Lode Resources Ltd Unveils High-Grade Silver Discovery at Silent Grove

New High-Grade Silver Discovery Expands Project Potential

Lode Resources (ASX: LDR) has announced impressive early results from regional exploration surrounding its Montezuma Silver & Antimony Project in Tasmania, with grab samples returning bonanza silver grades up to 2,480 g/t Ag alongside significant antimony values reaching 2.35% Sb.

The company has identified high-grade silver and antimony mineralisation at the Fahlore mine workings, located 4,000 meters northeast of the main Montezuma deposit that is currently being drilled. Grab samples from waste dumps at Fahlore returned exceptional results including:

• 2,480 g/t Ag, 2.35% Sb and 3.19% Cu
• 2,060 g/t Ag, 2.30% Sb and 3.12% Cu
• 1,610 g/t Ag, 1.01% Sb and 0.83% Cu

The Fahlore workings extend over 350 meters of strike length in a north-south direction, demonstrating the significant scale potential of this new high-grade silver discovery by Lode Resources Ltd.

"The significant expansion of Lode's exploration ground in and around the Montezuma Silver and Antimony Project has provided immense exploration potential to discover similar high-grade antimony & silver deposits," said Lode's Managing Director Ted Leschke.

Geological Characteristics and Mineralogy

The mineralogy at Fahlore is similar to the company's Montezuma deposit, comprising jamesonite, galena, tetrahedrite and chalcopyrite. This geological continuity strengthens the company's exploration model for the district.

Furthermore, the high-grade silver discovery by Lode Resources Ltd includes structures that remain open in all directions, suggesting significant potential for resource expansion as exploration continues.

Strategic Land Acquisition in Tasmania's West Coast Mining Province

Lode is systematically building its footprint in this prospective region with:

• Recent acquisition of tenement EL2/2020 adding 88 square kilometers
• Tenement application EL6/2025 adding another 71 square kilometers

The company's regional exploration program is utilising historical systematic soil sampling to identify multiple targets across this expanded land package. Early fieldwork has already rediscovered the Blocks East Antimony-Silver workings, where historical soils were highly anomalous in silver, copper, and lead.

Understanding Critical Metals: The Antimony Advantage

Antimony has become one of the world's most critical metals, with prices tripling in Western markets over the past year. The metal is classified as a critical mineral by the Australian Federal Government, Tasmanian State Government, and most advanced Western nations.

Recent global developments have heightened antimony's strategic importance:

• China announced a ban on antimony exports specifically to the United States in December 2024
• This follows earlier limits on critical minerals exports from China due to national security concerns
• Antimony prices have reached record levels due to tight supply conditions

Notably, Lode's Montezuma Project represents Tasmania's only antimony project, positioning the company uniquely within the state's Critical Minerals Strategy that aims to grow exploration and support development of these strategic resources.

Montezuma Project: A High-Grade Silver & Antimony Foundation

The Montezuma deposit, currently undergoing extensive drilling, has already demonstrated exceptional potential with numerous high-grade intercepts, including:

• 776 g/t AgEq or 2.18% SbEq over 9.9m (MZS19)
• 806 g/t AgEq or 2.27% SbEq over 9.2m (MZS13)
• 1,519 g/t AgEq or 4.27% SbEq over 3.5m (MZS11)

The deposit consists of structurally controlled polymetallic sulphide lodes associated with the Montezuma fault. Drilling has intercepted multiple mineralised veins in each drill hole, with the structures remaining open in all directions.

This high-grade silver discovery by Lode Resources Ltd includes a deposit with initial development work already completed, advanced metallurgical test work underway, and significant mining equipment and beneficiation infrastructure in place.

The Investment Case for Lode Resources

Lode Resources presents a compelling investment opportunity for several key reasons:

1. Strategic Critical Mineral Focus: Antimony's status as a critical mineral with supply constraints and rising prices creates significant value potential.

2. High-Grade Assets: Consistently high-grade silver and antimony results from both the main Montezuma deposit and new discoveries like Fahlore.

3. Infrastructure Advantage: The project already has substantial infrastructure in place, including connection to grid power, crushing and milling equipment, and a recently constructed tailings dam.

4. Regional Scale Potential: The company's model for discovering structurally controlled granite-related Sb-Ag sulphide deposits is proving successful across its expanding land package.

5. Location Excellence: The project is situated in Tasmania's premier West Coast Mining Province, near well-established mining centers and with strong government support through the Critical Minerals Strategy.

Future Developments to Watch

Investors should monitor several upcoming catalysts for Lode Resources:

• Ongoing drilling results from the Montezuma deposit, where 17 holes for 2,507m had been completed at the financial year end
• Additional exploration results from the Fahlore area and other regional targets
• Trial pilot scale beneficiation treatment of Montezuma mineralisation once metallurgical parameters and permitting are finalised
• Progress on the current 50-to-60-hole drilling program (8,000m to 10,000m) that is testing a 300m strike by 200m depth target area

With antimony prices at record highs and China's tightening export restrictions, this high-grade silver discovery by Lode Resources Ltd positions the company well as a Western-focused developer of this critical mineral, complemented by significant silver credits that enhance the project's economics.

Silver and Antimony: Understanding the Minerals

What makes silver valuable in today's economy?

Silver (Ag) is a precious metal with both investment and industrial applications, valued for its electrical conductivity, reflectivity, and antimicrobial properties. With a long history as a monetary metal, silver continues to play a crucial role in electronics, solar panels, medical applications, and jewellery.

Why is antimony considered a critical mineral?

Antimony (Sb) is a metalloid element that, while less well-known than silver, has become increasingly important in modern technology and industry. Its primary uses include:

• Flame retardants for plastics, textiles, and electronics
• Lead-acid battery components
• Ammunition and bullet casings
• Infrared detectors and diodes
• Glass and ceramics manufacturing
• Certain types of semiconductors

The combination of silver and antimony in a single deposit creates a dual-commodity opportunity that helps mitigate single-metal price risk while potentially reducing overall production costs through shared processing infrastructure.

Both metals are experiencing strong demand fundamentals as industrial applications expand, particularly in green technology sectors. For antimony specifically, the limited number of producers outside China creates a substantial opportunity for new Western sources like Lode's Montezuma project to command premium pricing in secure supply chains.

The high-grade silver discovery by Lode Resources Ltd at the Fahlore workings underscores the project's growing significance in addressing these critical mineral supply challenges. As exploration continues and global supply constraints persist, the company appears well-positioned to capitalise on these favourable market dynamics.

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