Two-Tranche Private Placement Offer utilising the company’s existing capacity under Listing Rule 7.1 to raise up to $2.00M with the ability to take up oversubscriptions of up to $0.5M at $0.04 per share. Approximately $619k will be settled in the first tranche, pursuant to the company’s placement capacity; the balance will be settled in a second tranche, subject to shareholder approval at an EGM to be convened.

The offer price of $0.04 per security represents:

• ~33.33% discount to the last traded price on 20/06/25, $0.06
• ~35.85% discount the 5-day VWAP price of $0.0624
• ~35.32% discount the 10-day VWAP price of $0.0618
• ~34.98% discount the 15-day VWAP price of $0.0615

Lightning Minerals Ltd (ASX: L1M) is an Australian exploration company advancing a diversified portfolio of gold, copper, and lithium projects across Australia, Brazil, and Canada. The recent acquisition of Lotus Minerals has transformed L1M into a dual-commodity explorer, adding an advanced brownfields portfolio of gold and copper assets in Queensland and New South Wales to its existing lithium portfolio in Brazil’s "Lithium Valley," plus further lithium assets in Western Australia and Quebec.

Lightning Minerals is acquiring 100% ownership of an advanced gold and copper portfolio in Tier-1 jurisdictions, delivering immediate drill-ready targets and significant exploration upside. The projects benefit from previous mining and drilling demonstrating the projects’ high prospectivity.

The flagship Mount Turner Gold Project, located in Queensland’s Georgetown Inlier (Etheridge Goldfield), hosts a 14km strike along the Drummer Fault—a proven mineralised corridor with multiple high-grade gold targets. Historic mining (five shallow oxide pits) and shallow drilling have returned standout intercepts including:

• 16m @ 3.56 g/t Au (Hole UMDT95_D04)
• 16.0m @ 3.60g/t Au (Hole UMDT95_D03)
• 12m @ 6.5g/t Au (Hole UMDT95_D03)
• 6.0m @ 6.45g/t Au (Hole UMDT95_D06)
• 6.0m @ 4.9g/t Au (Hole UMDT95_D06)
• 7.0m @ 1.74g/t Au (Hole 21ISMDWRC001)
• 7.5m @ 1.6g/t Au (Hole QMCD83_D04)
• 6.0m @ 2.9g/t Au (Hole PD86_RR2)

The Drummer Fault remains largely untested at depth and along strike. A fully permitted 1,000m drill program is set to commence targeting extensions beneath historic pits and new parallel structures identified through mapping and geophysics. Adjacent to the gold corridor, the Mount Turner Copper-Gold-Molybdenum Project offers compelling porphyry discovery potential. A large 16km² porphyritic intrusive body has been outlined, with IP geophysics delineating three shallow, drill-ready porphyry targets. Significant Cu-Mo soil anomalies remain untested, providing a strong pipeline of high-priority targets.

In New South Wales, Lightning holds three granted exploration licences within the Lachlan Fold Belt—a globally significant porphyry district hosting Cadia (Newmont) and Northparkes (Evolution Mining). The Boree Creek/Dairy Hill Copper and Gold Project is located between these two globally significant projects and hosts proven porphyry mineralisation with historic results from prior drilling by a CRA Exploration and Rio Tinto JV including:

• 48m @ 0.35% Cu and 0.31g/t Au
• 62m @ 0.23% Cu and 0.14g/t Au
• 33m @ 0.23% Cu and 0.14g/t Au

Importantly, the porphyry system at Boree Creek remains untested below 150m depth, offering clear potential for deeper, higher-grade mineralisation. The Burdett and Manildra projects further enhance L1M’s Lachlan Fold portfolio, targeting extensions of known porphyry and skarn systems. Near-term work programs will prioritise advancing these NSW projects to drill stage.

Warby Scardon Project (near the Mt Turner Gold Project in Queensland) adds earlystage gold, silver, and base metals potential. Located within the Warby and Scardon Caldera complexes, this underexplored project will be advanced through modern airborne magnetics, radiometrics, and systematic surface geochemistry.

Lightning’s 100%-owned Brazilian lithium portfolio spans 4,400ha in Minas Gerais’ "Lithium Valley," strategically located between major operations owned by Pilbara Minerals and Sigma Lithium. The flagship Esperança Project has already delivered a spodumene discovery grading 4.04% Li₂O, with multiple outcropping pegmatites and strong soil anomalies (up to 429ppm Li). A phase 1 diamond drill program commenced in Q1 2025 to test priority targets which is now complete. Fourteen holes have been completed for a total of 1,400m. Samples are currently undergoing detailed logging, selection and preparation for assaying and geochemical analysis. Up to 300m of core will be sent for multi-element analysis at SGS’ Belo Horizonte laboratory. Assay results will be utilised to support a vectoring strategy to assist in identifying further areas of interest.

At Caraíbas and Canabrava, large-scale, untested pegmatite corridors have been defined through mapping and geophysics, with soil anomalies up to 429ppm and 320ppm Li. Works are ongoing with a focus on further target generation across all three assets. This will allow the Company to have drill ready lithium targets which can be executed when sentiment in the lithium sector improves. The Company still believes in the significant potential that its Brazilian asset portfolio represents.

The funds raised will be focused towards:

• Drilling of walk up gold targets at Mt Turner Gold Project in next 8-10 weeks
• Target generation and potential drilling at Mt Turner Copper Project
• Target generation and drill targeting in Lachlan Fold Belt (Boree Creek, Burdett, Manildra)
• General Working Capital Purposes