Announcement PDF 29 September 2026 ASX ANNOUNCEMENT A. 32 Harrogate Street, West Leederville Perth WA 6007 T. +61 (08) 9429 8806 E. admin@lightningminerals.com.au lightningminerals.com.au 1 ASX: L1M ABN. 40 656 005 122 UPDATED CORPORATE PRESENTATION Lightning Minerals Limited (ASX: L1M) releases its updated corporate presentation following the announcement of a large-scale tungsten system at its 100%-owned Warby Project in North Queensland (ASX announcement 21 September 2026 – Large Scale Open Tungsten System at Warby Project Historical Workings). A copy of the presentation is attached. Engage with this announcement at Investor Hub ~ Ends ~ This announcement has been authorised for release by the Board of Lightning Minerals Limited. For more information, please visit: lightningminerals.com.au Enquiries in relation to the announcement, please contact: Lightning Minerals Ltd (ASX: L1M) Tau Media Troy Brice Jessica Fertig Chief Executive Officer Investor & Media Relations Phone +61 8 9429 8806 Phone +61 408 855 855 admin@lightningminerals.com.au jessica@taumedia.com.au 1 Lightning Minerals Limited (ASX:L1M) | Investor Presentation | 1 Two 100%-owned North Queensland projects: an emerging high-grade tungsten opportunity at Warby, and at Mt Turner a 14km gold vein system and Mo-Cu porphyry GOLD • TUNGSTEN • MOLY-COPPER Investor Roadshow ASX:L1M | September 2026 High-Grade Tungsten. District-Scale Gold. Lightning Minerals Limited (ASX:L1M) | Investor Presentation | 2 Important Notice and Disclaimer This presentation has been prepared by Lightning Minerals Ltd ACN 656 005 122 (‘Company’) to provide readers with background information only to obtain a general understanding of the Company’s plans and objectives in the context of its proposed commercial activities. This presentation is to be treated as confidential information. The recipient of this presentation must not copy, reproduce or distribute it to any person, other than where expressly agreed with the Company. This presentation does not purport to contain all information readers may require or consider material in respect of evaluating any potential investment in the Company. Certain information has not been included in this presentation although the reader may consider such information to be necessary to its decision as to whether to invest in the Company. 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Lightning Minerals Limited (ASX:L1M) | Investor Presentation | 3 Investment Highlights THE TUNGSTEN OPPORTUNITY | WARBY, NORTH QLD Scale potential and high-grade tungsten at surface, in a proven tungsten belt3 >5% W Peak rock chip assay 10 of 14 Rock chips grading above 1% W ~4km² Area indicated by Phase 1 & 2 results WHY IT MATTERS FOR INVESTORS • Strategic critical mineral: China controls ~80% of global supply and export curbs are pushing Western buyers to secure new sources • Proven neighbourhood: same belt as Mt Carbine, owned by EQ Resources (ASX:EQR), with an active tungsten processing plant • Near-term news flow: Phase 3 assays due October 2026 to drive drill target selection, with trenching and maiden drilling planned for 2027 District-scale gold at Mt Turner Flagship project: a 14km mineralised trend emerging as a district-scale gold system, with a maiden MRE targeted for Q3 20271 Mo-Cu porphyry scale Climax-style molybdenum target across 3.7km² at the ERC, where soil, IP and surface vein vectors converge Planned Drilling from October 2026 Phase 2 drilling at the Drummer Fault from early October, building on Phase 1 where every hole intersected breccia-hosted gold1 Disciplined execution Every major commitment from the April 2026 Strategic Reset delivered, with capital focused on the highest- value assets2 1 ASX 17 Nov 2025, Final Assays Confirm Extension of Gold System at Mt Turner. 2 ASX 16 Apr 2026, Strategic Reset and Portfolio Simplification. 3 ASX 19 May 2026 as well as: 22 May, 4 Jun, 13 Jul , 21 Jul, 24 August and 21 September 2026 (Warby Tungsten). Rock chip samples are selective by nature and may not be representative of the mineralisation as a whole. Lightning Minerals Limited (ASX:L1M) | Investor Presentation | 3 Lightning Minerals Limited (ASX:L1M) | Investor Presentation | 4 Corporate Snapshot Troy Brice CEO and Managing Director David Vilensky Non-Executive Chairman Jamie Day Non-Executive Director Justyn Stedwell Company Secretary 1. As at 28 September 2026. 2. As at 27 July 2026, post completion of Tranche 2 Placement. Board of Directors Key Management Andrew Lambert Exploration and Corporate Development Manager Lee Spencer Chief Geologist & CPR Corporate Structure Shares on issue2 ~380m Share price1 $0.018 Cash2 ~$1.43M Market Cap1 $6.84m Lightning Minerals Limited (ASX:L1M) | Investor Presentation | 5 Positioned in a Tier-1 Gold District Qld Kennedy Igneous Association An underexplored province hosting multiple multi- million-ounce gold systems and large porphyry copper potential – home to L1M's QLD projects Surrounded by Tier-1 Gold Endowment Ringed by major producing and historical systems: Kidston (5.0Moz), Ravenswood (4.0Moz), Pajingo (3.6Moz) and Mt Leyshon (3.5Moz), Charters Towers (6.5Moz) Established Infrastructure & Access Road, rail and processing infrastructure in a Tier-1 jurisdiction de-risks the path from exploration to development Lightning Minerals Limited (ASX:L1M) | Investor Presentation | 6 MT Turner – Multiple Key Targets Drummer Fault leads a pipeline of six targets 1,2,4 Mt Turner Project • District-scale gold and Mo-Cu potential across six key targets • Drummer Fault: 14km mineralised zone with historical workings; all 2025 drill holes intersected gold • Western Zone: 1km gold anomaly adjacent to a 1.4km hydrothermal footprint Short-term focus • Drummer Fault Phase 2 drilling (planned for Q4) • Warby Tungsten Phase 3 • Cobar Line (gold) • ERC (Mo-Cu) Longer term • More gold targets to grow a future MRE within the Mo-Cu porphyry system Key ASX Announcements: [1] 17 November 2025, Final Assays Confirm Extension of Gold System at Mt Turner. [2] 11 December 2025, Aggressive Growth Strategy for Mt Turner Gold Project & 16 April 2026, Strategic Reset and Portfolio Simplification. [4] 7 July 2026, Lightning Completes Western Zone Soil Program, Advancing Phase 3 Drill Targeting, 2 September 2026: Further Compelling Gold Targets Emerge in The Western Zone of Mt Turner Project Lightning Minerals Limited (ASX:L1M) | Investor Presentation | 7 MT Turner – Drummer Fault Phase 2 drilling from, building on Phase 1 success Phase 2 drilling objectives • Define mineralisation trends between the historical oxide pits • Build on Phase 1 (2025), where all holes intersected breccia-hosted gold below the oxide pits • Test soil geochemistry linking Pit 3 westward over 1.6km of strike • Define Phase 3 drill targets, towards delivery of a maiden Mineral Resource Estimate Lightning Minerals Limited (ASX:L1M) | Investor Presentation | 8 Two new gold targets within the 5km-long Western Zone 1 • North: continuous 1km gold anomaly adjacent to a larger 1.4km interpreted multi-element hydrothermal footprint • Northern anomaly remains open to the south and east – room to grow the target • South: four sub-parallel gold-in-soil trends over 200–300m of strike, peaking at 330 ppb Au • Additional peripheral targets being explored, including Red Hills Breccia Target displaying compelling, co-incident multi-element soil geochemistry Map of the Western Zone Target, showing anomalous samples over LiDAR DEM (Digital Elevation Model) MT Turner – Western Target Zone Soil program advances Phase 3 drill targeting ASX Announcements:[1] 2 September 2026: Further Compelling Gold Targets Emerge in The Western Zone of Mt Turner Project Lightning Minerals Limited (ASX:L1M) | Investor Presentation | 9 • Classic setting: back-arc environment with multi-phase, intensely altered felsic intrusives • Confirmed: historical hole NS4 (1988) hit stockwork porphyry mineralisation at 280m • Underexplored: extensive historical data but limited drilling • Shallow targets: IP chargeability indicates potential shallow porphyry mineralisation in the east • Major-system signature: extensive Cu-Mo soil anomalies exhibit classic metal zonation • Global analogues: resembles Dexing (China) and Bingham Canyon (USA) MT Turner – Exploration Model Exploration data points to a district-scale porphyry system Lightning Minerals Limited (ASX:L1M) | Investor Presentation | 10 Tungsten’s Turn • Prices up sharply over 18 months on defence, semiconductor and clean energy demand • China controls ~80% of global supply; export curbs are pushing the West to secure new sources • Warby sits in the same North Queensland belt as Mt Carbine, owned by EQ Resources (ASX:EQR) • Andrew Forrest has backed the belt, taking a 16.8% stake in EQR Warby Tungsten Critical mineral exposure in a proven tungsten belt Lightning Minerals Limited (ASX:L1M) | Investor Presentation | 11 Phase 2 soil and pan concentrate (13) results showing anomalous W-Sn responses across the broader Warby target area • The mineralised system has potentially doubled in size, with high grades as reported • Integrates Phase 1 & 2 results: 91 soils, 17 pan concentrates, 20 rock chips and 21 reference samples • Rock chips up to >5% W, with 10 of 14 samples above 1% W • Hosted in quartz veins, altered granite and greisen – indicating a potentially larger system than veining alone • Phase 3 mapping and sampling complete; assays due October • Results to refine drill targeting 3. ASX Announcements: (Warby Tungsten) 19 May 2026, 22 May 2026, 4 June 2026, 13 July 2026, 21 July 2026, 24 August and 21 September 2026 Warby Tungsten – Grade & Scale High-grade tungsten indicated across a 4km2 area3 Quartz Vein Rock Chips from Dumps Show High W Tenor Coarse sprays of acicular wolframite in quartz with malachite and limonite gossan, FOV 5 cms. Scheelite under UV Fluorescence Lightning Minerals Limited (ASX:L1M) | Investor Presentation | 12 Warby Tungsten Project – aerial photo and potential exploration model Warby Tungsten – High Grade High-grade tungsten confirmed across a 4km corridor 3 • Scale: 50km² tungsten terrain on a 13km fertile granite contact • Untested: WW1-era workings, no modern exploration before L1M • High grade: quartz-wolframite-scheelite vein swarm; rock chips average >2% W • Growing footprint: reconnaissance soils show an emerging large mineralised area • Hidden upside: poor outcrop suggests concealed veins, a classic bulk-tonnage setting 3. ASX Announcements: (Warby Tungsten) 19 May 2026, 22 May 2026, 4 June 2026, 13 July 2026, 21 July 2026, 24 August and 21 September 2026 Lightning Minerals Limited (ASX:L1M) | Investor Presentation | 13 COMMODITY / LOCATION PROJECT 2026 — DE-RISK & DEFINE 2027 — DRILL & GROW TUNGSTEN FNQ Warby Tungsten • Expanding footprint, potentially high-grade W • Acquire LiDAR GOLD FNQ Drummer Fault (Mt Turner – MT) • Phase 2 drilling (Oct) • Confirm high-grade core • Confirm 700m continuous mineralisation, Pits 1–3 • Ready for drilling & MRE GOLD FNQ Cobar Line (MT) • Ready for drilling & MRE GOLD FNQ Western Zone (MT • 5km strike; soils complete • Target selection • Ready for Phase 1 drilling • Potential resource addition GOLD FNQ Red Hills (MT) • Soils complete; 1.5km² Au anomaly • Basement mapping + target selection • Ready for Phase 1 drilling • Potential resource addition GOLD WA Mailman Hill (MT) • Prospectivity review by end 2026 COPPER FNQ Mt Turner (MT) • Track clearing + mapping • Confirm exploration model • IP + modelling complete • Stratigraphic hole at UST area MOLY COPPER FNQ ERC (MT) • Drill IP anomaly COPPER NSW Boree Creek • Soil sampling + target selection • Drill 30+ RC holes • Confirm high-grade core • Confirm 700m continuous mineralisation • Pending review Exploration Roadmap 2026–2027: Multiple Targets • Follow-up soils and drill targeting • Phase 1 drilling • Track clearing + mapping • Confirm exploration model Lightning Minerals Limited (ASX:L1M) | Investor Presentation | 14 Phase 2 Drilling Diamond drilling aimed from early October Near Term Catalysts MRE Q3 2027 Targeting a maiden Mineral Resource Estimate at Mt Turner Tungsten Upside Phase 3 assays due October 20263 Drill target generation Q4 2026 Drilling at Mt Turner Why Invest in L1M Flagship asset, Mt Turner (QLD) 1, 2 Emerging district- scale gold and Mo-Cu system along a 14km mineralised corridor Highly focused strategy 1, 2 Capital directed to the highest-conviction Au, Cu and W targets in Tier-1 jurisdictions with infrastructure Led by a highly experienced team Proven discovery track record Positioned in major gold & copper districts Kennedy Igneous Association (FNQ) and Macquarie Arc (NSW) High-grade tungsten upside3 Rock chips to >5% W at Warby, North Queensland, adding critical minerals exposure Phase 3 Drilling Mt Turner drill targets defined targeting Q4 2026 onwards Mt Turner Warby Lightning Minerals Limited (ASX:L1M) | Investor Presentation | 15 ASX:L1M KEY REFERENCES TO PREVIOUS ASX ANNOUNCEMENTS [1] 17 November 2025, Final Assays Confirm Extension of Gold System at Mt Turner [2] 11 December 2025: Aggressive Growth Strategy for Mt Turner Gold Project [2] 16 April 2026: Strategic Reset and Portfolio Simplification to Gold and Copper focus with Mt Turner [3] 19 May 2026: Significant Tungsten potential identified at the Warby Project in North Queensland, supports tenure prospectivity [3] 22 May 2026: Supplementary Information – Warby Project Tungsten Announcement [3] 4 June 2026: High-Grade Tungsten Assays Confirm Extensive Mineralisation [3] 13 July 2026: Lightning Accelerates Warby Tungsten Exploration Following High-Grade Assay Results [3] 21 July 2026: Lightning completes Phase 2 Exploration at Warby Tungsten ahead of drill target selection [4] 7 July 2026: Lightning Completes Western Zone Soil Program, Advancing Phase 3 Drill Targeting [5] 29 July 2026: Investor Presentation – Unlocking a New District-Scale Gold System [6] 24 August 2026: High-grade Rock Chip Results from Phase 2 Strengthen Warby’s Regional Tungsten Potential [7] 2 September 2026: Further Compelling Gold Targets Emerge in The Western Zone of Mt Turner Project [8] 21 September 2026: Large Scale Open Tungsten System at Warby Project Historical Workings [9] 24 September 2026: Phase 3 Soil Program Underway at Warby to define maiden tungsten drill targets COMPETENT PERSONS STATEMENT The information contained herein that relates to exploration results is based on information compiled or reviewed by Mr Lee Spencer, who is a Competent Person and a member of the Australasian Institute of Mining and Metallurgy. Mr Spencer is a Director of TRS Management Pty Ltd, a contractor to the Company. Mr Spencer, B.Sc. (Hons) M.Sc. M.AusIMM, has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Persons as defined in the 2012 Edition of the‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Spencer consents to the inclusion of his name in the matters based on the information in the form and context in which it appears. REFERENCES TO PREVIOUS ANNOUNCEMENTS The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements, and that all material assumptions and technical parameters have not materially changed. The Company also confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. Lightning Minerals Limited (ASX:L1M) | Investor Presentation | 16 LIGHTNINGMINERALS.COM.AU Contact Lightning Minerals Ltd (ASX: L1M) Tau Media Troy Brice Jessica Fertig Managing Director Investor & Media Relations Phone +61 8 9429 8806 Phone +61 408 855 855 admin@lightningminerals.com.au Jessica@taumedia.com.au Authorised by the Board of Directors