Announcement PDF 26 October 2026 Lachlan Fold Belt Option with Kincora Delivers Funded Drilling and Non-Dilutive Cash ________________________________________________________________________________________ Exclusive nine-month option with NSW-focused Kincora Copper delivers A$100,000 in non- dilutive cash, transfers all option-period costs including a minimum 400m diamond drilling commitment, and provides up to A$450,000 in total potential consideration. Highlights: • Exclusive option granted to Kincora Copper (ASX: KCC): nine-month option over all or selected tenements from six Lachlan Fold Belt Exploration Licences (~1,269km²) in NSW and Victoria. The portfolio fits Kincora’s prospect generator model and its active presence in the district. • A$100,000 non-dilutive cash received: non-refundable option fee already paid, supporting L1M’s priority exploration programs without issuing new shares. • Minimum 400m diamond drilling at zero cost to L1M: Kincora funds all exploration, permitting, land access and statutory holding costs (including rent of more than A$24,000 a year) during the option period, including a committed drilling program at Boree Creek South (EL9273). • Up to A$450,000 total potential consideration: A$100,000 option fee (received), A$100,000 cash and A$150,000 in KCC shares on exercise and completion, and a further A$100,000 in KCC shares if EL9273 is renewed in full. The A$350,000 balance is conditional and not assured. • Retained upside for L1M shareholders: KCC share consideration would give L1M exposure to exploration success through equity in an active NSW explorer with a strong technical team and balance sheet. • Sharper focus on core assets: consistent with L1M’s 2026–2029 Strategic Plan, concentrating capital and management attention on Mt Turner (flagship gold-copper) and Warby (strategic tungsten), alongside the Western Australian gold portfolio. • Option only: no tenement has transferred. Any acquisition is subject to Kincora exercising the option, transaction documentation and applicable regulatory and ministerial approvals. • Engage with this Announcement via InvestorHub Lightning Minerals Limited (ASX: L1M) (“Lightning”or “the Company”) advises that it and its wholly owned subsidiary, Lotus Minerals Limited (“Lotus”), have entered into an option deed (“Option Deed”) granting Kincora Copper Limited (ASX: KCC) (“Kincora”) an 2 exclusive nine-month option to acquire all or selected tenements from a portfolio of six Exploration Licences (~1,269km²) in the Lachlan Fold Belt across New South Wales and Victoria. Under the option, Kincora is responsible for all exploration, permitting, land access and statutory holding costs, including a guaranteed minimum of 400 metres of diamond drilling at Boree Creek South within the nine-month option period. The arrangement has already delivered A$100,000 in non-dilutive cash through the option fee and provides funded exploration at zero cost to Lightning, while enabling the Company to concentrate capital and management attention on Mt Turner, Warby and the Western Australian gold portfolio. Kincora is an ASX and TSX-V listed copper-gold explorer and prospect generator that is very active across the Lachlan Fold Belt of New South Wales. The optioned portfolio fits Kincora’s prospect generator model and, with nine active NSW projects, established exploration partnerships and a strong technical team, Kincora brings the funding capacity and local knowledge to advance the licences. Lightning Minerals Managing Director, Troy Brice, commented: “This option agreement represents an important step in the systematic execution of L1M’s 2026–2029 Strategic Plan, providing a funded pathway to advance the Lachlan Fold Belt licences while enabling the Company to maintain its focus on our highest- priority exploration assets. Importantly, the A$100,000 option fee has already been received as non-dilutive cash, and Kincora bears all costs during the option period, including a committed drilling program at Boree Creek South. That means no capital or management attention is drawn away from our priority programs. We see this as a win-win transaction. The portfolio fits Kincora’s prospect generator model, and Kincora is very active in the district, with a strong technical team and balance sheet to advance these licences. Through the share component of the consideration, our shareholders would retain upside to exploration success via equity in Kincora, while we streamline our focus on our core assets. With Mt Turner as our flagship gold and copper growth project, Warby as our strategic tungsten platform, and our emerging Western Australian gold portfolio, this transaction allows us to concentrate our resources where they will generate the greatest value for shareholders. We look forward to working with Kincora during the option period and updating shareholders as the transaction progresses.” LACHLAN FOLD BELT OPTION PORTFOLIO The option portfolio comprises five exploration licences in New South Wales and one exploration licence in Victoria. The projects are located within the broader Lachlan Fold Belt, a well- 3 established mineral province that hosts numerous major gold and copper operations (refer to Figures 1 and 2). Figure 1. New South Wales Regional Location Map Figure 2. Victoria Regional Location Map 4 The New South Wales portfolio includes the Boree Creek North and South, Burdett, Manildra and Gundagai licences. The Victorian portfolio comprises the Corryong licence in north-eastern Victoria. The regional maps show the location of the optioned tenements relative to major towns, infrastructure and operating processing facilities. The option relates only to these six tenements; Lightning’s Queensland and Western Australian projects are not affected. TRANSACTION OVERVIEW L1M and Lotus, the registered holder of the relevant licences, have executed the Option Deed with Kincora. The Option Deed grants Kincora an exclusive nine-month period to undertake work on and assess the six-tenement portfolio before deciding whether to acquire all or selected licences. The arrangement is an option only. Ownership of the licences has not transferred, and completion of any sale is not assured. Any acquisition remains subject to Kincora exercising the option, the parties completing the required transaction documentation and obtaining applicable regulatory and ministerial approvals. KEY COMMERCIAL TERMS TERM SUMMARY Parties Lightning Minerals Limited; Lotus Minerals Limited (wholly owned L1M subsidiary and registered holder); and Kincora Copper Limited (ASX: KCC). Transaction Exclusive option to acquire all or selected licences from the six-tenement Lachlan Fold Belt portfolio. Option period Nine months from execution of the option deed. Option fee A$100,000 cash, non-refundable (received). Minimum work commitment At least 400 metres of diamond drilling at Boree Creek South (EL9273). Option-period obligations Kincora is responsible for agreed exploration activities, permitting, land access and statutory holding costs during the option period. Exercise flexibility Kincora may elect to acquire all or only some of the optioned licences. Completion consideration A$100,000 cash plus A$150,000 in fully paid ordinary KCC shares, subject to exercise, completion and the agreed sale terms. Contingent consideration A further A$100,000 in KCC shares if EL9273 (current expiry 27 August 2027) is renewed in full. Share pricing KCC shares are to be calculated under the seven-day VWAP mechanism specified in the deed. Maximum stated consideration Up to A$450,000 in cash and KCC shares, including the A$100,000 option fee. The A$350,000 balance is conditional. 5 Conditions Exercise of the option, transaction documentation, applicable approvals and satisfaction of the deed’s relevant conditions. ABOUT KINCORA COPPER Kincora Copper Limited (ASX and TSX-V: KCC) is a copper-gold explorer and project generator focused on the LachlanFold Belt of New South Wales. According to its recent public disclosures, Kincora: • holds nine active projects across the Macquarie Arc and CobarBasin, and has completed more than 20,000m of drilling across seven licences; • has exploration partnerships including AngloGold Ashanti, Fleet Space Technologies and Atomionics, with more than A$10 million in partner-funded exploration since late 2024; and • reported an estimated cash position of approximately A$13 million as at 30 September 2026. Kincora’s established NSW operating base, technical team and funding position make it a capable counterparty to advance the optioned licences. STRATEGIC RATIONALE The transaction supports L1M’s Corporate Strategy and Value Creation Plan 2026–2029, which is founded on a focused Australian portfolio, disciplined capital allocation, progressing appropriate value-realisation pathways for non-core assets, and the principle that each major decision should increase the long-term value of the Company’s flagship assets. • Mt Turner remains L1M’s Tier 1 corporate flagship and primary focus for capital deployment, technical activity and management attention. • Warby is the Tier 2 strategic tungsten growth platform, with a Phase 3 geochemical program underway to vector a maiden drill program, while the Western Australian gold portfolio provides a disciplined, stage-gated discovery pipeline. • The A$100,000 option fee provides non-dilutive cash to support the Company’s priority exploration programs. • The option transfers agreed exploration and holding obligations to Kincora – combined annual rent across the six tenements is more than A$24,000, before minimum expenditure commitments – while securing a minimum 400-metre diamond drilling commitment at Boree Creek South. • L1M retains upside to exploration success through conditional cash and KCC share consideration if the option is exercised and completion occurs – equity in an active NSW explorer with a strong technical team and balance sheet – including a further A$100,000 in KCC shares linked to the full renewal of EL9273. • The portfolio fits Kincora’s prospect generator model and its active presence in the district, creating a mutually beneficial structure: Kincora gains complementary Lachlan Fold Belt ground, while L1M streamlines its focus on its core assets. 6 TENEMENT SCHEDULE The tenement information below has been extracted from L1M’s Australian Tenements Holdings schedule dated 1 May 2026. Boree Creek North and South nomenclature is shown consistently with the supplied regional map. PROJECT / STATE TENEMENT STATUS AREA (km²) GRANT DATE EXPIRY DATE ANNUAL RENT (A$) ROYALTY Boree Creek South (NSW) EL9273 Granted 34.2 27/08/2021 27/08/2027 880 Nil Boree Creek North (NSW) EL9609 Granted 11.5 13/10/2023 13/10/2029 340 Nil Burdett (NSW) EL9172 Granted 234 12/05/2021 12/05/2027 5,380 Nil Manildra (NSW) EL9148 Granted 278 03/05/2021 03/05/2027 5,920 Nil Gundagai (NSW) EL9274 Granted 163 27/08/2021 27/08/2027 5,380 Nil Corryong (VIC) EL008345 Granted 548 09/07/2025 09/07/2030 6,158.50 Nil Table 1. Lachlan Fold Belt Option Tenements (as at 1 May 2026) NEXT STEPS Upcoming transaction and exploration milestones include: • Kincora progressing permitting, land access and exploration activities during the option period, including at least 400 metres of diamond drilling at EL9273; • L1M monitoring compliance with the Option Deed and continuing to manage the portfolio in accordance with its Strategic Plan and disclosure obligations; • if the option is exercised, the parties progressing the required transaction documentation and regulatory and ministerial approvals; and • L1M providing further updates if the option is exercised, the transaction completes, EL9273 is renewed in full, or another material event occurs. -end- REFERENCES TO PREVIOUS ASX ANNOUNCEMENTS This announcement should be read in conjunction with the Company’s previous announcements, including: • 16 April 2026 – Strategic Plan and Portfolio Simplification • 21 September 2026 – Large Scale Open Tungsten System at Warby Project Historical Workings 7 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 Managing Director Investor & Media Relations admin@lightningminerals.com.au ir@lightningminerals.com.au About Lightning Minerals Limited (ASX: L1M) Lightning Minerals Limited is an Australian mineral exploration company focused on gold, copper, molybdenum and tungsten opportunities within its Australian project portfolio. The Company’s principal asset is the wholly owned Mt Turner Project in northern Queensland. Exploration at Mt Turner is focused on gold, copper and molybdenum mineralisation. The Company is undertaking systematic exploration, including geochemical sampling, geophysical surveys, geological interpretation and drilling, to progressively evaluate the project’s mineral potential and advance priority targets. Lightning Minerals also holds the Warby Project in northern Queensland, a rapidly advancing tungsten exploration opportunity and an important component of the Company’s critical-minerals strategy. Systematic exploration is being undertaken to evaluate the extent and continuity of tungsten mineralisation, refine priority target areas and inform subsequent phases of exploration. The Company’s Western Australian gold projects provide additional exploration and asset- development depth, complementing the Company’s priority activities at Mt Turner and contributing to a broader pipeline of gold opportunities. Lightning Minerals’ strategy is to create long-term shareholder value through disciplined exploration, technically driven target generation and responsible capital allocation. 8 Forward Looking Statements Information included in this release constitutes forward-looking statements. Often, but not always, forward looking statements can generally be identified 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 fluctuations 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 financial, 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.