Lightning Minerals Finalizes Phase 2 Exploration at Warby Tungsten Project in North Queensland

Comprehensive Geological Mapping and Sampling Across Warby Tungsten Targets

Lightning Minerals announced the completion of Phase 2 exploration at its Warby Tungsten Project, marking a significant advancement in evaluating the prospective tungsten system. The program systematically assessed approximately two kilometres of structural corridor centered on historical tungsten workings near the Angor Granite contact. Fieldwork included detailed geological mapping, systematic soil geochemistry, stream sediment concentrate sampling, and targeted rock chip sampling of mineralized quartz veins and favorable lithologies.

All planned activities were completed successfully, greatly enhancing the geological understanding of the Warby tungsten system. The integrated geological and geochemical data will help define mineralisation orientation, continuity, and potential scale, while identifying concealed targets beneath transported cover. The fieldwork was completed safely, on schedule, under budget, and without any health, safety, or environmental incidents, reflecting the company’s disciplined operational execution and strong safety culture. Managing Director Troy Brice highlighted that the team’s detailed mapping and systematic sampling across the prospective intrusive contact and structural corridor identified in Phase 1 have strengthened the geological dataset.

About 90 Samples Collected for Tungsten and Multi-Element Testing

In July 2026, Lightning Minerals collected approximately 90 soil and rock chip samples from drainage and soil mapping across nine veins at Warby. These samples represent a comprehensive geochemical survey of priority targets identified during the Phase 1 reconnaissance. All samples will be sent to ALS Laboratories in Townsville for tungsten and multi-element analysis, with results expected within roughly four weeks, subject to lab turnaround times.

The assay outcomes will refine Lightning’s understanding of tungsten mineralisation tenor and distribution at the prospect. When combined with the detailed Phase 2 geological mapping, these data will provide a solid technical foundation for interpretation work. The results will directly inform Phase 3 exploration planning and the selection of initial drill targets. The systematic sampling, supported by geological mapping, equips Lightning with comprehensive data to assess the scale and continuity of the tungsten system at Warby.

Building on Phase 1 High-Grade Tungsten Mineralisation Results

Phase 2 exploration builds on encouraging results from May and June 2026, which confirmed high-grade tungsten mineralisation linked to wolframite-bearing quartz veins adjacent to the Angor Granite. The recent field program systematically evaluated priority structural corridors identified in Phase 1 while expanding geological mapping and geochemical coverage across prospective intrusive contacts. This methodical approach underscores the company’s discipline in thoroughly understanding the mineralised system before drilling.

Phase 1 reconnaissance established the initial geological framework for the Warby project by identifying a prospective intrusive-related tungsten system. Phase 2 expanded this foundation by targeting specific structural features and mineralised zones with detailed mapping and systematic sampling. Combining high-grade Phase 1 results with broader Phase 2 coverage, Lightning has developed a robust technical base to plan future exploration and drill testing. The datasets from both phases provide essential geological and geochemical context for prioritizing targets.

Strategic Importance of Tungsten Fuels Long-Term Support

Lightning Minerals acknowledges tungsten’s growing strategic significance in global supply chains and defense sectors. Managing Director Troy Brice stated that tungsten is increasingly recognized as a critical mineral due to rising demand from defense, aerospace, and advanced manufacturing, alongside a focus on secure Western supply chains. This trend offers strong long-term support for the Warby Tungsten Project within Lightning’s diversified North Queensland portfolio.

Warby provides strategic exposure to the critical minerals sector, complementing Mt Turner, the company’s Tier 1 flagship gold project. The focus on secure Western supply chains is particularly relevant amid geopolitical efforts to reduce reliance on Chinese tungsten sources. Lightning’s Phase 2 results and planned drill testing represent early-stage evaluation of its potential contribution to Western tungsten supply during a period of heightened strategic focus on critical mineral security.

Warby Project’s Location Near Mt Carbine Tungsten Mine

The Warby Tungsten Project is situated in Far North Queensland within tenement EPM 28262, with the adjacent Scardon tenement also held by Lightning. Its proximity to the Mt Carbine tungsten mine, a major operating tungsten asset, validates the prospectivity of the region and confirms the presence of productive tungsten mineralisation systems.

This North Queensland location aligns with Lightning’s broader strategy of maintaining an exploration pipeline within the state, where it also operates the Mt Turner Gold Project. Concentrating assets in the region provides operational and geological synergies, allowing the company to leverage regional expertise. The Warby project’s position in a historic tungsten-bearing area, combined with detailed Phase 1 and Phase 2 data, establishes a strong foundation for advancing toward drill testing. Proximity to existing mining infrastructure and historic tungsten production adds strategic value to ongoing investment.

Assay Results Expected in August 2026 to Guide Next Phase

Lightning Minerals anticipates receiving assay results from ALS Laboratories in August 2026, subject to lab turnaround. Upon receipt, the company will integrate assay data with structural mapping and historical exploration information collected during Phase 2. This will enable prioritization of tungsten anomalies based on combined geological and geochemical datasets, providing a technical basis for finalizing Phase 3 exploration plans and identifying initial drill targets.

The August 2026 assay timeline represents a near-term catalyst for shareholders, as results will directly shape Warby’s exploration strategy. The integration process will combine geochemical assays, detailed geological mapping, stream sediment and soil geochemistry, and historical data. This comprehensive approach positions Lightning to make informed decisions on Phase 3 focus areas and drill targets. Drill target prioritization and Phase 3 planning are expected to progress in late 2026, potentially leading to drilling in subsequent periods.

Phase 2 Completion Milestone Aligns with April 2026 Strategic Reset

Completing Phase 2 at Warby marks a key milestone in delivering Lightning’s April 2026 Strategic Reset. The updated strategy emphasizes disciplined capital allocation across two priorities: the Tier 1 Mt Turner Gold Project as flagship, and Tier 2 Australian gold, copper, and critical minerals projects including Warby Tungsten. This structured portfolio management approach prioritizes value creation while maintaining exposure to emerging critical minerals opportunities.

While Mt Turner remains the principal value driver, Warby adds strategic tungsten exposure and strengthens Lightning’s diversified North Queensland portfolio. Completing Phase 2 ahead of schedule and under budget demonstrates operational efficiency and cost discipline consistent with the Strategic Reset. By advancing multiple projects in North Queensland with focused capital allocation, Lightning aims to generate catalysts across its portfolio throughout 2026 and beyond. Progressing Warby through Phase 2 into Phase 3 planning validates the company’s systematic tungsten exploration approach.

Disciplined Operational Execution and Capital Allocation

Lightning Minerals’ Phase 2 completion reflects disciplined operational execution and a strong safety culture. The field program was finalized safely, on time, under budget, and without health, safety, or environmental incidents, underscoring the company’s commitment to responsible exploration. This discipline extends to capital allocation, focusing resources on high-priority targets while maintaining cost control.

The Phase 2 approach involved systematic evaluation of Phase 1 priority targets before drilling, maximizing information per dollar invested. Collecting about 90 samples across nine veins, supported by detailed mapping, generated a comprehensive geochemical and geological dataset without the expense of immediate drilling. This measured strategy aligns with the April 2026 Strategic Reset’s emphasis on disciplined capital deployment. Successful Phase 2 completion positions Lightning to advance to Phase 3 and drill targeting from a position of strength, backed by robust data.

Next Steps: Assay Interpretation and Phase 3 Targeting

Following assay receipt, Lightning Minerals will conduct a thorough interpretation to progress Warby toward drilling. This will integrate Phase 2 geological and geochemical data with structural mapping and historical exploration records. The company will rank and prioritize tungsten anomalies based on multiple evidence lines, ensuring Phase 3 resources focus on the most prospective targets.

Identifying and prioritizing initial drill targets after assay interpretation represents the next step in testing tungsten mineralisation at depth. By completing systematic surface exploration and geochemical evaluation first, Lightning employs a risk-reduction approach to exploration investment. Receiving assay results in August 2026 should enable finalizing Phase 3 planning in late 2026, laying the groundwork for potential drilling in subsequent periods. This systematic exploration workflow reflects best practices and positions Lightning to make informed capital decisions at Warby.