Announcement PDF ASX Announcement | 10 September 2026 ASX Code: LDR ASX Code: LDR | ACN: 637 512 415 | www.loderesources.com A: Suite 506, Level 5, 50 Clarence Street Sydney NSW 2000 | P: +61 (2) 9078 7176 | E: info@loderesources.com HIGH-GRADE TIN & COPPER DISCOVERY AT MONTEZUMA Returning Grades of 7.3% Tin, 6.8% Copper, 863 g/t Silver, 1.8g/t Gold, 2.1% Antimony & 4.0% Lead Highlights • New high-grade discovery adds a fourth commodity suite to Montezuma: Assays from the newly identified Sn-Cu-Ag-Sb-Au-Pb lode in MZS43 returned a high-grade 0.5m @ 7.3% Sn, 6.8% Cu, 863g/t Ag, 1.8g/t Au, 2.1% Sb & 4.0% Pb, thereby expanding Montezuma's known Ag-Sb endowment into high grade tin and copper. • Further assay news flow expected: Results are pending for the other three mineralised intercepts in MZS43, including 2.2m and 15.4m of Maestries base metal replacement mineralisation. • System proven larger than currently modelled: MZS43, the first hole drilled from the hanging wall (eastern) side of the Montezuma Resource, intersected four separate mineralised lodes in a single hole: o Sn-Cu-Ag-Sb-Au-Pb Moores Lode (new, hanging wall) o Ag-Sb Montezuma Lode o Two Pb-Zn-Ag replacement lodes (Maestries footwall dolomitic conglomerate)24 • New target style validated: Follow-up to MZS42 (6.40m @ 6.2% Zn, 1.5% Pb, 0.1% Sb, 43g/t Ag & 0.1g/t Au) confirms a new replacement-style silver-zinc target in the Maestries conglomerate24 , a second mineralisation style now open for follow-up. • Drilling underway to convert targets into resource: Current holes are testing the Maestries base metal system further west, extending Montezuma's Ag-Sb mineralisation, and following up the new hanging-wall Sn-Cu-Ag Moores Lode. • Regional pipeline building: Exploration continues at the Fahlore, Silver Cliffs and Persic high- grade silver-antimony prospects — viewed as potential satellite deposits to Montezuma. • Growth thesis reinforced, next catalyst already underway: With multiple new drill targets defined at Montezuma and across Lode's wider Tasmanian West Coast portfolio, the Company is increasingly confident of growing its maiden 8.2Moz AgEq resource (announced 14 April 22). Follow-up hole MZS44 (designed to test directly below MZS43) is already in progress. • Engage with this ASX Announcement here via Investor Hub Lode’s Managing Director Keith Mayes said: “The first assays from this highly mineralised lode have provided us with Montezuma’s highest tin and copper grades to date. Together with extensions to the Montezuma Lode and the two replacement lodes, this drilling further demonstrates the substantial mineral endowment of the Montezuma project. We have now identified multiple new zones of mineralisation since the initial resource estimate and these have the potential to materially enhance size and overall project economics. We look forward to reporting the remaining assay results for drill hole MZS43 and the follow-up hole MZS44, designed to test below MZS43 that is in progress”. 2 Figure 1 Montezuma hanging wall Moores Lode mineralisation in MZS43 3 Lode Resources Ltd (‘Lode’ or ‘Company’) (ASX: LDR) drill hole MZS42 (completed in April 2026) returned 6.40m @ 6.2% Zn, 1.5% Pb, 0.1% Sb, 43g/t Ag and 0.1g/t Au24 from replacement style mineralisation27-31 west of the Montezuma Lode. The replacement style mineralisation is hosted in dolomitic sediments of the Maestries Conglomerate approximately 50-80m west of the Montezuma Fault (see Figures 2 and 3). Mineralisation is associated with carboniferous granitic intrusions responsible for tin-tungsten and silver-lead-zinc-antimony mineralisation in the highly mineralised West Coast region of Western Tasmania. Lode’s tenements EL7/2019 and 2M/2023 host a mineralised system associated with carboniferous granite intrusions. Sulphide mineralisation includes multiple commodities including Ag-Pb-Zn fissure lodes with critical mineral associations of Sb, Bi, Sn and W. This polymetallic character is a key attribute of the project which is evolving with ongoing exploration. The Montezuma deposit is hosted within fissure veins along the north-south trending Montezuma fault and associated splay structures. The Fault dips steeply east, with drill defined mineralisation extending over 250m strike length and 200m down dip, remaining open in all directions. An inaugural 8.2 Moz AgEq resource was announced on 14 April 22 . A new hanging wall lode (Moores Lode), very similar to the Montezuma Lode has been identified in Drillhole MZS43 consisting of a fissure vein of pyrite-chalcopyrite-jamesonite-galena-arsenopyrite (see Figures 1, 2 and 3). Early results for the hanging wall lode include: Table 1. MZS43 Moores Lode intercept. From m To m Length m Ag ppm Sn % Cu % Sb % Au ppm Pb % Zn% 133.5 134 0.5 863 7.3 6.8 2.1 1.77 4.0 0.5 134 134.5 0.5 11 0.1 0.0 0.4 0.70 0.7 0.0 133.5 134.5 1 437 3.7 3.4 1.2 1.24 2.4 0.3 Table 2. MZS43 Collar details BHID x_gda94 y_gda94 z_msl azm dip Depth m MZS43 373,358 5,363,895 662.3 306 -59.6 488.8 Drillhole MZS43 was designed to test the southern extension of the Montezuma Silver-Antimony Lode and the replacement Maestries Silver-Zinc-Lead mineralisation, identifying significant sulphide mineralisation in both target areas. MZS43 was the first hole drilled by Lode Resources from the hanging wall side of the Montezuma Lode, providing improved drilling angles and coverage of both mineralised targets on the southern end of the prospect (Figure 2). Additional drill holes are planned from this collar position testing the southern extension of the Montezuma Lode and the Maestries replacement lodes. Drill hole MZS44 is currently in progress. LDR are pleased to announce that significant sulphide mineralisation was intercepted in the Montezuma Lode and the Maestries replacement lode in MZS4326 . In addition, a new Sn-Cu-Ag lode (Moores Lode) was identified 60m in the hanging wall of the Montezuma lode (see Figure 3). Drill core for the lower three mineralised zones is currently being assayed with samples delivered to ALS laboratories in Burnie on Wednesday 19th August 2026. Assay results are anticipated approximately 1 month from drop off. 4 Figure 2 Montezuma Silver & Antimony Project – tin soil anomaly, completed and planned drilling Montezuma lode Footwall lode (FW) Drill hole MZS43 Drill hole MZS44 (in progress) 5 Figure 3 Schematic cross section 5363960N, MZS43 with mineralised intercepts Moores Lode 133.5-134.0 for 0.5m @ 7.3% Sn, 6.8% Cu, 863 g/t Ag, 1.8g/t Au, 2.1% Sb and 4.0% Pb, or 133.5-134.5 for 1.0m @ 3.7% Sn, 3.4% Cu, 437 g/t Ag, 1.2g/t Au, 1.2% Sb and 2.4% Pb Montezuma lode (assays pending) 220.4-221.5 for 1.1m of Cu-Ag sulphides 237.3-238.1 for 0.8m of Ag sulphides Maestries replacement lode (assays pending) 370.5-372.7 for 2.2m of Zn-Pb-Ag sulphides Maestries replacement lode (assays pending) 411.8-427.2 for 15.4m of Zn-Pb-Ag sulphides ? ? ? ? ? ? Drill Hole MZS44 – in progress Montezuma Maiden JORC (2012) MRE22 Confirms high-grade Ag-Sb system: 480kt at 533g/t AgEq1 for 8.2Moz AgEq1 6 A new hanging wall fissure lode (Moores Lode) hosting very similar mineralisation to the Montezuma Lode was intersected at 133.5 - 134.5m for 1.0m down hole. The intercept consisted of massive banded jamesonite (Pb4FeSb6S14) - pyrite (FeS2) – chalcopyrite (CuFeS2) - arsenopyrite (FeAsS) - tetrahedrite ((Cu,Fe,Ag)12(Sb,As)4S13) vein (Figure 4). Assay results received average 1m downhole width of 437g/tAg, 3.4% Cu, 2.4% Pb, 1.2% Sb, 1.2g/t Au and 3.7% Sn (Table 1). Figure 4. MZS43 133.5 – 134.5m. 1.0m of massive jamesonite (Sb sulphide) - chalcopyrite (Cu sulphide) - pyrite - arsenopyrite – tetrahedrite (Ag sulphide) mineralisation (Hanging Wall Lode). Intercepts for drill hole MZS43 where assays remain outstanding are described below: Two intercepts of the Montezuma Lode were intersected. The first at 220.4 to 221.5m, consisting of 0.4m of massive chalcopyrite (CuFeS2) and 0.7m of massive pyrite-arsenopyrite-tetrahedrite mineralisation (Figure 5). Figure 5. MZS43 220.4 – 221.5m. 1.1m of chalcopyrite-pyrite-arsenopyrite-tetrahedrite (Montezuma Lode first intercept). The second Montezuma Fault intercept at 237.3 to 238.1m intersected 0.8m of massive to brecciated pyrite-arsenopyrite-tetrahedrite-quartz (Figure 6). 7 Figure 6. MZS43 237.3 – 238.1m. 0.8m of pyrite-arsenopyrite-tetrahedrite-quartz (Montezuma Lode second intercept). Several intercepts of massive base metal sulphide mineralisation were intercepted within the Maestries conglomerate-dolomite. The first consisted of 2.2m downhole of coarse-grained sphalerite (Zn,FeS) – galena (PbS) – pyrite – arsenopyrite - tetrahedrite vein mineralisation between 370.5 and 372.7m depth (Figure 7). Figure 7. MZS43 370.5 – 372.7m. 2.2m of coarse galena-sphalerite-siderite and pyrite-arsenopyrite-tetrahedrite (Maestries Replacement). The second replacement lode within the Maestries dolomites included a broad 15.4m intersection of replacement sphalerite-galena-pyrite between 411.8m and 427.2m (Figures 8 – 12). Included in the zone were two massive sphalerite-galena lodes at 413.8 – 414.3m (0.7m downhole) and 420.6 – 426.3m (5.7m downhole). The surrounding mineralisation consisted of lower grade disseminated sphalerite, pyrite-arsenopyrite. Figure 8 - 12. MZS43 411.8 –427.2m. 15.4m of replacement sphalerite-galena-pyrite-siderite mineralisation including 413.6 – 414.3m, 0.7m and 420.6 – 426.3m, 5.7m of massive sphalerite-galena-pyrite (Maestries Replacement). 8 9 1 Montezuma Silver & Antimony Metal Equivalent Grades LDR is reporting both silver & antimony equivalent grade figures due to interchanging dominance of these two metals from intercept to intercept. Metal equivalent grade figures are a method of demonstrating overall metal endowment for all significant metal grades in a single grade figure for each intercept and thus allowing a simpler comparison between intercepts. Montezuma’s reported silver & antimony equivalent figures are 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 several 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 Baltimore  antimony trioxide 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, 88.4% 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. Figure 13. Antimony prices for various markets 2 Tin and Gold Assays Tin and Gold assay figures are not included in equivalent figures as gold was not assayed in an early flotation test. ALS Metallurgy has been commissioned to complete further comprehensive flotation tests on Montezuma Silver & Antimony mineralisation including the recovery of tin and gold. This includes Quantitative X-ray Diffraction (QXRD) analysis to determine overall mineralogy. The Montezuma Silver & Antimony Project The Montezuma Silver & Antimony Project includes a high-grade silver & antimony resource of 8.2Moz AgEq1,22 at 533g/tAgEq1 using 200g/tAgEq cutoff with initial development, advanced metallurgical test work and considerable beneficiation infrastructure. Access is via the Zeehan township located 13km to the west. The Montezuma Silver & Antimony Project (2M-2023, EL7-2019) is located between well-known mining centres such as: US$34747/t antimony price assumption used in equivalent calculations 10 • Rosebery (Zn,Pb,Cu,Ag,Au) owned by MMG Ltd • Hercules (Pb, Zn, Ag, Au) owned by MMG Ltd • Renison Bell (Sn) owned by Metals X Ltd and Yunnan Tin Group Company Limited • Henty (Au) owned by Kaiser Reef Ltd • Zeehan (Sn,Pb,Ag) owned by Stellar Resources Limited.` • Mt Lyell (Cu) owned by Sibanye Stillwater Ltd Antimony is classified as a critical metal by both the Australian Federal Government and the Tasmanian State Government, as well as almost every advanced western nation. Montezuma is Tasmania’s only antimony project and one of very few advanced antimony development assets in the western world outside of China's supply chain. Figure 14. Montezuma Silver & Antimony Project is located in Tasmania’s premier West Coast Mining Province Silver Hills - EL6/2025 • 71 sqkm - Silver, Antimony & Tin • Prospects include Silver Cliffs, Persic, North Valley Lodes • Completely surrounds the Mt Bischoff tin mine Greater Montezuma - 2M-2023, EL7-2019, EL2/2020 • 88 sqkm - Silver, Antimony & Base Metals • Deposits & prospects include Montezuma, Fahlore, Blocks East. • Potential for VMS style base metal deposits • Surrounded by Tasmania’s largest mining centers 11 Antimony - One of the World’s most critical metals Antimony is classified as a critical metal by both the Australian Federal Government and the Tasmanian State Government, as well as almost every advanced western nation. Antimony markets tightened further when China announced a ban on antimony exports specifically to the United States on 3 December 2024*. This curb strengthened the enforcement of existing limits on critical minerals exported announcement by China in the prior year and the more specific ban on certain antimony product exports early in 2024, all due to national security concerns. In November 2025, China agreed to suspend its export controls on rare earths and other critical minerals, including antimony, following a new trade and economic deal with the United States. This doesn’t change China’s strong dominance of the global antimony market, nor the mercurial nature of both countries’ trading policies. Europe remains outside the agreement. The Tasmanian Government recently outlined a Critical Minerals Strategy which includes the objective of growing exploration for critical minerals and supporting critical minerals projects. Montezuma, 100% owned by Lode, is Tasmania’s only antimony project**. Figure 15. Tasmania’s strategic minerals – Montezuma is Tasmania’s only antimony project,100% owned by LDR *https://www.reuters.com/markets/commodities/china-bans-exports-gallium-germanium-antimony-us-2024-12-03/ **https://mrt.tas.gov.au/__data/assets/pdf_file/0017/551114/Critical_Minerals_Strategy_23_Oct_2024.pdf Montezuma Silver & Antimony Project • 100% owned by LDR • Tasmania’s only antimony project 12 This announcement has been approved and authorised by Lode Resource Ltd.’s Managing Director, Keith Mayes. For more information on Lode Resources and to subscribe for our regular updates, please visit our website at www.loderesources.com or email info@loderesoruces.com 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 announcementscontinue 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 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. Montezuma Project and Silver Hills 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 30 April 2025 “Quarterly Activities Reports for the Period Ended 31 March 2025” 9. LDR announcement 1 July 2025 “Multiple High-Grade Antimony and Silver Drill Intercepts” 10. LDR announcement 14 July 2025 “Gold Assays Enhance High-Grade Antimony and Silver Drill Intercepts” 11. LDR announcement 21 July 2025 “Tin Assays Enhance High-Grade Antimony and Silver Drill Intercepts” 12. LDR announcement 18 August 2025 “More High-Grade Antimony and Silver Drill Intercepts” 13. LDR announcement 8 September 2025 “Grades up to 2,730 g/t Silver Eq and Deepest Intercept to Date” 14. LDR announcement 30 September 2025 “Montezuma Regional High-Grade Silver & Antimony Assays” 15. LDR announcement 10 November 2025 “Further High-Grade Drill Results Extend the Montezuma Silver & Antimony Deposit” 16. LDR announcement 6 January 2026 titled “Up To 1,948g/t Silver Eq in Latest Drill Results from the Montezuma Silver & Antimony Deposit” 17. LDR announcement 4 March 2026 “Lode Secures 155km2 of Highly Prospective Ground in Tasmania’s Premier West Coast Mining District” 18. LDR announcement 17 March 2026 “High Grade Silver and Antimony Identified at Silver Hills” 19. LDR announcement 24 March 2026 ”Deepest Drill Hole To Date Extends Montezuma Silver & Antimony Deposit To 270m Depth” 20. LDR announcement 30 March 2026 ”Fourth High Grade Silver & Antimony Prospect Identified in Tasmania” 21. LDR announcement 1 April 2026 “Revision to Announcements dated 17th and 30th March 2026” 22. LDR announcement 14 April 2026 “Maiden Resource High Grade Silver Antimony System Montezuma” 23. LDR announcement 15 April 2026 “High-Grade Tin Identified at Silver Hills Project, Tasmania” 24. LDR announcement 2 June 2026 “New Silver-Zinc Mineralisation System Discovery at Montezuma” 25. LDR announcement 21 July 2026 “Tasmanian Exploration Update” 26. LDR announcement 20 August 2026 “New Silver-Zinc & Silver-Antimony Discovered at Montezuma” 27. www.mmg.com/content/uploads/2026/04/e_2026-04-21_2025-Annual-Report-1.pdf 28. www.mrt.tas.gov.au/mrtdoc/tasxplor/download/99_4366/99-4366.pdf 29. www.metalsx.com.au/wp-content/uploads/2025/07/21_MLX_ASX_Renison-2025-Mineral-Resource-Statement_29-July-2025.pdf 30. www.mrt.tas.gov.au/mrtdoc/dominfo/download/REHAB2002_02/rehab2002_02.pdf 31. www.mrt.tas.gov.au/mrtdoc/tasxplor/download/09_5802/EL4_2005_200808_01_FinalReport.pdf 13 Appendix I JORC Code, 2012 Edition - Table 1. (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 specialized industry standard measurement tools appropriate to the minerals under investigation, such as downhole gamma sondes, or hand held 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 (e.g. ‘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 disclosure of detailed information. • Industry standard wireline diamond drilling techniques were used at the Montezuma Silver & Antimony Project to obtain NQ2 (50.7mm diameter) diamond core. • An underground Atlas Copco Diamec drill rig was used to drill MZS43 in steep topography. Drilling orientation was designed to intercept the mineralisation at a high angle to ensure representivity. • Logged mineralisation was sampled on a 1m basis while respecting geological boundaries with a diamond saw for diamond drill core. • Sampling techniques are considered appropriate for the style of mineralisation. 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). • All drilling was completed as standard tube wireline NQ2 diamond drilling producing core 50.7mm in diameter. • An underground Atlas Copco Diamec drill rig was used to allow shallow dipping holes in steep topography • Drill core was oriented with a digital downhole orientation tool. 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. • Drill core was reconstituted and measured for recovery and RQD by experienced field technicians in LDR’s Zeehan core storage facility. • Core recoveries are 100% in mineralised zones. • No relationship exists between sample recovery and grade. 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 of quantitative in nature. Core (or costean, channel etc) photography. • Drill holes were geologically logged by an experienced geologist to industry standard. • Geological logs were qualitative with quantitative visual estimates of mineral contents. • Quantitative logging includes sulphide and gangue mineral percentages. Mineralised intervals were marked for sub sampling and quantitative analysis. • All drill core was photographed wet and dry. • Geotechnical and structural logs were completed on oriented drill core. 14 Criteria JORC Code explanation Commentary 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. • Core was prepared using standard industry best practice for diamond core with the core to be sampled sawn in half using a diamond saw. • Half core was bagged and numbered on a 1m basis while respecting geological boundaries with a minimum width of 0.5m. • Samples were generally 2-3kg. • The sample size is considered appropriate for the material being sampled. • The samples were sent to ALS Burnie and Brisbane for analysis. • QAQC included industry best practice insertion of blanks and standards were at >5% where appropriate. • Coarse crush and pulp duplicates were requested and performed by ALS at >5%. • All QAQC performed within acceptable limits. 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 (ie lack of bias) and precision have been established. • Samples were stored in a secure location and transported to the ALS laboratory in Burnie by LDR staff. • Sample preparation comprised drying (DRY-21), weighing, crushing to 85% passing 2mm (CRU-36) and a 3kg split pulverised to 85% passing 75um (PUL-33). • The assay methods included 4 acid digest followed by multi element ICP-AES spectrometry (ME- ICP61). Gold was analysed by 30g fire assay method Au-AA25. Sn and Sb ore grade was analysed by fused disc XRF(XRF15c) (refer to ALS assay codes). High grade samples triggered further OG62 OG46 and XRF15 analysis. • Certified reference materials and blanks were inserted at a rate of >5% at the appropriate locations. Coarse and pulp duplicates were requested at >5%. All QAQC fall within the accepted limits. • The assay methods employed are considered appropriate for total analysis. 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. • Significant intersections are reviewed by the Managing Director. • No twin holes were drilled. • Commercial laboratory certificates and digital data will be supplied by ALS and uploaded to mining software. • Industry standard QAQC implemented. 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. • Preliminary collar positions were located by handheld GPS • Drill holes collars will be surveyed with a total station RTK GPS by licenced surveyors. • All locations are reported in GDA94 MGA Zone 55. • Down hole surveys were completed with a Boart Longyear Tru-core tool at 50m intervals. • Topographic control from government lidar and lands department surveys. 15 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. • Drill holes were designed to provide a 25 x 25 to 50 x 50m drilling pattern. • Drilling is designed to extend the Montezuma resource and test the Maestries Replacement Lode. • The data spacing, distribution and geological understanding is considered to be sufficient for the estimation of mineral resource estimation within close spaced drilling pattern. • No sample 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. • Drill holes were designed to intersect the mineralised lodes approximately perpendicular to the strike and dip and are considered close to true width. • An underground drill rig was used to allow multiple high angle holes from the same drill pad. • Drill hole orientation is not considered to have introduced any bias. Sample security • The measures taken to ensure sample security. • Samples were bagged and sealed on site and transported to ALS Burnie by LDR staff. Audits or reviews • The results of any audits or reviews of sampling techniques and data. • No audits or reviews have been carried out at this point. 16 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. • The Montezuma Project is located on tenements EL7/2019 and 2M/2023. • These tenements are 100% held by Spero Mining Pty Ltd, Granville Mining Pty Ltd and parties related to the recent 100% acquisition by Lode Resources Ltd. • Native title does not exist over the above tenements. • All leases/tenements are in good standing. Exploration done by other parties • Acknowledgment and appraisal of exploration by other parties. • The Montezuma deposit was discovered during extensive historic silver mining activity in the Zeehan-Dundas region in the 1880’s to the 1920’s. • Electrolytic Zinc Company (EZ) completed 3 diamond holes including MZP245a that intersected