Lightning Minerals Confirms High-Grade Tungsten Across Eight Warby Vein Systems

Lightning Minerals Confirms High-Grade Tungsten at Warby — First Assays Deliver Standout Results Across Eight Vein Systems

Lightning Minerals Limited (ASX: L1M) has released initial rock chip assay results from its 100%-owned Warby Project in North Queensland, confirming widespread, high-grade tungsten mineralisation across multiple wolframite-bearing vein systems within a 2-kilometre structural corridor. The results represent the first laboratory-confirmed assay data from the project and establish a compelling foundation for systematic follow-up exploration.

14 rock chip samples collected from eight individual vein systems returned tungsten values ranging from 750ppm W to greater than 50,000ppm W (>5% W), with 10 samples grading above 1% W and 6 samples grading above 3% W. Critically, tungsten mineralisation was identified not only within discrete quartz veins but also within altered granitic host rocks and greisen material, raising the prospect of a broader intrusive-related tungsten system.

"The initial assay results are a strong outcome from our first-pass work at Warby and confirm widespread high-grade tungsten mineralisation across multiple historical workings. This gives us confidence there is considerable scope to define the scale and continuity of the mineralisation. We're looking forward to our follow-up field exploration aimed at expanding our understanding of the broader tungsten system at Warby."

— Troy Brice, Chief Executive Officer, Lightning Minerals Limited

Assay Results in Full: A Consistent Pattern of High-Grade Hits

The table below summarises all 14 assay results from the initial sampling programme, spanning eight mapped vein positions within the structural corridor:

Samples submitted to ALS Laboratories, Townsville. Analysis Procedure ME-MS81h: High Grade REE by fusion/ICPMS.

*Sample 105495 collected from historical tailings material associated with hand-sorted wolframite-rich quartz vein material.

The standout feature of these Lightning Minerals Warby high grade tungsten results is their consistency — every vein system sampled returned anomalous to high-grade tungsten, with no blanks across the entire 14-sample programme.

Top five results by grade:

1. >50,000ppm W (>5% W) — Sample 105495, historical tailings material, Vein 2
2. 43,200ppm W (4.32% W) — Sample 105496, quartz vein, Vein 3
3. 42,900ppm W (4.29% W) — Sample 105499, quartz vein, Vein 4
4. 40,300ppm W (4.03% W) — Sample 105878, quartz vein, Vein 6
5. 39,800ppm W (3.98% W) — Sample 105500, quartz vein, Vein 5

What Makes Warby Geologically Compelling?

Two Distinct Mineralisation Styles

Geological logging and assay results have identified at least two generations of tungsten-bearing quartz veins at Warby, each with distinct characteristics:

• Type 1 — Early-stage brecciated quartz veins: Fractured and brecciated milky quartz containing wolframite, associated with elevated copper, tin, and local gold anomalism. Vein 6 displays evidence of multiple mineralisation stages, with early wolframite subsequently brecciated and overprinted by malachite and limonite.

• Type 2 — Later-stage glassy quartz veins: Comprising glassy to translucent quartz hosting coarse bladed and euhedral wolframite crystals with only weak associated bismuth. Sample 105496 returned 43,200ppm W (4.32% W) from this style of mineralisation, featuring coarse acicular wolframite crystals up to 3cm.

Tungsten Beyond the Veins — A Potentially Larger System

One of the more significant geological observations from this initial programme is the presence of wolframite mineralisation outside of discrete quartz veins. Sample 105498 returned 30,400ppm W (3.04% W) from altered pegmatitic granite containing wolframite associated with coarse biotite-rich zones.

Furthermore, Sample 105494, collected from biotite greisen material, returned 750ppm W and displayed weakly elevated lithium and rare earth element signatures. The occurrence of wolframite within altered pegmatitic granite and greisen — in addition to discrete veins — may indicate a larger hydrothermal tungsten system associated with intrusive activity.

This is a meaningful development because intrusive-related systems tend to have greater spatial extent than isolated vein occurrences, opening the door to a more substantial mineralised footprint than historical workings alone would suggest.

Associated Multi-Element Anomalism

The tungsten mineralisation is accompanied by elevated co-occurring elements that add additional prospectivity context:

• Tin (Sn): Up to 8,800ppm Sn within brecciated vein systems
• Bismuth (Bi): Moderate to elevated values across multiple samples
• Copper: Elevated values within selected brecciated vein systems

These associations are consistent with a tin-tungsten mineralised system, which is characteristic of the broader O'Briens Creek Supersuite geological setting in North Queensland.

Understanding the Geology: What is Wolframite and Why Does It Matter?

Wolframite is the primary ore mineral of tungsten, appearing as dark, heavy, tabular or bladed crystals within quartz veins and associated granitic rocks. It is an iron-manganese tungstate mineral and the principal commercial source of refined tungsten metal.

In exploration, the presence of visible wolframite is significant because it provides direct visual confirmation of mineralisation that can then be validated by laboratory assay — exactly what occurred at Warby. The Lightning Minerals Warby high grade tungsten results directly validated field observations of coarse acicular, tabular, and euhedral wolframite crystals identified in hand specimens during field activities.

Wolframite-bearing vein systems of this nature — particularly where mineralisation extends into altered host granite and greisen — have historically been the target of tungsten mining operations globally. The identification of multiple vein systems within a coherent structural corridor, combined with intrusive-hosted mineralisation, is the geological signature of a system that warrants systematic follow-up exploration.

Quick Glossary

The Warby Geological Setting — Built for Tungsten

The Warby Project is located approximately 25 kilometres north of Mount Surprise in North Queensland. Mineralisation occurs within a northwest-trending structural corridor hosted within the Meso-Proterozoic Lyndbrook Complex, adjacent to the Angor Granite, which forms part of the O'Briens Creek Supersuite.

The O'Briens Creek Supersuite is recognised regionally as a significant host of tin-tungsten mineralisation in North Queensland, providing the project with a well-established geological context. Reconnaissance mapping identified multiple shallow historical workings interpreted to date from the early 1900s, and importantly, no evidence of modern systematic tungsten exploration has been identified across the current target area.

Low-level anomalous tungsten identified in historical regional drainage sampling east of the current workings further supports the potential for additional tungsten-bearing vein systems within the broader project area. The Company notes that limited outcrop exposure and dense vegetation cover may also conceal additional mineralised veins or extensions that remain untested.

The Tungsten Commodity Context

Tungsten is classified as a critical mineral by several Western governments due to its strategic importance across industrial manufacturing, infrastructure, and defence applications. The metal is used in cutting tools, drill bits, aerospace alloys, armour-piercing applications, and advanced industrial manufacturing — all of which demand a reliable, uninterrupted supply chain.

Recent market commentary has highlighted tightening global tungsten supply conditions following export restrictions imposed by China, which remains the dominant global supplier of processed tungsten products. Industry and government attention has increasingly focused on securing alternative tungsten supply sources from stable Western jurisdictions.

Australia, as a politically stable, mining-friendly jurisdiction with established infrastructure and a strong track record in critical minerals production, represents an attractive exploration address for tungsten discovery.

What Comes Next: Q3 2026 Exploration Programme

The initial sampling programme was designed as a first-pass reconnaissance to test whether tungsten mineralisation was present at Warby's historical workings. With that question answered affirmatively — and emphatically — the Company's attention turns to defining the broader scale and continuity of the system.

Planned Q3 2026 activities include:

1. Infill drainage geochemistry — to extend the geochemical footprint of mineralisation across the broader drainage catchment
2. Systematic soil geochemical sampling — to identify blind or covered extensions of the vein corridor
3. Detailed geological mapping — to better constrain the structural controls on mineralisation
4. Extension sampling of historical workings — to expand the assay dataset beyond the initial 14 samples
5. Assessment of drill-ready targets — to identify the most prospective locations for future drilling

The follow-up programme represents a logical escalation from reconnaissance to systematic exploration, with the specific objective of defining a drill target capable of testing the broader tungsten system at depth.

Investment Thesis: Why Warby Has Investors' Attention

A Compelling First-Pass Result with Clear Upside

The Lightning Minerals Warby high grade tungsten results returned high-grade tungsten across all eight sampled vein systems — a 100% hit rate across an area of approximately 1 square kilometre within a 2-kilometre structural corridor. This consistency, combined with grades reaching above 5% W, is a strong outcome for a first-pass reconnaissance programme.

The key characteristics that underpin the investment case at this stage are:

• Widespread mineralisation: High-grade results across multiple vein systems, not isolated to a single occurrence
• Intrusive-related potential: Wolframite in altered granite and greisen suggests a system potentially larger than vein-hosted mineralisation alone
• Untested ground: No modern systematic tungsten exploration identified across the target area
• Favourable structural setting: 2km corridor with sampling covering only ~1km², leaving considerable ground untested
• Associated pathfinder elements: Elevated tin, bismuth, and copper consistent with a broader tin-tungsten system

A Portfolio Asset with a Clear Path Forward

Warby represents an early-stage but high-impact addition to Lightning Minerals' project pipeline, which includes the flagship Mt Turner Gold Project in North Queensland and gold and copper assets in the Lachlan Fold Belt (NSW) and Eastern Goldfields (WA). The tungsten discovery at Warby, moreover, broadens the Company's commodity exposure into a mineral attracting growing interest from industry and policy circles.

The Company holds 100% ownership of the Warby tenement (EPM 28262), which is in good standing under Queensland law and grants exclusive exploration rights for an initial period of five years, extendable on application.

In summary, the Lightning Minerals Warby high grade tungsten results have delivered a high-grade first-pass outcome that confirms widespread tungsten mineralisation across multiple vein systems within a 2-kilometre structural corridor in a regionally recognised tin-tungsten province. With grades reaching above 5% W, a geological signature pointing to a potentially larger intrusive-related system, and a systematic Q3 2026 follow-up programme now underway, Warby is emerging as a project with meaningful discovery potential.

Investors are encouraged to refer to the full ASX announcement dated 4 June 2026 for complete technical details, JORC Table 1 disclosures, and competent person statements. Rock chip samples are selective in nature and may not be representative of average grades or continuity of mineralisation within the broader system. This article is based solely on information contained in the referenced ASX announcement.

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