Announcement PDF 1 Level 11, 40 The Esplanade, Perth, Western Australia, Australia | admin@lightningminerals.com.au | (08) 9429 8806 Corporate Directory Directors Mr Craig Sharpe (Non-Executive Chairman) Mr Francesco Cannavo (Non-Executive Director – until 28 November 2024) Mr Jamie Day (Non-Executive Director – from 28 November 2024) Managing Director Alexander Biggs 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 Hamilton Locke Level 48 152-158 St Georges Terrace Perth Western Australia, 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 www.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 Level 11, 40 The Esplanade, Perth, Western Australia, Australia | admin@lightningminerals.com.au | (08) 9429 8806 CORPORATE DIRECTORY ................................................................................................ 2 OPERATIONAL ACTIVITIES .............................................................................................. 4 DIRECTORS’ REPORT .................................................................................................... 18 AUDITOR’S INDEPENDENCE DECLARATION ........................................................... 20 CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME ......................................................................................... 21 CONSOLIDATED STATEMENT OF FINANCIAL POSITION ....................................... 22 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ........................................ 23 CONSOLIDATED STATEMENT OF CASH FLOWS ...................................................... 24 NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS................................................................................................................... 25 DIRECTORS’ DECLARATION ........................................................................................ 33 INDEPENDENT AUDITOR’S REPORT .......................................................................... 34 SCHEDULE OF TENEMENTS ........................................................................................ 36 .......................................................................................................................................... 41 3 Level 11, 40 The Esplanade, Perth, Western Australia, Australia | admin@lightningminerals.com.au | (08) 9429 8806 OPERATIONAL ACTIVITIES ESPERANÇA, CARAÍBAS AND CANABRAVA PROJECTS (Minas Gerais, Brazil) Following the successful signing of an option to purchase agreement for the Esperança project (ASX Announcement 14 August 2024) the Company has aggressively focused on early-stage exploration across all three project areas in Brazil: Esperança, Caraíbas and Sidrônio. Multiple lithium in soil anomalies up to 429pp Li at Caraíbas, 320ppm Li at Canabrava (ASX Announcement 17 January 2025 – released subsequent to end of period) and identification of Spodumene at the Esperança project (ASX Announcement 18 November 2024 and 17 January 2025) has provided multiple drill targets for 2025. Geophysical targeting was also completed across all three project areas by Revo Geoscience in Brazil (ASX Announcement 21 November 2024) yielding six priority one target areas. The data has been useful in cross checking areas or high lithium in soil anomalism and will be utilised to aid in drill targeting moving forwards. The Company executed a non-binding Memorandum of Understanding (MoU) with Invest Minas, the investment division of the Minas Gerais Government (ASX Announcement 28 October 2024). The agreement outlines cooperation strategies and where mutual assistance may be provided to both further the Company’s activities in Brazil plus provide support to the Minas Gerais government’s strategy regarding development of the Lithium Valley region of the state. Subsequent to end of period drilling has begun at the Esperança project focusing on the Spodumene discovery which was made in November 2024. Drill targeting has begun at end of period across all three project areas: Esperança, Caraíbas and Sidrônio. RELEVANT ANNOUNCEMENTS DURING THE PERIOD (01 July – 31 December 2024) Announcement Date 24/07/2024 14/08/2024 03/10/2024 Title Exploration Begins at Lithium Projects in Brazil Lightning Expands Lithium Potential in Brazil Lithium Targets Defined in Brazil 09/10/2024 28/10/2024 18/11/2024 21/11/2024 02/12/2024 17/12/2024 Start of Works at Esperança Project in Lithium Valley Brazil Lightning Minerals Signs MOU with Brazilian Government Spodumene Discovery Yields LIBS Results up to 4.04% Li2O Geophysics Targets Identified at Brazilian Lithium Projects Soil Assays in Brazil up to 239ppm Lithium Strong Lithium Drill Targets Defined for Q1 2025 in Brazil 4 Level 11, 40 The Esplanade, Perth, Western Australia, Australia | admin@lightningminerals.com.au | (08) 9429 8806 Figure 1: Sample VLM207 taken from spodumene bearing pegmatite at the Esperança project (ASX Announcement 17 January 2025 for rock chip sampling results of the mineralisation depicted in these images) Figure 2: Esperança Project geology map showing fertile granites surrounding the project area (ASX Announcement 09 October 2024) 5 Level 11, 40 The Esplanade, Perth, Western Australia, Australia | admin@lightningminerals.com.au | (08) 9429 8806 Figure 3: Preliminary outcrop mapping and sampling at the Esperança Project (ASX Announcement 17 December 2024) Figure 4: Signing ceremony of MOU with Invest Minas in Perth. From L -R: João Paulo Braga (Chief Executive Officer Invest Minas), Alex Biggs (Managing Director - Lightning Minerals), Fernando Passalio (Secretary of State for Economic Development of Minas Gerais) (ASX Announcement 28 October 2024) 6 Level 11, 40 The Esplanade, Perth, Western Australia, Australia | admin@lightningminerals.com.au | (08) 9429 8806 Figure 5: Geophysical target areas generated during REVO Geoscience regional aeromagnetic inversion (ASX Announcement 21 November 2024) Figure 6: Soil sampling (Li) and mapping results taken from the Caraíbas project (ASX Announcement 17 December 2024 and post period ASX Announcement 17 January 2025) 7 Level 11, 40 The Esplanade, Perth, Western Australia, Australia | admin@lightningminerals.com.au | (08) 9429 8806 Figure 7: Drill target area, soil results, and pending soil assays for the Canabrava Project, Minas Gerais, Brazil (ASX Announcement 03 October 2024) DUNDAS PROJECT (Western Australia, Australia) SUMMARY Infill soil sampling has been completed on the Dundas North project areas following up on previously identified strong lithium in soil anomalism across an area of 35km2 and up to 147ppm Li (ASX Announcement 01 May 2023). Infill soil sampling has been completed on the Company’s Dundas North and South project areas Resampling of the Dundas North program is currently underway. This will begin subsequent to end of period. A number of areas of interest were identified in the previously completed regional soil sampling program on Dundas North tenements E28/3027 and E28/3028 where broad lithium in soil anomalism was identified across an area of 35km2 and up to 147ppm Li (ASX Announcement 01 May 2023). RELEVANT ANNOUNCEMENTS DURING THE PERIOD (01 July – 31 December 2024) Announcement Date 07 October 2024 Title Lithium targeting continues at Dundas 8 Level 11, 40 The Esplanade, Perth, Western Australia, Australia | admin@lightningminerals.com.au | (08) 9429 8806 Figure 8: Dundas tenure showing UFF+ lithium soil geochemistry results (as reported 01 May 2023) and planned areas of infill soil sampling as highlighted in yellow polygons (ASX Announcement 07October 2024) DALMAS AND HIVER PROJECTS (Quebec, Canada) Data review has begun in the period through engagement of specialist Canadian consultants to complete a historic data review and compile all relevant, regional geological datasets including data collected during the Company’s field program in 2023. Works are ongoing subsequent to end of period. These results will inform a potential work program for the Canadian Summer field season. MAILMAN HILL PROJECT – WORKS SUMMARY The Company completed an auger drilling program in June 2024 to identify drill targets which may be an extension to Cavalier Resources’ (ASX: CVR) Crawford Gold Project which hosts 3.75Mt @ 1.0g/t for 118Koz (Inferred + Indicated) and initial Probable Ore Reserve of 1.00Mt @ 0.91g/t for 29Koz. The Mailman Hill auger sampling program was designed to test the geophysical trend extensions over a spatial footprint of approximately 41km2, including an 8km stretch of prospective strike extension south east of the Crawford project. Seven hundred and nineteen (719) auger samples have now been collected at average depths of 1.5 metres beneath alluvial cover. 9 Level 11, 40 The Esplanade, Perth, Western Australia, Australia | admin@lightningminerals.com.au | (08) 9429 8806 Peak UFF+ gold value of 141ppb Au returned from saprolite above Felsic Volcaniclastics of the Minerie Formation. Results for the Mailman Hill auger program are encouraging, Au results show a concentration of broad low level (>15ppb Au) clusters in the north-western half of the auger program area which is directly along strike from the Crawford Gold Project. Three target areas have been identified which have potential for deeper Aircore drilling to test the potential below the depth of the alluvial cover. The region is highly prospective and hosts multiple gold Resources and projects. RELEVANT ANNOUNCEMENTS DURING THE PERIOD (01 July – 31 December 2024) Announcement Date 21/08/2024 Title Auger Program Assay Results for Mailman Hill Gold Project Figure 9: Mailman Hill Project location (ASX Announcement 21 August 2024) 10 Level 11, 40 The Esplanade, Perth, Western Australia, Australia | admin@lightningminerals.com.au | (08) 9429 8806 Figure 10: Mailman Hill Project Auger program Au results showing three broad target areas for follow up exploration works (ASX Announcement 21 August 2024) OTHER PROJECTS – WORKS SUMMARY MT JEWELL PROJECT The Company relinquished the Mt Jewell project during the period following an in-depth data and prospectivity review. MT BARTLE PROJECT The Company has continued to evaluate the potential of the Mt Bartle project during the year. No material work programs have been completed but data review and prospectivity evaluation continue. The tenements are still pending grant. PROJECT GENERATION During the period the Company received a number of project opportunities, and conducted high-level internal project evaluations. Acquisition of the Esperanca project in Minas Gerais, Brazil occurred during the period, adding to the Group’s Brazilian projects. This demonstrates the commitment of the Company to build land positions in the most prospective and established lithium jurisdictions globally. The Company continues to evaluate opportunities that add value to its portfolio. 11 Level 11, 40 The Esplanade, Perth, Western Australia, Australia | admin@lightningminerals.com.au | (08) 9429 8806 Figure 11: Esperança, Caraíbas and Canabrava project location, Minas Gerais, Brazil 12 Level 11, 40 The Esplanade, Perth, Western Australia, Australia | admin@lightningminerals.com.au | (08) 9429 8806 Figure 12: Lightning Minerals’ Brazilian tenements in in the Lithium Valley region of Minas Gerais 13 Level 11, 40 The Esplanade, Perth, Western Australia, Australia | admin@lightningminerals.com.au | (08) 9429 8806 Figure 13: Lightning Minerals’ Australian project tenement summary 14 Level 11, 40 The Esplanade, Perth, Western Australia, Australia | admin@lightningminerals.com.au | (08) 9429 8806 Figure 14: Location of Dundas project tenements 15 Level 11, 40 The Esplanade, Perth, Western Australia, Australia | admin@lightningminerals.com.au | (08) 9429 8806 Figure 15: Dalmas and Hiver project locations, James Bay, Quebec 16 Level 11, 40 The Esplanade, Perth, Western Australia, Australia | admin@lightningminerals.com.au | (08) 9429 8806 ABOUT LIGHTNING MINERALS Lightning Minerals is a mineral exploration company, listed on the Australian Securities Exchange (ASX:L1M) and focused on the exploration of critical minerals and lithium at its tenements across Western Australia. The acquisition of the Caraíbas, Canabrava and Esperança lithium projects in Minas Gerais, Brazil are potentially transformational to the Company’s success in the lithium sector. The Company also owns the Dundas project in the prolic Dundas region of Western Australia, the Dalmas and Hiver lithium projects in Quebec, Canada, another signicant and evolving lithium region globally. The Company also holds other projects in Western Australia which include Mt Bartle and Mailman Hill which are prospective for gold, base metals and critical minerals. FORWARD LOOKING STATEMENTS Information included in this release constitutes forward-looking statements. Often, but not always, forward looking statements can generally be identied 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 uctuations 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 nancial, 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 dened 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. Mr Woodland holds options in Lightning Minerals. REFERENCES TO PREVIOUS ANNOUNCEMENTS The Company conrms 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 conrms that the form and context in which the Competent Person’s ndings are presented have not been materially modied from the original market announcement. 17 Level 11, 40 The Esplanade, Perth, Western Australia, Australia | admin@lightningminerals.com.au | (08) 9429 8806 DIRECTORS’ REPORT The Directors hereby present the interim Financial Report on Lightning Minerals Limited (ASX: L1M) (the Company or L1M) and its controlled entities (the Group or consolidated entity) for the half year ended 31 December 2024. To comply with the provisions of the Corporations Act 2001, the Directors report is as follows. DIRECTORS Except as otherwise stated below, the following persons were Directors of Lighting Minerals Limited during the period and up to the date of this report as follows. Director Title Appointment Date Mr Craig Sharpe Mr Alexander Biggs Mr Jamie Day Mr Francesco Cannavo Non-Executive Chairman Managing Director Non-Executive Director Non-Executive Director 08 April 2022 28 September 2023 28 November 2024 13 December 2021 (Retired 28 November 2024) PRINCIPLE ACTIVITIES The Group holds the rights to acquire several resource tenements in Minas Gerais, Brazil, whilst owning the rights to several tenements in Western Australia and Quebec, Canada and is actively exploring the tenements for lithium, gold and base metals. REVIEW OF OPERATIONS During the period, the Group made a loss $1,072,776 (2023: $1,070,647). The focus during the period was on exploration activities in the Brazilian tenements under option and the Dundas tenements. The Group capitalised exploration expenditure of $302,994 and impaired $145,092 of capitalised expenditure during the period. As a result of operations and its investment in exploration assets, the Group’s net assets have decreased from $7,376,866 to $6,291,926. Net working capital, being current assets less current liabilities, amount to $2,037,230 (30 June 2024: $3,328,521). Exploration assets amounted to $4,182,430. SIGNIFICANT CHANGE IN STATE OF AFFAIRS In August 2024 the Company announced that its Brazilian subsidiary, Tigre Mineracao Ltda, has acquired an option to acquire the Esperanca lithium project. The key terms of the option agreement were: - The Group will pay the vendor R$100,000, R$50,000 up front and R$50,000 within 12 months from the start of the option agreement term; A monthly payment of R$5,000 for the 24 month term of the option agreement. In the event of Tigre taking up the option to proceed with the acquisition of the Esperanca project an amount of R$1,000,000 is payable within 30 days of the option exercise date, and a deferred milestone payment R$2,000,000 will be payable upon reporting of specified resource estimates. Also, in August 2024 the Company entered into an arrangement with contractors in Brazil to issue 4,000,000 ordinary shares, escrowed with the following vesting conditions: 18 Level 11, 40 The Esplanade, Perth, Western Australia, Australia | admin@lightningminerals.com.au | (08) 9429 8806 - 1,500,000 ordinary shares pending the Group reporting a drill intercept of not less than 10m true width @ > 1.00% Li2O in accordance with the JORC code. 2,500,000 ordinary shares pending the Group reporting a Mineral Resource Estimate in accordance with the JORC code of inferred or greater confidence of not less than 10 million tonnes with a grade equal to or greater than 1.00% Li2O. On 28 November 2024, Francesco Cannavo resigned from the Board and Jamie Day was appointed to the Board as a Non-Executive Director. Other than the above matters, there are no other significant changes during the period. AFTER BALANCE SHEET EVENTS The Board is not aware of any matter or circumstance not otherwise dealt with in these financial statements that has significantly or may significantly affect the operation of the Group, the results of those operations, or the state of affairs of the Group in subsequent financial years. AUDITORS INDEPENDENCE DECLARATION A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 20. Signed in accordance with a resolution of the Directors made pursuant to s.306 (3) (a) of the Corporations Act 2001. On behalf of the Directors Mr A Biggs Managing Director 14 March 2025 19 Level 11, 40 The Esplanade, Perth, Western Australia, Australia | admin@lightningminerals.com.au | (08) 9429 8806 Auditor’s independence declaration As lead auditor for the review of the half year financial report of Lightning Minerals Ltd (“the Company”) and its controlled entities (“the Group”) for the half-year ended 31 December 2024, I declare that, to the best of my knowledge and belief, there have been no contraventions of: (a) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and (b) any applicable code of professional conduct in relation to the review. This declaration is in relation to the Company and the entities it controlled during the period. HLB Mann Judd Chartered Accountants Jude Lau Partner Melbourne 14 March 2025 hlb.com.au HLB Mann Judd (VIC) Partnership ABN 20 696 861 713 Level 9, 550 Bourke Street, Melbourne VIC 3000 | GPO Box 2850, Melbourne VIC 3001 T: +61 (0) 3 9606 3888 F: +61 (0) 3 9606 3800 E: mailbox@hlbvic.com.au Liability limited by a scheme approved under Professional Standards Legislation. HLB Mann Judd (VIC) Partnership is a member of HLB International, the global advisory and accounting network 20 CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME Consolidated 31 December 2024 $ 31 December 2023 $ 18,150 38,687 Exploration expenditure Impairment of exploration expenditure Directors’ fees and salaries and wages General and administrative expenses Corporate expenses Depreciation Finance costs Acquisition costs expensed (235,375) (145,092) (244,087) (97,251) (332,818) (32,603) (3,700) - (42,719) (708,734) (73,090) (217,568) (33,122) (4,101) (30,000) Loss before income tax Income tax expense Net Loss for the period (1,072,776) (1,072,776) (1,070,647) (1,070,647) (35,150) (35,150) - (1,107,926) (1,070,647) (1.05) (1.05) (2.18) (2.18) - Note Income Other Comprehensive income/(loss) Items that may be reclassified to profit or loss in the future Exchange difference on translation of foreign operations Other comprehensive loss net of tax Total comprehensive (loss) Basic (loss) per share (cents per share) Diluted (loss) per share (cents per share) 7 7 The above statement should be read in conjunction with the accompanying notes 21 Level 11, 40 The Esplanade, Perth, Western Australia, Australia | admin@lightningminerals.com.au | (08) 9429 8806 CONSOLIDATED STATEMENT OF FINANCIAL POSITION Consolidated Note 31 December 30 June 2024 2024 $ $ Current Assets Cash and cash equivalents Trade and other receivables Prepayments 1,912,347 26,391 297,794 3,123,338 75,860 351,475 Total Current Assets 2,236,532 3,550,673 Non-Current Assets Plant and equipment Exploration and evaluation assets Right of use asset 5,818 4,182,430 112,614 2,221 4,024,528 21,596 Total Non-Current Assets 4,300,862 4,048,345 Total Assets 6,537,394 7,599,018 70,029 67,844 61,429 147,667 23,466 51,019 199,302 222,152 46,166 - Total Non-Current Liabilities 46,166 - Total Liabilities 245,468 222,152 6,291,926 7,376,866 9,755,572 (6,624,639) 3,160,993 9,766,248 (5,551,863) 3,162,481 6,291,926 7,376,866 2 3 Current Liabilities Trade and other payables Lease liability Employee provisions 4 Total Current Liabilities Non-Current Liabilities Lease liability 4 Net Assets Equity Issued capital Accumulated losses Reserves Total Equity 5 6 The above statement should be read in conjunction with the accompanying notes. 22 Level 11, 40 The Esplanade, Perth, Western Australia, Australia | admin@lightningminerals.com.au | (08) 9429 8806 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Consolidated Note At 1 July 2023 Loss for the period Other comprehensive income/(loss) Total comprehensive income/(loss) for the period Transactions with owners in their capacity as owners: Cost of issuing shares Share based payments - options granted - performance rights granted - acquisition of assets Note At 1 July 2024 Loss for the period Other comprehensive income/(loss) Total comprehensive income/(loss) for the period Transactions with owners in their capacity as owners: Cost of issuing shares Share based payments - options granted - performance rights granted As at 31 December 2024 Reserves Accumulated Total losses $ $ $ 2,199,445 (2,235,010) 6,490,934 - - (1,070,647) (1,070,647) - - - - - - (1,070,647) (1,070,647) (2,676) As at 31 December 2023 Consolidated Issued capital $ 6,526,499 (2,676) 250,000 25,003 411,293 - - 25,003 411,293 250,000 6,773,823 2,635,741 (3,305,657) 6,103,907 Issued capital $ 9,766,248 Reserves Accumulated Total losses $ $ $ 3,162,481 (5,551,863) 7,376,866 - (1,072,776) (1,072,776) - (35,150) - (35,150) - (35,150) (1,072,776) (1,107,926) 5 (10,676) - - (10,676) 6 6 - 13,612 20,050 - 13,612 20,050 9,755,572 3,160,993 (6,624,639) 6,291,926 The above statement should be read in conjunction with the accompanying notes. 23 Level 11, 40 The Esplanade, Perth, Western Australia, Australia | admin@lightningminerals.com.au | (08) 9429 8806 CONSOLIDATED STATEMENT OF CASH FLOWS Consolidated Cash flows from operating activities Payments to suppliers and employees (net of GST) Interest received Interest paid Net cash (used in) operating activities Note 31 December 2024 $ 31 December 2023 $ (833,854) (671,273) 18,150 (3,700) (819,404) 19,039 (4,101) (656,335) (4,374) - (333,620) (337,994) (1,456,790) (1,456,790) 5,250 (10,676) (32,300) (2,675) (31,899) (37,726) (34,574) (1,195,124) (2,147,699) 3,123,338 (15,867) 3,694,346 - 1,912,347 1,546,647 Cash flows from investing activities Payments for property and equipment Exploration and evaluation expenditure and acquisition Net cash (used in) investing activities Cash flows from financing activities Proceeds from issue of shares Cost of issuing shares Repayment of lease liabilities Net cash (used in) / provided by financing activities Net (decrease) in cash held Cash and cash equivalents at the beginning of the period Foreign exchange difference Cash and cash equivalents at the end of the period The above statement should be read in conjunction with the accompanying notes. 24 Level 11, 40 The Esplanade, Perth, Western Australia, Australia | admin@lightningminerals.com.au | (08) 9429 8806 NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS 1. MATERIAL ACCOUNTING POLICY INFORMATION This general purpose interim financial report for the half-year ended 31 December 2024 has been prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act 2001 as appropriate for profit-oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 Interim Financial Reporting. The half-year financial report does not include all the notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the Group as the full financial report. It is recommended that the half-year report be read in conjunction with any public announcements made by the Company during the half-year ended 31 December 2024 in accordance with the continuous disclosure obligations of the ASX listing rules. The financial statements were authorised for issue by the Directors on 14 March 2025. The accounting policies and methods of computation are the same as those adopted in the most recent annual financial report, with the exception of the new accounting standards applied for the first time. Going concern basis The financial statements have been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business. For the half year ended 31 December 2024, the Group incurred a loss of $1,072,776 and had negative cash flows of $1,195,124. The directors have reviewed the cashflow forecasts and believe that there are reasonable grounds to believe that