Announcement PDF 24 September 2026 7 July 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 PHASE 3 SOIL PROGRAM UNDERWAY AT WARBY TO DEFINE MAIDEN TUNGSTEN DRILL TARGETS HIGHLIGHTS • Phase 3 infill and extension soil sampling underway at the 100%-owned Warby Tungsten Project in North Queensland • First 162 soil samples despatched to ALS Laboratory, Townsville, with assays expected in October 2026; a further 100 samples are being collected in phase 3 • Program designed to refine Phase 2 tungsten (W) soil anomalies that remain open to the north-east, south-west, north and west • Phase 3 results will be used to vector a maiden drill program at Warby • To better characterise the tungsten mineralisation, seven wolframite/scheelite quartz vein and wall rock samples sent to UNSW for petrological and mineralogical studies Lightning Minerals Limited (ASX: L1M) (“Lightning” or “the Company”) is pleased to advise that Phase 3 soil sampling is underway at its 100%-owned Warby Tungsten Project in North Queensland (see Figures 1 and 2). The first 162 soil samples have been despatched to ALS Laboratory in Townsville, with assays expected in October 2026. The program infills and extends the Phase 2 soil grid, where tungsten anomalies remain open in multiple directions, results will be used to vector a maiden drill program. COMMENT Lightning Minerals Managing Director, Troy Brice, commented: “Phase 3 is about defining how far the Warby system extends. Our Phase 2 soils showed tungsten anomalies that remain open in multiple directions, and this infill and extension program is designed to refine and sharpen our targeting ahead of a maiden drill program. With the first 162 samples now at the laboratory and a further 100 being collected presently, we look forward to updating shareholders as results are received. Tungsten is increasingly recognised as a strategic critical mineral, and Warby’s location in North Queensland positions Lightning well in that context.” A. 32 Harrogate Street, West Leederville Perth, WA 6007 T. +61 (08) 9429 8806 E. admin@lightningminerals.com.au lightningminerals.com.au 2 Figure 1. Warby Tungsten Project regional location map.. Figure 2. Warby Tungsten Project Location in Relation to other FNQ Tungsten occurrences. A. 32 Harrogate Street, West Leederville Perth, WA 6007 T. +61 (08) 9429 8806 E. admin@lightningminerals.com.au lightningminerals.com.au 3 PHASE 3 EXPLORATION PROGRAM Phase 3 was initiated immediately following receipt of the Phase 2 reconnaissance soil and panned concentrate results, which indicated that the known quartz-wolframite veins form part of a broader vein swarm and a much larger mineralised footprint than indicated by the historical workings alone. Phase 3 is designed to define the orientation of the known veins and refine the tungsten soil anomalies that remain open to the north-east, south-west, north and west. Delineating these anomalies is a key step in converting surface geochemistry into ranked drill targets for a maiden drill program. Phase 3 activities to date include: 1. Collection of 162 soil samples at 25-metre spacing along infill and extension lines spaced 125 metres apart. 2. Sample screening and shipment of samples to ALS Laboratory in Townsville. 3. Shipment of seven rock chip samples of wolframite/scheelite quartz vein and wall rock to the University of NSW for petrological and mineralogical study. 4. Collection of a further 100 soil samples is in progress (see Figure 3). Figure 3. Map of Phase 2 W Soil Anomalism with the Location of Phase 3 sampling (green collected) blue (in progress) over Aerial Image. A. 32 Harrogate Street, West Leederville Perth, WA 6007 T. +61 (08) 9429 8806 E. admin@lightningminerals.com.au lightningminerals.com.au 4 About Tungsten Tungsten has the highest melting point of any metal and is one of the hardest materials used in industry. That makes it essential in cutting tools, drill bits, aerospace alloys, armour- piercing munitions and advanced manufacturing. For most of these uses there's no practical substitute, which is why several Western governments classify tungsten as a critical mineral. Supply is concentrated. China is the dominant producer (80%) of processed tungsten, and market commentators note that its recent export restrictions have tightened global supply. Industry and governments are now focused on securing alternative sources from stable Western jurisdictions, and many expect structural supply constraints to continue. That puts new tungsten discoveries in Tier-1 jurisdictions like Queensland at the centre of a strategic supply problem. Warby is one of them. NEXT STEPS • Receive and interpret Phase 3 soil assays (expected October 2026) and complete collection of the further 100 soil samples. • Integrate UNSW petrological and mineralogical results into the Warby geological model. • Assess additional panned concentrate drainage sampling across the broader Lyndbrook Complex, particularly along the 13-kilometre long Angore Granite contact and areas where NW structures cross the permissive terrain. • Acquire and interpret LiDAR data to assist delineating further concealed historical workings, detailed structural analysis and reduce follow-up sampling costs. • Rank and prioritise targets for trenching and a maiden drill program. The Company will provide shareholders with further market updates as Phase 3 results are received. 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 • 19 May 2026 – Significant Tungsten Potential Identified at the Warby Project in North Queensland • 22 May 2026 – Supplementary Information – Warby Project Tungsten Announcement • 4 June 2026 – High-Grade Tungsten Assays Confirm Extensive Mineralisation • 13 July 2026 – Lightning Accelerates Warby Tungsten Exploration Following High-Grade Assay Results • 21 July 2026 - Lightning Completes Phase 2 Exploration at Warby Tungsten Ahead of Drill Target Selection • 24 August 2026 - High-Grade Rock Chip Results from Phase 2 Strengthen Warby’s Regional Tungsten Potential • 21 September 2026 - Large Scale Open Tungsten System at Warby Project Historical Workings A. 32 Harrogate Street, West Leederville Perth, WA 6007 T. +61 (08) 9429 8806 E. admin@lightningminerals.com.au lightningminerals.com.au 5 ~ 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 Managing Director Investor & Media Relations Phone +61 8 9429 8806 Phone +61 408 855 855 admin@lightningminerals.com.au Jessica@taumedia.com.au About Lightning Minerals Ltd (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. A. 32 Harrogate Street, West Leederville Perth, WA 6007 T. +61 (08) 9429 8806 E. admin@lightningminerals.com.au lightningminerals.com.au 6 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. 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. A. 32 Harrogate Street, West Leederville Perth WA 6007 T. +61 (08) 9429 8806 E. admin@lightningminerals.com.au lightningminerals.com.au 7 ASX: L1M ABN. 40 656 005 122 JORC Code, 2012 Edition – Table 1 (Section 4 & 5 not applicable) Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.) Criteria JORC Code explanation Commentary Sampling techniques • Nature and quality of sampling (e.g., cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g., ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g., submarine nodules) may warrant disclosure of detailed information. Soil Samples • A total of 162 soil samples were collected with lines 125 metres apart and samples collected at 25 metre spacing. Samples were collected using a power auger to a nominal depth of 0.5 metre in the B horizon. • Outcrop, coordinates, soil type and colour were logged. Samples were screened at 180 microns and the minus-180-micron fraction submitted for analysis. Drilling techniques • Drill type (e.g., core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g., core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.). • Not Applicable. Drill sample recovery • Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. • Not Applicable. A. 32 Harrogate Street, West Leederville Perth WA 6007 T. +61 (08) 9429 8806 E. admin@lightningminerals.com.au lightningminerals.com.au 8 ASX: L1M ABN. 40 656 005 122 Criteria JORC Code explanation Commentary Logging • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography. • The total length and percentage of the relevant intersections logged. • Sample site coordinates were noted, samples sites were logged for soil type, colour and basement outcrop. Logging is qualitative and appropriate for early-stage exploration. Sub-sampling techniques and sample preparation • If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second- half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled. • Soil samples were collected using a power auger to a maximum depth of 0.5 metre. Samples were collected, bagged and assigned a sample number. Coordinates were recorded (GDA94 Zone 55) along with soil type, colour, description and notes on any nearby outcrop. • Samples were transported back to Georgetown facility where they were screened at 180 microns with the -180 micron fraction weighed and transferred to a soil packet. Screens were cleaned by air compressor between each sample. Quality of assay data and laboratory tests • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g., standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e., lack of bias) and precision have been established. • Samples were transported to ALS Laboratory in Townsville and will be assayed using ALS assay method ME-MS 81. Verification of sampling and assaying • The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. • Primary data is recorded in the field and transferred to spreadsheets and uploaded to the company’s electronic data filing system. • Assays are received from the Laboratory in excel format and appended to field data. Deviations of assays from observed mineralisation are re- assayed. • Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and down- hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control. • All sample locations are recorded by GPS and entered into field notes. • Grid system is GDA94 Zone 55. A. 32 Harrogate Street, West Leederville Perth WA 6007 T. +61 (08) 9429 8806 E. admin@lightningminerals.com.au lightningminerals.com.au 9 ASX: L1M ABN. 40 656 005 122 Criteria JORC Code explanation Commentary Data spacing and distribution • Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied. • The spacing is appropriate for reconnaissance anomaly definition. • The current spacing of sampling may be sufficient to establish some degree of continuity. Further grid-based sampling or drilling would be required to define grade and geological continuity. • No compositing has been applied. Orientation of data in relation to geological structure • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. • Sampling lines were designed to cross perpendicular to the orientation of the interpreted and inferred vein mineralisation • The relationship between sample orientation and all possible mineralised structures is not fully understood at this early stage. Sample security • The measures taken to ensure sample security. • Chief measure to ensure sample security was the adoption of an internal chain security of custody. Samples were delivered from the field and delivered to courier for delivery to ALS Laboratory. Audits or reviews • The results of any audits or reviews of sampling techniques and data. • No internal review or audit of sampling techniques has been carried out. Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Criteria JORC Code explanation Commentary Mineral tenement and land tenure status • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. • Sampling was carried out on EPM 28262 Warby 100% owned by Lightning Minerals Pty Ltd. The tenement is in good standing and under Queensland law gives the holder exclusive right to explore for minerals for a period of 5 years. The tenement can be extended for a further five years on application. Exploration done by other parties • Acknowledgment and appraisal of exploration by other parties. • No recorded previous exploration on tungsten exploration. other parties Geology • Deposit type, geological setting and style of mineralisation. • Mineralisation appears to be hydrothermal W vein type. A. 32 Harrogate Street, West Leederville Perth WA 6007 T. +61 (08) 9429 8806 E. admin@lightningminerals.com.au lightningminerals.com.au 10 ASX: L1M ABN. 40 656 005 122 Criteria JORC Code explanation Commentary Drill hole Information • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar. o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar. o dip and azimuth of the hole. o down hole length and interception depth. o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. • Not applicable. Data aggregation methods • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g., cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated. • Not applicable. Relationship between mineralisation widths and intercept lengths • These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g., ‘down hole length, true width not known’). • Not applicable. Diagrams • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include but not be limited to a plan view of drill hole collar locations and appropriate sectional views. • Not applicable. Balanced reporting • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. • Not Applicable. Other substantive exploration data • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. • Not Applicable. Further work • The nature and scale of planned further work (e.g., tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. • Depending on assay results further work will be aimed at discovery of further evidence of W mineralisation by a combination of drainage sampling, soil sampling and trenching. A. 32 Harrogate Street, West Leederville Perth WA 6007 T. +61 (08) 9429 8806 E. admin@lightningminerals.com.au lightningminerals.com.au 11 ASX: L1M ABN. 40 656 005 122 Section 3 Estimation and Reporting of Mineral Resources (Criteria listed in section 1, and where relevant in section 2, also apply to this section.) Criteria JORC Code explanation Commentary Database integrity • Measures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes. • Data validation procedures used. • Sampling was conducted under a quality management system. All field data captured by hard copy is subsequently uploaded to a spreadsheet system and added to the stored database. The database is checked for input errors in the field and at head office. Site visits • Comment on any site visits undertaken by the Competent Person and the outcome of those visits. • If no site visits have been undertaken indicate why this is the case. • Competent person collected phase 1 rock chips. • Competent person inspected Phase 2 soil sampling. Geological interpretatio n • Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit. • Nature of the data used and of any assumptions made. • The effect, if any, of alternative interpretations on Mineral Resource estimation. • The use of geology in guiding and controlling Mineral Resource estimation. • The factors affecting continuity both of grade and geology. • Project is in early exploration stage as such geological interpretation of any mineral deposits present is premature. Dimensions • The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource. • Current soil sampling will not estimate the extent of sub surface mineralisation. A. 32 Harrogate Street, West Leederville Perth WA 6007 T. +61 (08) 9429 8806 E. admin@lightningminerals.com.au lightningminerals.com.au 12 ASX: L1M ABN. 40 656 005 122 Criteria JORC Code explanation Commentary Estimation and modelling techniques • The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used. • The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data. • The assumptions made regarding recovery of by-products. • Estimation of deleterious elements or other non-grade variables of economic significance (e.g., sulphur for acid mine drainage characterisation). • In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed. • Any assumptions behind modelling of selective mining units. • Any assumptions about correlation between variables. • Description of how the geological interpretation was used to control the resource estimates. • Discussion of basis for using or not using grade cutting or capping. • The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available. • Not Applicable. Moisture • Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content. • Not Applicable. Cut-off parameters • The basis of the adopted cut-off grade(s) or quality parameters applied. • Not Applicable. Mining factors or assumptions • Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made. • Not Applicable. Metallurgical factors or assumptions • The basis for assum