Announcement PDF Half-Year Report 31 December 2025 admin@lightningminerals.com.au | (08) 9429 8806 Lightning Minerals Ltd ABN 40 656 005 122 Interim Financial Report For the Half-Year Ended 31 December 2025 1 CORPORATE DIRECTORY Directors Mr David Vilensky (Non-Executive Chairman) Mr Jamie Day (Non-Executive Director) 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 2 TABLE OF CONTENTS OPERATIONAL ACTIVITIES ........................................................................................3 DIRECTORS’ REPORT...............................................................................................33 AUDITOR’S INDEPENDENCE DECLARATION..............................................35 CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHANSIVE INCOME ...................................................................36 CONSOLIDATED STATEMENT OF FINANCIAL POSITION.................37 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ................38 CONSOLIDATED STATEMENT OF CASH FLOWS................................39 NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS....................................................................... 40 DIRECTORS’ DECLARATION................................................................................46 INDEPENDENT AUDITOR’S REVIEW TO THE MEMBERS OF LIGHTNING MINERALS LTD ................................................................................... 47 APPENDIX 1 – SCHEDULE OF TENEMENTS .................................................... 49 OPERATIONAL ACTIVITIES MT TURNER GOLD PROJECT (QLD, AUSTRALIA) The Company finalised its acquisition of Lotus Minerals during the period and began drilling at its flagship gold and copper project, Mt Turner in Queensland. The inaugural drill campaign at Mt Turner has returned significant intersections of gold and base metals from eight of nine drill holes. All nine drill holes intersected gold and base metal mineralisation. Significant intersections were achieved at Pit 3 (Drummer West), Pit 5 (Drummer Girl), Pit 6 (Rocky Reward) and Cobar including 20.4m @ 2.4g/t Au and 14.3g/t Ag from 62m, including 1.8m @ 10.6g/t Au and 27.1g/t Ag from 77m (Hole 25L1MP3DD001 – Pit 3) (ASX Announcement 21 October 2025). This is highly encouraging as it demonstrates width, grade and the presence of high-grade epithermal gold mineralisation. Multiple other results also indicate the presence of both orogenic and epithermal gold. High-grade zinc and silver mineralisation was also intersected at the Cobar prospect including 17.2m @ 6.2% Zn, 1.4% Pb and 10.3g/t Ag from 32m including 5.0m @ 11.6% Zn, 0.5% Pb and 12.4g/t Ag from 43.8m (Hole 25L1MCOBDD001) (ASX Announcement 10 November 2025). A soil sampling and rock chip sampling campaign across the Mt Turner tenements has yielded multiple results that indicate additional targets both along the Drummer Fault and across the project area. Known mineralisation has been extended 2.7km to the west of Pit 6 (Rocky Reward) with a peak rock chip assay of 21.9g/t Au. Known mineralisation along the Drummer Fault has been extended to 12km. Works are underway planning Phase 2 drilling at Mt Turner including potential drill testing of the Mt Turner Porphyry System which is believed to host potential for large scale copper-molybdenum porphyry system. Phase 2 drilling will begin in 2026. The Company sees the acquisition of Mt Turner as a strong opportunity to gain exposure to the gold and copper markets through a brownfields project with previous mining and exploration dating back over one hundred years. BOREE CREEK, BURDETT, MANILDRA & CORRYONG PROJECTS (NSW and VIC, AUSTRALIA) As part of the Lotus Minerals acquisition (ASX Announcement 05 September 2025) the Company has begun to evaluate the wholly owned Boree Creek, Burdett and Manildra copper and gold projects in the prolific Lachlan Fold belt. The projects are located between the tier one Northparkes project (Evolution Mining, ASX: EVN) and Cadia Valley project (Newmont Mining, ASX: NEM). The Company expects a formulated plan for execution in 2026 to further develop the already identified porphyry system which includes historic drill results including 48m @ 0.35% Cu and 0.31g/ t Au from 96m (RC94DH06). The Company also acquired the Corryong Project located in the Lachlan Fold Belt on the Victorian side of the NSW-Victorian border. Desktop reviews of available data suggest the project may be host to Orogenic Gold, poly-metallic Skarn and Porphyry (+/- Mo, Au, Cu, Ag) mineralisation. Plans are underway for initial reconnaissance work in 2026 with the tenements now granted. Plans are underway to begin a soil sampling campaign at the Boree Creek project to extend the footprint of known mineralisation and generate further drill targets which may be complete in H2 2026. 3 ESPERANÇA, CARAÍBAS AND CANABRAVA PROJECTS (MINAS GERAIS, BRAZIL) Target generation works have been ongoing at the Company’s projects in the Lithium Valley region of Minas Gerais. Multiple areas of lithium in soil anomalism have previously been identified including a 2km lithium in soil anomaly up to 239ppm Li at the Caraíbas project (ASX Announcement 02 December 2024) and lithium in soil anomalism up to 113ppm Li at the Canabrava project (ASX Announcement 03 October 2024). Infill soil sampling results for the Caraíbas and Canabrava projects have yielded results up to 429ppm Lithium and 320ppm Lithium respectively. Assays were received from the inaugural drilling campaign at the Esperança project in Minas Gerais, Brazil following completion of 1,442m of diamond drilling. Drilling has conrmed the presence of a pegmatite system in the locality with intersections up to 94m (true width estimated ~80m). Low lithium grades have been encountered but geochemical analysis and vectoring are underway to help determine the fractionation direction which may indicate a potential lithium source region. Drilling was expedited on the Esperança project following the discovery of spodumene at Esperança in artisanal workings (ASX Announcement 18 November 2024) and subsequent conrmation of spodumene through Raman Spectroscopy (ASX Announcement 17 January 2025). Works are ongoing in Brazil with a focus on further target generation across all three assets: Esperança, Caraíbas and Canabrava. This will allow the Company to have drill ready lithium targets which can be executed as sentiment in the lithium sector improves. The Company still believes in the significant potential that its Brazilian asset portfolio represents, providing strong optionality to the future lithium sector. OTHER PROJECTS – WORKS SUMMARY 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. DALMAS AND HIVER PROJECTS The Company has completed a review of additional regional data with a strategy to better understand regional trends. This data is still under review and will assist in determining the next steps that the Company takes in its exploration strategy in Canada. 4 RELEVANT ANNOUNCEMENTS DURING THE PERIOD (01 July – 31 December 2025) Announcement Date Title 11/12/2025 Aggressive Growth Strategy for Mt Turner Gold Project 17/11/2025 Final Assays Confirm Extension of Gold System at Mt Turner 10/11/2025 More High-Grade Gold & Base Metals at Mt Turner Project 21/10/2025 High Grade Gold Intersected at Mt Turner Project 26/09/2025 Intersections up to 94m Width at Esperanca Project in Brazil 19/09/2025 Start of Drilling of Gold and Silver Targets at Mt Turner 5/09/2025 Completion of Acquisition of Lotus Minerals 1/09/2025 Drilling to Begin on High Priority Gold Targets at Mt Turner 24/07/2025 Visit to Mt Turner Gold Project in Preparation for Drilling 4/07/2025 Preparations for Drilling Begin at Mt Turner Gold Project Summary of Works at the Mt Turner Gold Project and Forward Strategy (ASX Announcement 11 December 2025) Phase 1 drilling delivered multiple shallow mineralised gold intersections, including zones of high-grade epithermal gold (Table 2). Significant results include: 20.4m @ 2.4g/t Au and 14.3g/t Ag from 62m Including, 1.8m @ 10.6g/t Au and 27.1g/t Ag from 77m (Hole 25L1MP3DD001)2 . All nine Phase 1 drillholes intersected mineralisation, with eight of the nine returning significant gold, silver and base metal intervals. Gold mineralisation has now been defined along a 12km strike along the Drummer Fault. Soil and rock chip sampling further supports this potential, returning values up to 21.9 g/t Au (Rock Chip 106108) and 0.47 ppm Au (Soil Sample 105928). These results provide a pipeline of high-priority targets for testing in the Phase 2 drill program. Phase 1 drilling was completed on-time and on budget, confirming the presence of gold mineralisation both below and along strike from existing pits. These results provide the Company with the confidence to advance exploration at Mt Turner, where evidence continues to support the presence of a significant gold and base metal system. Three announcements detailing the Phase 1 results were released during October and November 2025 as follows: o High Grade Gold Intersected at Mt Turner Project (ASX Announcement 21 October 2025) o More High-Grade Gold & Base Metals at Mt Turner Project (ASX Announcement 10 November 2025) o Final Assays Confirm Extension of Gold System at Mt Turner (ASX Announcement 17 November 2025). Final planning for the Phase 2 drill program, including drillhole designs and collar locations, is underway and will be completed in the coming weeks. Proposed collar locations included in this announcement remain subject to minor adjustments and are shown in Figure 1 and Table 1. Target areas and priorities are subject to change but demonstrate the potential that exists beyond Phase 2 drilling. 5 Figure 1: Isometric view of Mt Turner Project demonstrating Phase 2 drilling and soil sampling priority areas Table 1: Mt Turner target areas and exploration narrative Priority Target Area Mineralisation Targeted Geological Description Commentary 1 Pit 3 (Drummer West) Au, Ag Orogenic with epithermal overprint Extension and step out drilling program following up mineralisation intercept 2 Cobar Line Au, Ag, Zn, Pb High-grade base metal with silver and epithermal overprint Extension and step out drilling program following up mineralisation intercept 3 Turner Porphyry IP Anom Cu Secondary supergene enrichment of chalcocite at the water table Recon drill hole testing an induced polarisation chargeability target in non- magnetic ground 4 SOS Au, Ag Orogenic with epithermal overprint and near surface supergene enrichment Shallow drill program testing Drummer Fault for supergene and fresh rock gold mineralisation directly beneath the 21.9 g/t Au rock chip sample 5 Pit 6 (Rocky Reward) Au, Ag Orogenic with epithermal overprint and near surface supergene enrichment Shallow drill program testing Drummer Fault for supergene and fresh rock gold mineralisation directly beneath several highly anomalous soil sample results 6 North-South Soil Sampling Program Au, Ag, Cu Testing geochemical trends associated with N-S faulting and potential blind porphyry intrusions Detailed soil sampling program north and south of the Drummer Fault between Pits 3 and 5 for geochemical signatures associated with north-south fault structures and buried porphyry intrusions 6 High Grade Epithermal Gold Intersected in Phase 1 Drilling at Mt Turner (ASX Announcements 17 November 2025, 10 November 2025 and 21October 2025) The Company’s inaugural drill program was completed for nine holes and 1,113m of diamond drilling. All holes intersected mineralisation with eight of the nine holes intersecting signicant mineralisation. Following completion of drilling and a soil and rock chip sampling campaign the strike of known mineralisation has now been increased to 12km. The drill program was completed in November 2025 and plans are now underway for a follow up Phase 2 drilling campaign targeting depth and strike continuity of the successful results achieved in this program. Cross-section and plan view of Hole 25L1MP3DD001 and historic hole 21ISMP3RC001 (Drummer West - Pit 3) are shown in Figure 2 and 3 respectively. Table 2: Summary of significant intersections during Phase 1 drilling at Mt Turner project Hole ID Prospect Hole Type Depth From Depth To Interval Au Ag Zn Pb (m) (m) (m) (g/t) (g/t) (%) (%) 25L1MP3DD001 Pit 3 (Drummer West) Diamond 62 82.4 20.4 2.4 14.3 Including 77 78.8 1.8 10.6 27.1 25L1MP5DD001 Pit 5 (Drummer Girl) Diamond 77.8 85.8 8 1.4 4.8 Including 83.9 85.8 1.8 5.4 16.3 25L1MP5DD002 Pit 5 (Drummer Girl) Diamond 67 68 1 7.2 10.4 - - 25L1MP5DD002 Pit 5 (Drummer Girl) Diamond 90 93 3 3.6 8.8 - - Including 90 91 1 10.7 17.4 - - 25L1MP5DD003 Pit 5 (Drummer Girl) Diamond 127 128 1 7.6 9.5 - - 25L1MCOBDD001 Cobar Diamond 32 49.15 17.2 0.1 10.3 5.5 0.5 Including 43.8 48.3 4.5 0.2 12.4 11.6 0.5 25L1MCOBDD002 Cobar Diamond 17.6 30 12.4 0 24.2 6.2 1.4 Including 22.65 25.07 2.4 0.1 75.2 15.3 4.1 25L1MP6DD001 Pit 6 (Rocky Reward) Diamond 65 67.8 2.8 1.2 2.8 Including 66.9 67.8 0.9 3.4 8.1 25L1MP6DD001 Pit 6 (Rocky Reward) Diamond 75 99.8 24.8 0.3 2.1 25L1MP6DD002 Pit 6 (Rocky Reward) Diamond 78 112 34 0.4 1.4 7 Figure 2: Cross-section of Hole 25L1MP3DD001 and historic hole 21ISMP3RC001 (Drummer West - Pit 3) Figure 3: Plan view of Hole 25L1MP3DD001 and historic hole 21ISMP3RC001 (Drummer West - Pit 3) 8 Hole 25L1MP3DD001 (Pit 3) - 10.6g/t Au and 27.1g/t Ag over 1.8m from 77m The first three diamond drill holes have been positioned to test for previously unrecognised breccia hosted gold and silver mineralisation beneath several shallow historical pits mined for oxide gold in the 1990’s, namely Pit 3 (Drummer West), Pit 4 (Drummer Boy), and Pit 5 (Drummer Girl) which are located along the Drummer Fault directly to the north of the Mt Turner Porphyry system. Peak assay results from Hole 25L1MP3DD001 of 10.6g/t Au and 27.1g/t Ag over 1.8m from 77m downhole were received from drilling at Pit 3 (Drummer West). Examples of drill core from Pit 3 are shown in Figures 4 and 5. Early-stage pyrite and silicified breccia clasts that have been fractured and infilled/flooded by multi-phase fine grain silica (white and grey) with gold and silver associated with the fine-grained silica phases. Pit 3 has the strongest occurrence of epithermal breccia, followed by Pit 5. No epithermal breccia was observed during drilling at Pit 4, suggesting mineralisation in this location may be related to orogenic quartz veining. Figure 4: Epithermal style breccia hosted mineralisation (78.1m, Drill Hole 25L1MP3DD001) Figure 5: Epithermal breccia mineralisation (79.4m, Drill Hole 25L1MP3DD001) 9 Multiple Intersections Confirm Gold and Base Metals Recent assay results from holes four to six of a nine-hole program at the Company’s wholly owned Mt Turner Project continue to demonstrate significant epithermal gold potential along the Drummer Fault including assays from Pit 5 (Drummer Girl) yielding: Hole L1MP5DD002 (Pit 5 – Drummer Girl) 3.9m @ 3.6g/t Au and 8.8g/t Ag from 90m Incl. 1.0m @10.7g/t Au and 17.4g/t Ag from 90m Additional intersections include: Hole L1MP5DD003 (Pit 5 – Drummer Girl) 3.0m @ 2.8g/t Au and 7.5g/t Ag from 105m Incl. 1.0m @ 6.3g/t Au and 17.2g/t Ag from 105m Drilling at the Cobar prospect has intersected high-grade zinc-lead-silver mineralisation, related to the Mt Turner porphyry system which will be targeted for further drilling during a Phase 2 program in 2026. Results include: Hole 25L1MCOBDD001 (Cobar) 17.2m @ 6.2% Zn, 1.4% Pb and 10.3g/t Ag from 32m, Incl. 4.5m @ 11.6% Zn, 0.5% Pb and 12.4g/t Ag from 43.8m Hole 25L1MCOBDD002 (Cobar) 12.4m @ 6.2% Zn, 1.4% Pb and 24.2g/t Ag from 17.6m Incl. 0.6m @ 19.7% Zn, 8.4% Pb, 150g/t Ag and 0.2g/t Au from 22.65m Multiple zones of mineralisation along the Drummer Fault remain open along strike and at depth. The current drill program was primarily focused on shallow mineralisation, down to approximately 100m below surface. The highly encouraging results from the drill program to date provide strong impetus for the Company to potentially define a significant gold system and further its exploration activities across the broader project area. Follow-up drilling is being planned to target mineralisation down dip and along strike from recent intercepts and the Mt Turner porphyry system for copper, gold and base metals. Further High-Grade Gold Intersections Confirm Shallow Gold Potential Drill hole 25L1MP5DD002 was designed to test for epithermal mineralisation extensions adjacent to and below the historic Drummer Girl (Pit 5) open pit. Two occurrences of epithermal mineralisation were encountered at 67m and 90m down hole (Figure 5): Hole 25L1MP5DD002 (Pit 5 – Drummer Girl) 3.9m @ 3.6g/t Au and 8.8g/t Ag from 90m Incl. 1.0m @ 10.7g/t Au and 17.4g/t Ag from 90m 1.0m @ 7.2g/t Au and 10.4g/t Ag from 67m Mineralisation is associated with quartz and sulphide veins in highly altered diorite, in contrast to mineralisation observed in holes 25L1MP5DD001 and 25L1MP5DD003 which was associated with fault breccia zones, (Figure 6). All diorite intersections in drill core are now being analysed for additional mineralisation potential. 10 Figure 6: Cross-section of Hole 25L1MP5DD002 (Drummer Girl - Pit 5) Hole 25L1MP5DD003 was drilled from the north to test for footwall mineralisation and to inform the orientation of the brecciation zones beneath Drummer Girl (Pit 5) open pit. Epithermal mineralisation was encountered on the breccia zone contacts within the diorite and the meta-basalt units. Hole 25L1MP5DD003 (Pit 5 – Drummer Girl) 2.2m @ 1.9g/t Au and 5.3g/t Ag from 98.8m 1.0m @ 7.6g/t Au and 9.5g/t Ag from 127m 3.0m @ 2.8g/t Au and 7.5g/t Ag from 105m Incl. 1.0m @ 6.3g/t Au and 17.2g/t Ag from 105m Mineralised quartz-sulphide veins were also intersected within a highly altered diorite unit in Hole 25L1MP5DD003: 1.0m @ 7.6g/t Au and 9.5g/t Ag from 127m. Mineralisation beneath the Drummer Girl (Pit 5) open pit has now been demonstrated over a strike length of more than 80m between 60- 80m depth below surface (Figure 7). Mineralisation remains open in all directions. 11 Figure 7: Cross-section of Hole 25L1MP5DD003 (Drummer Girl - Pit 5) Figure 8: Plan view of Holes 25L1MP5DD001, 25L1MP5DD002 and 25L1MP5DD003 (Drummer Girl – Pit 5) Wide, High-Grade Zn-Pb-Ag Mineralisation Identified at Cobar Drill Holes 25L1MCOBDD001 and 25L1MCOBDD002 intersected the base metal zone of the Mt Turner porphyry system encountering high grade zinc, lead and silver mineralisation. The Cobar prospect is 12 located approximately 4km south of the Drummer Fault on the southern side of the Mount Turner porphyry system. Hole 25L1MCOBDD001 (Cobar) 17.2m @ 6.2% Zn, 1.4% Pb and 10.3g/t Ag from 32m Incl. 4.5m @ 11.6% Zn, 0.5% Pb and 12.4g/t Ag from 43.8m Hole 25L1MCOBDD002 (Cobar) 12.4m @ 6.2% Zn, 1.4% Pb and 24.2g/t Ag from 17.6m 2.4m @ 15.3% Zn, 4.1% Pb and 75.2g/t Ag from 22.65m Incl. 0.6m @ 19.7% Zn, 8.4% Pb, 150g/t Ag and 0.2g/t Au from 22.65m Inspection of the core in hole 25L1MCOBDD002 identified a late stage miarolitic cavity lined by drusy quartz suggesting proximity to an epithermal system that may host significant high-grade gold potential (Figure 9). The Cobar prospect comprises a north-south one-kilometre line of 19th Century workings through a rhyolitic breccia corridor that hosts mesothermal base-metals with areas of epithermal Au/Ag overprint. The current thesis on mineralisation is that The Mt Turner porphyry was formed along intersecting north- west/north-east fractures. North-south tension faults developed and intruded with dolerite rock, with rhyolite rock later intruding into the same faults. Both rock types fractured extensively and filled with metal sulphides (mainly sphalerite, galena and chalcopyrite) at medium temperatures. In some areas a final low-temperature event deposited gold and silver bearing quartz. Figure 9: Cobar Drill Core for Hole 25L1MCOBDD002 (27.1m downhole) Drill Holes 25L1MCOBDD001, 25L1MCOBDD002 and cross section are shown in Figures 10, 11 and 12 respectively. 13 Figure 10: Cross-section of Hole 25L1MCOBDD001 (Cobar) Figure 11: Cross-section of Hole 25L1MCOBDD002 (Cobar) 14 Figure 12: Plan View of Hole 25L1MCOBDD001 and 25L1MCOBDD002 (Cobar) Pit 6 (Rocky Reward) Delivers Additional 34m Wide Gold Intersection Final assay results from holes eight and nine of the inaugural drill program at the Company’s wholly owned Mt Turner Project continue to demonstrate gold potential along the Drummer Fault. The final two drill holes have been targeted beneath Pit 6 (Rocky Reward) which is approximately six kilometers west of previous drilling at Pit 3 (Drummer West) and Pit 5 (Drummer Girl) where significant gold intersections have also been intersected (ASX Announcement 21 October 2025 and ASX Announcement 10 November 2025). The six-kilometre strike length of the Drummer Fault between recent intersections at Pit 6 (Rocky Reward), Pit 3 (Drummer West) and Pit 5 (Drummer Girl) provide the Company with an outstanding opportunity to delineate further gold mineralisation. The entire mapped strike length of the Drummer Fault, which is approximately14km, is situated wholly within the Company’s tenure. The broad zones of anomalous gold intersected at Pit 6 (Rocky Reward), combined with the high grades identified at Pit 3 (Drummer West) and Pit 5 (Drummer Girl) demonstrate the potential continuity of the mineralised system over multiple kilometres of the Drummer Fault. This scale potential is further demonstrated by the width and grade continuity of the intersections at Pit 6 (Rocky Reward), 34m @ 0.4g/t Au, 1.4g/t Ag, as well as the intersection of Quartz Feldspar Porphyry intrusion. The two current drill holes at Pit 6 (Rocky Reward) are 80m along strike from each other. The next phase of drilling will focus on potential grade increases with depth and the relationship of the porphyry intrusions to the gold mineralisation. 15 Intersections at Pit 6 (Rocky Reward) are as follows: Hole L1MP6DD001 (Pit 6 – Rocky Reward) 2.8m @ 1.2g/t Au and 2.8g/t Ag from 65m Incl. 0.9m @ 3.4g/t Au and 8.1g/t Ag from 66.9m and 24.8m @ 0.3g/t Au and 2.1g/t Ag from 75m. Hole L1MP6 DD002 (Pit 6 – Rocky Reward) 34m @ 0.4g/t Au and 1.4 g/t Ag from 78m and 0.94m @ 0.8g/t Au and 14g/t Ag from 150.86m. Holes 25L1MP6DD001 and 25L1MP6DD002 (Pit 6 – Rocky Reward) In summary, drilling at Pit 6 (Rocky Reward) has identified an open-ended zone of hydrothermally altered dolerite which is host to both orogenic style gold sulphide-bearing quartz veins and breccias and less frequent, epithermal style gold sulphide bearing fine grained quartz veinlets which tend to be more sulphidic. Further work at Pit 6 (Rocky Reward) will be undertaken to ascertain potential controls on gold-silver distribution. Figure 13, Figure 14 and Figure 15 show drill hole cross-sections and plan view. The assay results, in addition to the geological logging of 25L1MP6DD001 and 25L1MP6DD002 confirm that Pit 6 (Rocky Reward) is host to a significant precious metal mineralising event/s. The company’s geological team were highly encouraged by the field observations during drilling, with the identification of veining, alteration and metal zonation consistent with both orogenic and epithermal mineral systems. This thesis being borne out with excellent results received. They continue to focus on the potential extent of mineralisation along the Drummer Fault. The Drummer Fault is a known conduit for gold-silver mineralising fluids. Importantly, the recent identification of Quartz-Feldspar-Porphyry (QFP) intrusion(s) in the drilling may indicate further potential for the migration of mineralising fluids from deeper in the system. These multi-generation phases of mineralisation are globally recognised as being fundamental to a mineral system possessing both economically significant grade and potential volume. The combination of mineral systems that have been observed throughout this phase of drilling have helped to further refine the company’s exploration model at the Mt Turner project. 16 Figure 13: Cross-section of Hole 25L1MP6DD001 (Pit 6 – Rocky Reward) Figure 14: Cross-section of Hole 25L1MP6DD002 (Pit 6 – Rocky Reward) 17 Figure 15: Plan view of Holes 25L1MP6DD001 and 25L1MP6DD002 (Pit 6 – Rocky Reward) Soil and Rock Chip Sampling Significantly Extends Mineralisation Along the Drummer Fault The Company has also completed a soil sampling and rock chip sampling campaign across the Mt Turner project, initially focused on the Drummer Fault. The purpose of the program was to confirm the presence of mineralisation between the existing open pits along the Drummer Fault and along strike, to the east and west. Assay results indicate that it is likely the mineralisation may be continuous along the Drummer Fault. The soil sampling program has focused on path-finder elements which are known to have a strong association with gold mineralisation. Arsenic (As), Silver (Ag) and Antimony (Sb) are key pathfinder metals for both epithermal gold-silver and orogenic gold-silver systems. Pit 3 (Drummer West) and Pit 5 (Drummer Girl) • Soil anomalies (including Au-Ag-As-Pb-Zn) indicate potential to extend mineralisation to the west of each pit o Strike extension of up to 450m at Pit 5 and 350m at Pit 3 o Soil anomalism consistent with mineralisation intersected in 25L1MP3DD001 (20.4 m 2.4 g/t Au and 14.3 g/t Ag) o Rock chips taken from 500m northeast (Sample ID 106127: 5.7 g/t Au) and 500m southeast (Sample ID 106135: 5.3 g/t Au and 44.1 g/t Ag) of Pit 5 indicate that mineralisation may not be constrained to the Drummer Fault New Western Target Identified ~ 2.7 Km west of Pit 6 (Rocky Reward) • Soil anomalies (including Au-Ag-As-Pb-Cu) identify potential new area of mineralisation, approximately 350m wide 18 • Significant rock chip assays from the area include o 21.9 g/t Au (Sample ID 106108) o 3.2 g/t Au (Sample ID 106128) o 3.5 g/t Au (Sample ID 106113) • Samples also contain anomalous Ag, Cu, Pb, Sb potentially related to a previously unrecognised mineralised corridor Rock-chip sampling has further expanded the prospective footprint beyond the Drummer Fault. Multiple samples collected approximately 2.7km west of Pit 6 returned significant grades, including 21 g/t Au (Sample ID: 106108), 3.2 g/t Au (Sample ID: 106128), and 3.5 g/t Au (Sample ID: 106113) over a strike length of 385m. These samples also display elevated Ag and base-metal values, supporting the interpretation of a potential new mineralised zone west of the known system. Additional rock-chip sampling northeast and southeast of Pit 5 (Drummer Girl), has also delivered strong results. Sample ID 106127, collected ~500 m northeast of the pit, returned 5.7 g/t Au and displays clear epithermal alteration. Sample ID 106135, located ~500 m southeast of the pit, returned 5.3 g/t Au and 44.1 g/t Ag. These results demonstrate that mineralisation may not be constrained to the Drummer Fault and has potential to extend to the north and south of this structural feature, significantly widening the prospective corridor. East of Pit 1 (Drummer Toy), soil and rock-chip sampling has identified at least two anomalous Au-Ag- As-Cu-Pb-Zn zones extending nearly 2.5 km from the pit. Although sampling density in this area is lower, results are highly encouraging. Rock-chip values include 5.6 g/t Au (Sample ID: 106142) along the surface expression of the Drummer Fault, and additional samples to the north and south returned 0.92 g/t Au (Sample ID: 106131) and 2.09 g/t Au and 38.2 g/t Ag (Sample ID: 106132), collected 475 m north and 580 m south of the fault respectively. Collectively, these results highlight the potential scale of the gold-silver mineralised system at the Mt Turner project. They also demonstrate multiple satellite and extension targets surrounding the Drummer Fault corridor, significantly expanding the Company’s exploration search space and supporting the potential for further discoveries in under-tested areas. Table 3 and Table 4 show significant rock chip samples utilising a 0.2g/t Au cut-off grade. Arsenic (As) is a key indicator element often associated with gold, the soil samples have been filtered based on As >20ppm. All rock chip sample and soil sample locations are displayed in Figure 16. 19 Figure 16: Plan view of Mt Turner Project demonstrating all soil and rock sample geochemistry, including the Phase 1 drill Mt Turner Project Location and Prospectivity The Mt Turner Project is located 15km to the northwest of Georgetown in North Queensland. The Project is held through granted Exploration Permits (EPM 27170 and EPM 27525) The Drummer Fault structure, a 14 km east-west structure readily visible on LiDAR and satellite imagery is a key feature of the terrain Historically, several shallow oxide pits were mined for gold in the 1990’s along the Drummer Fault. In addition, northeast trending structures have intersected the Drummer Fault in numerous locations. These structures have potential to form higher-grade mineralisation and are thus a high priority target. There are multiple existing mineralised targets along the Drummer Fault and below the curre