedures		10, Co, Cr, Cu Fe, Mg, Mn, Pb, Sb, Zn. No sample size has
				adopted for all sub-sampling		been reported.
				stages to maximise		2014 RC – All samples were scanned with pXRF. Where pXRF
				representivity of samples.		readings were >0.1% Cu, the sample was sent to a laboratory
				Measures taken to ensure that		for acid digest followed analysis by AAS or OES. No sample
				the sampling is representative		size has been reported.
				of the in situ material collected,		2013 RAB & AC – Drill spoils were scanned (at variable
				including for instance results		intervals) via pXRF, with the aim of infil drilling in areas of
				for field duplicate/second-half		copper anomalism. End of hole samples were sent to Bureau
				sampling.		Veritas and assayed for Hg, Se Zn, U, Te, Sb, Pb, Mn, Ni, Fe, Cu,
				Whether sample sizes are		Co, Bi, Ag, As, Pt, Pt, Au – no method was recorded.
				appropriate to the grain size of		2012 RC – no data is available for sampling or analytical
				the material being sampled.		methodology. Assays are reported for the following elements:
						As, Co, Cu, Fe, Mg, Mn, Pb, Zn. No sample size has been
						reported.
						2010 RAB & AC – Composite samples of up to 10m were
						collected based on lithological observations, and assayed via
						aqua regia for Au, As, Cu, Zn, Pb, Fe, Mn, Ni Co, Bi, Ab, Mo.
						An additional bottom of hole sample was collected of the
						freshest chips, although not all were sent for analysis.
						1967 - 1990 RC & Diamond drilling – no data available for
						validation or review.
Quality		of		The nature, quality and		2016 AC & RC – Of the 323 samples submitted to the
assay		data		appropriateness of the		laboratory, there were 6 duplicates, 6 blanks and 16 standards.
and				assaying and laboratory		Samples were digested via aqua regia with ICP-MS finish for
laboratory				procedures used and whether		gold and copper. All QA/QC results fell within accepted limits.
tests				the technique is considered		Lord geologists consider aqua regia method a near-total
				partial or total.		digest for gold.
				For geophysical tools,		2014 RC & Diamond – random samples, at a ratio of 1:10, were
				spectrometers, handheld XRF		selected for re-analysis to check laboratory precision. Eight
				instruments, etc, the		CRM standards and 3 blank samples were analysed to check
				parameters used in		analytical accuracy. All QA/QC results fell within accepted
				determining the analysis		limits. Lord geologists consider aqua regia method a near-
				including instrument make and		total digest for gold.
				model, reading times,		2013 RAB & AC - There is no information regarding laboratory
				calibrations factors applied		methods used, or any QA/QC protocols
				and their derivation, etc.		2012 RC – There is no information regarding laboratory
				Nature of quality control		methods used, or any QA/QC protocols.
				procedures adopted (eg		2010 RAB & AC – No QA/QC data available. Samples were
				standards, blanks, duplicates,		assayed via aqua regia, which is considered a near-total digest
				external laboratory checks) and		for gold.
				whether acceptable levels of		1967 - 1990 RC & Diamond drilling – no data available for
				accuracy (ie lack of bias) and		validation or review.
				precision have been established.	INDUCED POLARISATION GEOPHYSICAL SURVEY
						A Time Domain Induced Polarisation and DC Resistivity
						geophysical survey was undertaken during April 2012, by
						Fugrogroundgeophysics Ptl Ltd,an independentgeophysical

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Criteria		JORC Code explanation	JORC Code explanation	Commentary	Commentary
					acquisition contractor.
					The survey consisted of 9.8 line km of data collected along
					seven NNW-SSE (337.7-157.7) oriented profiles (lines: 8500E,
					8900E, 9300E, 9700E, 1000E, 10300E, 10700E).
					Data QAQC was completed by the acquisition contractor and
					verified by an independent consultant geophysicists (Southern
					Geoscience and Merlin Geophysics)
					Data QAQC showed that the obtained data is of good quality.
					EM coupling exists on some lines and may be geological in
					origin.
					Modelling of the data was completed by an independent
					consultant geophysicist using industry standard Zonge2D and
					UBC3D inversion software.
					The derived subsurface geo-electric models of Chargeability
					and Resistivity are interpreted with a high degree of
					confidence.
Verification	of		The verification of significant		No hole twinning or independent verification of intersections
sampling and			intersections by either		has been conducted at this stage.
assaying			independent or alternative		The data entry procedures for all drilling is unknown.
			company personnel.		No adjustments to assay data has been reported, and it is not
			The use of twinned holes.		industry standard to adjust copper assays.
			Documentation of primary		IP Data – QA/QC was completed by the acquisition contractor
			data, data entry procedures,		and verified by an independent consultant geophysisict
			data verification, data storage
			(physical and electronic)
			protocols.
			Discuss any adjustment to
			assay data.
Location	of		Accuracy and quality of		No Resource or Reserve Estimates are reported in this
data points			surveys used to locate drill		document.
			holes (collar and down-hole
			surveys), trenches, mine
			workings and other locations used in Mineral Resource estimation. Specification of the grid system used.	 	2016 AC & RC – Drillholes were located with GPS (+/- 5m accuracy), using GDA94 Z50, and reported in WAMEX in both local grid and GDA94Z50. No downhole surveys were reported. 2014 RC & Diamond – Drillholes were located with GPS (+/- 5m
			Quality and adequacy of topographic control.		accuracy), using GDA94 Z50, and reported in WAMEX in both local grid and GDA94Z50. No downhole surveys were
					reported for RC drilling. The diamond holes have downhole
					surveys for the tail portion only.
					2012 RC – location method is unknown for this drilling. Digital
					records reported in WAMEX have both local grid and
					GDA94Z50. No downhole surveys were reported.
					2010 & 2013 RAB & AC - location method is unknown for this
					drilling
					1967 - 1990 RC & Diamond drilling – no data available for
					validation or review.
					IP Survey – The coordinate system used is GDA94 MGA Zone
					52S coordinates. Garmin Etrex 10 hand-held GPS was used to
					locate EM and IP receiver and transmitter stations. Report
					A97234 has the below Local : GDA transformation:
Data spacing			Data spacing for reporting of		No Resource or Reserve Estimates are reported in this
and			Exploration Results.		document.
distribution			Whether the data spacing and		The data available is not considered adequate for a Mineral
			distribution is sufficient to		Resource Estimate calculation in the below 120m portion, as an
			establish the degree of		appropriate understandingof mineralisation continuityhas not

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Criteria		JORC Code explanation	JORC Code explanation	Commentary	Commentary
			geological and grade		yet been established.
			continuity appropriate for the		All drillholes are drilled towards the northwest – perpendicular
			Mineral Resource and Ore		to the orientation of the mineralisation.
			Reserve estimation		The 2012 IP survey consisted of 9.8 line km of data collected
			procedure(s) and		along seven NNW-SSE (337.7-157.7) oriented profiles (lines:
			classifications applied.		8500E, 8900E, 9300E, 9700E, 1000E, 10300E, 10700E).
			Whether sample compositing
			has been applied.
Orientation	of		Whether the orientation of		All drillholes are drilled -60° towards the northwest – which is
data	in		sampling achieves unbiased		perpendicular to the orientation of the mineralisation.
relation	to		sampling of possible structures		Sampling is believed to be unbiased in relation to the
geological			and the extent to which this is		orientation of mineralisation.
structure			known, considering the		The 2012 IP survey consisted of 9.8 line km of data collected
			deposit type.		along seven NNW-SSE (337.7-157.7) oriented profiles (lines:
			If the relationship between the		8500E, 8900E, 9300E, 9700E, 1000E, 10300E, 10700E). This is
			drilling orientation and the		approximately perpendicular to known copper mineralisation
			orientation of key mineralised		trends.
			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 measures have not been recorded.
security			sample security.
Audits	or		The results of any audits or		Lord Resources geologists have reviewed the drilling data
reviews			reviews of sampling		available on the WAMEX system, and compiled into a database
			techniques and data.		and viewed in 3D. While there is information missing from
					some drilling (recovery, pXRF, geotechnical, density), the
					majority of the drillholes mentioned have all relevant
					information.
					Lord Resources geologist has viewed the 4 drillholes available
					at the Perth Core Library and verified the historically logged
					geology.

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SECTION 2 REPORTING OF EXPLORATION RESULTS

(Criteria listed in the	(Criteria listed in the	(Criteria listed in the	precedingsection also	apply	to this section.)
Criteria		JORC Code		Commentary
		explanation
Mineral			Type, reference		The Ilgarari Copper Project is located 110km south of Newman, within the
tenement			name/number,		Bulloo Downs Pastoral Lease, off the Great Northern Highway in Western
and	land		location and		Australia, and pertains to 3 Exploration Licences:
tenure status			ownership		 E52/2274 – granted - LRD entered into an earn-in agreement with
			including		Blackrock Resources Pty Ltd, to earn 80% of the sulphide rights, being
			agreements or		the rights to all minerals located below 120m RL
			material issues		 E52/4403 – application - LRD 100%
			with third parties		 E52/4405 – application - LRD 100%
			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.		E52/2274 – Ilgarari JV  Lord Resources Ltd, via its wholly owned subsidiary Tailflower Pty Ltd, has entered an earn-in agreement with Blackrock Resources Pty Ltd, to earn up to 80% of the Sulphide Rights at the Project, with the following terms:  $25,000 cash for 3 months Due Diligence;  $75,000 cash to commence the joint venture;  $100,000 of shares in Lord Resources Ltd;  Lord has the right to acquire an 80% legal and beneficial interest in the Sulphide Rights at the Project, defined as all rights to minerals located 120m below the natural surface, by funding $1,500,000 of expenditure within 4 years from the date of completion of the Acquisition, subject to certain conditions;  Lord will also be granted the first right of refusal to purchase the oxide component of the Project at reasonable and commercial terms, and,  If Blackrock elect not to proceeding to mine development with contributions on an equity basis, Lord can acquire the non- proceeding interest (20%) on a fair value basis.  A project royalty is held on E52/2274 by former owner, Kumarina
					Resources Pty Ltd consisting of:
					 $50 per tonnes of copper metals produced up to a total of
					20,000 tonnes of copper metal and a 1% NSR above 20,000
					tonnes of copper,
					 A 1% net royalty on all metals produced other than copper.
Exploration			Acknowledgme		Until the late 1960s no coordinated exploration had been carried out on the
done by	other		nt and appraisal		Project. Several mine workings were developed along the shear and were
parties			of exploration		worked intermittently until 1973, by Conwest (Aust) NL and Group Copper
			by other parties.		Limited. WAMEX report A80276 reports historic production of 1,908 tonnes
					grading 30.76% Cu and 1,253 tonnes grading at 16.19% Cu. The Main
					Working (western) and the Alac Working (eastern) were mined via a series of
					shafts between and 1968 and 1973, which reached a maximum depth of 14m.
					Numerous shallow drilling campaigns have been completed at the Ilgarari
					Copper Project prior to 2012, however no detailed information is available
					Historic exploration has been focused on expanding the oxide resource,
					rather than defining the source of the copper. A Mineral Resource Estimate
					(JORC 2004) was reported by Kumarina Resources Ltd in 2012 indicated
					1.1Mt @ 1.9% Cu for 20,941 tonnes of copper. This inferred resource was
					only extended to 150m depth, and is not part of the deal between Lord &
					BlackRock.
Geology			Deposit type,		The Ilgarari Copper Project lies within the Mesoproterozoic Bangemall Basin,
			geological		which comprises a thick sequence of siliciclastic and carbonate sedimentary
			setting and style		rocks. The Bangemall Basin consists of the older basal Edmund Group that is
			of		unconformably overlain by the Collier group. The project area lies within
			mineralisation.		Collier Group sediments, which has been intruded by the dolerite (+/-
					gabbro) sills and dykes of the Kulkatharra Group – part of the underlying
					Warakuna Large Igneous Province. These basic dyke and sills range in
					thickness between 1m and 100m.

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Criteria		JORC Code	JORC Code	Commentary	Commentary	Commentary
		explanation
					On a project scale, the Ilgarari workings are situated on an alluvium covered
					plain with sparse mulga vegetation. The few outcrops in the area consist of
					quartz and ironstone caps which follow a line of mineralisation in a zone up to
					50m wide over a length of 2,000m.
					Copper mineralisation occurs in east-northeast						striking			and steeply south
					dipping faults and shears and is commonly developed									at or near dolerite-
					shale contacts. The		area is	attributed to supergene enrichment							of sulphide-
					quartz occurring as fault or			fissure fillings. The			near surface and historically
					worked mineralisation is represented as limonite veinlets up to										10m wide
					containing copper carbonates (malachite and azurite) and the silicate
					chrysocolla and the		oxide cuprite. With increasing depth, the oxide minerals
					are replaced by chalcopyrite and chalcocite and							rare native copper.
					At surface, secondary copper-oxide mineralisation is confined to a steep-to-
					moderately dipping mylonitic shear zone, within							the Ilgarari Fault.
Drill	hole		A summary of all		Relevant information is reported in Tables and Plans within the document
Information			information		The table below outlines the				11 historic drillholes that intercepted the
			material to the		mineralised fault zone below 120m from surface.
			understanding of the exploration results including a tabulation of		Zone Main	Hole ID 14DDIL013 A	Typ e DD		East 75920 4	North 730210 0			Ele v 630	Az/Dip 345/- 60	Total Depth 509.4
			the following information for		Main	RC12IL172	RC		75973 3	730254 3			630	335/- 60	300
			all Material drill holes:		Main	RC12IL171	RCD		75982 4	730258 3			630	335/- 60	331.4
			o easting and northing of the drill hole collar		Main Main	RC12IL140 RC12IL173	RC RC		75979 5 75991 4	730265 7 730262 0			630 630	335/- 60 335/- 60	180 300
			o elevation or RL (Reduced		Alac	RC12IL122	RC		76079 2	730299 7			630	335/- 60	146
			Level – elevation		Alac	RC12IL175	RCD		76102 3	730296 9			630	335/- 60	363.2
			above sea level in		Alac	RC12IL176	RC		76097 1	730309 0			630	335/- 60	240
			metres) of the drill hole		Alac	RC12IL151	RC		76107 8	730321 9			630	335/- 60	198
			collar o dip and azimuth of the hole		Alac Northeas t	RC12IL174 DD14IL014	RC DD		76110 1 76320 0	730316 5 730430 0			630 630	335/- 60 345/- 60	200 589.1
			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.

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Criteria	JORC Code	JORC Code	Commentary	Commentary
	explanation
Data		In reporting		Only intervals that are below 120m from surface have been reported, as
aggregation		Exploration		weighted composite copper values.
methods		Results,		Reported intervals are length weight composited into continuous intervals
		weighting		above 0.2% Cu. A maximum of 2m continuous waste is permitted with a
		averaging		minimum sample length of 1m.
		techniques,		No top cut has been used
		maximum		Reported intercept values are weighted by the length of sample
		and/or minimum		No metal equivalents are reported
		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.
Relationship		These		All drillholes have been drilled at -60° to the northwest – perpendicular to the
between		relationships are		northeast trending mineralisation.
mineralisatio		particularly		The figures within the body of this document is a visual representation of the
n widths and		important in the		interpreted mineralisation orientation compared to the drillholes.
intercept		reporting of		All reported intercepts are downhole length, true width has not been
lengths		Exploration		calculated yet.
		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

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Criteria	JORC Code	JORC Code	Commentary	Commentary
	explanation
		to this effect (eg
		‘down hole
		length, true
		width not
		_known’). _
Diagrams		Appropriate		See figures in the body of this document
		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.
Balanced		Where		Representative cross-sections, long sections and a collar plan have been
reporting		comprehensive		supplied in the body of this document.
		reporting of all		Lord believes this announcement is a balanced report, and that all material
		Exploration		information has been reported.
		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		No other data has been reported within this announcement
substantive		exploration
exploration		data, if
data		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;

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Criteria	JORC Code	JORC Code	Commentary	Commentary
	explanation
		potential
		deleterious or
		contaminating
		substances.
Further work		The nature and		Planned further work includes further data acquisition & validation, RC/D
		scale of planned		drilling, geological modelling, metallurgical test work and further geophysical
		further work (eg		surveys.
		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.

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