Announcement PDF ASX Announcement | 9 November 2026 ASX Code: LDR ASX Code: LDR | ACN: 637 512 415 | www.loderesources.com A: Level 15, Governor Macquarie Tower, 1 Farrer Place Sydney NSW 2000 | P: +61 2 9199 8017 | E: info@loderesources.com Laboratory Testwork Produces High- Purity Antimony Metal from Montezuma Lode Resources Ltd (‘Lode’ or ‘Company’) (ASX: LDR) is pleased to announce that recent laboratory metallurgical testwork on ore from its Montezuma Silver & Antimony Project in Tasmania has produced high-purity (99–99.5%) antimony metal cathode, confirming a critical part of the metallurgical flowsheet. This is an important technical de-risking step for Montezuma: antimony metal offers a higher sales value and more readily identifiable markets than alternative antimony products. Highlights • High-purity antimony metal: laboratory leaching and electrowinning achieved antimony recoveries of up to 95% and a smooth, high-purity cathode of 99–99.5% antimony, confirming a critical part of the Montezuma flowsheet • Potential for direct shipping ore (DSO) from high-grade, near-surface resources, with discussions advancing with potential offtake partners on an initial 100t shipment • Conventional processing flowsheet (crush, grind, float, leach/electrowin, float) • Rougher flotation upgraded the antimony leach feed to 4.08% Antimony (98.2% recovery) while rejecting over 40% of the mass, delivering a higher-grade feed to the leaching circuit which results in high leach recoveries • Leach residue is amenable to post-leach flotation to concentrate residual metals, including silver, copper, tin, gold and lead • Initial flotation testwork on the Maestries silver-zinc-lead replacement-style mineralisation demonstrates that the sulphides float well, with rougher recoveries of 97.6% Zinc, 93.9% Silver and 92.8% Lead • District-scale upside: additional targets within the Montezuma Project, including Fahlore and Blocks East, and further afield at Silver Cliffs and Persic, have very similar mineralogy and may also benefit from this testwork • The current phase drilling is now complete at Montezuma with updated Resource anticipated in December. Drilling activity in Tasmania is continuing at Fahlore with Lode’s own diamond drill rig and drill permits have already been granted for Silver Cliffs and Persic where our highest silver grades of up to 9,370g/t have been recorded. • The scoping study continues to progress with the recent appointment of Pitch Black Group to provide all engineering, cost and process design elements of the scoping study. • Engage with this announcement via Investor Hub Lode’s Managing Director Keith Mayes said: “The production of high purity antimony metal from Montezuma in the most recent testwork is an important milestone and confirms a critical part of the flowsheet for the Montezuma Project. Equally important, these results have great potential to be applicable to the very similar silver-antimony mineralisation that have been sampled and mapped within the Greater Montezuma and Silver Hills projects. We are also excited about the potential for early DSO sales from the high-grade sections at surface from Montezuma” 2 SUMMARY The latest testwork confirms that Montezuma ore can be treated using a conventional flowsheet to produce high-purity antimony metal, with the leach residue amenable to further flotation to recover copper, tin, silver, gold and lead. These results provide key inputs for the scoping study now underway. The Montezuma deposit consists of fissure vein hosted sulphide mineralisation associated with the north-south trending Montezuma Fault and associated splay structures. The fault dips steeply east (60-70o ), with mineralisation currently drill defined over 300m strike length and 250m depth, remaining open in all directions. For the current resource two main lodes have been identified through diamond drilling, the Montezuma Lode and the Footwall Lode. The Footwall Lode is a splay off the Montezuma Lode trending north northwesterly and dipping steeply east. There are numerous subsidiary stockwork veins and breccia zones associated with the main sulphide lodes. The mineralised lodes are hosted in deformed graphitic shale, turbiditic siliciclastic sandstone, quartzite and dolomitic conglomerate of the Proterozoic Concert Schist, possibly a correlate of the Oonah Formation. High sulphidation base metal-precious metal fissure veins are associated with Carboniferous granite intrusives that postdate the peak compressive deformation. Mineralisation is complex, consisting of early-stage pyrite-arsenopyrite with associated tin and gold mineralisation. A later stage of jamesonite-boulangerite-tetrahedrite-lenaite- galena veins and occasionally chalcopyrite crosscuts the early pyrite-arsenopyrite. Mineralised widths are narrow but high-grade, and amenable to narrow vein underground mining techniques. Metallurgical testwork commenced in 2020 by Spero Mining, and significant additional testwork has been undertaken by Lode Resources since the project acquisition in November 2024, as samples became available. A mineral resource estimate (MRE) was announced in April 2026 (Table 1). Systematic resource/exploration drilling commenced in April 2025, with 37 diamond holes completed to January 2026 forming the majority of the data used for the MRE17 . A cluster of pre-2025 short range diamond drill holes are located near the bulk sample costean. Table 1 Montezuma Indicated and Inferred Mineral Resource Estimate AgEq1 > 200g/t 3 The early testwork by Spero and initial testwork by Lode focused on the near surface very high-grade material that was mined in the exploration drive. This involved ore sorting, flotation, leaching and gravity separation to produce combinations of DSO, flotation and gravity concentrates and antimony salts. Preliminary results on the bulk sample from the exploration drive achieved the following: • Ore sorting using X-ray density separation upgraded the already high-grade mineralisation into three streams, with the highest-grade stream at 507g/t Ag, 6.96% Sb and the lowest-grade stream at 30g/t Ag, 0.07% Sb. More recent testwork focused on lower (but still substantial) grade material that is representative of a larger percentage of the MRE, providing a better indication of how the broader resource is likely to respond to processing. Testwork samples were derived from HQ diamond drill core from twinned drillholes adjacent to resource drill holes MZS15 and MZS16 (Table 2). Testwork involved crushing, screening, ore sorting, flotation, antimony leaching/electrowinning and flotation of post-leach residue. • A pre-leach concentrate was produced that rejected over 40% of the mass while retaining 98% or more of the silver, antimony, copper and lead, 89% of the gold and 70% of the tin. • Atmospheric alkaline leaching of the antimony achieved up to 95% recovery, with the lead returning to the residue as galena. • Electrowinning of the antimony produced a relatively smooth cathode with purity in the 99-99.5% range (Figure 1). Post leaching, the leached residue has been found to be amenable to upgrading by flotation. Flotation testwork is currently focused on producing a bulk concentrate containing relatively high levels of Cu, Sn, Ag, Au and Pb for sale. Laboratory testing is continuing at ALS Metallurgy Burnie on a preferred flotation regime to maximise residual metal recoveries and product saleability. Initial flotation testwork on the replacement style silver-zinc-lead mineralisation demonstrated that the sulphide mineralisation floats well, achieving good recoveries and good initial concentrate grades. 4 Figure 1 High purity antimony metal produced from laboratory scale electrowinning of Montezuma concentrate 1 INTRODUCTION 1.1 Location, Access and Tenure The Montezuma Silver & Antimony Project is located in the Dundas District on the West Coast of Tasmania approximately 10km east of Zeehan (Figure 1). Western Tasmania hosts many significant active and historic mines, with all local towns associated with the mining industry. Mine Lease 2M/2023 is held by Spero Mining Pty Ltd, a subsidiary of Lode Resources. The small 0.5km2 ML is adjacent to EL7/2019 and EL20/2020, both held by Spero Mining (Figure 1). The ML and most of the EL area are located on Crown Land available for exploration. The deposit is situated in steep mountainous terrain on the western slope of Moore’s Pimple in the West Coast Range of Tasmania. Vegetation consists of temperate rainforest with the site vegetated by thick regrowth rainforest. The deposit is accessed via an all-weather four-wheel drive exploration road off the public all-weather unsealed Dundas Road. 5 Figure 1. Montezuma Ag-Sb project location, consisting of 2M/2023, White Spur EL2/2020 and Montezuma EL7/2019. 6 1. Sample Selection A bulk sample of jamesonite-boulangerite, pyrite-arsenopyrite and host shale was prepared to simulate approximate mill feed in 2025 and submitted to ALS Burnie Metallurgy Laboratories. The approximately 100kg sample was obtained from the box cut costean located at 5,364,175mN, 373,150mE 610mRL on the Montezuma Lode. The sample was blended to simulate expected dilution and gangue material. Additionally, two composite samples of whole HQ core were prepared from five diamond holes twinning holes MZS15 and MZS16 that targeted representative mineralisation from the Footwall Lode and Montezuma Lode to create testing samples of greater than 80kg (Table 2). Table 2 Drill core sample locations for Montezuma metallurgical testwork BHID Easting Northing RL Azimuth Dip Lode From To Length (m) kg Category MZS15A 373084 536083 622 84.4 -23.3 Footwall 61.6 64.3 2.7 21.6 ROM Montezuma 100.1 102.8 2.7 22.6 ROM MZS15B 373084 536083 622 94.3 -23.3 Footwall 71.5 73.5 2.0 21.4 ROM Montezuma 122.9 124.0 1.1 10.6 ROM MZS15C 373084 536083 622 78.6 -22.7 Footwall 63.5 65.3 1.8 14.5 ROM Montezuma 94.8 100.6 2.0 comp 16.3 ROM MZS16A 373084 5364083 622 89 -30.2 Footwall 92.7 96.3 3.6 51.3 HG Montezuma 130.2 132.2 2.0 22.0 ROM MZS16B 373084 5364083 622 90 -35 Footwall 86.2 90.2 4.0 45.0 HG Montezuma 134.7 137.1 2.4 26.5 ROM A sample interval of silver-zinc-lead mineralisation was taken from NQ diamond hole MZS42 half core for sighter flotation testwork (Table 3) Table 3 Drill core sample locations for Montezuma Maestries Silver-Zinc-Lead metallurgical test work BHID Easting Northing RL Azimuth Dip Lode From To Length (m) kg Category MZS42 373004.5 5364045.0 614.4 92.7 54.4 Maestries 267 274 7.0 20.4 Maestries See sample locations on Figure 2 & Figure 3 7 Figure 2 Isometric view of sample locations Figure 3 Plan view of sample locations MZS15 (A,B,C) MZS16 (A,B) MZS42 Exploration Drive Bulk Sample Exploration Drive Bulk Sample MZS15 (A,B,C) MZS16 (A,B) MZS42 8 2. Processing Comminution, flotation and leaching testwork commenced at ALS Metallurgical Laboratories in Burnie and CORE Resources in Brisbane between 2020 and 2024 under the guidance of Spero Mining. Recent testwork initiated by Lode Resources includes ore sorting testwork by Tomra in Sydney, comminution and flotation testwork by ALS Burnie Metallurgical Laboratories with alkaline leaching and electrowinning testwork at Core Resources laboratory in Brisbane, all under the supervision of Metallurgy Consultant Mr Alvin Johns from Dec 2024 – 2026. 2.1 Ore Sorting Testwork Ore sorting of the Exploration Drive Bulk Sample was undertaken at Tomra in Sydney to assess whether the already high-grade ore could be further upgraded as part of the assessment of this material being suitable for DSO. Tomra’s XRT sorter is a dual-energy X-ray transmission machine that scans and separates each rock particle by its atomic density. This enables the dense sulphide minerals to be discriminated and then separated from the lower density sedimentary host rocks. The high-grade stream saw an upgrade in antimony from 4.95% to 6.96% with 97.3% recovery and silver saw an upgrade from 379g/t to 507g/t with 92.7% recovery. Note these recoveries exclude the fine fraction (-8mm) that was not sorted (Table 4). Low-grade material, still with significant mineralisation, would then be stockpiled for later upgrading via flotation and leaching. Table 4 TOMRA Exploration Drive Bulk Sample Ore Sorting results Sample Name Mass Cu Pb As Fe Sb S Sn Ag (ppm) Au (ppm) High Grade assay 77.56 0.45 12.9 10.35 25.3 6.96 29.6 0.27 507 1.57 Units 69.3% 34.9 1000.5 802.7 1962.3 539.8 2295.8 20.9 39322.9 121.8 Recoveries 69.3% 94.4% 97.2% 87.4% 80.9% 97.3% 83.0% 85.3% 92.7% 88.0% Low Grade assay 17.19 0.1 1.53 6.24 20.8 0.8 21.2 0.14 150 0.86 Units 15.3% 1.7 26.3 107.3 357.6 13.8 364.4 2.4 2578.5 14.8 Recoveries 15.3% 4.7% 2.6% 11.7% 14.7% 2.5% 13.2% 9.8% 6.1% 10.7% Waste assay 17.24 0.02 0.16 0.48 6.1 0.07 6.11 0.07 30 0.11 Units 15.4% 0.3 2.8 8.3 105.2 1.2 105.3 1.2 517.2 1.9 Recoveries 15.4% 0.9% 0.3% 0.9% 4.3% 0.2% 3.8% 4.9% 1.2% 1.4% Total units 37.0 1029.6 918.3 2425.0 554.8 2765.5 24.6 42418.6 138.4 Calculated feed 111.99 0.33 9.19 8.20 21.65 4.95 24.69 0.22 378.77 1.24 9 The ROM Comp sample was also sorted at Tomra to assess its ability to separate the ore into high- and low-grade streams. Sorted high-grade fraction achieved upgrade from 2.08% to 3.7% for antimony and 320g/t to 505g/t for silver (Table 5). Table 5 TOMRA ROM Comp Sample Ore Sorting results Sample Name Mass Cu Pb As Fe Sb S Sn Ag (ppm) Au (ppm) High Grade assay 25.42 2.21 8.39 6.95 19.35 3.7 23 2.22 505 1.72 Units 34.5% 56.2 213.3 176.7 491.9 94.1 584.7 56.4 12837.1 43.7 Recoveries 34.5% 53.8% 62.2% 52.6% 38.0% 61.4% 39.9% 59.2% 54.4% 51.6% Low Grade assay 14.42 0.37 0.48 3.14 16.6 0.23 17.1 0.36 70 0.83 Units 19.6% 5.3 6.9 45.3 239.4 3.3 246.6 5.2 1009.4 12.0 Recoveries 19.6% 5.1% 2.0% 13.5% 18.5% 2.2% 16.8% 5.4% 4.3% 14.1% Waste assay 2.2 0.05 0.18 0.13 5.88 0.08 6.03 0.07 16 0.14 Units 3.0% 0.1 0.4 0.3 12.9 0.2 13.3 0.2 35.2 0.3 Recoveries 3.0% 0.1% 0.1% 0.1% 1.0% 0.1% 0.9% 0.2% 0.1% 0.4% Non Sorted fines 31.65 1.35 3.87 3.59 17.35 1.76 19.65 1.06 307 0.91 Units 43.0% 42.7 122.5 113.6 549.1 55.7 621.9 33.5 9716.6 28.8 Recoveries 43.0% 40.9% 35.7% 33.8% 42.5% 36.3% 42.4% 35.2% 41.2% 34.0% Total units 104.4 343.1 335.9 1293.3 153.3 1466.4 95.3 23598.3 84.8 Calculated feed 73.69 1.42 4.66 4.56 17.55 2.08 19.90 1.29 320.24 1.15 Sorter Recovery 91% 97% 79% 66% 96% 69% 91% 92% 78% 2.2 Comminution testwork Comminution test work undertaken by Spero in May 2020 concurs with the more recent test work undertaken by Lode Resources (Table 6) indicating that the mineralisation has a relatively low Bond Impact Crushability test result of very soft to soft and a moderate Bond Abrasion index determination. Table 6 Comminution test work results Date SAMPLE IDENTITY Bond BMWi (kWh/t) BWMi Classification Bond Abrasion Index BAi Classification May 2020 Bulk Sample 7.4 Soft April 2026 HG Comp 7.4 Soft 0.3271 Moderate April 2026 ROM Comp 6.0 V. Soft 0.2080 Moderate The low BMWi indicates relatively lower energy requirements to crush and mill the ore and the BAi indicates that the wear rates on the impact surfaces will be moderate. These results are both favorable for lower operating costs. 10 3. Preconcentration & Electrowinning As a result of the high Na2S / tonne Sb identified in previous leaching testwork, Core Resources looked to assess the potential to produce antimony metal by electrowinning the liquor. Test work to demonstrate antimony recovery from Montezuma flotation concentrate by alkaline sulphide leaching followed by electrowinning (EW) was undertaken in September 2026. The program assessed leach conditions, antimony metal production and reuse of spent EW electrolyte for further leaching, followed by EW of the resulting liquor. Prior to this, ALS Burnie produced bulk flotation concentrates from Montezuma core (ROM Comp) for feed to antimony leaching and electrowinning tests at Core Metallurgy (Table 7, Figure 4). ROM Comp flotation concentrate was sent to Core Metallurgy for leaching. Leach residues were returned to ALS Burnie for further investigations into recovering valuable metals including silver, lead, copper, tin and gold. Previous investigation by Core Metallurgy indicated the antimony grade of the concentrate to be leached prior to electrowinning was ideally above 3% Sb, in order to achieve a high Sb concentration in the advance electrolyte which is derived from the leach liquor. Higher grades in the leach liquor meant higher efficiencies in the EW process so higher Sb grade in flotation concentrate is preferred to enable production of a high pregnant liquor tenor. Rougher flotation of the ROM Comp sample produced a 4.08% Sb grade (98.2% recovery) and was acceptable as feed to the alkaline leach. Importantly, it retained most of the other valuable metals while rejecting over 40% of the mass (Table 8). Table 7 Comminution parameters for ROM Comp sample Milling Primary Mill type Ball Media type MS Media kg 46 Solids g 10000 Water g 5000 Time min/sec 27 Speed rpm 50 0 0 End pH pH 6.6 End p80 µm 75 Table 8 Rougher concentrate from ROM Comp sample as feed for the alkaline leach Products Weight Wt Cu Dist Pb Dist As Dist Fe Dist Sb Dist S Dist Sn Dist Ag Dist Au Dist (g) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) ppm (%) ppm (%) T05 S Ro Conc 17872.0 59.5 2.66 98.7 8.53 97.9 6.44 89.1 27.00 88.2 4.08 98.2 30.30 91.8 1.65 69.8 626 98.7 1.61 89.1 Ro Tail 12140.0 40.5 0.05 1.3 0.27 2.1 1.16 10.9 5.30 11.8 0.11 1.8 3.99 8.2 1.05 30.2 12 1.3 0.29 10.9 Calc Feed 30012.0 100.0 1.60 100.0 5.19 100.0 4.30 100.0 18.22 100.0 2.47 100.0 19.66 100.0 1.41 100.0 378 100.0 1.08 100.0 Assay Feed 1.51 4.91 4.45 17.75 2.28 19.00 1.34 321 1.16 Figure 4 Flow sheet for rougher concentration of ROM Comp 11 The solution for electrowinning was prepared by leaching ROM Comp flotation concentrate at 95°C and required 5,000 kg/t Sb of Na2S flake addition rate for the sulphide reagent, and a starting concentration of 40 g/L NaOH. The batch reaction time was 8 hours. Initial Sb extraction was between 87 and 90%. Electrowinning antimony metal (Figure 5) has several advantages over making other Sb products (antimony oxides and sulphides). The advantages are: • Sb metal has high sales value • Markets are readily identifiable • Corresponding anode reaction produces Na2S The main economic benefit of EW over producing chemicals is that the cost of Na2S reagent is eliminated for the most part as it is produced in the electrowinning process. Savings on reagent cost more than offset the cost of electricity for EW. The feed and final leachate analyses are shown in Table 9 below: Table 9 Table of leach feed, residue and leachate assays Ag (mg/kg) As (mg/kg) Cu (mg/kg) Na (mg/kg) Pb (mg/kg) S (mg/kg) Sb (mg/kg) Leach Feed Concentrate 626 79,828 26,600 - 85,300 303,000 36,896 Leach Residue 571 66,520 25,048 4,079 80,389 276,913 4,572 Final Leachate 0.4 1,037 3 96,322 0 85,662 34,656 Three electrowinning tests (EW01–EW03) were conducted at 50°C on the bulk leach filtrates to assess the effects of NaOH concentration and cathode current density. All deposits adhered firmly to the stainless-steel cathodes, with calculated Sb purities of 99.6–99.7%. Spent electrolyte from EW02 and EW03 was then used directly as the leach liquor for BL03, without any fresh water, NaOH or Na₂S addition. At 39 wt.% solids, BL03 achieved 95.0% Sb extraction, the highest of the program, reducing the antimony residue grade to 0.20% Sb. These results demonstrate that spent electrolyte can be recycled to leaching without fresh Na₂S addition, consistent with sulphide being released during antimony deposition. 12 Figure 5 Electrowinning Testwork Apparatus 13 4. Maestries Zinc Mineralisation Sighter flotation testwork was undertaken on the silver-zinc-lead mineralisation intersected in Hole MZS42. The sample was initially ground to 53 µm to produce a rougher concentrate recovering 97.6% of the zinc, 93.9% of the silver and 92.8% of the lead. This was then reground to 11 µm and refloated (Table 10, Figure 6 Table 11). Table 10 Comminution parameters for Maestries sample Figure 6 Flow sheet for processing Maestries sample Milling Primary Zn Reg Mill type Short Stirred Media type Balls Sand Media kg 6.0 1.5 Solids g 1000 369 Water g 500 190 Time min/sec 47m54s 7m0s Speed rpm 50 1200 Watt hrs 20.3 End pH pH 7.6 8.9 End p80 µm 53 11 Figure 7 Zn Rougher float C1 14 Table 11 Maestries zinc mineralisation flotation results Products Wt Wt Cu Dist Pb Dist Zn Dist Fe Dist S Dist SiO2 Dist As Dist Sn Dist Au Dist Ag Dist gm % % % % % % % % % % % % % % % % % ppm % ppm % T05 Zn Cl3 C1 14.46 1.4 0.34 11.8 11.30 13.3 36.60 10.4 13.15 1.4 31.80 4.0 2.09 0.1 0.12 0.4 0.05 4.8 0.20 4.3 438 18.8 Zn Cl3 C2 16.13 1.6 0.29 11.2 12.75 16.7 33.60 10.6 13.90 1.7 31.90 4.5 2.73 0.1 0.16 0.6 0.04 4.3 0.16 3.9 336 16.1 Zn Cl3 C3 15.32 1.5 0.23 8.4 13.90 17.3 28.80 8.7 15.30 1.7 31.80 4.2 3.65 0.1 0.23 0.8 0.04 4.1 0.11 2.5 291 13.3 Zn Cl3 Tail 23.50 2.3 0.17 9.6 10.90 20.8 21.50 9.9 20.70 3.6 33.00 6.8 6.45 0.3 0.47 2.6 0.03 4.7 0.12 4.2 205 14.3 Zn Cl2 Tail 29.16 2.9 0.13 9.1 4.78 11.3 17.85 10.2 23.90 5.2 33.10 8.4 11.05 0.6 0.71 4.9 0.03 5.8 0.19 8.3 104 9.0 Zn Cl1 Tail 234.30 23.1 0.06 33.6 0.70 13.3 10.40 47.8 26.50 45.9 30.90 63.1 19.00 8.9 1.30 71.5 0.02 31.1 0.19 66.6 32 22.3 Zn Ro Tail 682.60 67.2 0.01 16.3 0.13 7.2 0.18 2.4 8.04 40.6 1.52 9.0 65.90 89.9 0.12 19.2 0.01 45.3 0.01 10.2 3 6.1 Calc Head 1015.47 100.0 0.04 100.0 1.21 100.0 5.02 100.0 13.32 100.0 11.30 100.0 49.28 100.0 0.42 100.0 0.01 100.0 0.07 100.0 33 100.0 Assay Head 1015.47 0.04 1.31 5.31 13.35 11.50 49.70 0.46 0.01 0.04 35 Cumulative Cum Wt Cu Cum Pb Cum Zn Cum Fe Cum S Cum SiO2 Cum As Cum Sn Cum Au Cum Ag Cum Products gm % % % % % % % % % % % % % % % % % ppm % ppm % T05 Zn Cl3 C1 14.46 1.4 0.34 11.8 11.30 13.3 36.60 10.4 13.15 1.4 31.80 4.0 2.09 0.1 0.12 0.4 0.05 4.8 0.20 4.3 438 18.8 Zn Cl3 C2 30.59 3.0 0.31 23.0 12.06 30.0 35.02 21.0 13.55 3.1 31.85 8.5 2.43 0.1 0.14 1.0 0.04 9.1 0.18 8.2 384 35.0 Zn Cl3 C3 45.91 4.5 0.29 31.4 12.68 47.3 32.94 29.7 14.13 4.8 31.84 12.7 2.84 0.3 0.17 1.8 0.04 13.1 0.16 10.7 353 48.2 Zn Cl3 Tail 69.41 6.8 0.25 41.0 12.08 68.1 29.07 39.6 16.36 8.4 32.23 19.5 4.06 0.6 0.27 4.4 0.04 17.8 0.14 14.9 303 62.6 Zn Cl2 Tail 98.57 9.7 0.21 50.0 9.92 79.5 25.75 49.8 18.59 13.5 32.49 27.9 6.13 1.2 0.40 9.3 0.04 23.6 0.16 23.2 244 71.6 Zn Cl1 Tail 332.87 32.8 0.11 83.7 3.43 92.8 14.95 97.6 24.16 59.4 31.37 91.0 15.19 10.1 1.03 80.8 0.02 54.7 0.18 89.8 95 93.9 Calc Feed 1015.47 100.0 0.04 100.0 1.21 100.0 5.02 100.0 13.32 100.0 11.30 100.0 49.28 100.0 0.42 100.0 0.01 100.0 0.07 100.0 33 100.0 15 5. Next Steps The current drilling program to test for extensions to the Montezuma deposit both to the north and south has concluded and these results will feed into an updated resource targeted for December. Mine designs and schedules will then be updated to feed into the scoping study Pitch Black Group have recently concluded a processing review for Montezuma and have now commenced the engineering, design and costing for the Montezuma Project Scoping Study targeting completion by the end of Q1 2027 Discussions are advancing on an initial 100t shipment of DSO material that has already been mined from Montezuma with the potential of more to follow. ADDITIONAL NOTES 1 Silver Equivalent Montezuma’s reported silver equivalent figure is based on conversion factors as follows: AgEq(g/t) = Ag (g/t) + 357*Sb (%) + 20*Pb (%) + 91*Cu (%) Metal equivalent conversion factors were calculated using 30 December 2024 metal prices of US$34,747/t antimony, US$29.1/oz silver, US$1,912/t lead and US$8,705/t copper. The antimony price was calculated as an average of several antimony products in a number of markets including: antimony concentrate delivered China antimony ingot FOB China antimony trioxide FOB China antimony trioxide in warehouse Baltimore antimony ingot in warehouse Baltimore antimony trioxide in warehouse Rotterdam antimony ingot in warehouse Rotterdam Metal equivalent conversion factors were calculated using a preliminary flotation test carried out by ALS Metallurgy (Burnie) in March 2026, where recoveries achieved were 88.4% antimony, 93.0% silver, 84.4% lead and 91.5% copper. It is Lode’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold. This announcement has been approved and authorised by Lode Resources Ltd’s Managing Director, Keith Mayes. 16 No Material Changes The Company confirms it is not aware of any new information or data that materially affects the information included in this announcement and that all material assumptions and technical parameters underpinning the exploration activities in this market announcement continue to apply and have not materially changed. Competent Person’s Statement The information in this market announcement that relates to exploration results is based on information compiled by Mr Tim Callaghan, who is a Member of the Australian Institute of Geoscientists. Mr Callaghan is an independent consultant geologist to the Company. The information in this market announcement is an accurate representation of the available data for the Montezuma Project. Mr Callaghan has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Callaghan consents to the inclusion in this announcement of the matters based on the information in the form and context in which it appears. The information in this report that relates to metallurgical test work has been compiled by Mr Alvin Johns for Spero Mining Ltd. Mr Johns is a self-employed independent metallurgical consultant and a Member of the Australian Institute of Mining and Metallurgy, who has sufficient experience relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person under the JORC Code. Mr Alvin Johns consents to the inclusion of this information in the form and context in which it appears. For more information on Lode Resources and to subscribe for our regular updates, please visit our website at www.loderesources.com or email info@loderesources.com Stay connected with Lode Resources Scan the QR code to sign up for Lode’s investor updates and receive our latest ASX announcements and project news straight to your inbox. Scan now and sign up 17 Montezuma Project References 3. LDR announcement 9 December 2024 “Montezuma Antimony Project Development Activities Commence” 4. LDR announcement 21 January 2025 “Montezuma Antimony Project Inaugural High-Grade Assays” 5. LDR announcement 3 February 2025 “High-Grade Antimony and Silver Drill Intercepts” 6. LDR announcement 25 February 2025 “Up to 31.9% Antimony and 5,460 g/t silver” 7. LDR announcement 10 April 2025 “Extensive Drill Programme Underway at Montezuma Antimony Project” 8. LDR announcement 1 July 2025 “Multiple High-Grade Antimony and Silver Drill Intercepts” 9. LDR announcement 14 July 2025 “Gold Assays Enhance High-Grade Antimony and Silver Drill Intercepts” 10. LDR announcement 21 July 2025 “Tin Assays Enhance High-Grade Antimony and Silver Drill Intercepts” 11. LDR announcement 18 August 2025 “More High-Grade Antimony and Silver Drill Intercepts” 12. LDR announcement 8 September 2025 “Grades up to 2,730 g/t Silver Eq and Deepest Intercept to Date” 13. LDR announcement 10 November 2025 “Further High-Grade Drill Results Extend the Montezuma Silver & Antimony Deposit” 14. LDR announcement 6 January 2026 titled “Up To 1,948g/t Silver Eq in Latest Drill Results from the Montezuma Silver & Antimony Deposit” 15. LDR announcement 24 March 2026 “Deepest Drill Hole To Date Extends Montezuma Silver & Antimony Deposit To 270m Depth” 16. LDR announcement 1 April 2026 “Revision to Announcements dated 17th and 30th March 2026” 17. LDR announcement 14 April 2026 “Maiden Resource High Grade Silver Antimony System Montezuma” 18. LDR announcement 2 June 2026 “New Silver-Zinc Mineralisation System Discovery at Montezuma” 19. LDR announcement 21 July 2026 “Tasmanian Exploration Update” 20. LDR announcement 20 August 2026 “New Silver-Zinc & Silver-Antimony Discovered at Montezuma” 21. LDR announcement 10 September 2026 “High-Grade Tin & Copper Discovery at Montezuma” 22. www.mmg.com/content/uploads/2026/04/e_2026-04-21_2025-Annual-Report-1.pdf 23. www.mrt.tas.gov.au/mrtdoc/tasxplor/download/99_4366/99-4366.pdf 24. www.metalsx.com.au/wp-content/uploads/2025/07/21_MLX_ASX_Renison-2025-Mineral-Resource-Statement_29-July-2025.pdf 25. www.mrt.tas.gov.au/mrtdoc/dominfo/download/REHAB2002_02/rehab2002_02.pdf 26. www.mrt.tas.gov.au/mrtdoc/tasxplor/download/09_5802/EL4_2005_200808_01_FinalReport.pdf 18 JORC (2012) Table 1 report Section 1Sampling Techniques and Data Criteria JORC Code Explanation Commentary Sampling Techniques • Nature and Quality of sampling (e.g. cut channels, random chips or specific specialized industry standard measurement tools appropriate to the minerals under investigation, such as downhole gamma sondes, or handheld XRF instruments etc.). • 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 (reverse. circulation drilling was used to obtain 1m samples from which 3kg was pulverized to produce 30g 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 sampling types (e.g. submarine nodules) may warrant disclosur