Announcement PDF 0 Directors Mr Alexander Biggs (Managing Director) Mr Craig Sharpe (Non-Executive Director) Mr Francesco Cannavo (Non-Executive Director) Company Secretary Justyn Stedwell Registered 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 Hamilton Locke, Level 39/152-158 St Georges Terrace, Perth WA 6000 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 lightningminerals.com.au The Directors confirm that the funds raised and available upon admission to the official list have been used in a way that is consistent with the business objectives stated in the Company’s prospectus published prior to listing. 2 Corporate directory 2 Operational activities 4 Directors’ report 27 Auditor’s independence declaration 43 Consolidated statement of profit or loss and other comprehensive income 44 Consolidated statement of financial position 45 Consolidated statement of changes in equity 46 Consolidated statement of cash flows 47 Notes to the financial statements 48 Consolidated entity disclosure statement 70 Directors’ declaration 71 Independent auditor’s report 72 Shareholder information 76 Appendix 1 – Schedule of tenements 79 1 OPERATIONAL ACTIVITIES CARAÍBAS AND SIDRÔNIO PROJECT OVERVIEW (100% L1M) The Group completed its acquisition of the option to acquire the Caraíbas and Sidrônio lithium projects in the prolific Lithium Valley region of Minas Gerais, Brazil. Managing Director, Alex Biggs spent June in Brazil visiting the project areas and the Lithium Valley region meeting with key stakeholders and developing a team to complete on ground works. Subsequent to end of Financial Year work programs have begun consisting of ground reconnaissance, geophysics and soil sampling in order to identify drill targets to be drilled towards the end of the calendar year. DUNDAS PROJECT OVERVIEW (100% L1M) The Dundas project has been a key area of focus over the past 12-months with soil sampling and drilling continuing to define lithium anomalism and areas of interest for further follow up. Multiple pegmatites have been discovered under alluvial cover on tenement E63/2001 (ASX Announcement 13 July 2023 and ASX Announcement 29 September 2023) with further areas of interest identified on tenement E63/2000 through auger drilling (ASX Announcement 13 May 2024). RC drilling on E63/2000 was as a result of strong lithium anomalism up to 218ppm Li (ASX Announcement 13 July 2023) with results up to 994ppm Li (ASX Announcement 13 May 2024). These results are considered positive and greater than background grades for lithium and provide an opportunity to now vector in on a potential source of lithium mineralisation. DALMAS AND HIVER PROJECT OVERVIEW (100% L1M) The Dalmas and Hiver projects were acquired in September 2023 (ASX Announcement 29 September 2023). A first pass reconnaissance program was completed across both projects identifying multiple pegmatite lithologies (ASX Announcement 03 November 2023) which are broadly coincident with 113 targets at Dalmas and 52 targets at Hiver that were identified through multispectral analysis (ASX Announcement 30 August 2023). MAILMAN HILL PROJECT OVERVIEW (100% L1M) An inaugural auger sampling campaign was completed in June 2024 (ASX Announcement 11 June 2024) to test 9km of highly prospective lithology within the Keith-Kilkenny Tectonic Zone immediately southeast of Cavalier Resources’ (ASX:CVR) Crawford Gold Project which is located directly to the north-west of the Mailman Hill tenement. The project hosts a JORC compliant Resource of 3.75Mt @ 1.0g/t Au for 118koz (1.15Mt @ 1.0g/t Au Indicated, 2.60Mt @1.0g/t Inferred). The Project has a maiden ore Reserve of 1.00Mt @0.9g/t Au for 29koz and is progressing to the permitting stage (see ASX announcement 14 March 2024, Cavalier Resources (ASX: CVR)). The Group is investigating the potential of an extension to the Crawford Gold Project south-east onto its Mailman Hill tenement and will be receiving assays in Q3 CY2024. MT JEWELL PROJECT OVERVIEW (100% L1M) The Group has continued to evaluate the potential of the Mt Jewell project during the year. MT BARTLE PROJECT OVERVIEW (100% L1M) The Group has continued to evaluate the potential of the Mt Bartle project during the year. The tenements are still pending grant. 4 CARAÍBAS AND SIDRÔNIO PROJECTS – WORKS SUMMARY RELEVANT ANNOUNCEMENTS DURING THE YEAR Announcement Date Title 22/04/2024 Proposed Brazilian Lithium Project Acquisition 28/05/2024 Completion of Due Diligence on Brazil Lithium Projects 14/06/2024 Brazil Site Visit Confirms Lithium Potential and Pegmatites 19/06/2024 Completion of Acquisition of Bengal Mining 24/07/2024 Exploration Begins at Lithium Projects in Brazil ACQUISITION OF CARAÍBAS AND SIDRÔNIO LITHIUM PROJECTS IN BRAZIL The Group completed the acquisition of Bengal Mining Pty Ltd in June 2024 which holds, via its wholly owned subsidiary Tigre Mineracao Ltda (Tigre) option agreements over two lithium projects, Caraíbas and Sidrônio in Brazil’s prolific Lithium Valley district in the state of Minas Gerais. THE EASTERN BRAZILIAN PEGMATITE PROVINCE - LITHIUM VALLEY The Esperança project is located in the Lithium Valley region of Minas Gerais, Brazil. The region hosts Latin Resources’ (ASX: LRS) Colina lithium project hosting 70.9Mt @ 1.25% Li20 (Measured + Indicated 67.3Mt @ 1.27% Li20, Inferred 3.6Mt @ 1.10% Li20). Also in the region is Signa Lithium’s (NASDAQ: SGML) Grota do Cirilo project hosting 108.9Mt @ 1.41% Li20 (Measured and Indicated 94.3Mt @ 1.40% Li20, Inferred14.6Mt @ 1.37% Li20). The region has emerged as one of the world’s premier lithium districts over the past few years and presents significant exploration potential. The Group will benefit from access to a seasoned ground team, providing invaluable fieldwork expertise and insights, enhancing the Group's strategic approach to exploration. Relationships the Group already has in the region will help facilitate project growth and advancement. Due to location the Project will benefit from current works being carried out at the Group’s Caraíbas and Sidrônio lithium projects which began in July 2024 (ASX Announcement 24 July 2024). Minas Gerais is Brazil’s third largest economy with over 300 mines operating in the state with tier-1 operators including Vale, BHP and Rio Tinto. The state boasts a strong mining labour pool and presents a cost competitive jurisdiction for exploration and project development with mature infrastructure, hydro power and road access. CARAÍBAS AND SIDRÔNIO PROJECTS The Projects are located in the Eastern Brazilian Pegmatite Province that encompasses approximately 150,000 km2, stretching from Bahia state to Rio de Janeiro state. The Caraíbas Project consists of five (5) separate tenements covering 1,733 Ha and the project area contains a series of albite and muscovite rich pegmatites identified by Bengal’s initial reconnaissance works. Aeromagnetic data shows the tenements are located along regional structures and shear zones which are analogous to the trends present at Latin Resources’ (ASX: LRS) Colina deposit. The Caraíbas Project is located approximately 20km to the south in the same Salinas geological formation. The Sidrônio Project consists of two (2) tenements covering 1,638 Ha, strategically located adjacent and along strike to the south from the Caraíbas Project. Aeromagnetic data shows the tenements are located along similar interpreted structural trends that may potentially be conduits for mineralisation. 5 Figure 1: Caraíbas and Sidrônio project location, geology and tenements Both Projects cover prospective Salinas Formation geology which is thought to provide adequate rheological conditions suitable for the emplacement of late hydrothermal fluids. In similar geological settings, proximal to S-type granites, the Salinas Formation is known to host fertile lithium mineral bearing pegmatites. Records from the ‘Project Evaluation of the Potential of Lithium in Brazil’ - Servico Geologico do Brasil (Geological Service of Brazil) indicate that historic prospecting or fossicking may have occurred with the Caraíbas Project. At this location an inactive mine location is recorded as ‘LB-43 Lavra Luís Rocha – Caraíbas’ which is interpreted to be a small-scale prospecting excavation. The area was then targeted by Bengal company geologists in late 2023 as part of a small reconnaissance program to identify lithium prospectivity in the region. Three rock chip samples were taken from the site with peak assay results of 0.53% Li2O, 1,245 6 ppm tantalum, 1,175 ppm rubidium and 1,455 ppm caesium (Table 1). Geological descriptions of the rock samples are shown in Table 2, and photographs of BLR237 and VLR1269 are shown in Figure 2 (a) and Figure 2 (b) respectively. These results are considered encouraging and support the thesis that pegmatites in the project areas might have favourable geochemistry and fractionation conditions. Elevated tantalum levels are considered a good indicator of potential for adequate fractionation conditions and will form a key part of the Group’s initial reconnaissance works and analysis. These results formed the basis of the initial works program across the project areas which has begun subsequent to end of year and date of this report. A full table of results for samples taken from the project areas are included in Appendix 2, Table 1 in ASX Announcement 22 April 2024. Table 1: Assay data associated with samples taken at historic “inactive mine” location Field Name Target Easting (UTM 23S) Northing (UTM 23S) Cs ppm Li ppm Nb ppm BLR238 Caraibas 803813 BLR237 Caraibas 803812 VLR1269 Caraibas 803808 Rb ppm Sn ppm Ta ppm Li2O % K/Rb 8194761 704 1281 801 8194766 1455 2457 64 665 272 1245 0.28 29 1175 103 196 0.53 24 8194765 124 97 5 574 2.5 5 0.01 64 Table 2: Geological descriptions associated with samples taken at historic “inactive mine” location Field Name Target Easting (UTM 23S) Northing (UTM 23S) BLR238 Caraibas 803813 8194761 Gpe (pegmatite) whitish with >> schorlite + lepidolite BLR237 Caraibas 803812 8194766 Presence of rubellite and lepidolite. Zoned lepidolite (external halo with Li) VLR1269 Caraibas 803808 8194765 Pegmatite rich in Lepidolite (Li) and light green tourmaline(?) Geology Description Figure 2: (A) Photograph of sample BLR237 showing lepidolite minerals (purple) within pegmatite sample (B) Photograph of sample VLR1269 showing lepidolite minerals (purple) within pegmatite sample (C) Photographic example of workings located within the larger Caraíbas tenement area (805118mE, 8193908mN) 7 REGIONAL GEOLOGY, PROSPECTIVITY AND TRENDS The Eastern Brazilian Pegmatite Province is a globally recognised region for hard rock lithium prospectivity. The Colina and Grota do Cirilo Project Lithium resources highlight the potential for the region to host Tier 1 lithium deposits. Like Caraíbas and Sidrônio, these deposits are located within the Salinas Formation proximal to Post-Collisional Magmatism which are of the Type-S granitic geochemistry. S-Type granites are known to be favourable and form part of the genetic model for the creation of lithium-caesium-tantalum (LCT) deposits. The Salinas Formation commonly includes lithologies such as mica-quartz schists and quartz-mica schists with localised intercalations of rocks, calcium-silicates, meta conglomerates and micaceous quartzites. Reconnaissance work by Bengal has identified similar rock types at both the Caraibas and Sidronio projects which are considered positive indicators when looking at the projects in a regional context. Figure 3: Caraíbas and Sidrônio projects location and tenements plotted against publicly available analytic signal aeromagnetic image from Servico Geologico do Brasil (Geological Service of Brazil) 8 Multiple prospective geophysical trends have been identified through interpretation of publicly available aeromagnetic data from the Servico Geologico do Brasil (Geological Service of Brazil) which correlates with the parallel mineralised corridor that hosts Latin Resources’ (ASX: LRS) Colina deposit. These trends will form the basis of further on-ground mapping, reconnaissance, and sampling across the tenements with a view to defining drill targets. PROGRAM OF WORKS AND USE OF FUNDS The option agreements that the Group has acquired via Bengal allows for clear identification of drill targets prior to full acquisition of the Project areas, either in full or in part. The Group has existing relationships with contractors and personnel in the region which will significantly accelerate its work programs and has a strong relationship with other operators in the region. The following work programs will be completed across all projects. These work plans have begun subsequent to end of year and the date of this report. Table 3: Initial work program strategy Caraíbas and Sidrônio projects Work Program Timing Use of Funds (A$) Ground reconnaissance – mapping and sampling 10 weeks 200,000 Geophysical drone survey 8 weeks 100,000 Drill target identification 8 weeks 50,000 Phase 1 drilling 12 weeks 960,000 Notes To run concurrently ACQUISITION TERMS The Group has entered into a binding share sale agreement with the majority shareholders of Bengal to acquire all the issued capital of Bengal. Bengal holds exclusive options via its wholly owned subsidiary Tigre, to purchase seven (7) tenements located in Brazil’s Lithium Valley region in the state of Minas Gerais, comprising the Projects. The consideration paid for the acquisition of 100% of the shares in Bengal was as follows: Consideration a) 22,142,857 fully ordinary paid shares in the Company (Shares) to the value of A$1,550,000 based on an issue price of $0.07 per Share (Consideration Shares); b) 6,000,000 L1M options, with an exercise price of $0.105 being a 50% premium to the Share price of $0.07 and an expiry date of three years from the date of issue (Consideration Options); and c) 39,999,999 performance rights that will convert into Shares on a one-for-one basis, subject to the satisfaction of the milestones outlined below (Performance Rights). The issue of the Consideration Shares, the Performance Rights and the Shares issued on conversion of the Performance Rights will be subject to voluntary escrow for a period of 12 months from the date of issue. Milestones a) Milestone 1: 14,285,714 Performance Rights to vest into Shares subject to the Group delineating a JORC compliant Mineral Resource Estimate on the Projects of at least 5Mt grading at least 1.0% Li2O within three years from the date of issue; 9 b) Milestone 2: 14,285,714 Performance Rights to vest into Shares subject to the Group delineating a JORC compliant Mineral Resource Estimate on the Projects of at least 10Mt grading at least 1.0%Li2O within four years from the date of issue; and c) Milestone 3: 11,428,571 Performance Rights to vest into Shares subject to the Group delineating a JORC compliant Mineral Resource Estimate on the Projects of at least 30Mt grading at least 1.0%Li2O within five years from the date of issue. EXCLUSIVE OPTION EXERCISE Bengal (via its wholly owned subsidiary Tigre) has exclusive options across all tenements under the following terms in Table 4. This allows the Group to conduct early-stage exploration quickly and effectively to then determine which of the tenements are appropriate to exercise, minimising the upfront expenditure. Table 4: Exclusive option agreement terms Project Option Period Option Fee Monthly Fee (US$) Option Exercise (US$) Bonus (US$) Royalty Status Caraíbas 24 month 100K (Paid) 5K 1M per tenement Nil Nil Landowner signed Sidrônio 12 month 70K (Paid) Nil 200K per tenement 200K if 10Mt @ 1.3% Li20 or greater 1% NSR Landowner signed RECONNAISSANCE SITE VISIT CONFIRMS LITHIUM POTENTIAL The Group completed a site trip to the Caraíbas and Sidrônio project areas in June 2024. Positive indications from the site visit include the verification of previously identified outcropping pegmatites containing lithium bearing minerals (Lepidolite) within artisanal workings at the Caraíbas project. Numerous pegmatite showings were also observed across both the Caraíbas and Sidrônio project areas indicating the presence of pervasive hydrothermal activity. 10 Figure 4: (A) Pegmatite showing lepidolite minerals (purple) within sample at Caraíbas artisanal workings (805118mE, 8193908mN) (B) Lightning Minerals’ Managing Director Alex Biggs with local contract lithium geologists at the entry of the artisanal workings (C) Example of the excavated feldspar-mica-tourmaline-lepidolite pegmatite boulders surrounding the site. (D) Example of typical pegmatite outcrops within stream beds throughout the project areas Pegmatite boulders at the location (Figure 4 (C) are scattered due to artisanal mining activities and are generally of a feldspar-mica-tourmaline-lepidolite mineral assemblage. The presence of lepidolite, tourmaline, accessory rubelite and tantalite are compelling indicators that the source geochemistry may be approaching the correct composition. The pegmatite outcrop continues along strike from the artisanal workings but is covered by thin 2-4m residual saprolites from weathered Salinas Formation schists. Pegmatite mapping will be a priority for forward works. 11 Various sites were then visited across the greater Caraíbas and Sidrônio projects. As a first pass exploration strategy local geologists traverse stream beds which both provides access and strips saprolite from the bedrock to expose the geology beneath. Numerous pegmatite occurrences have been identified using this technique along ephemeral drainage systems (Figure 4 (D) which is especially encouraging given the lack of overall exploration data for the region. A comprehensive outcrop geology mapping exercise to properly locate, geochemically sample, and structurally map the pegmatites utilising the stream exposures is now being considered in conjunction with a stream sediment sampling program to support future drill target generation activities. The scale and number of pegmatite occurrences within the Eastern Brazilian Pegmatite Province and proximal to the Caraíbas and Sidrônio projects is impressive. The prospectivity evaluation of the projects has been confirmed and is considered high, supporting the Group’s desire to implement aggressive exploration strategies to vector toward lithium rich areas. DUNDAS PROJECT – WORKS SUMMARY RELEVANT ANNOUNCEMENTS DURING THE YEAR Announcement Date Title 13/07/2023 Multiple pegmatites discovered under alluvial cover 02/08/2023 Infill Soil Sampling Begins on Lithium Targets at Dundas 08/08/2023 Follow Up RC Drilling Targeting Pegmatites at Dundas 14/08/2023 RC Drilling begins on Lithium Targets at Dundas South 01/09/2023 Further Pegmatite Intersections at Dundas Project 29/09/2023 Exploration Update for the Dundas Project 09/10/2023 Infill Soil Sampling Completed on Lithium Targets at Dundas 30/11/2023 Soil sampling confirms more than 100ppm lithium drill target 14/12/2023 Lithium targets to be drilled at Dundas in January 24/01/2024 Drilling begins on high priority lithium targets at Dundas 9/02/2024 Aircore Drill Program Complete at Dundas 13/05/2024 Strong Lithium Anomalism Continues at Dundas Project REVERSE CIRCULATION DRILLING ON TENEMENT E63/2001 The maiden drill program at the Dundas South Project was successful in locating a felsic pegmatitic hydrothermal system within E63/2001. Drilling was as a result of the identification of a lithium in soil anomaly in January 2023 (ASX Announcement 23 January 2023) and intersected multiple pegmatites under cover. 12 Figure 5: Geological cross section ‘A’ - interpreted pegmatite after intersections in holes DSAC0031DSAC0034, and DSRC0029 and DSRC0030 Figure 6: Drill location map showing RC drill areas and intersected pegmatite locations 13 Results for lithium-caesium-tantalum (LCT) were subdued overall. Some minor but non-material elevations in caesium, tantalum and tin are present in drill hole DSRC0029. These will form the basis of further review which may determine future exploration activities within tenement E63/2001. Evaluation of results is underway to determine a relevant strategy for targeting potential LCT pegmatite bodies concealed under salt lakes to the north-west of the completed drilling. This area falls within the prospective Mt Kirk mafic geological unit that transects the tenement in a north-north-west orientation. The geological thesis for exploration within E63/2001 was that concealed LCT pegmatites may generate a sufficient geochemical signature through the transported cover above to cause a geochemical response in the soil. Previous exploration works by the Group utilising soil geochemistry identified lithium-rubidium insoil anomalies, these broadly coincide with the location of the pegmatites uncovered during drilling. Additionally, geophysical targets interpreted from aeromagnetic interpretations further warranted drill testing and formed the basis for drill targeting. Future exploration in this area will continue to search for pegmatites of a similar fractionated state/mineralised phase to those present at Liontown Resources’ (ASX: LTR) Buldania/Anna lithium deposit to the north. The discovery of the unmineralised pegmatite bodies under cover, at the scale they have been intersected downhole, is considered a positive indicator for the prospectivity for the tenement. Other areas with similar transported cover within the tenement may also host similar pegmatitic hydrothermal fluid systems without surficial expression, but within a geochemical setting more aligned with the nucleation of lithium bearing minerals. INFILL SOIL SAMPLING AND DRILLING ON TENEMENT E63/2001 Follow up infill soil sampling on tenement E63/2000 and E63/1993 identified an 8km2 lithium in soil anomaly up to 218ppm Li. Infill soil sampling was completed based on previous positive geochemical results for the tenements in March 2023 (ASX Announcement 23 March 2023). A total of 1,265 samples were collected and submitted for laboratory analysis. A 96 hole, 3,820m Aircore drill campaign was completed in February 2024 with assays returning elevated lithium values on composite samples with peak results of 994ppm lithium. This confirms and increases the tenor of the previously identified anomalism. 14 Figure 7: Dundas South tenement E63/2000 and E63/1993 showing UFF+ lithium soil geochemistry results and recent Aircore drill collar locations (white) Two drillholes (DSAC0140 and DSAC0151) intersected albite-quartz-muscovite pegmatites. This supports the thesis that pegmatite producing hydrothermal systems are present and may support lithium enrichment if the genetic lithological conditions are correct. Due to the pegmatite intersection, drillhole DSAC0151 was sampled at 1m intervals. Potassium to rubidium ratios (K/Rb) are encouraging for this intersection as they may indicate that pegmatites in this location have experienced fractionation. 15 Figure 8: Peak downhole lithium result plan for composite samples within E63/2000 Aircore program. (Background lithium heatmap derived from UFF+ lithium soil geochemistry results) DALMAS AND HIVER PROJECT – WORKS SUMMARY RELEVANT ANNOUNCEMENTS DURING THE YEAR Announcement Date Title 11/08/2023 Binding LOI Signed for James Bay Lithium Projects 30/08/2023 Multiple Targets Identified at James Bay Lithium Projects 27/09/2023 Binding Agreement Signed on James Bay Lithium Projects 17/10/2023 Exploration works begin on Dalmas & Hiver Lithium Projects 03/11/2023 Amended Exploration Update Dalmas & Hiver Lithium Projects A Binding Letter of Intent was signed in August 2023 for acquisition of the Dalmas and Hiver lithium projects in James Bay, Quebec. The final Binding Agreement was executed in September 2023 (ASX Announcement 27 September 2023). DALMAS PROJECT The Dalmas Project is located in the James Bay region of Quebec approximately 150km to the east of Patriot Battery Metals’ (ASX: PMT) Corvette lithium Project and 45km to the east of Winsome Resources’ (ASX: WR1) Adina lithium Project. The project area consists of felsic intrusive lithologies which are juxtaposed against greenstone and metasedimentary units. This geological setting is considered favorable to host pegmatite emplacement and potential for lithium-caesium-tantalum (LCT) mineralisation. The project covers an area of 47km2. 16 Very limited exploration has occurred within the tenement boundaries with 13 sites with geological observations being recorded. Of these, 9 have been described as ‘pegmatitic’. All reported pegmatite outcrops will be investigated during early exploration activities with an emphasis on ground truthing the reported pegmatitic lithologies. The remaining four outcrop locations with historical mapping will also be investigated, as three of these have site interpretations that include a coarse-grained description. HIVER PROJECT The Hiver Project is also located in the James Bay region of Quebec and covers an area of 32km2 and is located approximately 4km from the Trans-Taiga Road highway. The project is adjacent to Megado Resources’ (ASX: MEG) Cyclone lithium Project and in the proximity of multiple lithium exploration opportunities. The project demonstrates an interpreted folded and faulted extensions of greenstone lithology (Aquilon Group) against granites of the Tramont Suite, thus it is thought to provide a geologically favorable host environment for potential hard rock LCT pegmatite style mineralisation. The project also has one historical outcrop mapping location, recorded by Québec's Ministry of Natural Resources and Forests (MERN) which describes a ‘pegmatitic lithology’ in the north of the tenement. It is the opinion of the Group that the greenstone extension holds the most prospectivity for hosting potential lithium bearing pegmatites based on other projects in the surrounding area. Historic mapping of the area is sparse in nature, with one outcrop being described as a pegmatitic intrusion. Figure 9: Dalmas Project geological lithologies and identified pegmatites 17 Figure 10: Hiver Project geological lithologies and identified pegmatites MULTIPLE TARGETS IDENTIFIED AT DALMAS AND HIVER PROJECTS The Group completed multispectral analysis across both the Dalmas and Hiver projects in August 2023. Multiple areas were identified with a total of 165 discreet multispectral targets for follow up field investigations. The identified target areas extend up to 2.7km in strike on the Dalmas Project and 2.1km on the Hiver Project. SATELLITE MULTISPECTRAL ANALYSIS Multispectral analysis can be used as a mineral exploration tool by accessing data collected by specialised satellites. These satellites have instrumentation capable of measuring the spectral response of outcropping lithologies at the surface of the earth. The data collected can be used to aid early regional scale exploration by focusing early exploration efforts on areas that are more likely to have the right geological conditions to support the target exploration commodity. Both ASTER and Sentinel-2 multispectral data covering the Dalmas and Hiver projects has been utilised to generate the target areas presented herein. These satellites collect thermal infrared, visible near-infrared, and shortwave infrared data which has been processed following industry leading techniques8. These methods have been developed to target outcropping LCT pegmatites at other project areas, the learnings are then applied elsewhere for image and target generation. 18 For the purpose of targeting at the Dalmas and Hiver Projects the spectral signature of the known outcropping lithium pegmatites at Winsome Resources’ (ASX: WR1) Adina and Jamar projects were measured. The spectral response signature over known outcropping LCT pegmatite areas was used as an analogue to aid exploration by identifying similar targets within the Project areas. The Adina and Jamar projects can reasonably be considered to have desirable outcropping lithologies that are appropriate analogues for targeting at the Dalmas and Hiver projects. Figure 11: Dalmas project with identified multispectral pegmatite targets (red outlines) on Sentinel 2 composite image Figure 12: Dalmas project with identified multispectral pegmatite targets (red outlines) on Sentinel 2 composite image and 1:2,000,000 QGS interpreted bedrock geology FIRST GROUND RECONNAISSANCE AT DALMAS AND HIVER PROJECTS First pass ground reconnaissance works were completed at Dalmas and Hiver projects in October / November 2023. The reconnaissance field program focusing on the areas of interest previously identified successfully identified multiple instances of pegmatite outcrop, as well as pegmatite 19 boulders at surface. Initial visual assessment by field geologists suggest the mineral assemblages present are commonly quartz-feldspar-biotite. The field team identified potential Beryllium bearing minerals in outcropping pegmatites, (Green mineral shown in red circle in Figure 15) which is considered a positive exploration indicator. Peak results from the Actlabs whole rock laboratory analysis include 33ppm lithium, 7.3ppm caesium and 3.6ppm tantalum. The next stages of the exploration strategy are currently being assessed, including potential collection of high-resolution Light Detection and Ranging topographic data collec