Board Change • Apr 01
High number of new and inexperienced directors There are 3 new directors who have joined the board in the last 3 years. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director Jamie Day is the most experienced director on the board, commencing their role in 2024. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. New Risk • Feb 11
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 14% 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 Shareholders have been substantially diluted in the past year (168% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$7.21m market cap, or US$5.13m). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). Announcement • Feb 09
Lightning Minerals Ltd has completed a Follow-on Equity Offering in the amount of AUD 2.5 million. Lightning Minerals Ltd has completed a Follow-on Equity Offering in the amount of AUD 2.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 48,707,079
Price\Range: AUD 0.032
Discount Per Security: AUD 0.00192
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 29,417,921
Price\Range: AUD 0.032
Discount Per Security: AUD 0.00192
Transaction Features: Subsequent Direct Listing Board Change • Feb 05
High number of new and inexperienced directors There are 3 new directors who have joined the board in the last 3 years. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. CEO, MD & Director Alex Biggs is the most experienced director on the board, commencing their role in 2023. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. New Risk • Nov 27
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 14% 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 Shareholders have been substantially diluted in the past year (93% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$6.37m market cap, or US$4.16m). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). Announcement • Nov 27
Lightning Minerals Ltd has filed a Follow-on Equity Offering in the amount of AUD 2.5 million. Lightning Minerals Ltd has filed a Follow-on Equity Offering in the amount of AUD 2.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 78,125,000
Price\Range: AUD 0.032
Discount Per Security: AUD 0.00192
Transaction Features: Subsequent Direct Listing Announcement • Oct 01
Lightning Minerals Ltd, Annual General Meeting, Nov 27, 2025 Lightning Minerals Ltd, Annual General Meeting, Nov 27, 2025. New Risk • Sep 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. 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 Revenue has declined by 153% over the past year. Shareholders have been substantially diluted in the past year (83% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$8.32m market cap, or US$5.50m). Minor Risk Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). New Risk • Sep 02
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 48% This is considered a major 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 Risks Revenue has declined by 153% over the past year. Shareholders have been substantially diluted in the past year (48% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$6.44m market cap, or US$4.21m). Minor Risk Share price has been volatile over the past 3 months (16% average weekly change). Announcement • Sep 01
Lightning Minerals Ltd has completed a Follow-on Equity Offering in the amount of AUD 2 million. Lightning Minerals Ltd has completed a Follow-on Equity Offering in the amount of AUD 2 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 15,499,248
Price\Range: AUD 0.04
Discount Per Security: AUD 0.0024
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 33,000,752
Price\Range: AUD 0.04
Discount Per Security: AUD 0.0024
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,500,000
Price\Range: AUD 0.04
Discount Per Security: AUD 0.0024
Transaction Features: Subsequent Direct Listing Announcement • Jul 25
Lightning Minerals Ltd, Annual General Meeting, Aug 26, 2025 Lightning Minerals Ltd, Annual General Meeting, Aug 26, 2025. Location: automic group, suite 5, level 12, 530 collins street, melbourne, vic, 3000 Australia New Risk • Jul 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% 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 Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Revenue has declined by 153% over the past year. Revenue is less than US$1m. Market cap is less than US$10m (AU$4.69m market cap, or US$3.03m). Minor Risk Shareholders have been diluted in the past year (20% increase in shares outstanding). New Risk • Jan 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. 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$3.0m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Shareholders have been substantially diluted in the past year (107% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$8.68m market cap, or US$5.38m). Announcement • Nov 06
Lightning Minerals Limited Announces the Appointment of Jamie Day as Non-Executive Director, Effective 28 November 2024 Lightning Minerals Limited announced the appointment of Mr. Jamie Day as a Non-Executive Director of the Company, effective 28 November 2024. Mr. Day is a highly experienced geologist and lithium industry executive with world-class lithium discoveries to his credit, including Liontown Resources' Kathleen Valley project (156Mt @ 1.4% Li20). Most recently, Mr. Day was Exploration Manager for Liontown Resources where he led the team that discovered both the Kathleen Valley and Buldania lithium projects. Mr. Day was also instrumental in the discovery of multiple other projects throughout his career in nickel and gold during his time working for Independence Group and Mincor Resources. Announcement • Oct 16
Lightning Minerals Ltd Announces Resignation of Francesco Cannavo as Non-Executive Director, Effective 28 November 2024 Lightning Minerals Ltd. announced that Non-Executive Director, Francesco Cannavo, has given notice of his resignation as a Director of the Company. His resignation will be effective from on 28 November 2024 being the date of the Company's Annual General Meeting. Mr. Cannavo is a founding director of Lightning Minerals and played a key role in the Company's ASX listing and the acquisition of the Company's assets. The Board thanks Mr. Cannavo for his significant contribution to the Company and wishes him well in his future endeavours. The Board will announce a replacement director in due course. Announcement • Oct 02
Lightning Minerals Ltd, Annual General Meeting, Nov 28, 2024 Lightning Minerals Ltd, Annual General Meeting, Nov 28, 2024. New Risk • Sep 30
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 Shareholders have been substantially diluted in the past year (105% increase in shares outstanding). Revenue is less than US$1m (AU$39k revenue, or US$27k). Market cap is less than US$10m (AU$7.15m market cap, or US$4.96m). 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 • Aug 15
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 14% 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 Shareholders have been substantially diluted in the past year (105% increase in shares outstanding). Revenue is less than US$1m (AU$39k revenue, or US$26k). Market cap is less than US$10m (AU$6.85m market cap, or US$4.54m). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). New Risk • Jul 18
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 105% This is considered a major 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 Risks Shareholders have been substantially diluted in the past year (105% increase in shares outstanding). Revenue is less than US$1m (AU$39k revenue, or US$26k). Market cap is less than US$10m (AU$6.56m market cap, or US$4.42m). Announcement • Jun 19
Lightning Minerals Ltd (ASX:L1M) completed the acquisition of Bengal Mining Pty. Ltd. Lightning Minerals Ltd (ASX:L1M) has entered into binding share sale agreement to acquire Bengal Mining Pty. Ltd. for AUD 4.6 million on April 22, 2024. The consideration will be paid in form of issuing 22.14 million shares and the issuance of 39.9 million performance rights converted into shares on a one for one basis subject to satisfaction of performance milestones. 14.28 million Performance Rights to vest into Shares subject to Lightning Minerals the delineating a JORC compliant Mineral Resource Estimate on the Projects of at least 5Mt grading at least 1.0% Li2O within three years from the date of issue; b) Milestone 2: 14.28 million Performance Rights to vest into Shares subject to Lightning Minerals delineating a JORC compliant Mineral Resource Estimate on the Projects of at least 10Mt grading at least 1.0%Li2O within four years from the date of issue; and c) Milestone 3: 11.42 million Performance Rights to vest into Shares subject to Lightning Minerals delineating a JORC compliant Mineral Resource Estimate on the Projects of at least 30Mt grading at least 1.0%Li2O within five years from the date of issue. Lightning Minerals has received firm commitments in relation to a placement from investors to raise AUD 1.5 million by issue of 21.42 million shares. The deal is subject to approval of shareholders of Bengal Mining, satisfaction of due diligence investigation, completion of private placement and regulatory approval. As of May 28, 2024, all due diligence satisfied on Bengal Mining. All conditions precedent met except shareholder approval which is sought at upcoming EGM on June 13, 2024.Lightning Minerals Ltd (ASX:L1M) completed the acquisition of Bengal Mining Pty. Ltd. on June 18, 2024. All Conditions Precedent have been met including receipt of shareholder approval at the Company’s EGM on 13 June 2024. Announcement • Apr 23
Lightning Minerals Ltd has filed a Follow-on Equity Offering in the amount of AUD 1.5 million. Lightning Minerals Ltd has filed a Follow-on Equity Offering in the amount of AUD 1.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 7,479,605
Price\Range: AUD 0.07
Discount Per Security: AUD 0.0042
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 13,948,966
Price\Range: AUD 0.07
Discount Per Security: AUD 0.0042
Transaction Features: Subsequent Direct Listing New Risk • Apr 10
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 13% 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 (AU$39k revenue, or US$26k). Market cap is less than US$10m (AU$3.49m market cap, or US$2.31m). Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$3.6m). Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (2.9% increase in shares outstanding). Announcement • Sep 29
Lightning Minerals Ltd Announces Board Changes Lightning Minerals Limited announced the appointment of Chief Executive Officer, Alex Biggs, to the Board of Directors. Mr. Biggs will now assume the role of Managing Director of the Company. Non-Executive Chairman, Peter McNeil, and Non-Executive Director, Karen Lloyd, have resigned as Directors of the Company. Non-Executive Director, Craig Sharpe, will act as Chairman of the Board on an interim basis until a new Chairman is appointed. Announcement • Sep 26
Lightning Minerals Ltd, Annual General Meeting, Nov 21, 2023 Lightning Minerals Ltd, Annual General Meeting, Nov 21, 2023. Announcement • Feb 18
Lightning Minerals Ltd Completes Site Visits Across Its Dundas, Mt Jewell and Mailman Hill Projects Lightning Minerals Ltd. reported the Company's geology team has completed site visits across its Dundas, Mt Jewell and Mailman Hill projects. The visit has verified desktop information with a view to refining the Company's exploration strategy across all project areas. Positive rock chip results have also been returned for an earlier reconnaissance trip completed in December 2022. The Company is focused on an accelerated exploration strategy for lithium and critical minerals. The Lightning Minerals' geology team have completed site visits to the Company's assets at Dundas, Mt Jewell and Mailman Hill, including reconnaissance of potential drill targets at the Company's Dundas projects. Field investigation of geophysical targets that were identified in February 1 as well further investigation of the lithium-rubidium soil anomaly were a key purpose of the trip. Visits to the Company's other projects, Mt Jewell and Mailman Hill, were designed to provide further confidence to the exploration strategy. A small number of surface samples were collected at these projects to assess and optimise exploration techniques for potential future programs. Field reconnaissance activities were undertaken at the Dundas projects with a primary focus on ground truthing recently identified geophysical targets. Nineteen of the twenty-eight geophysical target locations were visited, and the surface expression was confirmed at each location. Access for potential future exploration drilling programs was also confirmed. Follow up reconnaissance of the lithium and rubidium in soil anomaly within E63/2001 was performed during the site visit. Field observations report an extensive weathering profile along with alluvial cover over the anomaly area, minor quartz and feldspar float material is however present. Drilling programs are now being designed to further investigate the source of the soil anomalism. Field investigation of geophysical targets DS_01, DS_03, and DS_06 that were identified in the Company's recent announcement1 was also undertaken. This included field confirmation of five metres of pegmatite logged within historic aircore drilling completed by West Resource Ventures in 2019 . Pegmatites were described in historic logging as "Very coarse-grained quartz-feldspar- muscovite pegmatite slightly or partially weathered to clays". Drill spoil containing pegmatite chips was confirmed at the location of historical drill hole WRVAC010. The remaining drill spoil piles were in poor condition and as such no sampling was conducted. Drill intercepts along the northern West Resource Ventures aircore drill traverse were unable to be verified, the drill sites had been rehabilitated and drill spoil destroyed. Follow up desktop review and modelling of historic drill data will be undertaken with a view to complete additional drilling in this area. Rock Chip sample results have been returned from prior reconnaissance stage samples taken during December 2022. Results are encouraging with the potassium/rubidium geochemistry of the outcropping pegmatites indicating the correct geochemical markers of lithium - caesium - tantalum pegmatites. The potassium/rubidium (K/Rb) ratios are a tool used to indicate the fractionation state and mineralisation potential of pegmatites, with spodumene-bearing pegmatites typically having a ratio between 5 and 40 K/Rb. The lithium tenor within the returned samples is subdued, which can be expected as outcropping lithologies are moderately to intensely weathered. The mobility of lithium within the weathered profile is well documented and can readily leach and deplete the tenor from the sampled horizon. Drill testing beneath the oxidised pegmatite outcrops is being planned. Announcement • Feb 14
Lightning Minerals Ltd has announced a Derivatives Offering in the amount of AUD 0.024229 million. Lightning Minerals Ltd has announced a Derivatives Offering in the amount of AUD 0.024229 million.
Security Name: Loyalty Optios
Security Type: Equity Option
Securities Offered: 24,228,585
Price\Range: AUD 0.001
Transaction Features: Rights Offering Announcement • Feb 09
Lightning Minerals Reports Initial Findings from its Geophysical Review of the Company's Dundas Project in Western Australia Lightning Minerals reported initial findings from its geophysical review of the company's Dundas Project in Western Australia. The review has identified 28 prioritised targets that support the Company's exploration strategy for critical minerals and lithium. Southern Geoscience Consultants (SGC) were commissioned during late 2022 to complete a 1: 50,000 scale litho-structural interpretation and target generation for the greater Dundas Project. The objective of the geophysical reinterpretation was to analyse and reprocess data from historical geophysical surveys collected over the last 25 years. Modern geophysical data processing techniques may now be able to identify areas of potential prospectivity for a range of critical minerals that warrant further exploration. The interpretative work principally focused on a detailed analysis of the aeromagnetic data, with the added context of contemporary geological knowledge, in conjunction with historic drilling and outcrop information. SGC have reprocessed the following datasets to develop the reinterpretation: Geological Survey of Western Australia (GSWA) - compilation of airborne magnetic/radiometric survey data (100m spacing). `Killaloe' airborne magnetic survey, collected by UTS Geophysics for Mincor Resources in 2004 (20m line spacing). `Buldania' airborne magnetic survey collected by Kevron Geophysics for Kinross Gold Australia in 1999 (50m line spacing). `Tramways' gravity survey collected by `Haines Surveys' in 2005 for Mincor Resources (100x100m and 200x200m spacings). Target generation criteria was focused firstly on lithium mineralisation, and where appropriate Ni/PGE targets have also been identified when ultramafic and differentiated Jimberlana Dyke lithologies have been interpreted. The review has resulted in the delineation of structural and lithological complexity that had not been recognised in previously available open file outcrop mapping and GSWA interpreted bedrock data. The result of this work is the generation of 28 discreet geophysical targets over the greater Dundas Project. Of the 28 targets identified, twenty-two of these occur within the Dundas South project area, notably eight of those within E63/2001. Targets have been prioritised into three categories based upon the geological and geophysical details at each location. Priority One targets are displayed in red, with priority two and three shown in orange and green respectively. Four of these structural targets within E63/2001 are interpreted as high priority, occurring within felsic volcanic lithologies of the Black Flag Group. These targets are also broadly coincident with soil geochemical anomalism identified in the Company's recent soil sampling campaign which are less than 10kms along strike of known Lithium mineralisation and within a similar geological setting. Six of the 28 targets have been identified within the Dundas North project area. The geological setting here is considered similar to that of the Bald Hill lithium-tantalum deposit which occurs approximately 30km to the west of the Dundas North project area. The targets have been prioritised as per the hierarchy for Dundas South. The targets at Dundas North are generally related to broad geophysical anomalies where interpreted structures intersect interpreted granites and metasedimentary rocks of the Mount Belches Formation, and where interpreted ultramafic lithologies have been deformed adjacent to granitic intrusions. DUNDAS PROJECT UPCOMING WORK PROGRAMS: The results from the geophysical review are encouraging given the positioning of targets across all Dundas Project tenure. The prioritised geophysical targets will be integrated with the results of the concurrent soil geochemistry sampling program to plan targets for drill testing. Further field reconnaissance by company geologists is planned and will occur during February 2023. Permitting for drilling activities is now underway. The Dundas Project area is located near Norseman in Western Australia and comprises eight tenements totaling approximately 454km2. Norseman has a strong history of mining dating back to 1892 and is located 190km south of Kalgoorlie. Historically, Norseman and the Dundas area has experienced mining in gold and nickel although over recent years the region has become an emerging lithium and critical minerals province with multiple discoveries and significant exploration activity. There are two project areas at Dundas: South/western tenements surrounding Liontown Resources' Buldania/Anna lithium project, and, North/eastern tenements approximately 30km to the east of Alliance Mineral Assets' Bald Hill lithium-tantalum mine. Announcement • Jan 24
Lightning Minerals Reports Results from Its Ongoing Soil Sampling Program At Its 100% Owned Dundas Project in Western Australia Lightning Minerals reported results from its ongoing soil sampling program at its 100% owned Dundas project in Western Australia. Soil geochemistry has identified a lithium-rubidium anomaly above 60ppm on tenement E63/2001 demonstrating a justification for further exploration activity. Soil sampling is continuing across the Dundas project. Lightning Minerals is currently undertaking a regional soil sampling campaign across its Dundas tenements to explore for lithium anomalies and indicators of potential LCT mineralisation. Assay Results have now been returned for 153 soil samples collected during December 2022 from tenement E63/2001. As part of the initial reconnaissance exploration campaign samples were collected on a nominal 400m x 400m grid across the tenement, analysis was completed using the Ultrafine + (UFF+) technique with chemical analysis for a suite of 62 elements including lithium and associated pathfinders for LCT mineralisation. The objective of this first pass exploration phase is to assess the project for mineralisation hosted within fractionated pegmatitic intrusive bodies prospective for LCT, and to aid drill planning with increased confidence of potential sites of mineralisation. Analytical results from the UFF+ method employed by Lab West have revealed a 2km x 2km lithium soil anomaly at >60ppm, which shows a broadly northwest-southeast orientation. The lithium anomalism occurs within interpreted felsic volcanic lithologies. Within this, a coherent zone of north south trending anomalism of >100ppm lithium is present, with three contiguous samples and a peak value of 112ppm lithium. Shallow to moderate cover is present over the majority of E63/2001 and for this reason the UFF+ analytical technique is applicable in an attempt to `see through' the transported regolith profile. Announcement • Dec 14
Lightning Minerals Announces That Several Pegmatite Intrusion Outcrops Have Been Identified in the Field During A Recent Site Visit to Its 100% Owned Dundas Project in Western Australia Lightning Minerals announced that several pegmatite intrusion outcrops have been identified in the field during a recent site visit to its 100% owned Dundas Project ("the Project") in Western Australia. Lightning Minerals has identified several pegmatitic intrusion occurrences across its Exploration Licences at its 100% owned Dundas Project. The observations were made during a recent site visit by one of the Company's geologists and Chief Executive Officer, Alex Biggs. The Company has also begun interpretation of geophysical survey data with a view to developing exploration targets. The combination of early-stage exploration strategies is designed to develop high confidence targets for exploration drilling. Lightning Minerals note that the reporting of pegmatites are field observations and are not indicative of mineralization. Further exploration work including an assessment of the current soil and rock chip sampling results and follow up drilling and sampling are required to confirm the presence of any mineralization. Pegmatite intrusion occurrences were observed across 5 separate sites, within four Exploration Licenses, totaling 15 pegmatite exposures. Further investigation is required to determine the relationship of intrusions and the geochemical make up of individual pegmatites as a number of them were seen to be cross-cutting each other. Pegmatites identified in the northern area of tenement E63/2001 displayed no cross-cutting relations, and appeared to demonstrate a north/north-westerly trend. The outcrops were observed over a maximum strike distance of 80m. Individual mineral species were unable to be determined due to the weathered nature of outcrops. The units intruded local mafic units. Rock chip samples were collected for assaying from all observed occurrences to determine if the pegmatites are prospective for Lithium-Caesium-Tantalum ("LCT") style mineralization. The Dundas Project area is located near Norseman in Western Australia and comprises eight tenements totaling 454km2. Norseman has a strong history of mining dating back to 1892 and is located 190km south of Kalgoorlie. Historically, Norseman and the Dundas area has experienced mining in gold and nickel although over recent years the region has become an emerging lithium and critical minerals province with multiple discoveries and significant exploration activity. There are two project areas at Dundas: South/Western tenements surrounding Liontown Resources' Buldania/Anna lithium project, and North/Eastern tenements approximately 30km to the East of Alliance Mineral Assets' Bald Hill lithium-tantalum mine. A soil sampling program is currently being completed across the Company's Dundas tenements. ASX announcement dated 25 November 2022 outlines the program strategy and priority sampling areas. An interpretation of existing geophysics data is also underway which will assist in identifying priority drill targets. The Company also has 100% interest in the Mt Jewell, Mt Bartle and Mailman Hill projects to the north of Kalgoorlie in Western Australia. Announcement • Nov 25
Lightning Minerals Commences A Soil Sampling Program At its 100% Owned Dundas Project in Western Australia Lightning Minerals commenced a soil sampling program at its 100% owned Dundas project in Western Australia. Following the Company's successful recent listing on the Australian Stock Exchange it is implementing its discovery strategy with a focus on critical minerals and lithium across its Dundas Project. Lightning Minerals has commenced exploration activities at its 100% owned Dundas Project (Dundas). An extensive soil sampling program across the Company's tenements has begun targeting multiple minerals including a suite of critical minerals and lithium. A surface reconnaissance program of the project area is also being undertaken simultaneously to identify outcrops and further areas of potential mineralisation. The Company has also begun interpretation of geophysical survey data with a view to develop drilling targets as part of its discovery strategy. The Dundas Project area is located near Norseman in Western Australia and comprises eight tenements totaling 454km2. Norseman has a strong history of mining dating back to 1892 and is located 190km south of Kalgoorlie. Historically, Norseman and the Dundas area has experienced mining in gold and nickel although over recent years the region has become an emerging lithium and critical minerals province with multiple discoveries and significant exploration activity. There are two project areas at Dundas: a) South/Western tenements surrounding Liontown Resources' Buldania/Anna lithium project, and b) North/Eastern tenements approximately 30km to the East of Alliance Mineral Assets' Bald Hill lithium-tantalum mine. A soil sampling campaign has begun at the Company's 100% owned Dundas project near Norseman, Western Australia. Limited historical exploration over the project has focused predominantly on gold, nickel and PGEs. The further assessment of these datasets together with the integration of full-suite multi-element assay results from the soil sampling campaign into the Company's geological framework model will be the focus for the coming months. Sampling will initially be completed on a 400m x 400m grid spacing, with closer spaced sampling undertaken where geological prospectivity has been modelled. The Dundas region is highly prospective for a range of critical minerals including lithium, nickel, PGEs, copper, rare earth elements and gold. A number of recent exploration successes have led to the Dundas region emerging as a new lithium province with an evolving exploration thesis. 
