Announcement PDF 2024 ANNUAL REPORT ABN 30 637 512 415 CONTENTS Review of Operations 1 Corporate Governance Statement 12 Directors’ Report 13 Lead Auditor’s Independence Declaration 21 Consolidated Statement of Profit or Loss and Other Comprehensive Income 22 Consolidated Statement of Financial Position 23 Consolidated Statement of Changes in Equity 24 Consolidated Statement of Cash Flows 25 Notes to the Consolidated Financial Statements 26 Consolidated Entity Disclosure Statements 39 Directors’ Declaration 40 Independent Auditor’s Report 41 Additional Stock Exchange Information 46 CORPORATE DIRECTORY Directors Andrew Van Heyst Edward Leschke Jason Beckton Keith Mayes Company Secretary Marcelo Mora Principal Place of Business and Registered Office Level 5, 1 Margaret Street Sydney NSW 2000 Australia Telephone: Web site: Share Registry Automic Pty Ltd Level 5, 126 Phillip Street Sydney NSW 2000 Telephone: Auditors PKF (NS) Audit and Assurance Limited Partnership Level 8 1 O’Connell Street Sydney NSW 2000 Solicitors Thomson Geer Level 14 60 Martin Place Sydney NSW 2000 Stock Exchange Listings Australian Securities Exchange Executive Chairman Managing Director Executive Director Non-Executive Director (61 2) 9008 1381 (61 2) 9199 8017 www.loderesources.com 1300 288 664 (within Australia) (61 2) 9698 5414 (outside Australia) (Code – LDR) REVIEW OF OPERATIONS THE DIRECTORS OF LODE RESOURCES LTD (ASX: LDR OR ‘LODE’ OR ‘THE COMPANY’) ARE PLEASED REPORT THAT THE GROUP HAS ACHIEVED SIGNIFICANT EXPLORATION MILESTONES DURING THE YEAR-ENDED 30 JUNE 2024. Lode’s exploration focus is on the highly prospective but under-explored New England Fold Belt in north eastern New South Wales. The Company has assembled a portfolio of brownfield precious and base metal assets characterised by: • • • • 100% ownership; Significant historical geochemistry and/or geophysics; Under drilled and/or open-ended mineralisation; and Demonstrated high-grade mineralisation and/or potential for large mineral occurrences. This has resulted in a portfolio of assets with diverse mineralisation styles: 1. 2. 3. 4. 5. 6. 7. Webbs Consol Silver & Base Metal – Located 16km west-southwest of Emmaville, this historical silver mining centre is known for high grade silver-base metal bearing lodes; Uralla Gold – Located 8km west of the Uralla township, this goldfield was one of the earlier goldfields discovered in NSW and a significant gold producer in the 1850’s. Despite this long history, the mineralisation style has only recently been recognised as being an Intrusive Related Gold System (IRGS) and this has strong implications for this project’s discovery potential; Fender Copper (Trough Gully) – Located 30km southeast of Tamworth this project hosts significant copper in drainage anomalies and several known historical workings of VMS style mineralisation providing some very attractive exploration targets; Sandon Base Metals and Antimony – The Bundarra Copper and Abington Base Metal Projects host VMS style mineralisation and have both undergone preliminary exploration. They are located 45km and 60km respectively west of Guyra. This exploration licences also hosts a number antimony prospects; Thor – Located 35km northwest of Manila this project hosts a large gold anomaly potentially associated with high level intrusions or major regional fault structures; Tea Tree – Located 24km north of Manila this project comprises an underexplored goldfield. New England Antimony – Located 40km northeast of Armidale, this project hosts several antimony prospects including the historic but undrilled Magwood Antimony Mine, a former significant producer of antimony. As of 30 June 2024, the Company had been granted seven exploration licences as follows: Project Licence Grant Date Expiry Date Commodity Units Status Webbs Consol EL8933 16 January 2020 16 January 2029 Group 1 (Metallic minerals) 16 Granted Webbs Consol Exp. EL9454 7 September 2022 7 September 2025 Group 1 (Metallic minerals) 53 Granted Uralla EL8980 14 May 2020 14 May 2027 Group 1 (Metallic minerals) 80 Granted Uralla West EL9087 12 March 2021 12 March 2027 Group 1 (Metallic minerals) 22 Granted Fender EL9003 12 October 2020 12 October 2029 Group 1 (Metallic minerals) 76 Granted Sandon EL9319 29 October 2021 29 October 2024 Group 1 (Metallic minerals) 273 Granted Tea Tree EL9084 11 March 2021 12 March 2027 Group 1 (Metallic minerals) 24 Granted Thor EL9085 11 March 2021 11 March 2027 Group 1 (Metallic minerals) 78 Granted New England Antimony EL9662 11 June 2024 11 June 2027 Group 1 (Metallic minerals) 399 Granted Since the successful completion of the A$5.1M IPO, admission to the Official List of ASX Limited (‘ASX’) on Wednesday, 30 June 2021 and the commenced trading on Friday, 2 July 2021, successful drill campaigns have been carried out at three of seven projects 100% owned by Lode with the Webbs Consol Silver-Base Metals Project producing exceptional drill results. LODE RESOURCES 2024 ANNUAL REPORT 1 REVIEW OF OPERATIONS A total of 1,666 metres of diamond and RC drilling in 17 drill holes was carried out during the year of which all were drilled at the Webbs Consol Silver-Base Metal Project. In addition, 1,192 auger holes were drilled at the Uralla Gold Project. All of Lode’s projects are located in the highly prospective but under-explored New England Fold Belt in northeastern NSW. Figure 1: Lode’s Project Locations (blue polygons) Lode’s strategy is to: • • • • Systematically explore and develop the Company’s Tenements in the New England Fold Belt; Target large-scale silver, gold, copper and antimony metal systems; Use modern exploration methods and best practices in cost effective programs; and Advance discoveries through to the development stage. 2 LODE RESOURCES 2024 ANNUAL REPORT REVIEW OF OPERATIONS During FY24 Lode Resources primarily focused its exploration activities on the Company’s 100% owned Webbs Consol Silver Project (“Webbs Consol”) and 100% owned Uralla Gold Project (“Uralla”), both located in the New England Fold Belt in north-eastern New South Wales. Webbs Consol Silver Project Drilling at the Webbs Consol Silver Project tested the lateral extent of the Tangoa West Lode at depth and returned significant intercepts which confirmed continuity of high-grade mineralisation throughout the lode which remains open below 300m. > Drill hole WCS064 returned: • 27.7m @ 663 g/t AgEq1 from 203.3m including: 10.0m @ 918 g/t AgEq1 from 219.0m including: 3.3m @ 1,890 g/t AgEq1 from 225.7m > Drill hole WCS065 returned: • 33.2m @ 569 g/t AgEq1 from 270.0m including: 18.5m @ 992 g/t AgEq1 from 279.9m including: 14.4m @ 1,172 g/t AgEq1 from 282.0m These two drill intercepts of the Tangoa West Lode demonstrate: > > > > Continuity and orientation of high-grade silver-base metal mineralisation; Mineralisation extending to a vertical depth of 300m and remains open; The dominance of silver and zinc mineralisation at depth; Multiphase mineralisation emplacement. Early in the year a new substantial drill ready geochemical anomaly, called the Webbs Consol North Prospect, was defined. This anomaly footprint is the largest surface occurrence at Webbs Consol and is one order of magnitude greater than the surface expression of Tangoa West, the largest mineralised lode drilled to date at Webbs Consol. The Webbs Consol North Prospect surface anomaly is defined by high silver (Ag), lead (Pb), and zinc (Zn) assay values returned over a 300 meter strike length. > Assays of soil samples returned: • • • 17 samples >1 g/t Ag with a maximum of 6.5 g/t Ag 20 samples >500 ppm Pb with a maximum of 3,410 ppm Pb 21 samples >250 ppm Zn with a maximum of 1,090 ppm Zn > Assay of subcrop chip samples returned: • • • 13 samples >10 g/t Ag with a maximum of 252 g/t Ag 12 samples >5,000 ppm Pb with a maximum of 12.95% Pb 9 samples >1,000 ppm Zn with a maximum of 0.84% Zn A decision was then made to drill the Webbs Consol North Prospect given its strong prospectivity as described above. This first pass drill testing of Webbs Consol North prospect discovered significant silver and zinc mineralisation over extensive area, potentially representing multiple lodes or a larger mineralised body. > Drill hole WCS070 returned: • 21.0m @ 122 g/t AgEq or 3.76% ZnEq from 2.0m including: 7.0m @ 317 g/t AgEq or 9.82% ZnEq from 6.0m > Drill hole WCS071 returned: • 13.0m @ 193 g/t AgEq or 5.97% ZnEq from 10.0m including: 4.0m @ 573 g/t AgEq or 17.74% ZnEq from 11.0m > Drill hole WCS072 returned: • 34.0m @ 82 g/t AgEq or 2.54% ZnEq from 18.0m including: 7.0m @ 304 g/t AgEq or 9.42% ZnEq from 24.0m LODE RESOURCES 2024 ANNUAL REPORT 3 REVIEW OF OPERATIONS Figure 2. Lode’s Webbs Consol Silver Project (EL8933) - Location of main lodes, significant drill hole intercepts to date and grab samples at the Canoon prospect. 4 LODE RESOURCES 2024 ANNUAL REPORT REVIEW OF OPERATIONS Table 1. Lode’s Webbs Consol Silver Project (EL8933) - Significant drill intercepts to date. 1 Hole From (m) To (m) Interval (m) AgEq1 (g/t) ZnEq1 (%) Ag (g/t) Pb (%) Zn (%) Cu (%) Prospect WCS045 90.9 207.0 116.1 721 22.33 254 6.35 8.35 0.24 Tangoa West WCS052A 98.0 247.2 149.2 455 14.09 183 3.13 5.19 0.19 Tangoa West WCS050 104.4 170.2 65.8 755 23.37 266 13.56 12.38 0.42 Tangoa West WCS047 144.7 169.2 24.5 971 30.06 389 1.56 16.00 0.24 Tangoa West WCS052B 279.0 319.2 40.2 466 14.41 189 6.10 11.56 0.04 Tangoa West WCS065 270.0 303.2 33.2 332 10.29 64 0.14 8.13 0.01 Tangoa West WCS064 203.3 231.0 27.7 407 12.60 64 0.35 7.69 0.03 Tangoa West WCS044 48.3 102.3 54.0 245 7.57 84 3.69 1.22 0.21 Tangoa West WCS023 17.0 67.0 50.0 244 7.56 94 2.93 1.81 0.08 Castlereagh WCS006 104.6 132.1 27.5 357 11.03 118 0.77 6.52 0.07 Main Shaft WCS049 81.8 126.0 44.2 221 6.85 68 3.46 1.27 0.20 Main Shaft WCS051 79.9 110.6 30.7 231 7.15 70 1.54 1.81 0.21 Tangoa West WCS019 30.1 56.8 26.7 351 10.86 115 6.43 1.07 0.25 Tangoa West WCS007 122.9 147.1 24.2 273 8.46 63 0.49 5.96 0.04 Main Shaft WCS020 30.6 61.6 31.0 192 5.95 55 3.37 0.98 0.12 Tangoa West WCS031 66.5 113.9 47.4 112 3.47 46 0.79 1.22 0.04 Castlereagh WCS034 16.0 36.5 20.5 210 6.51 77 1.10 2.87 0.10 Copycat WCS028 138.4 182.0 43.6 83 2.58 12 0.28 1.91 0.02 Main Shaft WCS012 48.0 60.1 12.1 282 8.73 108 5.49 3.06 0.10 Mt Galena WCS035 23.3 37.0 13.7 214 6.62 87 0.71 2.61 0.26 Copycat WCS070 2.0 23.0 21.0 122 3.76 97 0.33 0.35 0.01 WC North WCS018 18.0 52.0 34.0 82 2.54 25 0.63 1.19 0.01 WC North WCS071 10.0 23.0 13.0 193 5.97 23 0.63 3.03 0.01 WC North WCS026 28.7 63.0 34.3 46 1.43 23 0.13 0.26 0.06 Luck Lucy N WCS074 75.0 88.0 13.0 83 2.57 49 0.19 1.45 0.01 WC North WCS008 24.0 45.2 21.2 44 1.36 17 0.09 0.14 0.01 Luck Lucy N WCS009 70.0 80.0 10.0 77 2.39 49 0.09 0.17 0.23 Luck Lucy N WCS029 36.3 42.1 5.8 41 1.26 10 0.43 0.55 0.01 Luck Lucy N Metal equivalent figures are a simple way to demonstrate overall grade with a single figure thus making comparisons easier for investors. Since the commencement of drilling at Webbs Consol Silver Project it was deemed that silver was the appropriate metal for equivalent calculations as silver is the most common metal to all mineralisation zones. This is still the case however zinc is becoming increasing dominant with depth and therefore LDR has decided to calculated both silver and zinc equivalent grades to demonstrate overall grades. Webbs Consol silver and zinc equivalent grades are based on assumptions: AgEq(g/t)=Ag(g/t)+32.3*Zn(%)+27.5*Pb(%)+107*Cu(%)+87.1*Au(g /t) & ZnEq(g/t)=0.031*Ag(g/t)+Zn(%)+0.850*Pb(%)+0.2.694*Cu(%)+2.57*Au(g/t) calculated from 12 February 2024 (previously 29 August 2022) spot metal prices of US$22.7/oz silver, US$2325/t zinc, US$2060/t lead, US$8100/t copper, US$2020/oz gold and metallurgical recoveries of 97.3% silver, 98.7%, zinc, 94.7% lead, 76.3% copper and 90.8% gold which is the 4th stage rougher cumulative recoveries in test work commissioned by Lode and reported in LDR announcement 14 December 2021 titled “High Metal Recoveries in Preliminary Flotation Test work on Webbs Consol Mineralisation”. It is Lode’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold. LODE RESOURCES 2024 ANNUAL REPORT 5 REVIEW OF OPERATIONS A follow up drill program at the Webbs Consol Silver Project commenced subsequent to the end of FY24. This program had 2 objectives: i) testing for extensions at discovered lodes with multiple high-grade silver intercepts & ii) drilling untested surface silver occurrences. Initially this 17-hole 2,200 metre programme is targeting the Webbs Consol North discovery as described above. To date the majority of extension drilling has been at Tangoa West, in the southern end of the Project, where 12 drill holes intercepted exceptionally high-grade silver mineralisation down to a vertical depth of 300m. Another key discovery to be tested is Castlereagh with previous intercepts of 50.0m @ 224 g/t AgEq1 from 17.0m and 47.4m @ 112 g/t AgEq1 from 66.5m, including high-grade zones such as 801 g/t AgEq1 over 4.1m and 720 g/t AgEq1 over 2.0m. In addition untested surface silver occurrences to be drilled includes the Canoon prospect where a pseudo-gossan with ~ 100m of strike has been delineated and selective grab samples have returned up to 126.0 g/t Ag (It should be noted that grab samples are qualitative in nature and are not necessarily representative of underlying mineralisation which may be lower or higher in grade and the dimensions are unknown). During FY24, Australia’s national science agency, the CSIRO, completed a research study at Lode Resources’ Webbs Consol Silver Project. In summary findings included: • • • • Structural analysis and 3D modelling of Tangoa West, Main Shaft and other prospects identifying potential for lateral extensions to mineralisation. Relative depth of differing styles of alteration appears constant at all prospects. Comprehensive understanding of mineral deposit genesis enabling comparison with other similar deposits. 3D models and the use of innovative geochemical indicators, validated by mineralogical and mineral‐chemical analyses, suggests distinct mineralisation styles and ore zones. Figure 3: Centurion Drilling rig on site at the Webbs Consol North Discovery. 6 LODE RESOURCES 2024 ANNUAL REPORT REVIEW OF OPERATIONS Figure 4. 3D model of Tangoa West prospect showing drill hole AgEq assays and interpreted lode (blue shell) as well as both modelled 5.0% Zn anisotropic iso-surfaces from Figures 6. Modelled anisotropic iso-surfaces based on drill assays, alteration vectors and dominant controlling structural (Orange shell: 85° towards 105° – 3:3:1 & right diagram: 85° towards 60° – 3:3:1). Please note this modelling is conceptual. LODE RESOURCES 2024 ANNUAL REPORT 7 REVIEW OF OPERATIONS Uralla Gold Project During FY24 1,159 auger drill holes were completed across approximately 1.6km2 of the Hudson’s group of prospects at Lode’s Uralla Gold Project. Multiple drill targets were defined with gold and pathfinder metals gridded, imaged and contoured showing: • • • • Delineation of numerous gold anomaly highs, with assays up to 1,300 ppb Au, each representing a prospective drill target. ~50% of the defined gold anomalies have no hard rock outcrop, potentially indicating blind gold mineralisation, whilst other gold anomalies have enhanced previous surface work. Dyke/Gracie Lode area gold anomalies appear to form a circular feature potentially representing an intrusive pluton and large mineralisation system at depth. Pathfinder elements anomalies also potentially represent mineralised lodes which are not obvious near surface. Future drilling is planned at Uralla designed to test for the presence of an Intrusive Related Gold System (IRGS). Figure 5. Gold assay gridded image and contouring in the Dyke/Gracie Lode area located within the Hudson’s group of prospects, Uralla Gold Project. 8 LODE RESOURCES 2024 ANNUAL REPORT REVIEW OF OPERATIONS Figure 6. Gold assay grided image and contouring of 1,159 auger drill holes covering the Hudson’s group of prospects, Uralla Gold Project. Higher gold value colours stretched to highlight the strongest anomalies. Gumtree Prospect Au High 98ppb Anomalies with preliminary drill intercepts KTN007: 14.0m @ 1.24 g/t Au from 68m KTN005: 10.0m @ 1.32g/t Au from 9m KTN006: 16.0m @ 0.79g/t Au from 10m Au High 1300ppb Au High 99ppb Dyke/Gracie Prospects Au High 998ppb KTN010: 15.0m @ 2.09g/t Au from 12m KTN011: 5.0m @ 1.04 g/t Au from 16m KTN012: 6.0m @ 0.75g/t Au from 39m Au High 333ppb Untested anomalies Au High 107ppb Au High 90ppb Au High 86ppb Au High 741ppb Au High 57ppb Circular feature potentially representing an intrusive stock at depth Martins Shaft Prospect (intercepts > 24 g.m) SGRDD002: 26.0m @ 2.80 g/t Au from 15.0m SGRDD004: 18.0m @ 3.51 g/t Au from 52.0m SGRDD014: 20.0m @ 2.33 g/t Au from 16.0m SGRDD008: 24.0m @ 1.88 g/t Au from 73.0m SGRDD010: 35.0m @ 1.10 g/t Au from 78.0m SGRRC004: 24.0m @ 1.60 g/t Au from 4.0m SGRRC017: 26.0m @ 1.20 g/t Au from 76.0m SGRRC003: 29.0m @ 1.21 g/t Au from 25.0m SGRRC003: 33.0m @ 0.91 g/t Au from 29.0m SGRRC001: 27.1m @ 1.06 g/t Au from 0.0m SGRRC006: 17.0m @ 1.61 g/t Au from 35.0m SGRRC035: 22.0m @ 1.15 g/t Au from 90.0m SGRRC005: 15.0m @ 1.60 g/t Au from 23.0m Au High 1030ppb Auger Drill Assay Image Au (ppb) High : 1300 Low : 1 LODE RESOURCES 2024 ANNUAL REPORT 9 REVIEW OF OPERATIONS New England Antimony Project Subsequent to FY24 end Lode Resources announced that exploration activity on the Company’s highly prospective antimony portfolio was to commence. With the grant of EL9662, Lode has secured additional antimony prospects including the historic Magwood Antimony Mine, a former significant producer of antimony. 19 antimony prospects have been identified within Lode’s EL9662 and EL9319 which, with a combined area of 1,914 km2, forms a strategic antimony exploration portfolio in an area of significant historical antimony production. The Magwood mine was in production mainly between 1941 and 1970 with recorded yearly production grades ranging from 4% to 62% Sb and was Australia’s primary antimony producer at the time. Despite decades of production Magwood has never been drilled and there is almost no historical drilling within Lode’s wider antimony project area despite the geology being considered highly prospective for orogenic structurally-controlled antimony mineralisation. Detailed surface work here is almost non-existent. Lode has now commenced field activities which is expected to ramp up into the December 2024 Quarter and beyond. Antimony is considered by most western nations to be one of the world’s most critical metals, especially with China announcing the limitation of antimony exports from 15 September, 2024 due national security concerns. The main uses of Antimony are in fire-retardants, photovoltaic solar cells and military equipment - the last two being of high strategic importance. Figure 7: Location of Lode’s EL9662 With Multiple Antimony Prosects 10 LODE RESOURCES 2024 ANNUAL REPORT REVIEW OF OPERATIONS Competent Person’s Statement The information in this Report that relates to Exploration Results is based on information compiled by Mr Jason Beckton, who is a Member of the Australian Institute of Geoscientists. Mr Beckton, who is Executive Director – Resource Development at Lode Resources Ltd, 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 Beckton has a beneficial interest as a shareholder and option holder of Lode Resources Ltd and consents to the inclusion in this Report of the matters based on the information in the form and context in which it appears. No material changes Lode Resources Ltd confirms that it is not aware of any new information or data that would materially affect the information included in the quarterly activities report dated 31 July 2024 and market announcements dated 22 July 2024,26 August 2024 and 11 September 2024 and that all material assumptions and technical parameters in the market announcements continue to apply and have not materially changed. Governance Arrangements Lode Resources management and Board of Directors include individuals with many years’ work experience in the mineral exploration and mining industry who monitor all exploration programs and oversee the preparation of reports on behalf of the Company by independent consultants. The exploration data is produced by or under the direct supervision of qualified geoscientists. In the case of drill hole data half core samples are preserved for future studies and quality assurance and quality control. The Company uses only accredited laboratories for analysis of samples and records the information in electronic databases that are automatically backed up for storage and retrieval purposes. LODE RESOURCES 2024 ANNUAL REPORT 11 CORPORATE GOVERNANCE STATEMENT The Board is committed to maintaining the highest standards of Corporate Governance. Corporate Governance is about having a set of core values and behaviours that underpin the Group’s activities and ensure transparency, fair dealing and protection of the interests of stakeholders. The Group has reviewed its corporate governance practices against the Corporate Governance Principles and Recommendations (4th edition) published by the ASX Corporate Governance Council. The 2024 corporate governance statement is dated 25 September 2024 and reflects the corporate governance practices throughout the 2024 financial year. The board approved the 2024 corporate governance on 25 September 2024. A description of the Group’s current corporate governance practices is set out in the Company’s corporate governance statement, which can be viewed at https://loderesources.com/corporate-governance. 12 LODE RESOURCES 2024 ANNUAL REPORT DIRECTORS’ REPORT THE DIRECTORS OF LODE RESOURCES LTD (‘LODE’ OR THE ‘COMPANY’) PRESENT THEIR REPORT, TOGETHER WITH THE CONSOLIDATED FINANCIAL STATEMENTS OF THE GROUP FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024. DIRECTORS The names and details of the Directors in office during or since the end of the previous financial year are as follows. Directors were in office for the entire year unless otherwise stated. INFORMATION ON DIRECTORS Andrew Van Heyst Experience Interest in Shares and Options Director since Ted Leschke Experience Interest in Shares and Options Director since Directorships held in other listed entities during the last three years Keith Mayes Experience Interest in Shares and options Director since Jason Beckton Qualifications Experience Interest in Shares and Options Director since Directorships held in other listed entities during the last three years Chairman With more than 30 years’ experience in Industrial Equities and Advisory. Has worked at Merrill Lynch in New York as Head of Australian Sales and for ABN AMRO as Head of Australian Sales and Head of Americas Client Account Management for Global Equity Product. In 2005 Andrew moved back to Australia joining Shaw and Partners as a Corporate Advisor focussing on Small Cap resources and prior to Lode listing was Executive Director at Bridge Street Capital Partners. 18,392,858 ordinary shares and 71,429 unlisted options 18 November 2019 Managing Director With more than 30 years’ experience in the resources industry including Managing Director of ASX listed resource companies from start up project development covering areas such as project identification, acquisition and generation, geological mapping, exploration drilling, local community and government liaison, financial management, strategy, fund raisings, ASX listing and statutory reporting. Previously worked as a resource analyst in stockbroking and funds management as well as a geologist in the mining industry. 17,892,858 ordinary shares and 71,429 unlisted options 18 November 2019 Equus Mining Limited. NonExecutive Director With more than 30 years’ experience in the resource sector in exploration, business development, operational and financial roles with major mining companies including North Ltd, Newmont, Rio Tinto and Oxiana in Australia, Europe, Middle East and Africa. Keith is currently Partner at Global Resource Industry Personnel and formerly GM of Australian Garnet a subsidiary of ASX listed Resource Development Group and COO at ASX listed KGL Resources that is undertaking exploration and development of the large Jervois copper/silver/gold project in central Australia and COO at Altura Mining Ltd where he discovered the world class Pilgangoora lithium deposit. 371,429 ordinary shares and 535,714 unlisted options 10 March 2020 Executive Director (Resources Development) Holds BSc (Hons) Melbourne and a Masters of Economic Geology from the University of Tasmania. With more than 25 years of geological corporate experience in Australia, North and South America and China. Was Project Manager for Bolnisi Gold NL’s Palmerejo silver/ gold project in Mexico where he managed a program defining 3.1moz AuEq. Managed the discovery of Exeter Resource Corp’s 30 moz AuEq Caspiche Porphyry prospect in the Maricunga Gold Copper Belt of Chile. Previously MD of ASX listed Chinalco Yunnan Copper Resources exploring the Mt Isa, Lao and Chilean copper districts. 200,000 ordinary shares and 500,000 unlisted options 29 September 2020 Managing Director of ASX listed Prospech Ltd. LODE RESOURCES 2024 ANNUAL REPORT 13 DIRECTORS’ REPORT COMPANY SECRETARY Marcelo Mora Company Secretary since 15 September 2020. Marcelo Mora holds a Bachelor of Business degree and Graduate Diploma of Applied Corporate Governance. Mr Mora has been an accountant for more than 35 years and has experience in resources and mining companies both in Australia and internationally, providing financial reporting and company secretarial services to a range of publicly listed companies. MEETINGS OF DIRECTORS During the financial year, 2 meeting of directors was held. Attendances by each director during the year were as follows: DIRECTORS’ MEETINGS Number eligible to attend 2 2 2 2 Andrew Van Heyst Edward Leschke Keith Mayes Jason Beckton Number attended 2 2 2 2 DIRECTORS’ INTERESTS At the date of this report, the beneficial interests of each director of the Company in the issued share capital of the Company and options, each exercisable to acquire one fully paid ordinary share of the Company are: Director Andrew Van Heyst Edward Leschke Keith Mayes Jason Beckton Jason Beckton Fully Paid Ordinary Shares 18,392,858 17,892,858 371,429 200,000 - Options over ordinary shares 71,429 71,429 250,000 35,714 (1) 250,000 250,000 (1) 250,000 Option Terms (Exercise Price and Term) $0.24 at any time up to 2 December 2024 $0.24 at any time up to 2 December 2024 $0.24 at any time up to 2 December 2024 $0.24 at any time up to 2 December 2024 $0.24 at any time up to 6 December 2025 $0.24 at any time up to 2 December 2024 $0.24 at any time up to 6 December 2025 During the year ended 30 June 2024, 500,000 unlisted options were granted as compensation to directors of the Company (2023: 500,000 unlisted options) (1) There were no options over unissued ordinary shares granted as compensation to directors or executives of the Company during or since the end of the financial year. OPTION HOLDINGS Unissued Shares under options Grant Date 25 August 2022 2 December 2022 14 February 2023 14 February 2023 6 December 2023 Expiry Date 25 August 2024 2 December 2024 14 February 2025 25 August 2024 6 December 2025 Vesting Immediately Immediately Immediately Immediately Immediately Options 8,330,500 1,428,572 2,500,000 4,933,333 1,000,000 Exercise Price $0.24 $0.24 $0.40 $0.24 $0.24 Option holders do not have any rights to participate in any issues of shares or other interests in the Company. 14 LODE RESOURCES 2024 ANNUAL REPORT DIRECTORS’ REPORT SHARES ISSUED ON EXERCISE OF OPTIONS During the financial year ended 30 June 2024, the Company has not issued ordinary shares as a result of the exercise of options (2023: nil). Since the end of the financial year, the Company has not issued ordinary shares as a result of the exercise of options. Principal activities The principal activities of the Group during the financial year were ongoing drilling campaigns and scientific studies by CSIRO at its Webbs Consol tenements, auger drilling at Uralla Gold Project and the acquisition of the exploration licence New England Antimony through Exploration Licence Application and the subsequent granting of the Exploration Licence. Operating results The loss of the Group amounted to $1,167,379 (2023: $1,115,531), after providing for income tax. Review of operations A review of the Group’s operations for the year ended 30 June 2024 is set out on pages 1 to 11 of this Annual Report. Dividends paid or recommended No dividends were paid or declared during the period. Changes in state of affairs In the opinion of the Directors, significant changes in the state of affairs of the Group that occurred during the year ended 30 June 2024 were as follows: • • • On 6 December 2023, following shareholders’ approval at the Company’s Annual General Meeting. The Company issued 500,000 unlisted options to the Non-executive Directors and 500,000 unlisted options to the