Announcement PDF ABN 30 637 512 415 2025 A N N U A L R E P O R T CORPORATE DIRECTORY Directors Andrew Van Heyst Executive Chairman Edward Leschke Managing Director Keith Mayes Non-Executive Director Jason Beckton Non-Executive Director Company Secretary Marcelo Mora Principal Place of Business and Registered Office ESN Partners Level 15, Governor Macquarie Tower 1 Farrer Place Sydney NSW 2000 Australia Telephone: (61 2) 9008 1381 Web site: www.loderesources.com Share Registry Automic Pty Ltd Level 5, 126 Phillip Street Sydney NSW 2000 Telephone: 1300 288 664 (within Australia) (61 2) 9698 5414 (outside Australia) 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 (Code – LDR) CONTENTS Page Review of Operations ...................................................................................................................... 1 Corporate Governance Statement................................................................................................... 16 Directors' Report.............................................................................................................................. 17 Lead Auditor’s Independence Declaration....................................................................................... 27 Consolidated Statement of Profit or Loss and Other Comprehensive Income................................ 28 Consolidated Statement of Financial Position................................................................................. 29 Consolidated Statement of Changes in Equity................................................................................ 30 Consolidated Statement of Cash Flows .......................................................................................... 31 Notes to the Financial Statements................................................................................................... 32 Consolidated Entity Disclosure Statement ...................................................................................... 47 Directors' Declaration ...................................................................................................................... 48 Independent Auditor's Report.......................................................................................................... 49 Additional Stock Exchange Information........................................................................................... 54 Dear Fellow Shareholders, It is my pleasure to present to you the Annual Report for Lode Resources Ltd (ASX: LDR) for the financial year ended 30 June 2025. This year has been one of transformation and momentum for our company, as we have solidified our position as a key player in Australia's critical minerals landscape. In a world increasingly focused on supply chain security and the energy transition, Lode's portfolio of high-grade antimony, silver, and gold projects has never been more strategically aligned with global demands. The past 12 months have seen us execute on our strategy with precision and purpose. A highlight was the acquisition of the Montezuma Antimony and Silver Project in Tasmania a flagship asset that positions us to develop one of Australia's highest-grade antimony and silver deposits. This advanced-stage project, with its rich historical mining legacy and untapped potential, is on track to become Tasmania's first critical metals mine. We have already advanced metallurgical studies and initiated a comprehensive drilling program, with early results confirming the high-grade nature of the resource. Coupled with a successful $4.5 million capital raising in late 2024, we are well-funded to progress towards a Maiden Resource estimate and potentially pilot production. Antimony's critical role in flame retardants, solar panels, batteries, and semiconductors underscores the immense value this project could deliver, not just for Lode but for the broader Australian economy through job creation in North-West Tasmania. Our exploration efforts in the New England Fold Belt (NEFB) in New South Wales have also yielded exciting outcomes. At the Webbs Consol Silver Project, our 2025 drilling campaign intersected high-grade silver-zinc mineralisation including intercepts that highlight a robust and extensive mineral system. The Lode team have drilled some 12,000m of mostly diamond holes since we started on the project and this culminated with the declaration of our maiden resource on Webbs Consol. A great result making it one of the highest grade Silver deposits in Australia. Work also began at the historic Magwood Antimony Mine in preparation for drilling. Magwood was Australia’s largest Antimony producer until the 1970’s and was never drilled so this is a very exciting project for shareholders. Drilling commenced subsequent to the financial year end and we look forward to reporting these results. Similarly, the Uralla Gold Project delivered multiple high-grade gold hits, reinforcing the NEFB's status as a exciting region with significant exploration upside. While we continue to evaluate strategic options for certain assets, including a divestment at Webbs Consol to unlock value and focus resources, these discoveries validate our geological model and de-risk our portfolio. Financially, we maintained a disciplined approach amid volatile commodity markets and exploration uncertainties. Our cash position at year-end stood strong, supported by the capital raise and prudent expenditure on high-impact activities. Exploration costs were directed towards value-accretive drilling and studies, resulting in a lean operation that preserved shareholder capital while advancing our key assets. We remain committed to transparent governance, as evidenced by our updated Corporate Governance Statement, which aligns with ASX best practices and reflects our dedication to ethical and sustainable operations. Looking ahead, the outlook for Lode is brighter than ever. With escalating demand for critical minerals driven by geopolitical shifts and technological advancements, we are poised to capitalise on our high-grade, domestically located projects. In the next 12 months, we anticipate completing the Maiden Resource at Montezuma, commencing regional exploration in Tasmania and developing our NEFB tenements through targeted drilling, and exploration. Our experienced team, with over 30 years of combined expertise in exploration, capital markets, and project delivery, is energised and ready to execute. None of this would be possible without the unwavering support of our shareholders and stakeholders whose confidence has been instrumental in our progress. I extend my deepest gratitude to our Board, management, and exploration team for their tireless dedication, and to you, our investors, for entrusting us with your capital. Together, we are building a resilient and rewarding future for Lode Resources. Regards, Andrew Van Heyst Executive Chairman. Lode Resources Ltd and its controlled entities ABN: 30 637 512 415 REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025 1 | P a g e The Directors of Lode Resources Ltd (ASX: LDR or ‘Lode' or ‘the Company') are pleased report that the Group has achieved significant exploration, resource development and acquisition milestones during the year-ended 30 June 2025. Lode's exploration focus is on the highly prospective but under-explored New England Fold Belt in north-eastern New South Wales and the Montezuma Antimony Project located in Tasmanian’s premier West Coast Mining Province. 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 consisting of four core projects of current focus 1. Montezuma Antimony Project – Located on the west coast of Tasmania, a region well known for mining activity, the Project consists of a high-grade antimony-silver deposit with initial development, advanced metallurgical test work and significant beneficiation infrastructure. 2. 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. Lode’s holdings cover over 300 square kilometres. 3. Webbs Consol Silver – Located 16km west-southwest of Emmaville, this historical mining centre is known for high- grade silver-base metal-bearing lodes that provide attractive targets that were essentially drill-ready. Historical records of underground sampling indicated high-grade mineralisation remains open at relative shallow depths and subsequent geophysical anomalies were never followed-up by drilling. 4. New England Antimony Project – Located in one of Australia’s most prolific antimony producing provinces, 19 antimony prospects have already been identified within the Exploration Licences (EL) EL9662 and EL9319, both controlled 100% by Lode. The project is anchored by the Magwood Mine, discovered in the 1880s and mainly worked between 1941 and 1970, and was Australia’s primary producer of antimony. As of 30 June 2025, the Company has an interest in tenements as follows: Project Licence Grant Date Expiry Date Commodity Area Status Webbs Consol EL8933 16 January 2020 16 January 2029 Group 1 (Metallic minerals) 48 sqkm Granted Webbs Consol Exp. EL9454 7 September 2022 7 September 2028 Group 1 (Metallic minerals) 159 sqkm Under renewal Uralla EL8980 14 May 2020 14 May 2027 Group 1 (Metallic minerals) 237 sqkm Granted Uralla West EL9087 12 March 2021 12 March 2027 Group 1 (Metallic minerals) 65 sqkm Granted Fender EL9003 12 October 2020 12 October 2029 Group 1 (Metallic minerals) 224 sqkm Granted Sandon EL9319 29 October 2021 29 October 2026 Group 1 (Metallic minerals) 809 sqkm Granted Tea Tree EL9084 11 March 2021 12 March 2027 Group 1 (Metallic minerals) 71 sqkm Granted Thor EL9085 11 March 2021 11 March 2027 Group 1 (Metallic minerals) 231 sqkm Granted New England Antimony EL9662 11 June 2024 11 June 2027 Group 1 (Metallic minerals) 1,105 sqkm Granted Montezuma Antimony 2M-2023 30 November 2023 28 December 2025 Silver and lead 5 ha Granted Montezuma Antimony EL7-2019 24 March 2020 23 March 2025 Category 1 (Metallic minerals) 4 sqkm Under renewal Montezuma Antimony EL2/2020 24 September 2020 23 September 2025 Category 1 (Metallic minerals) 84 sqkm Under renewal Waratah EL6/2025 - - Category 1 (Metallic minerals) 71 sqkm Application Granville 2M-2018 6 August 2018 5 March 2027 Tin 78 ha Granted Granville 32M-1988 1 November 1988 1 November 2024 Stone 1 ha Under renewal Granville EL9-2019 11 June 2021 10 June 2026 Category 1 (Metallic minerals) 91 sqkm Granted Lode Resources Ltd and its controlled entities ABN: 30 637 512 415 REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025 2 | P a g e NSW Hillgrove (LRV) Gold & Antinomy Fender Copper/Zinc Uralla Gold Tea Tree Gold Thor Gold Webbs Consol Silver Sandon Base Metals New England Antimony All of Lode's projects are located in the highly prospective but under-explored New England Fold Belt in north- eastern NSW and well-endowed West Coast Mining Province in Tasmania. Lode's strategy is to: • Systematically explore and develop the Company's Tenements; • 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. Figure 1: Lode's NSW Project Locations Figure 2: Lode's Tasmanian Project Locations Lode Resources Ltd and its controlled entities ABN: 30 637 512 415 REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025 3 | P a g e During the year-ended 30 June 2025 Lode acquired the Montezuma Antimony-Silver Project, an asset that underpins and accelerates the company’s growth aims in developing high-grade quality resource projects. Successful drill campaigns were carried out at both the Webbs Consol Silver Project in NSW and the Montezuma Antimony-Silver Project in Tasmania. In addition, a Maiden Resource Estimate was announced for the Webbs Consol Silver Project and all core from historical drilling at the Montezuma Antimony-Silver Project were relogged and resampled in accordance with JORC 2012 standards. These drill and resampling campaigns have resulted exceptional results and the maiden resource at Webbs Consol was a substantial milestone for the company. Montezuma Antimony-Silver Project Lode acquired the Montezuma Antimony-Silver Project in located in Tasmania’s premier West Coast Mining Province during the year. Acquisition terms included: • $50,000 non-refundable cash deposit pain upon the execution of the HOA ie 22; plus • $200,000 cash payable on completion of the Proposed Acquisition; plus • 10,000,000 fully paid ordinary shares in the Company at a deemed issue price of $0.10 per share on completion of the acquisition subject to 12-month escrow; plus • Up to 6,000,000 fully paid ordinary shares in the Company at a deemed issue price of $0.10 per share upon satisfaction of certain performance hurdles and subject to 12-month escrow. The Montezuma Antimony Project includes a high-grade antimony-silver deposit with initial development, advanced metallurgical test work and significant mining equipment and beneficiation infrastructure. The Montezuma Antimony Project deposit is accessed via the Zeehan township located 14km to the west. The Montezuma Antimony Project is located between well-known mining centres such as: • Rosebery-Hercules (Zn, Cu, Pb, Ag, Au) owned by MMG Ltd • Renison Bell (Sn) owed by Metals X Ltd and Yunnan Tin Group Company Ltd • Henty (Au) owned by Catalyst Metals Ltd • Zeehan (Sn, Pb, Ag) owned by Stellar Resources Ltd Figure 3. Montezuma Antimony Project located in Tasmanian’s premier West Coast Mining Province Lode Resources Ltd and its controlled entities ABN: 30 637 512 415 REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025 4 | P a g e All core from historical drilling at the Montezuma Antimony-Silver Project was relogged and resampled. This resulted in 12 high-grade antimony and silver drill intercepts being reported according to the guidelines of the 2012 JORC Code, affirming the exceptional high-grade nature of the Montezuma Antimony-Silver Project deposit. Similarly, drill intercept assays showed mineralisation to be generally much wider than previously thought. Furthermore, significant gold, copper and tin assay values enhanced the overall mineral endowment. Figure 4. Montezuma Antimony-Silver Project long section highlighting antimony-Sb and silver-Ag assays yellow from historical drill intercepts (dark blue boxes) and surface grab samples (light blue boxes). During the year an extensive drill programme commenced at Montezuma to test for extensions of the Montezuma deposit, both down dip and along strike. The initial target area being tested is approximately 300min strike by 200m depth. This 50-to-60-hole drilling programme (8,000m to 10,000m) is ongoing with 17 holes for 2,507m having been completed up to the FY year end with a total 26 drill holes for 41,50m completed to date. Exploration and extension drilling has produced numerous high-grade antimony and silver drill intercepts including:  776 g/t AgEq or 2.18% SbEq over 9.9m (MZS19) incl: 1,981 g/t AgEq or 5.06% SbEq over 2.6m (MZS19) incl: 2,491 g/t AgEq or 7.01% SbEq over 1.6m (MZS19)  806 g/t AgEq or 2.27% SbEq over 9.2m (MZS13) incl: 1,133 g/t AgEq or 3.19% SbEq over 6.2m (MZS13)  1,519 g/t AgEq or 4.27% SbEq over 3.5m (MZS11) incl: 3,254 g/t AgEq or 9.16% SbEq over 1.0m in ( MZS11)  772 g/t AgEq or 2.17% SbEq over 5.0m (MZS16) incl: 1,798 g/t AgEq or 5.06% SbEq over 2.0m (MZS16)  1,378 g/t AgEq or 3.88% SbEq over 2.8m (MZS05) incl: 1,825 g/t AgEq or 5.14% SbEq over 1.6m (MZS05) Lode Resources Ltd and its controlled entities ABN: 30 637 512 415 REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025 5 | P a g e Figure 5. Montezuma Antimony-Silver Project Hanging Wall Lode Long Section show drill holes completed to date and intercepts for drill holes MZS18 to MZS22 (Section 5364050N). The Montezuma antimony-silver deposit consists of structurally controlled poly metallic sulphide lodes associated with the Montezuma fault, hosted by a sequence of turbidites, siltstones, sandstones and black shale units. Antimony is contained within Jamesonite, a lead-iron-antimony sulphide mineral (Pb4FeSb6S14) and is a late-stage hydrothermal mineral forming at moderate to low temperatures. Silver occurs as tetrahedrite and argentiferous galena. Drilling to date has intercepted multiple mineralised veins in each drill hole and the mineralised structures remain open in all directions. Silver and antimony are by far the most dominant metals however significant gold, lead, copper and tin values highlight the polymetallic nature of mineralisation in the Montezuma lodes. Antimony and silver values interchange dominance from intercept to intercept. In addition to numerous wide intercepts encountered to date (20 intercepts >2m), multiple mineralised “daughter” structures occur adjacent to the footwall and hanging wall structures, suggesting the potential for a bulk tonnage resource scenario. This is particularly pertinent where the footwall and hanging wall structures coalesce. The Montezuma deposit is associated with a 500m Sn, Ag, As soil anomaly defined by historical soil sampling. Follow-up surface mapping and sampling followed by drilling has extended the Montezuma Sb-Ag deposit along strike Lode sees the Montezuma deposit as a model for discovering other such structurally controlled granite related Sb-Ag sulphide deposits in the West Coast Mining Province. Base metal soil anomalies defined by historical exploration provide numerous untested structural targets in the district. Lode is acquiring a significant land holding in the district with the recent acquisition of tenement EL2/2020 adding 88 sqkm’s and tenement application EL6/2025 adding 71 sqkm’s. Lode Resources Ltd and its controlled entities ABN: 30 637 512 415 REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025 6 | P a g e Figure 6. Montezuma Antimony-Silver Project. Soil anomaly, completed and planned drilling positions Lode Resources Ltd and its controlled entities ABN: 30 637 512 415 REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025 7 | P a g e Table 1. Montezuma Antimony - Silver Project. Top 25 intercepts by metal endowment. 1 Antimony and Silver Metal Equivalent Grades LDR is reporting both antimony and silver 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 metals’ grades in a single grade figure for each intercept and thus allowing a simpler comparison between intercepts. Montezuma’s reported antimony and silver equivalent figures are based on conversion factors as follows:  SbEq(%) = Sb(%) + 0.00281*Ag(g/t) + 0.056*Pb(%) + 0.29*Cu(%)  AgEq(g/t) = Ag(g/t) + 355*Sb(%) + 20*Pb(%) + 101*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. Metal equivalent conversion factors were calculated using a preliminary flotation test carried out by ALS Metallurgy (Burnie) in September 2019, where recoveries achieved were 74.5% antimony, 77.9% silver, 75.8% lead and 84.8% 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. 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 Antimony & Silver mineralisation including the recovery of tin and gold. This includes Quantitative X-ray Diffraction (QXRD) analysis to determine overall mineralogy. From To Interval SbEq 1 AgEq 1 Sb Ag Pb Cu Au 2 Sn 2 Endowment (m) (m) (m) (%) (g/t) (%) (g/t) (%) (%) (g/t) (%) (AgEq g/t.m) MZS19 100.60 110.50 9.90 2.18 776 1.32 189 1.29 0.91 0.63 0.90 7679 MZS13 51.80 61.00 9.20 2.27 806 1.25 250 2.17 0.67 1.33 0.77 7416 MZS11 98.80 102.30 3.50 4.27 1519 0.99 956 0.98 1.89 0.85 1.51 5315 MZS16 99.70 104.70 5.00 2.17 772 0.57 470 0.49 0.89 1.28 1.78 3860 MZS05 41.70 44.50 2.80 3.88 1378 2.89 231 5.49 0.11 0.90 0.08 3857 MZS20 125.80 134.70 8.90 0.80 285 0.54 61 1.21 0.08 0.44 0.12 2533 MZS10 76.90 78.50 1.60 4.39 1561 3.32 251 5.59 0.19 0.57 0.18 2498 MZS17 149.40 158.90 9.50 0.70 249 0.14 134 0.14 0.59 0.65 0.53 2361 MZS15 99.00 107.00 8.00 0.72 257 0.36 76 0.63 0.39 0.30 0.45 2058 MZS06 49.60 52.00 2.40 2.35 836 1.87 81 3.93 0.12 0.31 0.14 2005 MZS22 227.80 239.00 11.20 0.44 157 0.11 68 0.91 0.32 0.56 0.23 1763 MZS06 12.00 14.50 2.50 1.81 644 0.23 373 8.86 0.13 0.06 0.06 1609 MZS17 177.00 181.00 4.00 1.00 354 0.33 130 0.87 0.88 0.14 0.08 1415 MZS08 95.00 96.00 1.00 3.66 1301 0.99 719 1.21 2.02 0.40 1.96 1301 MZS12 56.00 57.00 1.00 3.07 1092 1.18 526 1.06 1.26 0.91 0.98 1092 MZS15 62.30 66.90 4.60 0.67 237 0.43 49 0.84 0.16 0.56 0.45 1089 MZS11 81.00 82.00 1.00 2.84 1010 2.35 73 4.75 0.07 0.17 0.08 1010 MZS12 124.00 127.30 3.30 0.85 301 0.11 118 0.09 1.41 1.52 1.27 993 MZS17 197.30 205.50 8.20 0.33 117 0.05 67 0.09 0.30 0.50 0.14 956 MZS14 43.00 55.00 12.00 0.21 76 0.09 36 0.09 0.07 0.32 0.11 909 MZS13 160.70 163.80 3.10 0.81 289 0.20 86 0.28 1.25 0.58 0.97 896 MZS08 81.00 85.00 4.00 0.49 173 0.33 36 0.80 0.05 0.19 0.13 691 MZS08 251.00 252.00 1.00 1.90 675 0.91 211 2.11 0.96 0.35 0.13 675 MZS11 26.50 27.50 1.00 1.85 658 1.11 168 1.82 0.61 1.46 0.73 658 MZS14 84.00 88.00 4.00 0.42 150 0.32 16 0.82 0.03 0.10 0.14 598 Hole Lode Resources Ltd and its controlled entities ABN: 30 637 512 415 REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025 8 | P a g e Magwood Antimony Project Lode has announced the commencement of an inaugural drilling programme at Lode’s 100% owned Magwood Antimony Project. The Magwood Antimony Project is the company’s second strategic antimony project and located in the New England Fold Belt, NSW. A significant drill program at Lode’s Montezuma Antimony Project located in Tasmania is on-going with samples from multiple completed drill holes currently being assayed. The Magwood Antimony Project drill program is for 15 diamond holes testing semi-parallel antimony bearing lode structures at the Magwood antimony mine in addition to the one historical mined lode. Drilling is designed to test targets ranging from shallow positions in depth to a likely down hole depth of 450m. The Magwood antimony mine has never been drilled despite being a significant historical antimony producer and Australia’s largest primary antimony producer up to the 1970’s.The Magwood mine was mainly worked between 1941 and 1970 with recorded yearly production grades ranging from 4% to 62% Sb and the first seven years of production average 55% Sb indicating very selective mining though hand sorting of massive stibnite (71% Sb). Magwood was Australia’s largest primary antimony producer before the focus switched to the Hillgrove mine in 1969. Multiple antimony bearing lodes have been identified through exploration mapping and literature reviews. Historical mine plans and reports show that only a single lode was previously mined. Mine dump grab samples at the Magwood antimony mine have returned high grade antimony as showing in Table 7 below. Grab sampling is selective in nature with resultant assay grades considered to be qualitative rather than quantitative and not necessarily representative of the mined stibnite mineralisation which may actually be lower or higher in antimony grade. Grab sample assays graded as high as 41.7% Sb and one dump sample graded 6.14 g/t Au (sample no. R508) indicating there is potential for gold bearing lodes at depth. Table 2. Magwood mine dump grab samples antimony (Sb) and gold (Au) assays Sample Easting Northing RL Sb Au Sample Easting Northing RL Sb Au Number m m m % g/t Number m m m % g/t R494 420014 6656070 1011 16.3 0.11 R505 420080 6656101 989 0.72 0.13 R495 420016 6656069 1002 41.7 0.04 R506 420047 6656055 998 9.68 0.05 R496 420006 6656064 1010 1.08 0.01 R507 420047 6656049 1000 3.46 0.01 R497 420006 6656065 1004 29.8 0.04 R508 420044 6656033 1007 0.15 6.14 R498 420000 6656090 1000 24.3 0.12 R509 420019 6656079 1000 0.06 0.04 R499 420000 6656095 999 0.57 0.01 R510 420023 6656105 994 0.04 0.01 R500 420004 6656097 988 3.61 0.12 R511 420086 6656090 990 10.25 0.03 R501 420013 6656102 991 12.9 0.11 R512 420090 6656101 978 8.04 0.05 R502 420032 6656099 991 1.12 0.11 R513 420081 6656084 993 15.75 0.03 R503 420053 6656084 993 4.2 <0.01 R514 420071 6656074 995 17.8 0.04 R504 420078 6656093 981 29.9 0.05 R515 420016 6656079 1000 0.23 0.01 Lode Resources Ltd and its controlled entities ABN: 30 637 512 415 REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025 9 | P a g e Magwood Main Shaft 300 d th Multiple Semi Parallel Lode St t Figure 7. Magwood antimony mine plan - grab sample location, semi-parallel lode structures, mine dumps and underground mine levels projected to surface. Photos 1 & 2. Drone borne photos of Adit 1 (80m depth) and Adit 3 (150m depth) underground workings Lode Resources Ltd and its controlled entities ABN: 30 637 512 415 REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025 10 | P a g e Figure 8. Magwood antimony mine longitudinal section - workings, stoped, potential unmined and down dip extensions of mineralisation. Lode Resources Ltd and its controlled entities ABN: 30 637 512 415 REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025 11 | P a g e New England Antimony Exploration Licence Lode’s New England exploration licences EL9662 and EL9319 cover multiple strategic antimony prospects, including the historical Magwood antimony mine. These antimony prospects, together with Lode’s Montezuma Antimony Project located in Tasmania, forms a strategic exploration portfolio that is highly prospective for one of the world’s most critical metals. In total there are 19 recorded antimony prospects within the Exploration Licences EL9662 and EL9319, both controlled 100% by Lode. Almost no drilling has occurred within Lode’s antimony project areas despite the geology being considered highly prospective for orogenic structurally-controlled antimony mineralisation. It is highly relevant that surface work is almost nonexistent. The area totals 1,914 km2 and forms a large proportion of the approximately 2,949km2 of exploration licences that Lode owns in NSW. This makes Lode the largest holder of exploration ground in the New England Fold Belt. Exploration within the New England Fold Belt has been limited since the 1970’s with one exploration hole drilled for every fourteen holes drilled in the Lachlan Fold Belt attesting to the tremendous discovery potential that may be latent within Lode’s strategic exploration portfolio. Field activities have commenced including access discussions with surface landowners. Figure 9: Location of Lode’s EL9662 With Multiple Antimony Prosects Multiple Antimony Prospects Lode’s EL9662 1,021 km2 Lode Resources Ltd and its controlled entities ABN: 30 637 512 415 REVIEW OF OPERATIONS FOR THE YEAR ENDED 30 JUNE 2025 12 | P a g e Webbs Consol Silver Project During the year Lode announced a maiden Mineral Resource Estimate (MRE) for the 100% owned Webbs Consol Silver Project located in the New England Fold Belt in northeastern New South Wales. The MRE is classified according to the 2012 edition of the JORC Code as Inferred and Indicated Resources at a 140g/t AgEq lower cutoff, contains: 1.6 Mt @ 636g/t AgEqi g/t for 32 M Ounces AgEqi-iv Webbs Consol is a historical mining centre which is known for historic high-grade silver-base metal-bearing lodes. The maiden MRE is a culmination of Lode‘s collation of exploration data from a number of recent drill campaigns carried out by LDR. The result marked a significant advancement in the Company’s understanding of the Ag‐Zn-Pb sulphide mineralisation associated with the Webbs Consol Leucogranite in the New England Fold Belt of New South Wales. The MRE confirms the scale and quality of the Webbs Consol Ag-Zn-Pb lodes. Table 3. Webbs Consol Resource Estimate at 140g/t AgEq lower cutoff i-iv I. Equivalent grades are based on assumptions: AgEq(g/t)=Ag(g/t)+61*Zn(%)+33*Pb(%)+*107*Cu(%)+88*Au(g/t) calculated from 28 August 2022 spot metal prices of US$18.5/oz silver, US$3600/t zinc, US$2000/t lead, US$8100/t copper, US$1740/oz gold and metallurgical recoveries of 97.3% silver, 98.7%, zinc, 94.7% lead, 76.3% copper and 90.8% gold. II. Recoveries derived from metallurgical test work (LDR announcement 14 December 2021). III. It is Lode’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold. IV. Figures are subject to rounding. Webbs Consol is located on Lode’s wholly owned tenement EL8933, 16km west-south-west of Emmaville and 30km northeast of Glenn Innes, in the New England district of New South Wales. Access to the area is via all- weather unsealed and sealed roads. The New England area is a historic mining district with numerous historic and