Announcement PDF Annual Report June 30 2023 Lightning Minerals Ltd ABN 40 656 005 122 Annual Report to Shareholders For the Year Ended June 30 2023 Level 6, 505 Little Collins Street, Melbourne VIC 3000 | admin@lightningminerals.com.au | www.lightningminerals.com.au | (08) 9429 8806 Annual Report June 30 2023 TABLE OF CONTENTS Contents Corporate directory ........................................................................................................ 1 Review of operations ..................................................................................................... 2 Directors’ Report............................................................................................................ 14 Auditor’s Independence Declaration ..................................................................... 28 Statement of Profit and Loss and Other Comprehensive Income ............. 29 Statement of Financial Position .............................................................................. 30 Statement of Changes in Equity.............................................................................. 31 Statement of Cash Flows ............................................................................................ 32 Notes to and Forming Part of the Financial Statements ............................... 33 Directors’ Declaration .................................................................................................. 51 Independent Auditor’s Report ................................................................................. 52 Shareholder Information ............................................................................................ 56 Level 6, 505 Little Collins Street, Melbourne VIC 3000 | admin@lightningminerals.com.au | www.lightningminerals.com.au | (08) 9429 8806 Annual Report June 30 2023 CORPORATE DIRECTORY Directors Mr Alexander Biggs (Managing Director and CEO) Mr Craig Sharpe (Non-Executive Director) Mr Francesco Cannavo (Non-Executive Director) Company Secretary Justyn Stedwell Registered Office Level 6, 505 Little Collins Steet Melbourne VIC 3000 Telephone: (08) 9429 8806 Perth Office Level 11, 40 The Esplanade Perth, WA, 6000 Telephone: (08) 9429 8806 Auditors HLB Mann Judd (VIC) Partnership Level 9, 550 Bourke Street Melbourne VIC 3000 Legal Advisers Moray and Agnew Lawyers Level 6, 505 Little Collins Steet Melbourne VIC 3000 Share Registry Automic Pty Ltd Level 5, 126 Phillip Street Sydney NSW 2000 Telephone: 1300 288 664 Email: hello@automic.com.au Website: www.automic.com.au Securities Exchange Listing Lightning Minerals Limited shares are listed on the Australian Securities Exchange (ASX) ASX Code: L1M Website www.lightningminerals.com.au Level 6, 505 Little Collins Street, Melbourne VIC 3000 | admin@lightningminerals.com.au | www.lightningminerals.com.au | (08) 9429 8806 1 Annual Report June 30 2023 REVIEW OF OPERATIONS DUNDAS PROJECT (100% L1M) Exploration works started on the Company’s flagship Dundas Project immediately post listing on the Australian Securities Exchange on the 22nd November 2022. Initial works focused on ground reconnaissance, identifying multiple pegmatites across the Company’s Dundas tenements then progressed to soil sampling, geochemistry, geophysical interpretation and drilling which began in June 2023 and is ongoing subsequent to end of year. Figure 1: Location of Dundas project tenements Level 6, 505 Little Collins Street, Melbourne VIC 3000 | admin@lightningminerals.com.au | www.lightningminerals.com.au | (08) 9429 8806 2 Annual Report June 30 2023 MULTIPLE OUTCOPPING PEGMATITES IDENTIFIED AT DUNDAS E63/2001 TENEMENT During site visits in December 2022 (ASX Announcement 13 December 2022) and February 2023 (ASX Announcement February 16 2023) multiple outcropping pegmatites were identified in the north of tenement E63/2001 which were to then be targeted during Drilling in June 2023. Figure 2: Pegmatite outcrop identified within E63/2001 during February field reconnaissance. Photograph taken looking South from approximately 417731mE, 6447983mN (MGA94-Zone51) GEOPHYSICS PROGRAM IDENTIFIES MULTIPLE LITHIUM ANOMALIES Southern Geoscience Consultants (SGC) were commissioned during late 2022 to complete a 1: 50,000 scale litho-structural interpretation and target generation for the greater Dundas Project. The objective of the geophysical reinterpretation was to analyse and reprocess data from historical geophysical surveys collected over the last 25 years. Modern geophysical data processing techniques may now be able to identify areas of potential prospectivity for a range of critical minerals that warrant further exploration. The interpretative work principally focused on a detailed analysis of the aeromagnetic data, with the added context of contemporary geological knowledge, in conjunction with historic drilling and outcrop information. The review resulted in the delineation of structural and lithological complexity that had not been recognised in previously available open file outcrop mapping and GSWA interpreted bedrock data. The result of this work is the generation of 28 discreet geophysical targets over the greater Dundas Project as shown in Figure 3 and Figure 4. Target generation criteria was focused firstly on lithium Level 6, 505 Little Collins Street, Melbourne VIC 3000 | admin@lightningminerals.com.au | www.lightningminerals.com.au | (08) 9429 8806 3 Annual Report June 30 2023 mineralisation, and where appropriate nickel and platinum group elements (PGE) targets have also been Identified when ultramafic and differentiated Jimberlana Dyke lithologies have been interpreted. Of the 28 targets identified, 22 of these occur within the Dundas South project area, notably eight of those within E63/2001. The remainder occur on the Dundas North tenements. Targets have been prioritised into three categories based upon the geological and geophysical details at each location. Priority one targets are displayed in red, with priority two and priority three shown in orange and green respectively (ASX announcement 09 February 2023). Four of these structural targets within E63/2001 are interpreted as high priority, occurring within felsic volcanic lithologies of the Black Flag Group. These targets are also broadly coincident with soil geochemical anomalism identified in the Company’s recent soil sampling campaign (ASX announcement 23 January 2023) which are less than 10km along strike of known lithium mineralisation and within a similar geological setting. Figure 3: Aeromagnetic data for the Dundas project tenure. Imagery - Reduced to Pole, pseudo linear draped second vertical derivative (2VD) Level 6, 505 Little Collins Street, Melbourne VIC 3000 | admin@lightningminerals.com.au | www.lightningminerals.com.au | (08) 9429 8806 4 Annual Report June 30 2023 Figure 4: SGC Aeromagnetic Data for the Dundas North Project Tenure (E28/3027 and E28/3028). Imagery–- Reduced to Pole, pseudo linear draped second vertical derivative (2VD) GEOCHEMISTRY PROGRAM IDENTIFIES MULTIPLE LITHIUM ANOMALIES A comprehensive soil sampling campaign that identified multiple lithium in soil anomalies across the Company’s tenements began in November 2022. A lithium-rubidium in soil anomaly, approximately 2km by 2km above 60ppm lithium and 60ppm rubidium with a peak assay result of 112ppm lithium was identified on tenement E63/2001 (ASX announcement 23 January 2023). Within this, a coherent zone of north south trending anomalism of Level 6, 505 Little Collins Street, Melbourne VIC 3000 | admin@lightningminerals.com.au | www.lightningminerals.com.au | (08) 9429 8806 5 Annual Report June 30 2023 >100ppm lithium was identified, with three contiguous samples and a peak value of 112ppm lithium as shown in Figure 5. Shallow to moderate cover is present over the majority of tenement E63/2001 and for this reason the UFF+ analytical technique was utilised for assaying is applicable in an attempt to ‘see through’ the transported regolith profile. Rubidium anomalism was broadly coincident with the elevated lithium values related to the interpreted felsic volcanic lithology. Two zones of anomalism above 100ppm can be seen in Figure 6 with peak rubidium values within each discreet zone of 120ppm and 135ppm. Figure 5: Lithium UFF+ soil anomalism >60ppm contours on Interpreted 1:100,000 GSWA interpreted geology Figure 6: Rubidium UFF+ soil anomalism >60ppm contours on Interpreted 1:100,000 GSWA interpreted geology Level 6, 505 Little Collins Street, Melbourne VIC 3000 | admin@lightningminerals.com.au | www.lightningminerals.com.au | (08) 9429 8806 6 Annual Report June 30 2023 Elevated lithium-in-soil anomaly over a broad ~8km2 area, including a peak result of 218ppm lithium was also identified on tenement E63/2000. A target was identified within E63/2000, where a broad, >80 PPM tenor lithium-in-soil geochemical anomaly was discovered over an approximate 8km2 area. A smaller anomaly of the same tenor is also present within E63/1993 as shown in Figure 7. Analytical results have also revealed areas of elevated lithium and caesium on tenement E63/2028. Elevated zones occur within greenstone lithologies similar to those that are known to host a LCT deposit approximately 10km to the south-east: Liontown Resources’ (ASX: LTR) Buldania/Anna lithium project. Peak results of 60.9ppm lithium and 5.6ppm caesium warrant further follow up works. Figure 7: Lithium in soil geochemical results within E63/2000 and E63/1993, shown on Analytic Signal Total Magnetic Intensity geophysical image Geochemical results for the Dundas North project ( tenements E28/3027 and E28/3028) highlighted three target areas that display elevated lithium in soil values up to 147ppm, with some correlative rubidium, caesium, and tantalum elevations. The areas are highlighted by light blue ellipses in Figures 8, 9, 10 and 11. The underlying geology consists of the interpreted sediments of the Mt Belches super sequence, the same geological unit that hosts the Bald Hill lithium-tantalum mine ~30km to the West. Samples were collected on a nominal 400m x 400m grid across the tenements, with analysis completed by LabWest Minerals Analysis (LabWest). Analysis utilised the Ultrafine + (UFF+) method Level 6, 505 Little Collins Street, Melbourne VIC 3000 | admin@lightningminerals.com.au | www.lightningminerals.com.au | (08) 9429 8806 7 Annual Report June 30 2023 with chemical analysis for a suite of 62 elements including lithium and associated pathfinders for lithium-caesium-tantalum (LCT) mineralisation. The tenor of background lithium levels within the project area and the Mt Belches lithological unit appear to be approximately 40-60ppm lithium, with the elevated zones returning multiple samples with values above 80ppm lithium and up to a peak result of 147ppm lithium. Results are thought to provide sound vectors toward potential mineralisation as the elevations are clustered and are proximal to suitable granitic protoliths within the ‘goldilocks zone’ for LCT pegmatite mineralisation. The ‘goldilocks zone’ is typically estimated to be between 2km and 10km from the source granitic body. This geological setting therefore requires follow up exploration works to ascertain the source of the anomalies. Figures 8, 9, 10 and 11: Dundas North tenure showing returned UFF+ lithium, rubidium, caesium and tantalum soil geochemistry results Rock chip sample results were returned for prior reconnaissance samples taken during December 2022 (ASX Announcement 16 February 2023). The results are encouraging as samples taken within outcropping pegmatites show adequate Level 6, 505 Little Collins Street, Melbourne VIC 3000 | admin@lightningminerals.com.au | www.lightningminerals.com.au | (08) 9429 8806 8 Annual Report June 30 2023 potassium/rubidium (K/Rb) geochemical signatures. This may indicate that the pegmatites sampled across the Dundas projects are fractionated to the appropriate level for lithium mineralisation to occur. The potassium/rubidium (K/Rb) ratios are a tool used to indicate the fractionation state and mineralisation potential of pegmatites, with spodumene-bearing pegmatites typically having a ratio between 5 and 40 K/Rb. The lithium tenor within the returned samples is subdued, as outcropping lithologies are moderately to intensely weathered. This is interpreted as the result of lithium’s mobility in the weathered profile and being readily depleted from the sampled horizon. DRILLING AT DUNDAS SOUTH TENEMENT E63/2001 Drilling began at the Company’s E63/2001 tenement targeting the areas of interest as identified during soil sampling and geophysical interpretation and was ongoing subsequent to the end of year. The drill program was designed to be up to 2,500m of reverse circulation (RC) drilling and 10,000m of Aircore (AC) drilling (Figures 12 and 13). The program targeted outcropping pegmatites in the north of the tenement and tested a 4km2 lithium and rubidium in soil anomaly in the south-east of the tenement up to 112ppm lithium, with multiple samples exceeding the background of 60ppm. Drilling in the south-east of the tenement will target potential extensions of pegmatites identified by Larvotto Resources (ASX: LRV) directly to the south of the Company’s tenure (Larvotto Resources ASX announcement 03 April 2023). Subsequent to the end of year multiple pegmatites have been intersected on tenement E63/2001 (ASX Announcement 14 August 2023). This demonstrates the northwest to south-east pegmatite trend from Liontown’s (ASX: LTR) Buldania project in the north to Larvotto’s Merivale prospect in the south. Figure 12: Reverse Circulation collar locations for drilling of outcropping pegmatites on tenement E63/2001 Level 6, 505 Little Collins Street, Melbourne VIC 3000 | admin@lightningminerals.com.au | www.lightningminerals.com.au | (08) 9429 8806 9 Annual Report June 30 2023 Figure 13: Drill location map showing Aircore drill area and intersected pegmatite locations MT JEWELL PROJECT (100% L1M) Work program design has been ongoing to determine appropriate exploration strategy. Data review and interpretation of existing drilling data has been completed and is ongoing. POW applications have been approved by The Department of Mines, Industry Regulation and Safety (DMIRS). Heritage agreements have been executed for the project. A site visit was completed in February 2023. MAILMAN HILL PROJECT (100% L1M) Work program design has been ongoing to determine appropriate exploration strategy. Data review and interpretation of existing drilling data has been completed and is ongoing. POW applications have been approved by The Department of Mines, Industry Regulation and Safety (DMIRS). Heritage agreements have been executed for the project. A site visit was completed in February 2023. MT BARTLE PROJECT (100% L1M) Application for the Mt Bartle tenements is still pending. Data review and analysis is ongoing and continues subsequent to the end of quarter. Discussions regarding execution of heritage agreements are ongoing. Level 6, 505 Little Collins Street, Melbourne VIC 3000 | admin@lightningminerals.com.au | www.lightningminerals.com.au | (08) 9429 8806 10 Annual Report June 30 2023 Figure 14: Lightning Minerals’ project tenement summary PROJECT GENERATION During the period the Company received a number of project opportunities, and conducted high-level internal project evaluation and will continue to identify and review projects that may be complimentary to its business. Subsequent to end of year the Company signed a binding letter of intent to acquire the Dalmas and Hiver Projects in James Bay, Quebec Canada with a due diligence period entered into (ASX Announcement 11 August 2023). Level 6, 505 Little Collins Street, Melbourne VIC 3000 | admin@lightningminerals.com.au | www.lightningminerals.com.au | (08) 9429 8806 11 Annual Report June 30 2023 SCHEDULE OF TENEMENTS AS AT 30 JUNE 2023 Tenement Status Area (km2) Grant Date Expiry Date Annual Rent (A$) Annual Expenditure (A$) Royalty Ownership E15/1748 Granted 29.13 6/11/2020 05/11/2025 2,750 20,000 1% NSR 100% E63/1932 Granted 17.01 30/09/2019 19/09/2024 1,650 20,000 1% NSR 100% E63/1993 Granted 29.07 15/05/2020 14/05/2025 2,750 20,000 1% NSR 100% E63/2000 Granted 93.10 23/10/2020 22/10/2025 8,800 32,000 1% NSR 100% E63/2001 Granted 23.24 23/10/2020 22/10/2025 2,200 20,000 1% NSR 100% E63/2028 Granted 46.50 14/05/2021 13/05/2026 2,448 20,000 1% NSR 100% E28/3027 Granted 160.84 17/05/2021 06/05/2026 8,415 55,000 1% NSR 100% E28/3028 Granted 55.51 17/05/2020 16/05/2026 2,907 20,000 1% NSR 100% Mt Jewell E27/566 Granted 8.89 8/11/2016 07/11/2026 2,133 30,000 1.5% NSR 100% Mailman Hill E37/1408 Granted 101.83 12/05/2021 11/05/2026 5,202 34,000 1% NSR 100% E53/2151 Pending 193.62 (01/10/2020) - - - 1% NSR 100% E53/2159 Pending 78.33 (08/09/2020) - - - 1% NSR 100% E53/2147 Pending 124.98 (18/12/2020) - - - 1% NSR 100% Project Dundas South Dundas North Mt Bartle Level 6, 505 Little Collins Street, Melbourne VIC 3000 | admin@lightningminerals.com.au | www.lightningminerals.com.au | (08) 9429 8806 12 Annual Report June 30 2023 FORWARD LOOKING STATEMENTS Information included in this release constitutes forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation. Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control. Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based. COMPETENT PERSONS STATEMENT The information contained herein that relates to exploration results is based on information compiled or reviewed by Mr Jarrad Woodland, who is a Competent Person and a member of the Australasian Institute of Mining and Metallurgy. Mr Woodland is a full-time employee of the company. Mr Woodland has sufficient experience which is relevant to the style of mineralisation and types of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Persons as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Woodland consents to the inclusion of his name in the matters based on the information in the form and context in which it appears. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements, and that all material assumptions and technical parameters have not materially changed. The Company also confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements. Level 6, 505 Little Collins Street, Melbourne VIC 3000 | admin@lightningminerals.com.au | www.lightningminerals.com.au | (08) 9429 8806 13 Annual Report June 30 2023 DIRECTORS’ REPORT The Directors hereby present their Annual Report on Lightning Minerals Limited (ASX: L1M) (the Company or L1M) for the year ended 30 June 2023. To comply with the provisions of the Corporations Act 2001, the Directors report as follows: DIRECTORS Except as otherwise stated below, the following persons were Directors and Company Secretary of Lighting Minerals Limited during the whole year and up to the date of this Report as follows: Director Title Appointment Date Resignation Date Board Meeting Attendance Mr Peter McNeil Non-Executive Director 09 August 2022 28 September 2023 6 of 6 Dr Karen Lloyd Non-Executive Director 08 April 2022 28 September 2023 4 of 6 Mr Craig Sharpe Non-Executive Director 08 April 2022 N/A Mr Francesco Cannavo Non-Executive Director 13 December 2021 N/A Mr Alexander Biggs Managing Director 28 September 2023 N/A 100% 66% 6 of 6 100% 6 of 6 100% 0 of 0 Details of the Directors of the Company in office at any time during or since the end of the financial year and at the date of this report are: Mr Alexander Biggs Managing Director (appointed 28 September 2023) and Chief Executive Office Qualifications and Experience Mr Alexander Biggs has been Chief Executive Officer for the Company since 01 September 2022 and he was appointed Managing Director on 28 September 2023. Mr Biggs is a qualified Mining Engineer and Mechanical Engineer. He has over 20 years’ experience in the engineering and mining sectors including corporate, operations, consulting, finance, deal structuring and significant commercial expertise. Mr Biggs is currently a Non-Executive Director at Metals Australia (ASX:MLS) and previously Managing Director of Critical Resources (ASX:CRR). He has held executive, management and operational positions throughout the industry. Mr Biggs is a Member of the Australian Institute of Mining and Metallurgy and a graduate of the Western Australian School of Mines. Other Directorships in listed entities: Metals Australia Limited (ASX: MLS) Level 6, 505 Little Collins Street, Melbourne VIC 3000 | admin@lightningminerals.com.au | www.lightningminerals.com.au | (08) 9429 8806 14 Annual Report June 30 2023 Former Directorships in listed entities in last 3 years: Critical Resources Limited (ASX: CRR) – resigned 15/7/22 Interests in shares, options and performance rights: 96,491 ordinary shares 500,000 share options 1,745,454 Performance Rights Mr Craig Sharpe Non-Executive Chairman (Appointed as Chairman on 28 September 2023) Qualifications and Experience Mr Sharpe is an investment professional with over 25 years’ experience. He holds a Bachelor of Commerce degree specialising in Economics and Finance. In 2005 he completed an MBA at Monash University. Mr Sharpe has worked across many areas of the finance industry. This includes FX, institutional, retail, corporate and management. He spent a period of time in senior management roles running private client businesses. Over the 25 years he has advised and worked with many companies in relation to IPO’s, equity raisings and strategy. More recently, Mr Sharpe has spent the last 11 years at Macquarie and Bell Potter. Other Directorships in listed entities: None Former Directorships in listed entities in last 3 years: Thomson Resources Ltd (ASX: TMZ, resigned 7 March 2023) Interests in shares, options and performance rights: 850,000 fully paid ordinary shares 375,000 listed share options (L1MO) 1,400,000 share options 436,364 Performance Rights Mr Frank Cannavo Non-Executive Director Qualifications and Experience Mr Cannavo is an experienced public company director with significant business and investment experience working with companies operating across various industries, including in particular mining exploration companies, and has been instrumental in assisting several listed and unlisted companies achieve their growth strategies through the raising of investment capital and the acquisition of assets. Mr Cannavo is an entrepreneur with a strong network of investors and industry contacts in the public company sector throughout the Asia-Pacific region and has extensive experience in capital raisings, investment activities and IPOs. Other Directorships in listed entities: Golden Mile Resources Ltd (ASX: G88, appointed 2 August 2021); Western Mines Group Ltd (ASX: WMG, appointed 6 November 2020); BPH Global Ltd (ASX: BP8, formerly Stemcell United Ltd, ASX: SCU, appointed 21 July 2021) Former Directorships in listed entities in last 3 years: Magnum Mining and Exploration Limited (ASX: MGU, resigned 10 March 2021); Agri Skylight Limited (formerly I- Level 6, 505 Little Collins Street, Melbourne VIC 3000 | admin@lightningminerals.com.au | www.lightningminerals.com.au | (08) 9429 8806 15 Annual Report June 30 2023 Global Holdings Limited NSX: AGS, resigned 13 September 2022) Interests in shares, options and performance rights: 3,025,000 fully paid ordinary shares 1,512,500 listed share options (L1MO) 1,400,000 share options 436,364 Performance Rights FORMER DIRECTORS Mr Peter McNeil Non-Executive Chairman (resigned 28 September 2023) Qualifications and Experience BSc in Geology, MSc in Geochemistry Mr McNeil has a B.Sc. in geology, an M.Sc. in geochemistry, forty years continuous experience as a mineral exploration geologist and thirty-one years of corporate-commercial experience; he has excellent technical, commercial, finance (capital raisings & IPOs), general legal (contracts, joint ventures & RTOs) and stakeholder liaison (indigenous landowners, JV partners and shareholders). Technical evaluation & field experience includes exploring for gold, porphyry copper- gold -molybdenum, polymetallic skarns (zinc –silver –gold), VHMS deposits (zinc –lead- silver –gold) and minor nickel, manganese and lithium. Mining experience (as Technical Director) includes oversight related to the development and operation of 2 small gold mines in PNG, a gold mine in Tasmania and a silver mine in Queensland. Mr McNeil was previously Chairman, MD or a director of three ASX listed companies (Frontier Resources Ltd, Coppermoly Ltd (ASX:COY) and Macmin Silver Ltd) and three TSX-V listed companies (New Guinea Gold Corp, South Pacific Minerals Corp and VanGold Ltd) in addition to one public unlisted exploration company (Torque Mining Ltd) and has raised and/or assisted raising approx. US$190M (including JV partner contributions) and expended it on mineral exploration. Mr McNeil was a member of the Australian Institute of Geoscientists for approximately 25 years & Society of Economic Geologists for 32 years. Other Directorships in listed entities: None Former Directorships in listed entities in last 3 years: None Interests in shares, options and performance rights: 500,000 share options 436,364 Performance Rights Dr Karen Lloyd Non-Executive Director (resigned 28 September 2023) Qualifications and Experience BSc (Hons) Geology, MBA, PhD (Mining and Metallurgical Engineering), FAusIMM Level 6, 505 Little Collins Street, Melbourne VIC 3000 | admin@lightningminerals.com.au | www.lightningminerals.com.au | (08) 9429 8806 16 Annual Report June 30 2023 Dr Lloyd is a geologist, mineral economist and mining engineer with 26 years’ international resource industry experience gained with some of the major mining, consulting and investment houses globally. She specialises in mineral asset valuation and provides consulting and advisory in support of project finance for merger and acquisition activity. She has been responsible for multidisciplinary teams covering precious metals, base metals, industrial minerals and bulk commodities globally. Her PhD research at the WA School of Mines was focused on the market risk premium for gold project transactions on the Australian Securities Exchange. Dr Lloyd is currently appointed as Non-Executive Director of public unlisted junior mining exploration company, K2O Potash Corp. Ltd., and Tungsten Metals Group Ltd, which is a tungsten refining company. Dr Lloyd is a Fellow of the AusIMM and has the appropriate relevant qualifications, experience, competence and independence to be considered a ‘Specialist’ and ‘Competent Person’ under the VALMIN (2015) and JORC (2012) Codes, respectively. Other Directorsh