Announcement PDF Advanced High-Grade Antimony and Silver Projects Critical Minerals for a Sustainable Future February 2025 ASX:LDR Disclaimer, etc. Disclaimer The material in this presentation contains certain technical information, including regarding possible or assumed future performance or potential growth of mineral deposits. Such information is not a guarantee of future performance and involve unknown risks and uncertainties, as well as other factors, many of which are beyond the control of Lode Resources Limited (‘Lode’). Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors. No representation or warranty, expressed or implied, is made or given by or on behalf of Lode, any of Lode’s directors, or any other person as to the accuracy or completeness or fairness of the information or opinions contained in this presentation and no responsibility or liability is accepted by any of them for such information or opinions or for any errors, omissions, misstatements, negligent or otherwise, or for any communication written or otherwise, contained or referred to in this presentation. Accordingly, neither Lode nor any of the Lode directors, officers, employees, advisers, associated persons or subsidiary undertakings shall be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying upon the statement or as a result of any admission in, or any document supplied with, this presentation or by any future communications in connection with such documents and any such liabilities are expressly disclaimed. Nothing in this material should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities. Competent Person’s Statement The information in this market announcement that relates to exploration results is based on information compiled by Mr Jason Beckton, who is a Member of the Australian Institute of Geoscientists. The information in this market announcement is an accurate representation of the available data for Montezuma project. Mr Beckton, who is Executive Director – Resource Development at Lode, 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 and consents to the inclusion in this announcement of the matters based on the information in the form and context in which it appears. Silver Equivalent Grades Used for Webbs Consol Silver Project1 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)+32.31*Zn(%)+27.47*Pb(%)+87.05*Cu(%)+83.05*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. Most recent reference documents used in this presentation LDR announcement 11 October 2022 titled “Phase II Drilling Intersects 47m of Sulphide Mineralisation” LDR announcement 26 October 2022 titled “Sixth Sulphide Lode Discovered at Silver Project” LDR announcement 8 November 2022 titled “1,899 g/t Silver Eq Intercepted at Copy Cat Lode Discovery“ LDR announcement 17 January 2023 titled “54m High grade Silver Eq Intercept” LDR announcement 1 February 2023 titled “Outstanding High-Grade Drill Intercept” LDR announcement 27 February 2023 titled “Diamond Drilling Program Recommences at Webbs Consol” LDR announcement 18 May 2023 titled “High-Grade Drill Intercepts at Webbs Consol” LDR announcement 13 June 2023 titled “High-Grade Mineralisation Extended to 280m Vertical Depth” LDR announcement 6 July 2023 titled “New Targets Defined at Webbs Consol Silver Project ” LDR announcement 18 July 2023 titled “CSIRO Collaboration Study” LDR announcement 10 August 2023 titled “Webbs Consol Silver Project Exploration Update” LDR announcement 9 October 2023 titled “High-Grade Drill Intercepts At Webbs Consol Silver Project” LDR announcement 16 October 2023 titled “Significant Drill Target Defined at WC Silver Project” LDR announcement 22 November 2023 titled “Drilling Commences On Large Surface Silver Anomaly” LDR announcement 19 February 2024 titled “Drilling at Webbs Consol North Delivers Solid Silver-Zinc Intercepts” LDR announcement 12 March 2024 titled “Significant Auger Drill Program Completed At Uralla Gold Project” LDR announcement 9 April 2024 titled “CSIRO Research Enhances Upside at Webbs Consol Silver Project” LDR announcement 8 May 2024 titled “Augur Drilling Defines Multiple Targets at Uralla Gold Project” LDR announcement 22 July 2024 titled “Silver Drilling to Resume at Webbs Consol” LDR announcement 26 August 2024 titled “Lode Secures Strategic Antimony Prospects” LDR announcement 23 October 2024 titled “Advanced High-Grade Antimony & Silver Project Acquisition” LDR announcement 29 February 2025 titled “Acquisition of Montezuma Antimony Project Completed” LDR announcement 9 December 2024 titled “Montezuma Antimony Project Development Activities Commence” LDR announcement 11 December 2024 titled “Castlereagh Delivers Outstanding Silver Intercepts” LDR announcement 21 January 2025 titled “Montezuma Antimony Project Inaugural High-Grade Assays” LDR announcement 3 February 2025 titled “High-Grade Antimony and Silver Drill Intercepts” Very high-grade drill core from Tangoa West Lode, Webbs Consol Silver Project. Drill hole WCS052A: 7.9m @ 1,716 g/t AgEq (from 202.2m), within: 149.2m @ 455 g/t AgEq (from 98.0m) Montezuma Acquisition Cautionary Statement Note grab sampling is selective in nature with resultant assay grades considered to be qualitative rather than quantitative and not necessarily representative of underlying mineralisation which may actually be lower or higher in grade. No Material Changes The Company confirms it is not aware of any new information or data that materially affects the information in this presentation and, in the case of estimates of mineral resources or ore reserves, that all material assumptions and technical parameters underpinning the estimates in this presentation continue to apply and have not materially changed. Lode Resources Ltd | February 2025 2 Contents 1 2 Corporate Snapshot Executive Summary 3 Montezuma Antimony Project, Tasmania 4 The Antimony Market 5 Webbs Consol Silver Project and Uralla Gold Project, NSW 6 Conclusions and Next Steps Montezuma Antimony Deposit - massive stibnite & jamesonite lode mineralisation. Assay of trench grab sample SGD+25 returned 24.5% Sb, 501g/t Ag and 39.8% Pb 3 Lode Resources Ltd | February 2025 3 1 Corporate Snapshot Share Price Price (A$/sh) Major Shareholders ANDREW VAN HEYST 12.1% TED LESCHKE 11.8% TECHNICAL INVESTING 4.5% ASHABIA 1.9% Corporate Structure Share Price (3/2/25) A$0.092 Cash (Dec Qtr 2024) $4.6m Shares on Issue 161.8m Market Capitalisation (at $0.0.92/share) $14.9m Unlisted Options 4.5m 32% 68% Directors & management Free Float Lode Resources Ltd | February 2025 4 2 Executive Summary Uses of Funds Uses of funds A$m Montezuma Antimony Project (Tasmania) ➢ Upgrading/modification of demonstration plant $0.6 ➢ Development drive $0.2 ➢ Metallurgical test work $0.1 ➢ Exploration $1.2 Magwood Antimony Project (New South Wales) $0.5 Webbs Consol Silver Project (New South Wales) $0.7 Uralla Gold Project ( New South Wales) $0.3 General Working Capital $1.0 Total uses of funds $4.6 Montezuma Antimony Deposit - mined stibnite & jamesonite mineralisation. Assays of representative sample returned 9.02% Sb, 769g/t Ag and 15.47% Pb Lode Resources Ltd | February 2025 5 2 Executive Summary Overview Focus on Antimony and Silver in Tasmania and the New England Fold Belt 100% ownership of all projects with characteristics of high grade and open mineralisation Portfolio of strategic antimony prospects - acquisition of Montezuma Antimony Project in Tasmania together with the historic Magwood antimony mine in the New England Fold Belt creates formidable antimony portfolio. Market recognition of the criticality of antimony is increasing rapidly Montezuma Antimony Project – Lode has commenced exploration with plans to establish an MRE, complete metallurgy and develop an initial pilot production ahead of full-scale production. Montezuma is a very high-grade project and fast tracks Lode’s Antimony and Silver strategies Significant intercepts include: 12.02% Sb, 1,677 g/t Ag, 1.16 g/t Au over 2.6m (MZSFW5) 12.00% Sb, 1,030 g/t Ag, 2.37 g/t Au over 2.0m (MZSFW3) Within: 5.02% Sb, 738 g/t Ag, 0.70 g/t Au over 8.6m (MZSFW5) 2.98% Sb, 263 g/t Ag, 0.71 g/t Au over 10.5m in (MZSFW3) Webbs Consol Silver Project - multiple high-grade silver-zinc intercepts Best 5 intercepts: 721 g/t AgEq over 116.1m (WCS045) 455 g/t AgEq over 149.2m (WCS052A) 755 g/t AgEq over 65.8m (WCS050) 971 g/t AgEq over 24.5m (WCS047) 466 g/t AgEq over 40.2m (WCS052B) Uralla Gold Project – multiple high-grade gold intercept Best intercepts: 14.0m @ 4.82 g/t Au within 26.0m @ 2.80 g/t Au (SGRDD002) 7.0m @ 7.47 g/t Au within 18.0m @ 3.51 g/t Au (SGRDD004) Board and Management - highly experienced in exploration and equity markets Lode Resources Ltd | February 2025 66 2 Executive Summary Acquisition of Montezuma Antimony Project, Tasmania Lode is Progressing Montezuma - one of Australia’s Highest Grade Antimony Projects Overview ➢ Lode announced on Wednesday 23 October 2024an agreement to acquire 100% of the Montezuma Antimony Project located in Tasmania’s West Coast mining province. The acquisition was completed on 9 December 2024 ➢ 10,000,000 fully paid ordinary shares in Lode at a deemed issue price of $0.10 per share and escrowed for 12 months from issuance - completed Consideration Insert image ➢ Up to 6,000,000 fully paid ordinary shares in Lode at a deemed issue price of $0.10 per share upon satisfaction of certain performance hurdles (US Department of Defense white paper, JORC Mineral Resources estimate, antimony offtake agreement, 50m exploration drive, R&D Tax Incentive by the vendors), escrowed for 12 months from issuance ➢ $200,000 cash - paid ➢ $50,000 non-refundable cash deposit – paid ➢ Montezuma Antimony-Silver Deposit Assets Due diligence ➢ Significant Exploration and Mining Equipment, Beneficiation and Service Infrastructure ➢ Lode conducted extensive technical due diligence on Montezuma prior to completion ➢ High-grade antimony-silver deposit with initial development ➢ Advanced metallurgical test work Project qualities ➢ Significant mining equipment and beneficiation infrastructure ➢ Highly prospective = strong exploration upside Lode Resources Ltd | February 2025 7 3 Montezuma Antimony Project, Tasmania Project Highlights 1 2 3 High-grade antimony-silverlead deposit Advanced metallurgical test work Significant mining equipment and beneficiation infrastructure • Surface sampling, initial drill intercepts and exploration drive sampling has demonstrated Montezuma lode to be a very high-grade antimony and silver deposit. • Exploration drive development sampling: ➢ Combined mined mineralisation-waste averaged 4.75% Sb and 239 g/t Ag ➢ Selective mined mineralisation averaged 9.02% Sb and 769 g/t Ag Insert image • Metallurgical test work is well advanced with 90% recoveries of antimony achieved producing a saleable antimony product • Off-take and R&D funding discussions are ongoing with local and international institutions including those representing major western governments • Mining / exploration equipment acquired includes underground loader, excavator, bucket crusher, blast hole drilling equipment, hoppers, pumps, diamond drill rig, etc. This will provide Lode with material operational flexibility and a capital efficient pathway to progressing Montezuma Insert image ➢ Beneficiation infrastructure acquired includes grid power, crusher ball mill, full raw water supply dam and a recently constructed tailings dam ➢ Exploration by EZ in the 1980’s delineated a 500m Sn soil anomaly and a single drill hole intercepted antimony-silver mineralisation at 80m demonstrating potential continuity of mineralisation at depth 4 Strong exploration upside ➢ Surface mapping and sampling is currently underway extending known mineralisation and defining the Montezuma Sb-Ag deposit structure along strike. ➢ An extensive diamond drill programme of up to 10,000m is in the final stages of planning and details are expected to be reported to the market once mobilisation is underway. The Montezuma deposit remains open to the north, south and at depth Insert image Saleable antimony product sodium pyroantimonate (Na4Sb2O7) produced during metallurgical test work Lode Resources Ltd | February 2025 8 3 Montezuma Antimony Project, Tasmania Project Location Location overview ➢ Montezuma Antimony Project located in Tasmanian’s premier West Coast Mining Province ➢ Well-known Tasmanian mining centres surround Montezuma Antimony Project including Rosebury (Zn, Pb, Cu), Renison Bell (Sn), Henty (Au), Zeehan (Pb, Ag, Sn) and Mt Lyell (Cu) ➢ Montezuma Antimony Project’s deposit (2M2023, EL7-2019) located 14km west of the Zeehan town ship using state highways and developed rock-based road tracks Several significant mining centres surround LDR’s 100% owned Montezuma Antimony Project ➢ Montezuma Antimony Project’s beneficiation infrastructure site located 15km to the northwest of the Zeehan township using state highways ➢ Ample local mining services, pro-mining culture and very supportive state government Lode Resources Ltd | February 2025 9 3 Montezuma Antimony Project, Tasmania Project Location Location overview ➢ Montezuma Antimony Project located in Tasmanian’s premier West Coast Mining Province ➢ Well-known Tasmanian mining centres surround Montezuma Antimony Project including Rosebury (Zn, Pb, Cu), Renison Bell (Sn), Henty (Au), Zeehan (Pb, Ag, Sn) and Mt Lyell (Cu) ➢ Montezuma Antimony Project’s deposit (2M2023, EL7-2019) located 14km west of the Zeehan town ship using state highways and developed rock-based road tracks Montezuma West Beneficiation Infrastructure (2M-2018, 32M-1988, EL9-2019) Montezuma East Antimony-Silver Deposit Insert Map (2M-2023, EL7-2019) ➢ Montezuma Antimony Project’s beneficiation infrastructure site located 15km to the northwest of the Zeehan township using state highways ➢ Ample local mining services, pro-mining culture and very supportive state government Lode Resources Ltd | February 2025 10 3 Montezuma Antimony Project, Tasmania Surface and development Sampling Surface grab sampling Stockpiled mineralisation sampling ➢ Surface grab samples - 5m intervals along a 50m exposure of the deposit ➢ Surface grab samples grades up to 24.5% Sb, 3,050 g/t Ag and 39.1% Pb. ➢ Surface grab samples grades averaged 11.9% Sb, 843 g/t Ag and 18.0% Pb Development face sampling ➢ LT1 development face averaged 9.31% Sb, 306 g/t Ag and 16.73% Pb ➢ LT2 development face averaged 7.81% Sb, 804 g/t Ag and 10.85% Pb ➢ LT3 development face averaged 6.18% Sb, 301 g/t Ag and 11.71% Pb Stockpiled mineralisation sampling ➢ Mined mineralisation/waste averaged 4.75% Sb, 239 g/t Ag and 9.36% Pb ➢ Mined mineralisation averaged 9.02% Sb, 769 g/t Ag and 15.47 % Pb ➢ Representative sampling shows good grade continuity Sample Sb Ag Pb Sample Sb Ag Pb Number % g/t % Number % g/t % DSO1 All in 4.16 232 8.48 DSO11/22 01 7.96 917 12.85 DSO2 All in 4.30 237 8.87 DSO11/22 02 9.01 672 16.30 DSO3 All in 5.25 244 9.88 DSO11/22 03 10.10 718 17.25 DSO4 All in 5.29 243 10.20 Average 9.02 769 15.47 Average 4.75 239 9.36 Sb Ag Development face sampling Surface grab sampling Sample Easting Northing RL Number m m m LT101 From To Interval Pb m m m % g/t % 0.00 0.50 0.50 17.50 434 34.00 0.50 1.45 0.95 3.07 186 5.26 Sample number Sb (%) Ag (g/t) Pb (%) SGD+0 6.01 446 10.60 SGD+5 18.30 3,050 18.90 LT103 1.45 1.85 0.40 13.90 431 22.40 0.00 1.85 1.85 9.31 306 16.73 LT102 373154.2 5364182.0 620.0 SGD+10 10.10 1,950 14.00 LT1 Total Interval SGD+15 17.20 399 29.68 LT201 0.00 0.50 0.50 18.65 2,478 25.80 SGD+25 24.50 501 39.08 LT202 0.50 1.10 0.60 5.90 346 8.49 SGD+30 16.90 640 16.70 LT203 1.10 1.60 0.50 6.78 534 9.21 SGD+35 4.36 124 6.81 LT204 1.60 2.20 0.60 1.54 93 2.13 SGD+40 5.73 175 11.00 LT2 Total Interval 0.00 2.20 2.20 7.81 804 10.85 SGD+45 10.40 158 17.50 LT301 0.00 0.30 0.30 13.65 1,170 21.00 SGD+50 5.12 986 15.80 0.30 0.50 0.20 21.40 462 44.30 Average 11.86 843 18.01 0.50 2.00 1.50 2.66 106 5.51 2.00 6.18 301 11.71 LT302 LT303 LT3 Total Interval 373154.3 373154.0 5364178.1 5364176.3 620.0 620.3 0.00 2.00 Lode Resources Ltd | February 2025 11 3 Montezuma Antimony Project, Tasmania High-Grade Antimony & Silver Lode Deposit LT1 development face averaged 9.31% Sb, 306 g/t Ag and 16.73% Pb Montezuma Antimony Project Deposit 0.50 metres 17.5% Sb 434 g/t Ag 34.0% Pb 0.90 metres 3.1% Sb 186 g/t Ag 5.3% Pb` Charged blast holes ready to be fired 0.40 metres 13.9% Sb 431 g/t Ag 22.4% Pb ➢ The Montezuma deposit is a structurally controlled lode hosting high-grade antimony-silver ➢ Emplaced is primarily within the well-known Montezuma fault and hosted by a sequence of turbidites, siltstones, sandstones and black shale units. ➢ Antimony and lead are contained within Jamesonite, a lead-iron-antimony sulphide mineral (Pb4FeSb6S14), a late-stage hydrothermal mineral forming at moderate to low temperatures. ➢ Stibnite (Sb2S3) is also relatively abundant. ➢ Also prospective for gold, zinc, copper, tin and tungsten. Lode Resources Ltd | February 2025 12 3 Montezuma Antimony Project, Tasmania Drill Sampling Hole Montezuma Antimony Project diamond drilling ➢ To date 12 diamond drill holes have intercepted mineralisation at the Montezuma antimony-silver-lead deposit ➢ 4 holes from the hanging wall (MZSHW1-4), 8 holes from the footwall (MZSFW1-8) ➢ All drill core to be logged and re-assayed to JORC 2012 standards ➢ Extensive diamond drill programme of up to 10,000m is in the final stages of planning ➢ Details are expected to be reported to the market once mobilisation is underway ➢ The Montezuma deposit remains open to the north, south and at depth. MZSFW1 incl. incl. MZSFW2 incl. incl. MZSFW3 incl. incl. MZSFW4 inl MZSFW5 incl. incl. MZSFW6 incl. incl. MZSFW7 Incl. Incl. MZSFW8 MZSFW8 incl. MZS01 incl. MZS02 incl. MZS03 incl. MZS04 MZS04 From (m) 3.00 7.30 8.60 11.00 12.10 14.30 2.50 4.70 9.00 3.00 7.50 0.00 3.30 5.20 3.00 3.00 3.80 15.00 16.70 19.40 3.00 10.00 10.90 19.50 21.00 22.00 23.10 25.20 28.00 10.00 23.00 To Interval (m) (m) 12.50 9.50 11.20 3.90 10.50 1.90 19.00 8.00 16.80 4.70 16.00 1.70 13.00 10.50 12.00 7.30 11.00 2.00 12.00 9.00 9.00 1.50 8.60 8.60 8.20 4.90 7.80 2.60 6.80 3.80 5.80 2.80 4.90 1.10 22.00 7.00 20.70 4.00 20.20 0.80 3.50 0.50 15.00 5.00 13.80 2.90 24.30 4.80 23.70 2.70 25.00 3.00 24.00 0.90 30.00 4.80 29.30 1.30 13.00 3.00 30.90 7.90 Sb (%) 1.86 1.95 5.36 2.13 3.49 5.59 2.98 4.18 12.00 0.17 0.34 5.02 8.59 12.02 1.23 1.55 2.34 3.57 6.05 18.23 1.30 2.75 4.38 0.44 0.74 1.79 5.51 2.31 6.58 0.09 0.14 Ag (g/t) 291 430 913 223 340 649 263 353 1,030 98 224 738 1,251 1,677 443 543 741 432 722 612 49 280 445 58 79 101 285 329 826 174 25 Au (g/t) 0.38 0.38 0.66 0.72 1.03 1.08 0.71 0.93 2.37 0.52 2.03 0.70 1.18 1.16 1.23 1.46 1.56 1.03 1.66 1.30 0.35 1.12 1.80 0.28 0.36 0.51 1.33 0.48 0.76 0.14 0.31 Pb (%) 2.82 2.67 8.33 3.61 5.92 7.99 4.66 6.52 17.80 0.19 0.19 7.28 12.43 17.40 2.01 2.52 3.33 4.60 7.76 22.56 2.59 4.51 7.22 0.78 1.35 4.56 14.30 4.05 11.33 0.12 0.21 Cu (%) 0.14 0.12 0.37 0.10 0.11 0.17 0.17 0.23 0.61 0.11 0.42 0.32 0.54 0.71 0.21 0.26 0.41 0.17 0.28 0.20 0.27 0.22 0.34 0.06 0.10 0.12 0.35 0.13 0.27 0.05 0.03 Sn (%) 0.09 0.07 0.21 0.20 0.26 0.10 0.14 0.17 0.39 0.10 0.37 0.16 0.26 0.33 0.10 0.10 0.11 0.10 0.16 0.13 0.15 0.31 0.50 0.06 0.05 0.14 0.27 0.08 0.13 0.11 0.04 Lode Resources Ltd | February 2025 13 3 Montezuma Antimony Project, Tasmania ? MZSFW8 5.00m @ 2.75% Sb 280 g/t Ag 1.12 g/t Au MZSFW4 9.00m @ 0.17% Sb 98 g/t Ag 0.52 g/t Au 7.00m @ 3.57% Sb 432 g/t Ag 1.03 g/t Au ? ? MZSFW2 8.00m @ 2.13% Sb 223 g/t Ag 0.72 g/t Au SGD+50: 5.12% Sb 986 g/t Ag 18.50% Pb SGD+45: 10.40% Sb 158 g/t Ag 17.5% Pb g SGD+40: 5.73% Sb 175 g/t Ag 11.00% Pb SGD+35: 4.36% Sb 124 g/t Ag 13.81% Pb MZSFW6 3.80m @ 1.23% Sb 443 g/t Ag 1.23 g/t Au MZS01 4.80m @ 0.44% Sb 58 g/t Ag 0.28 g/t Au MZSFW3 10.50m @ 2.98% Sb 263 g/t Ag 0.71 g/t Au ? MZSFW7 SGD+30: 16.90% Sb 640 g/t Ag 16.70% Pb SGD+25: 24.50% Sb 501 g/t Ag 39.08% Pb SGD+15: 17.2% Sb 399 g/t Ag 29.68% Pb SGD+10: 10.10% Sb 1,950 g/t Ag 14.00% Pb MZSFW1 9.50m @ 1.86% Sb 291 g/t Ag 0.38 g/t Au SGD+5: 18.30% Sb 3,050g/t Ag 18.9% Pb SGD+0: 6.01% Sb 446 g/t Ag 10.6% Pb Surface & Drill Sampling – Long Section Open MZSFW5 8.60m @ 5.02% Sb 738 g/t Ag 0.70 g/t Au MZS02 3.00m @ 1.79% Sb 101 g/t Ag 0.51 g/t Au MZS04 7.90m @ 0.14% Sb 25 g/t Ag 0.31 g/t Au Modelled Montezuma Structure MZS03 4.80m @ 2.31% Sb 329 g/t Ag 0.48 g/t Au Open Lode Resources Ltd | February 2025 14 3 Montezuma Antimony Project, Tasmania Exploration Model Surface Channel Sampling SGD+50: 5.12% Sb, 986 g/t Ag Montezuma Antimony Project – a model for exploration Structural geology ➢ Strong shearing and open space fracturing along the Montezuma Fault ➢ Montezuma structure (striking 012° grid, dipping 75° W), interception with surface modelled along strike SGD+45: 10.40% Sb, 158 g/t Ag Development Face Sampling SGD+40: 5.73% Sb, 175 g/t Ag LT1: 1.8m @ 9.31% Sb, 306g/t Ag SGD+35: 4.36% Sb, 124 g/t Ag LT2: 2.20m @ 7.81% Sb, 804g/t Ag SGD+30: 16.90% Sb, 640 g/t Ag LT3: 2.0m @ 6.18% Sb, 301g/t Ag SGD+25: 24.50% Sb, 5.01 g/t Ag Geochemistry ➢ Historical antimony was rarely assayed – need to use geochemical associations Sb-Ag-Au-Pb-Cu-Zn-Sn SGD+15: 17.2% Sb, 399 g/t Ag ➢ Cassiterite (Sn) is relatively resistant to chemical weathering SGD+10: 10.10% Sb, 1,950 g/t Ag ➢ Sn anomaly over 500m strike Modelled interception of Montezuma structure with surface is coincidental with Sn anomaly to the south SGD+5: 18.30% Sb, 3,050g/t Ag SGD+0: 6.01% Sb, 446 g/t Ag Modelled interception of Montezuma structure with surface Lode Resources Ltd | February 2025 15 3 Montezuma Antimony Project, Tasmania Significant Exploration Potential Surface Channel Sampling Montezuma Sb-Ag deposit SGD+50: 5.12% Sb, 986 g/t Ag SGD+45: 10.40% Sb, 158 g/t Ag Development Face Sampling SGD+40: 5.73% Sb, 175 g/t Ag LT1: 1.8m @ 9.31% Sb, 306g/t Ag SGD+35: 4.36% Sb, 124 g/t Ag LT2: 2.20m @ 7.81% Sb, 804g/t Ag SGD+30: 16.90% Sb, 640 g/t Ag LT3: 2.0m @ 6.18% Sb, 301g/t Ag SGD+25: 24.50% Sb, 5.01 g/t Ag SGD+15: 17.2% Sb, 399 g/t Ag SGD+10: 10.10% Sb, 1,950 g/t Ag Strong Sn soil anomaly Peak value 1,360 ppm Sn SGD+5: 18.30% Sb, 3,050g/t Ag Modelled interception of Montezuma structure with surface SGD+0: 6.01% Sb, 446 g/t Ag Modelled interception of Montezuma structure with surface Soil Sn contours: Electrolytic Zinc Company of Australia Ltd - Part Exploration Licence No. 15/76; Progress Report on Exploration Activities November, 1982 to May, 1983 Lode Resources Ltd | February 2025 16 3 Montezuma Antimony Project, Tasmania Beneficiation Options X-Ray Sorting System Producing HG DSO Hydrometallurgical Options Producing HG Concentrate Sodium Pyroantimonate Synthetic Stibnite Jamesonite & Stibnite (Na4Sb2O7) (Sb2S3) (Pb4FeSb6S14 & Sb2S3 ) Metallurgical tests to be completed New idea to be investigated Lode Resources Ltd | February 2025 17 3 Montezuma Antimony Project, Tasmania Development Strategy and Next Steps at Montezuma Exploration to include surface and development mapping/sampling, bring existing drilling up to JORC standards, surface and/or underground drilling Aim to develop a mineable resource, supporting scaled up beneficiation plant Development strategy Montezuma already has the in-place regulatory approval to mine 1,000 tonnes of material Development ore will initially be treated through a pilot scale beneficiation plant Commodity traders have expressed strong off-take interest given tight global antimony supply Quarter 4Q24 1Q25 2Q25 3Q25 4Q25 Re-assay existing core Surface mapping/sampling Next steps at Montezuma Finalise metallurgy & DSO option tests Exploration adit development Exploration drilling Pilot plant upgrade/modification Antimony production Lode Resources Ltd | February 2025 18 4 The Antimony Market Increasing Antimony demand as a result of the Energy Transition and safety standards Increasing uses of Antimony China’s antimony production has fallen by 67% in the last decade Source: Bloomberg ➢ Solar panels (photovoltaic cells) to increase panel efficiency ➢ Defense – ammunition, night-vision goggles, infrared sensors ➢ High-tech sector – semiconductors, circuit boards, lighting ➢ Key element in lithium-ion batteries ➢ Fire-retardant – which is increasing in demand as a result of improving safety standards following the Grenfell Tower fire in London ➢ Critical to energy transition Antimony Prices have tripled in the West in just one year and are up circa 70% in China ➢ Antimony is considered a critical metal by most countries including Australia, US, UK, EU ➢ Citing national security concerns China has placed an export controls on antimony including ban on exports to the US ➢ US has not mined antimony since 2001 Source: USGS, Polyus 2023 Annual Report Lode Resources Ltd | February 2025 19 5 Other Lode Resources Antimony and Precious Metals Projects Summary of New England Fold Belt Projects NSW Twin Hills Gold & Silver Mt Carrington Gold & Silver FMG Resources Timbarra Gold & Silver Project Licence Commodity Units Area (km2) Status Webbs Consol EL8933 Silver/Zinc/Lead 16 48 Granted Webbs Consol Expanded EL9454 Silver/Zinc/Lead 53 155 Granted Uralla EL8980 Gold 80 237 Granted Uralla West EL9087 Gold 22 65 Granted New England EL9662 Antimony 399 1,105 Granted Sandon EL9319 Antimony 273 809 Granted 1. Webbs Consol Silver – High grade Silver, Zinc, Lead bearing lodes – Excellent high-grade drill results 2. Uralla Gold – Intrusive Related Gold System (IRGS) constituting a significant gold field – Solid early drill results 3. New England Antimony – Recently acquired antimony holdings including the historic Magwood Antimony Mine and 19 recorded antimony prospects – Antimony is now a considered a highly strategic commodity Webbs Consol Webbs Silver Silver Thor Gold Sandon New England Antimony Antimony Tea Tree Gold Uralla Gold Hillgrove Gold & Antinomy Rocky River Gold Okapi Resources Enmore Gold Discovery Newmont Gold Lode Resources Ltd owns a 2% Net Smelter Royalty (NSR) and Right of First Refusal over Thomson Resources Ltd’s 100% owned Webbs Silver Project (EL5674) which contains a significant undeveloped JORC Mineral Resource Estimate of 2.2Mt @ 205 g/t AgEq for a contained 14.2 Moz AgEq and is located 10m to the NE of Webbs Consol. Fender Copper/Zinc Lode Resources Ltd | February 2025 20 5 Other Lode Resources Antimony and Precious Metals Projects New England Antimony – Dominant Position in a Highly Strategic Metal ➢ With the grant of EL9662, Lode secured additional antimony prospects including the historic Magwood Antimony Mine, a former primary producer of antimony (Sb) ➢ 19 antimony prospects have been recently identified within Lode’s EL9662 and EL9319 ➢ Combined area of 1,914 km2, forming a strategic antimony exploration portfolio in an area of significant historical antimony production ➢ 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 to national security concerns Multiple Antimony Prospects Lode Resources Ltd | February 2025 21 5 Other Lode Resources Antimony and Precious Metals Projects Magwood Overview SW ➢ 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 antimony project area despite the geology being considered highly prospective for orogenic structurally-controlled antimony mineralisation. Detailed surface work here is almost nonexistent ➢ First seven years of production average 55% Sb indicating very selective mining – hand sortin