Lightning Minerals Secures Shareholder Approval for Capital Raise and Options Issuance at July 2026 General Meeting

Mt Turner Gold Project Remains Central to Exploration Strategy

Lightning Minerals’ primary asset, the wholly owned Mt Turner Gold Project in northern Queensland, hosts a large-scale gold system extending roughly 14 kilometres along the Drummer Fault. The project is the focal point of ongoing drilling aimed at advancing resource definition and development. The extensive strike length highlights the potential scale of the mineralized system, positioning Mt Turner as a key asset within the company’s portfolio. Its location in a Tier 1 mining jurisdiction further enhances development prospects and investor appeal.

Exploration efforts at Mt Turner seek to deepen geological understanding and progress toward a mineral resource estimate. Drilling programs are critical to achieving resource definition, a vital step in transitioning from exploration to development. The company’s strategic focus on this asset underscores management’s confidence in the Drummer Fault’s prospectivity and the broader Mt Turner system. Successful resource definition could significantly increase the company’s asset value and open pathways for development or partnerships.

Shareholder Ratification of Tranche 1 and Approval of Tranche 2 Placement Shares

Shareholders ratified the prior issuance of Tranche 1 Placement Shares under Listing Rules 7.1 and 7.1A. Under Listing Rule 7.1, 78,251,623 votes (55.72%) were in favor with 62,142,000 votes (44.25%) against. Under Listing Rule 7.1A, the same shares received 91,840,570 votes in favor (99.79%) and 142,000 votes against (0.15%). Both resolutions passed, confirming shareholder endorsement of the capital raising activities.

Additionally, shareholders approved the issuance of Tranche 2 Placement Shares with 78,251,623 votes in favor (99.76%) and 142,000 votes against (0.18%). The overwhelming support demonstrates strong confidence in the company’s capital raise. Combined, Tranche 1 and Tranche 2 placements represent a significant capital infusion to fund exploration and development across the company’s asset portfolio, enabling accelerated progress toward key milestones.

Robust Shareholder Support for Options Issuance

Approval was also granted for Placement Options issuance, receiving 76,791,345 votes in favor (97.89%) and 1,602,278 votes against (2.04%). This strong endorsement reflects shareholder recognition of options as a valuable funding and incentive mechanism aligning management and shareholder interests while deferring cash outlay.

The issuance of Lead Manager Options was approved with a narrower margin: 76,739,573 votes in favor (51.25%) and 72,915,947 votes against (48.70%). Typically granted to underwriting or arranging parties, these options are a standard feature of institutional capital raises. Despite the closer vote, majority shareholder support affirms acceptance of the capital raise structure and remuneration terms for involved parties.

Diversified Gold and Copper Assets Across Australia’s Tier 1 Jurisdictions

Beyond Mt Turner, Lightning Minerals holds a portfolio of gold and copper projects in Australia’s premier exploration regions, including the Lachlan Fold Belt in New South Wales and the Eastern Goldfields of Western Australia. This geographic diversification exposes the company to multiple prospective geological terranes and exploration upside, reducing reliance on a single asset. The Lachlan Fold Belt is a prolific gold region, while the Eastern Goldfields continue to yield significant discoveries and remain active exploration frontiers.

This diversified asset base reflects disciplined capital allocation and multiple pathways to value creation. By operating across distinct geological and jurisdictional settings, Lightning Minerals positions itself to capitalize on varied exploration successes and commodity cycles. The company aims to generate long-term shareholder value through focused exploration, resource growth, and development of high-quality mineral assets. The recent capital raise approvals provide flexibility to allocate funds to the most promising opportunities as market conditions and geological data evolve.

Regulatory Compliance and Transparent Shareholder Voting

The 24 July 2026 General Meeting was conducted in full compliance with ASX Listing Rules and the Corporations Act 2001. All resolutions were decided by poll, ensuring transparent and auditable shareholder voting on each item. Automic, a professional share registry and governance services provider, managed the voting process and proxy disclosure in accordance with section 251AA of the Corporations Act.

Detailed proxy voting results, including votes for, against, abstentions, and discretionary proxies, demonstrate Lightning Minerals’ commitment to transparency and corporate governance best practices. These disclosures fulfill regulatory requirements and provide investors with clear insight into shareholder sentiment. The Company Secretary approved the announcement, confirming all regulatory obligations related to the meeting have been met.

Capital Deployment to Accelerate Exploration Progress

The approved capital raise equips Lightning Minerals with funds to expedite exploration across its portfolio. Resources will primarily support drilling at the Mt Turner Gold Project to advance toward resource definition, a critical milestone for transitioning to development. Management’s confidence in the Drummer Fault’s prospectivity guides this allocation. Systematic drilling and geological interpretation are essential to defining a JORC Code-compliant mineral resource.

Funds will also sustain exploration at projects in New South Wales and Western Australia, enabling a balanced approach that pursues multiple opportunities while maintaining focus on Mt Turner. The timing of the capital raise in July 2026 allows for fieldwork during optimal seasons and responsiveness to geological findings. Shareholder endorsement of the equity and options components signals strong support for management’s exploration strategy and growth objectives.

Advantages of Operating in Tier 1 Mining Jurisdictions

Lightning Minerals’ focus on Tier 1 jurisdictions—Queensland, New South Wales, and Western Australia—reflects a strategic preference for regions with established regulatory frameworks, secure tenure, and proven mineral potential. These jurisdictions feature transparent permitting, political stability, and existing mining infrastructure. The Mt Turner Gold Project benefits from its location in northern Queensland, a region with a rich gold mining history and robust support services, reducing operational risks and capital demands compared to less developed areas.

Operating in Tier 1 jurisdictions enhances the company’s ability to attract investment partners, secure development finance, and progress projects toward production. Institutional investors often prioritize assets in stable, mining-friendly regions. Lightning Minerals’ portfolio alignment with these criteria strengthens its competitive position and reduces non-geological risks as it advances exploration and resource definition.

Upcoming Milestones and Investor Considerations

Following the successful capital raise approval, investors should monitor Lightning Minerals’ updates on fund deployment and exploration progress. Key developments include drilling results from Mt Turner, which will inform resource definition efforts and be disclosed per ASX Listing Rules and JORC Code standards. Updates on exploration activities at pipeline projects in New South Wales and Western Australia are also anticipated as capital is deployed.

Investors should remain aware of potential future capital market transactions or corporate developments. The issued options have specific exercise terms and timelines; exercising these options may dilute existing shareholders. Lead Manager and Placement Options typically become exercisable upon meeting set conditions, impacting the company’s capital structure. Company Secretary Justyn Stedwell is available for shareholder inquiries, and the company website (lightningminerals.com.au) serves as the central hub for announcements, exploration updates, and investor information.