New Risk • May 01
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 25% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (88% accrual ratio). Minor Risks Shareholders have been diluted in the past year (25% increase in shares outstanding). Revenue is less than US$5m (AU$6.8m revenue, or US$4.9m). Market cap is less than US$100m (AU$26.3m market cap, or US$18.9m). Board Change • May 01
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Non-Executive Director Simon Milroy was the last director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Annuncio • Apr 17
Lode Resources Ltd has filed a Follow-on Equity Offering in the amount of AUD 4.572985 million. Lode Resources Ltd has filed a Follow-on Equity Offering in the amount of AUD 4.572985 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 34,446,035
Price\Range: AUD 0.13
Discount Per Security: AUD 0.0078
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 730,769
Price\Range: AUD 0.13
Discount Per Security: AUD 0.0078
Transaction Features: Subsequent Direct Listing Annuncio • Mar 30
Lode Resources Ltd (ASX:LDR) agreed to acquire Greater Montezuma Project. Lode Resources Ltd (ASX:LDR) agreed to acquire Greater Montezuma Project recently. Board Change • Dec 24
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent Non-Executive Director Keith Mayes was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annuncio • Nov 29
Rapid Critical Metals Limited (ASX:RCM) completed the acquisition of Webbs Consol Silver Project in northeast New South Wales, comprising EL 8933 and EL 9454. from Lode Resources Ltd (ASX:LDR). Rapid Critical Metals Limited (ASX:RCM) agreed to acquire Webbs Consol Silver Project in northeast New South Wales, comprising EL 8933 and EL 9454. from Lode Resources Ltd (ASX:LDR) for AUD 7.3 million on September 1, 2025. A cash consideration of AUD 3 million will be paid by Rapid Critical Metals Limited. The consideration consists of 115 million common equity of Rapid Critical Metals Limited to be issued for assets of Webbs Consol Silver Project in northeast New South Wales, comprising EL 8933 and EL 9454. Rapid Critical Metals Limited will pay an earnout/contingent payment of AUD 0.75 million cash. As part of consideration, AUD 3.75 million is paid towards assets of Webbs Consol Silver Project in northeast New South Wales, comprising EL 8933 and EL 9454.
The transaction is subject to approval of offer by Rapid Critical shareholders, consummation of due diligence investigation and execution of definitive transaction documentation
Blue Ocean Equities Limited acted as financial advisor for Lode Resources Ltd. Thomson Geer acted as legal advisor for Lode Resources Ltd.
Rapid Critical Metals Limited (ASX:RCM) completed the acquisition of Webbs Consol Silver Project in northeast New South Wales, comprising EL 8933 and EL 9454. from Lode Resources Ltd (ASX:LDR) on November 28, 2025 . Annuncio • Nov 28
Lode Resources Ltd, Annual General Meeting, Nov 28, 2025 Lode Resources Ltd, Annual General Meeting, Nov 28, 2025. Board Change • Aug 18
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). Independent Non-Executive Director Keith Mayes was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Feb 04
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). Independent Non-Executive Director Keith Mayes was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Dec 24
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). Independent Non-Executive Director Keith Mayes was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Annuncio • Dec 18
Lode Resources Ltd has completed a Follow-on Equity Offering in the amount of AUD 4.500001 million. Lode Resources Ltd has completed a Follow-on Equity Offering in the amount of AUD 4.500001 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 10,696,035
Price\Range: AUD 0.1
Discount Per Security: AUD 0.006
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 34,303,965
Price\Range: AUD 0.1
Discount Per Security: AUD 0.006
Transaction Features: Subsequent Direct Listing Annuncio • Nov 01
Lode Resources Ltd has filed a Follow-on Equity Offering in the amount of AUD 4.5 million. Lode Resources Ltd has filed a Follow-on Equity Offering in the amount of AUD 4.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 10,670,000
Price\Range: AUD 0.1
Discount Per Security: AUD 0.006
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 34,330,000
Price\Range: AUD 0.1
Discount Per Security: AUD 0.006
Transaction Features: Subsequent Direct Listing Annuncio • Oct 18
Lode Resources Ltd, Annual General Meeting, Nov 26, 2024 Lode Resources Ltd, Annual General Meeting, Nov 26, 2024. Location: at level 2, suite 201, 350 george street sydney nsw 2000, sydney Australia New Risk • Sep 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.8m free cash flow). Earnings have declined by 26% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$11.2m market cap, or US$7.52m). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Share price has been volatile over the past 3 months (16% average weekly change). New Risk • Feb 29
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$2.8m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.8m free cash flow). Earnings have declined by 26% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$6.62m market cap, or US$4.30m). New Risk • Nov 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Revenue is less than US$1m. Market cap is less than US$10m (AU$8.65m market cap, or US$5.51m). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (17% increase in shares outstanding). Significant insider selling over the past 3 months (AU$780k sold). Annuncio • Oct 26
Lode Resources Ltd, Annual General Meeting, Nov 29, 2023 Lode Resources Ltd, Annual General Meeting, Nov 29, 2023, at 11:01 AUS Eastern Standard Time. Location: Level 5, 56 Pitt Street Sydney New South Wales Australia Agenda: To receive and consider the Company's Annual Financial Reports, the Directors' Report and the Auditor's Report for the year ended 30 June 2023; to consider adoption of the Remuneration Report; to consider re-election of a Director; to consider ratification of 14,800,000 Shares Listing Rule 7.4; to consider ratification of 4,933,333 Listed Options Listing Rule 7.4; to consider ratification of 2,500,000 Unlisted Options Listing Rule 7.4; to consider ratification of 750,000 Unlisted Options Listing Rule 7.4; to consider approval to issue Unlisted Options to Jason Beckton; to consider approval to issue Unlisted Options to Keith Mayes; to consider approval to issue Unlisted Options to Mitchell Tarrant; and to consider additional capacity to issue securities. Board Change • Oct 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Non-Executive Director Jason Beckton was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Sep 09
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.8m free cash flow). Revenue is less than US$1m. Market cap is less than US$10m (AU$14.9m market cap, or US$9.53m). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Shareholders have been diluted in the past year (17% increase in shares outstanding). Significant insider selling over the past 3 months (AU$780k sold). New Risk • Aug 12
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$14.9m (US$9.71m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.8m free cash flow). Revenue is less than US$1m. Market cap is less than US$10m (AU$14.9m market cap, or US$9.71m). Minor Risk Shareholders have been diluted in the past year (28% increase in shares outstanding). Annuncio • Jan 31
Lode Resources Limited Provides an Overview of the Company's Activities for the Period Ended 31 December 2022 Lode Resources Limited to provide an overview of the Company's activities for the period ended 31 December 2022 ("Quarter", "Reporting Period") to accompany the Appendix 5B. Early in the Quarter, Lode announced that the ongoing Phase II drill program at Webbs Consol resulted in a significant intercept of sulphide mineralisation in drill hole WCS031 at the Castlereagh prospect. Later in the Quarter, assays were received and drill hole WCS031 intersected 47.4 m @ 153 g/t AgEq1 extending mineralisation to 110m vertical depth. 47.4 m @ 153 g/t AgEq1 from 66.5m including; 5.5 m @ 479 g/t AgEq1 from 78.5m and; 11.0m @ 330 g/t AgEq1 from 102.0m. The WCS031 intercept is below hole WCS023 which reported 50.0m @ 314 g/t AgEq1 from 17.0m including 15.0m @ 632 g/t AgEq1 from 38.1m which in turn included 4.1m @ 958 g/t AgEq1 from 49.1m. WCS031 extends mineralisation to 110m vertical depth. During the Reporting Period, the first drillhole at the Webbs Silver Project's Copycat prospect resulted in a significant 20.5m down hole intercept (16.0-36.5m) of sulphide mineralisation in drill hole WCS034. Sulphide distribution within this intercept ranged from disseminated to semi-massive aggregates of sphalerite and galena blebs. This was the first drill hole into the Copycat prospect which was discovered through surface mapping and sampling. The resultant significant intercept makes Copycat the sixth sulphide lode discovered to date at the Webbs Consol Silver Project. In November, assays returned high-grade silver-lead-zinc mineralisation over a thick drill intercept at shallow depths including 1.5m @ 1,770 g/t AgEq1 within a broader intercept of 20.5m @ 302 g/t AgEq1. 20.5 m @ 302 g/t AgEq1 from 16.0m including; 8.8 m @ 559 g/t AgEq1 from 21.2m including; 1.5m @ 1,770 g/t AgEq1 also from 21.2m. Subsequent to the Reporting Period, Lode announced that follow up drilling at the Webbs Consol Silver Project's Tangoa West Lode retuned 54.0m @ 304 g/t AgEq1 from 48.3m in drill hole WCS044. 54.0m @ 304 g/t AgEq1 from 48.3m including; 11.3m @ 497 g/t AgEq1 from 54.0m and; 7.0m @ 506 g/t AgEq1 from 81.0m including; 2.0m @ 1,005 g/t AgEq1 from 86.0m. This intercept represents the highest endowment of all drill intercepts received to date at the Webbs Consol Silver Project. Details of this substantial intercept are summarised in Table 3 below. Drill hole WCS044 extends Tangoa West Lode mineralisation to 90m vertical depth and was drilled below the previously reported WCS019 which returned 26.7m @ 421 g/t AgEq1 from 30.1m. WCS044 drill intercept, together with the WCS045 intercepts, demonstrates strong vertical continuity of Tangoa West Lode mineralisation from surface to a vertical depth of 90m. Follow up drill hole WCS045 has been drilled below WCS044 and to a down hole depth of 242.6m with assays results due imminently. See Figure 2. Annuncio • Jan 17
Lode Resources Ltd Announces High Grade Silver Eq Intercepted at Tangoa West Lode Lode Resources Ltd. provided a drilling update from the 100% owned Webbs Consol Silver Project located in the New England Fold Belt in north-eastern New South Wales. Follow up drilling at the Webbs Consol Silver Project's Tangoa West Lode has retuned 54.0m @ 304 g/t AgEq1 from 48.3m. This drill intercept represents the highest endowment of all drill intercepts received to date at the Webbs Consol Silver Project. Highlights: Drill hole WCS044 at Webbs Consol Silver Project's Tangoa West Lode has returned significant results: 54.0m @ 304 g/t AgEq1 from 48.3m including, 11.3m @ 497 g/t AgEq1 from 54.0m and 7.0m @ 506 g/t AgEq1 from 81.0m including 2.0m @ 1,005 g/t AgEq1 from 86.0m including; WCS044 drill intercept is the best intercept to date at the Webbs Consol Silver Project; Drill hole WCS044 extends Tangoa West Lode mineralisation to 90m vertical depth and was drilled below WCS019 which returned 26.7m @ 421 g/t AgEq1 from 30.1m; Follow up drill hole WCS045 has been drilled below WCS044, to a down hole depth of 242.6m with assay results due imminently; Multiple drill holes have been designed to test the Tangoa West Lode up to a depth of 450m vertically. Board Change • Nov 16
High number of new directors Independent Non-Executive Director Jason Beckton was the last director to join the board, commencing their role in 2020. Board Change • Oct 04
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Executive Chairman of the Board Andrew Van Heyst is the most experienced director on the board, commencing their role in 2019. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. 
