Announcement PDF 1 A. 32 Harrogate Street, West Leederville Perth, WA 6007 T. +61 (08) 9429 8806 E. admin@lightningminerals.com.au lightningminerals.com.au 30 July 2026 ASX ANNOUNCEMENT L1M QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDED 30 JUNE 2026 HIGHLIGHTS [1] • Successfully executed the Company's strategic reset, repositioning Lightning Minerals as a focused Australian gold and critical minerals exploration company centred on shareholder value creation. • Completed a strongly supported A$1.85 million capital raising, providing funding to accelerate exploration activities at Mt Turner and Warby Tungsten and execute the Company's revised growth strategy. • Successfully completed the Mt Turner, Drummer Fault and the Western Zone targets, Phase 1 soil sampling and geological mapping. • Exploration assessment continues at the Mt Turner Project with numerous untested targets. • Independent UNSW petrology study confirmed Lightning Minerals' geological exploration model, validating an intrusion-related epithermal gold system extending across the Mt Turner district. • Final preparation for Mt Turner Phase 2 diamond drilling (rig expected to arrive mid- August), targeting resource definition beneath historical workings and testing multiple high-priority exploration targets. • Warby Tungsten Project continues to emerge as a significant Australian tungsten exploration opportunity, with encouraging surface samples and indicative assay results confirming mineralisation. • Maintained disciplined capital allocation focused on advancing high-quality Australian exploration assets while reducing expenditure on non-core international projects. • Canadian and Brazilian portfolio divestments and country exits are nearing completion, along with Australian non-core assets being assessed and progressed to a decision point in Q3. Lightning Minerals Limited (ASX: L1M or “the Company”) is pleased to present its Quarterly Activities Report for the period ended 30 June 2026, highlighting significant operational, strategic and corporate achievements which continue to reposition the Company toward becoming a leading Australian gold and critical minerals explorer. 1 References to Previous ASX Announcements on page 21 2 A. 32 Harrogate Street, West Leederville Perth, WA 6007 T. +61 (08) 9429 8806 E. admin@lightningminerals.com.au lightningminerals.com.au COMMENT Lightning Minerals Managing Director, Troy Brice, commented: "The June Quarter was an important period for Lightning Minerals. Following the strategic reset we announced in April, our focus has been on execution and delivering on the commitments we made to shareholders. We've strengthened the balance sheet, advanced our key Australian projects and continued simplifying the portfolio so the Company is focused on where we see the greatest opportunity to create value. Mt Turner remains the centrepiece of that strategy. Every program we've completed continues to build our understanding of what we believe is a district scale mineral system rather than a collection of isolated historical workings. The combination of drilling, geochemistry, structural work and the independent petrology completed by the University of New South Wales has given us a much stronger understanding of the project and provides a solid foundation as we continue working towards a maiden Mineral Resource. We're also increasingly encouraged by what we're seeing at Warby. The early tungsten results have highlighted the potential of the project at a time when tungsten is becoming an increasingly important strategic commodity and we're seeing renewed corporate interest across the sector. While it's still early days, we're looking forward to building on these results as exploration continues. We're also continuing to progress the divestment of our non-core international assets, which was another key part of the strategic reset. Reducing expenditure outside our core Australian projects allows us to concentrate our capital where we believe it can deliver the greatest long- term benefit for shareholders. With a strong pipeline of exploration activity ahead, we're looking forward to continuing that momentum through FY2027." LAST QUARTER IN REVIEW The June quarter marked the transition from strategic planning to operational execution. Following the announcement of the Company's strategic reset in April 2026, Lightning Minerals commenced implementation of a disciplined exploration and capital allocation framework focused on advancing its Australian gold and critical minerals portfolio. The Company's activities during the quarter were centred around five strategic priorities: • accelerating exploration at Mt Turner; • validating the Company's geological model through independent technical studies; • advancing Warby Tungsten towards drill target selection; • strengthening the Company's financial position; and • simplifying the portfolio to maximise shareholder returns. 3 A. 32 Harrogate Street, West Leederville Perth, WA 6007 T. +61 (08) 9429 8806 E. admin@lightningminerals.com.au lightningminerals.com.au This resulted in one of the most active exploration quarters undertaken by the Company since listing. Major milestones achieved during the reporting period included: Strategic Reset The Company formally repositioned itself as an Australian-focused exploration company prioritising gold and critical minerals. Mt Turner was established as Lightning Minerals' flagship project and principal value creation opportunity, while Warby was elevated as a priority critical minerals project. The revised strategy also committed the Company to progressively monetising non-core international lithium assets while recycling capital into Australian exploration. Capital Raising The Company successfully completed a strongly supported A$1.85 million capital raising. Funds raised were allocated toward: • accelerating Phase 2 drilling at Mt Turner; • expanding geochemical programs; • progressing Warby exploration; • working capital; and • implementing the Company's strategic growth initiatives. The successful raising reflected continued support from existing shareholders together with new institutional and sophisticated investors who endorsed the Company's revised strategic direction. Exploration Exploration activities accelerated considerably across Queensland during the quarter. Key programs included: • Mt Turner - Drummer Fault target, preparation for Phase 2 drilling • Mt Turner - Drummer Fault target Completion of Soils Phase 1 Assay results • Warby Tungsten Project, Phase 1 rock chip sampling and assays results • Exploration assessment activities including WA and NSW 4 A. 32 Harrogate Street, West Leederville Perth, WA 6007 T. +61 (08) 9429 8806 E. admin@lightningminerals.com.au lightningminerals.com.au After the period to 30 June26 • Mt Turner - Independent petrology investigations; • Mt Turner - Western Zone target, completion of soil sampling and geological mapping • Warby Tungsten Project, Phase 2, completion of soil sampling and geological mapping Collectively these programs significantly improved the Company's geological understanding while generating numerous additional targets for future drill testing. Corporate The appointment of Troy Brice as Managing Director further aligned executive leadership with the Company's long-term strategy. The appointment of Andrew Lambert as the Exploration and Corporate Development Manager adds technical and commercial depth to the senior team. The Board continued implementing governance improvements while increasing engagement with institutional investors, brokers and strategic industry participants. Strategy Execution The Company's April Strategic Reset established a clear roadmap focused on maximising shareholder value through disciplined exploration and capital allocation. During the June Quarter Lightning Minerals substantially progressed every key strategic initiative announced to the market. 5 A. 32 Harrogate Street, West Leederville Perth, WA 6007 T. +61 (08) 9429 8806 E. admin@lightningminerals.com.au lightningminerals.com.au MT TURNER GOLD PROJECT The wholly owned Mt Turner Gold Project in northern Queensland remains Lightning Minerals' highest priority exploration asset and the Company's principal value creation opportunity. The company has undertaken the most comprehensive technical evaluation across the Mt Turner district and reinforces management's view that the project possesses district-scale exploration potential across multiple key targets. The Drummer Fault is our first target [ Figure 1] and represents an extensive epithermal gold mineralisation system across approximately 14-kilometre structural corridor. The Company's exploration strategy remains focused on systematically advancing Mt Turner toward its first Mineral Resource Estimate while continuing to identify additional mineralised centres throughout the broader project area. During the June Quarter exploration activities accelerated significantly across multiple workstreams including drilling, petrology, soil geochemistry and geological interpretation. Figure 1 – Map of Mt Turner hosting multiple key Targets, Dummer Fault is the current drilling target 6 A. 32 Harrogate Street, West Leederville Perth, WA 6007 T. +61 (08) 9429 8806 E. admin@lightningminerals.com.au lightningminerals.com.au Phase 2 Drilling Program During the reporting period, Lightning Minerals completed final preparations for the Phase 2 drilling campaign at Mt Turner. The drilling program has been designed to build upon the highly encouraging results from the Company's inaugural drilling campaign and subsequent geological reinterpretation completed end 2025. The campaign is targeting: • extensions to known gold mineralisation beneath historical workings; • down-plunge continuity of previously intersected high-grade shoots; • additional mineralised structures identified through geological interpretation; • priority targets generated from recent geochemical programs; and • previously untested structural intersections considered favourable for gold deposition. Importantly, the drilling program is focused on progressively establishing geological continuity while simultaneously testing new exploration opportunities capable of materially increasing the overall scale of the Mt Turner mineral system and will incorporate geological, structural and alteration logging together with detailed geochemical sampling to refine the Company's evolving exploration model. Independent Petrology Study One of the most significant technical milestones achieved during the quarter was completion of the independent petrology study undertaken by the University of New South Wales. The study provided independent validation of the Company's geological interpretation and significantly improved the understanding of mineralisation controls across the Mt Turner district. Key findings included: • Gold mineralisation is closely associated with rhyolitic and dacitic intrusive centres emplaced within major structural corridors. • Mineralisation has developed within regional extensional zones associated principally with the approximately 14-kilometre-long Drummer Fault together with subsidiary structures including the Cobar Line. • Multiple intrusive events have produced repeated mineralising episodes, resulting in overprinting alteration and gold deposition. • Rhyolitic mill matrix breccias associated with tabular rhyolite dykes observed at Pit 5 indicate significant depth potential beneath historical workings. • High-level intrusive bodies localised along structural and lithological boundaries represent favourable exploration targets elsewhere across the project. • Aeromagnetic interpretation suggests additional intrusive centres may remain concealed beneath shallow transported sediments east of Aurora Creek. Collectively these findings provide independent technical support for Lightning Minerals' exploration strategy and significantly increase confidence in the Company's district-scale geological model. 7 A. 32 Harrogate Street, West Leederville Perth, WA 6007 T. +61 (08) 9429 8806 E. admin@lightningminerals.com.au lightningminerals.com.au The petrology study will continue to guide targeting for future drilling campaigns and resource definition activities. Drummer Fault Geochemical Program The Company completed the next phase of systematic soil geochemistry across the Drummer Fault during the June Quarter. The program was designed to extend existing geochemical coverage while testing interpreted structural extensions beyond historical mining areas. The survey successfully expanded the Company's geochemical database and generated multiple anomalous zones that are currently being integrated with geological mapping, petrology and geophysical datasets. The program forms an important component of Lightning Minerals' exploration workflow by: • identifying concealed mineralised structures; • refining drill collar locations; • ranking exploration targets; • improving geological interpretation across the district; and • supporting future resource definition drilling. Results continue to reinforce the Company's interpretation that the Drummer Fault represents a district-scale mineralised corridor containing multiple mineralising centres rather than isolated historical deposits. Western Zone Geochemical Program During the quarter the Company successfully completed the Western Zone soil sampling program, [ Figure 2]. • ahead of schedule and under budget; • without any reportable health, safety or environmental incidents. The survey forms part of Lightning Minerals' systematic district-wide exploration strategy and significantly expands geochemical coverage west of the principal historical workings. Laboratory assays are expected during the September Quarter. Once received, the results will be integrated with: • drilling; • petrology; • geological mapping; • aeromagnetic interpretation; and • historical exploration data 8 A. 32 Harrogate Street, West Leederville Perth, WA 6007 T. +61 (08) 9429 8806 E. admin@lightningminerals.com.au lightningminerals.com.au to identify additional high-priority drill targets for future exploration campaigns. The Company believes the Western Zone represents one of several underexplored areas capable of hosting additional intrusive-related gold mineralisation within the broader Mt Turner district. Figure 2 – Map of Western Zone completed soil sampling and geological mapping 7982500 7982000 7981500 7981000 7980500 7980000 7979500 7979000 7982500 7982000 7981500 7981000 7980500 7980000 7979500 7979000 757500 757000 756500 756000 755500 755000 757500 757000 756500 756000 755500 755000 ¯ 500 Meters 9 A. 32 Harrogate Street, West Leederville Perth, WA 6007 T. +61 (08) 9429 8806 E. admin@lightningminerals.com.au lightningminerals.com.au Exploration Model Continues to Strengthen Exploration completed throughout the June Quarter has materially strengthened Lightning Minerals' understanding of the Mt Turner mineral system. The integration of drilling, structural interpretation, petrology, soil geochemistry and historical exploration continues to support a coherent district-scale exploration model characterised by: • multiple intrusive centres; • extensive structural preparation; • repeated mineralising events; • favourable host lithologies; and • widespread gold anomalism extending well beyond historical mining areas. Importantly, each successive exploration program continues to reinforce previous findings while generating additional exploration opportunities. Management believes Mt Turner possesses the geological characteristics commonly associated with large intrusion-related epithermal gold systems and remains significantly underexplored despite historical mining activity. Pathway Toward Maiden Mineral Resource Lightning Minerals continues to execute a disciplined exploration strategy designed to systematically de-risk the Mt Turner Project. 10 A. 32 Harrogate Street, West Leederville Perth, WA 6007 T. +61 (08) 9429 8806 E. admin@lightningminerals.com.au lightningminerals.com.au Each stage completed progressively reduces geological uncertainty while improving confidence in the scale and continuity of the mineral system. The Board believes the work completed during the June Quarter represents another significant step toward achieving the Company's objective of defining its first Mineral Resource at Mt Turner. WARBY TUNGSTEN PROJECT Emerging Australian Critical Minerals Opportunity The Warby Project in northern Queensland continues to emerge as one of Lightning Minerals' highest-priority exploration assets and represents an important component of the Company's exposure to critical minerals. [Refer Figures 3- 6 inclusive]. Following encouraging reconnaissance exploration completed during 2026, the June Quarter saw substantial advancement of the Company's understanding of the tungsten system through detailed sampling, assay interpretation and commencement of Phase 2 exploration. Warby complements the Company's flagship Mt Turner Gold Project by providing exposure to tungsten, a strategically important critical mineral increasingly recognised for its importance to defence, advanced manufacturing and industrial technologies. Figure 3 - Location of EPM 28262 Warby and adjacent Scardon tenement and proximity to peers in Far North Queensland 11 A. 32 Harrogate Street, West Leederville Perth, WA 6007 T. +61 (08) 9429 8806 E. admin@lightningminerals.com.au lightningminerals.com.au Figure 4 - Tenement Map of EPM 28262 Warby and adjacent Scardon tenement Figure 5 - Warby Tungsten Project – Location Map and Geology 12 A. 32 Harrogate Street, West Leederville Perth, WA 6007 T. +61 (08) 9429 8806 E. admin@lightningminerals.com.au lightningminerals.com.au Figure 6 - ID 6667 Coordinates 189513mE 8027795mN. Acicular sprays of wolframite (variety ferberite) altering to tungstite (lemon yellow) in quartz vein breccia impregnated with limonite and malachite. FOV 3cms. Encouraging Tungsten Assay Results [1] During the reporting period the Company announced encouraging assay results confirming widespread tungsten mineralisation across multiple target areas. The results demonstrated: • extensive surface mineralisation; • multiple coherent tungsten anomalies; • geological continuity across several prospects; • favourable host lithologies; and • strong exploration upside. ASX announcement dated 4th June 2026, High-Grade Tungsten Assays Confirm Extensive Mineralisation. Importantly, the assays validate earlier field observations and confirmed that mineralisation extends across a considerably larger footprint than previously recognised. The results provide strong encouragement for continued systematic exploration. 13 A. 32 Harrogate Street, West Leederville Perth, WA 6007 T. +61 (08) 9429 8806 E. admin@lightningminerals.com.au lightningminerals.com.au Initial rock chip assay results from historical tungsten workings at the 100%-owned Warby Project confirm widespread high-grade tungsten mineralisation across multiple wolframite- bearing vein systems within a 2km structural corridor. Assays returned tungsten values ranging from 750ppm W to over 50,000ppm W (>5% W), with: • 10 samples grading greater than 1% W • 6 samples grading greater than 3% W Significant assay results (using High Grade REE by fusion/ICPMs) include*: • >50,000ppm W (>5% W) from historical tailings material associated with hand-sorted wolframite-rich quartz vein material (Sample 105495) • 43,200ppm W (4.32% W) from quartz vein material (Sample 105496) • 42,900ppm W (4.29% W) from quartz vein material (Sample 105499) • 40,300ppm W (4.03% W) from quartz vein material (Sample 105878) • 39,800ppm W (3.98% W) from quartz vein material (Sample 105500) Elevated bismuth, tin and copper values associated with tungsten mineralisation support the prospectivity of the Warby system. Geological Interpretation Work completed during the quarter significantly improved understanding of the Warby mineral system. Geological mapping indicates mineralisation is associated with favourable intrusive environments and structurally controlled alteration zones capable of hosting significant tungsten mineralisation. Integration of geological mapping, structural interpretation and geochemistry has enabled the Company to prioritise several areas for detailed follow-up exploration. Management believes Warby remains at an early stage of exploration with considerable opportunity to expand the known mineralised footprint. Phase 2 Exploration Program [1] Immediately following receipt of the initial assay results, Lightning Minerals commenced Phase 2 exploration activities. ASX announcement dated 21 July 2026; Lightning completes Phase 2 Exploration at Warby Tungsten ahead of drill target selection. The program comprises: • detailed geological mapping; • expanded soil geochemistry; • structural interpretation; • alteration mapping; • target ranking; and • preparation for future drill testing. 14 A. 32 Harrogate Street, West Leederville Perth, WA 6007 T. +61 (08) 9429 8806 E. admin@lightningminerals.com.au lightningminerals.com.au The objective of the program is to substantially improve the geological understanding while identifying high-confidence drill targets capable of testing the broader tungsten system. Results generated from Phase 2 activities will guide subsequent exploration during FY2027. Strategic Importance Global tungsten supply continues to be dominated by a limited number of producing jurisdictions, increasing international interest in the development of new Australian sources of supply. The Board believes Warby represents an attractive long-term exploration opportunity that aligns strongly with Australia's growing strategic importance in supplying critical minerals. Together with Mt Turner, Warby establishes Lightning Minerals as a company with exposure to both precious metals and strategically significant critical minerals. OTHER AUSTRALIAN PROJECTS While the Company's strategic focus remains firmly centred on advancing the Mt Turner Gold Project and the Warby Tungsten Project, Lightning Minerals continues to maintain and assess a high-quality portfolio of exploration assets across Tier 1 Australian mining jurisdictions. Consistent with the Company's disciplined capital allocation framework announced during the quarter, exploration expenditure across these projects has been prioritised according to their capacity to deliver medium and longer-term shareholder value while preserving portfolio optionality. New South Wales (Boree Creek Project) The Boree Creek Project remains one of the Company's most prospective copper-gold exploration assets within the highly endowed Lachlan Fold Belt of New South Wales. The project occupies a favourable geological position within one of Australia's premier porphyry provinces and is located within an established mining district containing several globally significant copper-gold operations. During the reporting period, the Company continued desktop geological interpretation and integrated historical drilling datasets with modern geological models. Previous exploration has identified encouraging porphyry-style mineralisation which remains open and warrants systematic follow-up exploration. The next exploration phase is likely to include regional soil sampling and geological mapping. The project remains an important medium-term growth opportunity within Lightning Minerals' Australian portfolio. 15 A. 32 Harrogate Street, West Leederville Perth, WA 6007 T. +61 (08) 9429 8806 E. admin@lightningminerals.com.au lightningminerals.com.au New South Wales (Burdett Project) The Burdett Project continues to demonstrate favourable geological characteristics associated with porphyry-style copper-gold mineralisation. Activities undertaken during the quarter included continued review of historical exploration datasets together with assessment of regional geological controls and future exploration opportunities. No significant field activities were undertaken during the reporting period as capital continued to be prioritised toward Mt Turner and Warby. New South Wales (Manildra Project) Desktop geological evaluation and target ranking continued throughout the quarter. The Company continues reviewing historical exploration information with the objective of identifying opportunities for future low-cost exploration capable of generating new targets. The project remains available for future exploration as part of Lightning Minerals' longer- term Australian growth pipeline. Victoria (Corryong Project) The Corryong Project remains prospective for gold, skarn and porphyry-style mineralisation. The Company continued regional geological assessment during the quarter while maintaining the project in good standing. Future exploration activities will be considered following advancement of the Company's higher-priority Queensland exploration programs. Western Australia (Mailman Hill Project) Mailman Hill E37/1408, Extension of Term was approved, now expires 11 May 2031 (previously 11/05/2026), see Appendix 1. Lightning Minerals entered a strategic Memorandum of Understanding ("MoU") with Artificial Intelligence (‘AI’) exploration technology company Eigenform NextMaps Pte Ltd ("Eigenform NextMaps") to evaluate AI-assisted exploration planning across its Australian portfolio. ASX announcement on 10 July 2026, Lightning Partners with Eigenform Nextmaps to Enhance Exploration via AI. Mailman Hill remains Lightning Minerals' highest-priority Western Australian exploration project and an exploration prospectivity review will be augmented with this enhanced relationship. The project occupies a highly prospective position adjacent to known gold mineralisation within the Eastern Goldfields and retains strong exploration potential. During the reporting period the Company continued planning activities for future drilling designed to evaluate interpreted extensions of adjacent mineralised systems. 16 A. 32 Harrogate Street, West Leederville Perth, WA 6007 T. +61 (08) 9429 8806 E. admin@lightningminerals.com.au lightningminerals.com.au Consistent with the Company's strategic priorities, Mailman Hill remains the leading Western Australian project for future exploration expenditure once current Queensland programs have progressed. Western Australia (Dundas Gold Projects) The Company's Dundas North and Dundas South tenements continue to be maintained in good standing, extensions of terms were lodged along with statutory annual reports and further exploration review is planned in Q3. Dundas South E63/2028 Extension of Term was approved, now expires 13 May 2031 (previously 13/05/2026), see Appendix 1. Dundas North tenements, Extensions of Terms were lodged, pending approval. Desktop technical reviews including regional geological interpretation continued throughout the quarter to support exploration assessment as well as potential divestment activities. No material field activities were undertaken during the reporting period. Western Australia (Mt Bartle Projects) The Mt Bartle tenement applications remain subject to the granting process. The Company is progressing regulatory and heritage requirements necessary to advance the project. Desktop geological assessment remains ongoing pending completion of the tenure process. INTERNATIONAL PORTFOLIO OPTIMISATION Consistent with the Company's Strategic Reset announced during April 2026, Lightning Minerals continued implementing its portfolio simplification strategy throughout the June Quarter. The strategy maximises shareholder value by concentrating capital and management resources toward the Company's highest-priority Australian exploration assets while progressively unlocking value from non-core international holdings. During the quarter, the Company advanced divestment initiatives across existing Canadian and Brazilian lithium exploration tenements. This process forms an important component of the Company's strategy to: • simplify the Company's asset portfolio; • reduce ongoing costs and strengthen the balance sheet; • provide additional funding flexibility; and • allow greater investment into Australian gold and critical minerals exploration. 17 A. 32 Harrogate Street, West Leederville Perth, WA 6007 T. +61 (08) 9429 8806 E. admin@lightningminerals.com.au lightningminerals.com.au Management evaluated a range of commercial alternatives including: • divestment, joint venture opportunities; and corporate transactions. The objective remains to unlock value while minimising future capital commitments. No significant exploration operational expenditure was directed toward Canada or Brazil during the reporting period beyond activities necessary to preserve asset value and maintain tenure obligations. Further progress is expected in August. CORPORATE Managing Director Appointment During the quarter, Mr Troy Brice was appointed Managing Director of Lightning Minerals. The appointment reflects the Board's confidence in the execution of the Company's revised strategy and recognises the significant progress achieved since Mr Brice joined the Company as Chief Executive Officer. The Board believes combining executive leadership and strategic direction under the Managing Director role will further strengthen organisational execution during the Company's next growth phase. Capital Raising A major corporate milestone during the quarter was completion of a strongly supported A$1.85 million capital raising. The funds raised are supporting the Phase 2 Drilling at Mt Turner and the prioritised exploration programs across the Company’s Australian projects, in addition to general working capital. Investor Relations During the reporting period the Company significantly increased engagement with: • institutional investors; • resource funds; • investment brokers; • private investors; and • specialist mining media. Management undertook a series of investor briefings foll