# L1M: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/l1m-annual-report-to-shareholders--37a86866-530b-4c11-8a11-b0c73c0760d3 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146092 Publisher: asx Original announcement: 2026-09-30T02:24:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T03:06:57.930Z Atlas analysis updated: 2026-09-30T03:06:57.930Z - Company: Lightning Minerals Ltd - Ticker: L1M - Exchange: ASX - Region: North Queensland - Primary commodity: Gold - Secondary commodities: Copper, Tungsten, Zinc, Silver, Lead, Lithium - Document categories: Drill results, Capital raise, Agreement transaction - Extracted: 2026-09-30 03:06:58 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Lightning Minerals Ltd reported a strategic reset in FY2026, focusing on Australian gold, copper, and tungsten assets, leading to the divestment of non-core international lithium projects. The company completed its inaugural nine-hole diamond drilling program at the Mt Turner Gold + Copper Project in North Queensland, yielding high-grade gold and base metal intersections. To fund its exploration activities, Lightning Minerals successfully raised A$2.50 million and A$1.85 million through placements during the year. Reasoning: The annual report highlights strong historical drill results and successful capital raises, indicating positive operational progress and funding. The strategic reset and divestment of non-core assets are also positive for focus. However, the drill results are not new, and the company reported a significant financial loss and asset impairment. - Positive factor: High-grade gold and base metal drill intersections reported from Mt Turner project - Positive factor: Successful capital raises provide funding for ongoing exploration - Positive factor: Strategic divestment of non-core assets focuses the company on key projects - Positive factor: Progress towards resource definition at Mt Turner and Warby projects - Negative factor: Drill results are historical, previously announced in late 2025 - Negative factor: Significant loss reported for the financial year - Negative factor: Impairment of previously capitalised exploration expenditure Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 19 ## Classification and evidence No classification tags are available. ## Extracted facts Stored fact records: 19. Some facts used in scoring do not have a stored record. ## Drill Results (19) ### 25L1MP3DD001 [Link to this fact](https://atlas-staging.minestarters.com/news/l1m-annual-report-to-shareholders--37a86866-530b-4c11-8a11-b0c73c0760d3#fact-drill-facts-0) Mt Turner · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: 25L1MP3DD001 - Project: Mt Turner - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: L1M #### Geometry - Grade: 11.57 - Grade Unit: g/t - Intercept: 4 m - From: 77 m - To: 81 m - Intercept Depth: 77 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 25L1MP3DD001:77-81 #### Location - Location: Pit 3 - Loc. Source: document #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-21T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an exceptionally high-grade gold intercept with significant base metal credits, indicating strong mineralization. However, it is a re-reported historical result, reducing its novelty. - Positive factor: Exceptional gold grade \(11.57 g/t Au\) for an epithermal deposit - Positive factor: Significant intercept length \(4.0m\) - Positive factor: Polymetallic nature with strong zinc and silver grades - Negative factor: Result is historical, previously announced in October 2025 - Negative factor: Apparent width only, true width not disclosed Evidence · text > 4.0 meters at 11.57g/t gold, 5.25% zinc and 27.1g/t silver from 77 meters in hole 25L1MP3DD001 at Pit 3. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "For personal use only 14 02 REVIEW OF PORTFOLIO & AUSTRALIAN OPERATIONS For personal use only 15 PORTFOLIO OVERVIEW The " #### Rejected tags **Bonanza Intercept** — Rejected; excluded from scoring Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Reason: The gold grade of 11.57 g/t is well above the exceptional threshold for epithermal gold deposits. Evidence · text > 11.57g/t gold **Apparent Width Only** — Rejected; excluded from scoring Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Reason: The interval is given as a downhole length of 4.0 meters with no true width or drill orientation stated. Evidence · text > 4.0 meters at 11.57g/t gold ### 25L1MP3DD001 [Link to this fact](https://atlas-staging.minestarters.com/news/l1m-annual-report-to-shareholders--37a86866-530b-4c11-8a11-b0c73c0760d3#fact-drill-facts-1) Mt Turner · zinc Historical result Needs review: historical\_restatement #### Identity - Hole ID: 25L1MP3DD001 - Project: Mt Turner - Commodity: zinc - Region: australia\_qld - Reported Region: australia\_qld - Ticker: L1M #### Geometry - Grade: 5.25 - Grade Unit: % - Intercept: 4 m - From: 77 m - To: 81 m - Intercept Depth: 77 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 25L1MP3DD001:77-81 #### Location - Location: Pit 3 - Loc. Source: document #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-21T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The moderate zinc grade contributes positively to the overall polymetallic nature of the intercept, enhancing its value, though it is a re-reported historical result. - Positive factor: Moderate zinc grade \(5.25%\) adds to polymetallic value - Positive factor: Significant intercept length \(4.0m\) - Negative factor: Result is historical, previously announced in October 2025 - Negative factor: Apparent width only, true width not disclosed Evidence · text > 4.0 meters at 11.57g/t gold, 5.25% zinc and 27.1g/t silver from 77 meters in hole 25L1MP3DD001 at Pit 3. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "For personal use only 14 02 REVIEW OF PORTFOLIO & AUSTRALIAN OPERATIONS For personal use only 15 PORTFOLIO OVERVIEW The " #### Rejected tags **Apparent Width Only** — Rejected; excluded from scoring Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Reason: The interval is given as a downhole length of 4.0 meters with no true width or drill orientation stated. Evidence · text > 4.0 meters at 11.57g/t gold ### 25L1MP3DD001 [Link to this fact](https://atlas-staging.minestarters.com/news/l1m-annual-report-to-shareholders--37a86866-530b-4c11-8a11-b0c73c0760d3#fact-drill-facts-2) Mt Turner · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: 25L1MP3DD001 - Project: Mt Turner - Commodity: silver - Region: australia\_qld - Reported Region: australia\_qld - Ticker: L1M #### Geometry - Grade: 27.1 - Grade Unit: g/t - Intercept: 4 m - From: 77 m - To: 81 m - Intercept Depth: 77 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: 25L1MP3DD001:77-81 #### Location - Location: Pit 3 - Loc. Source: document #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-21T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The silver grade, while not exceptional, adds to the overall polymetallic nature of the intercept, contributing to its economic potential, but it is a re-reported historical result. - Positive factor: Moderate silver grade \(27.1 g/t\) contributes to polymetallic value - Positive factor: Significant intercept length \(4.0m\) - Negative factor: Result is historical, previously announced in October 2025 - Negative factor: Apparent width only, true width not disclosed Evidence · text > 4.0 meters at 11.57g/t gold, 5.25% zinc and 27.1g/t silver from 77 meters in hole 25L1MP3DD001 at Pit 3. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "For personal use only 14 02 REVIEW OF PORTFOLIO & AUSTRALIAN OPERATIONS For personal use only 15 PORTFOLIO OVERVIEW The " #### Rejected tags **Apparent Width Only** — Rejected; excluded from scoring Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Reason: The interval is given as a downhole length of 4.0 meters with no true width or drill orientation stated. Evidence · text > 4.0 meters at 11.57g/t gold ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/l1m-annual-report-to-shareholders--37a86866-530b-4c11-8a11-b0c73c0760d3#fact-drill-facts-3) Mt Turner · gold Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Mt Turner - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: L1M #### Geometry - Grade: 2.4 - Grade Unit: g/t - Intercept: 20.4 m - From: 63 m - To: 83.4 m - Intercept Depth: 63 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: Mt\_Turner:63-83.4 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-21T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a strong gold intercept over a good width, suggesting significant mineralization. However, it is a re-reported historical result and lacks true width information. - Positive factor: Strong gold grade \(2.4 g/t Au\) over a significant width \(20.4m\) - Positive factor: Indicates good continuity of mineralization - Negative factor: Result is historical, previously announced in late 2025 - Negative factor: Apparent width only, true width not disclosed Evidence · text > 20.4m @ 2.4g/t Au \(from 63m\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "For personal use only 14 02 REVIEW OF PORTFOLIO & AUSTRALIAN OPERATIONS For personal use only 15 PORTFOLIO OVERVIEW The " #### Rejected tags **Apparent Width Only** — Rejected; excluded from scoring Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Reason: The interval is given as a downhole length of 20.4m with no true width or drill orientation stated. Evidence · text > 20.4m @ 2.4g/t Au ### Fact 5 [Link to this fact](https://atlas-staging.minestarters.com/news/l1m-annual-report-to-shareholders--37a86866-530b-4c11-8a11-b0c73c0760d3#fact-drill-facts-4) Mt Turner · gold Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Mt Turner - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: L1M #### Geometry - Grade: 10.5 - Grade Unit: g/t - Intercept: 1.9 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-21T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This sub-interval shows exceptionally high-grade gold, indicating concentrated mineralization, but its narrow width and historical nature temper its overall impact. - Positive factor: Exceptional gold grade \(10.5 g/t Au\) within a broader interval - Positive factor: Highlights high-grade zones within the mineralization - Negative factor: Result is historical, previously announced in late 2025 - Negative factor: Narrow intercept length \(1.9m\) - Negative factor: Apparent width only, true width not disclosed Evidence · text > incl 1.9m @ 10.5g/t Au1 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "For personal use only 14 02 REVIEW OF PORTFOLIO & AUSTRALIAN OPERATIONS For personal use only 15 PORTFOLIO OVERVIEW The " #### Rejected tags **Bonanza Intercept** — Rejected; excluded from scoring Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Reason: The gold grade of 10.5 g/t is well above the exceptional threshold for epithermal gold deposits. Evidence · text > 10.5g/t Au **Apparent Width Only** — Rejected; excluded from scoring Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Reason: The interval is given as a downhole length of 1.9m with no true width or drill orientation stated. Evidence · text > 1.9m @ 10.5g/t Au ### Fact 6 [Link to this fact](https://atlas-staging.minestarters.com/news/l1m-annual-report-to-shareholders--37a86866-530b-4c11-8a11-b0c73c0760d3#fact-drill-facts-5) Mt Turner · gold Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Mt Turner - Commodity: gold - Region: australia\_qld - Reported Region: australia\_qld - Ticker: L1M #### Geometry - Grade: 10.6 - Grade Unit: g/t - Intercept: 1.8 m - From: 77 m - To: 78.8 m - Intercept Depth: 77 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: Mt\_Turner:77-78.8 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-21T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This interval shows exceptionally high-grade gold with silver, highlighting concentrated mineralization, but its narrow width and historical nature temper its overall impact. - Positive factor: Exceptional gold grade \(10.6 g/t Au\) with silver credits - Positive factor: Indicates high-grade zones within the mineralization - Negative factor: Result is historical, previously announced in late 2025 - Negative factor: Narrow intercept length \(1.8m\) - Negative factor: Apparent width only, true width not disclosed Evidence · text > Incl. 1.8m @ 10.6g/t Au and 27.1g/t Ag from 77m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "For personal use only 14 02 REVIEW OF PORTFOLIO & AUSTRALIAN OPERATIONS For personal use only 15 PORTFOLIO OVERVIEW The " #### Rejected tags **Bonanza Intercept** — Rejected; excluded from scoring Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Reason: The gold grade of 10.6 g/t is well above the exceptional threshold for epithermal gold deposits. Evidence · text > 10.6g/t Au **Apparent Width Only** — Rejected; excluded from scoring Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Reason: The interval is given as a downhole length of 1.8m with no true width or drill orientation stated. Evidence · text > 1.8m @ 10.6g/t Au ### Fact 7 [Link to this fact](https://atlas-staging.minestarters.com/news/l1m-annual-report-to-shareholders--37a86866-530b-4c11-8a11-b0c73c0760d3#fact-drill-facts-6) Mt Turner · silver Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Mt Turner - Commodity: silver - Region: australia\_qld - Reported Region: australia\_qld - Ticker: L1M #### Geometry - Grade: 27.1 - Grade Unit: g/t - Intercept: 1.8 m - From: 77 m - To: 78.8 m - Intercept Depth: 77 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: Mt\_Turner:77-78.8 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-21T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The silver grade contributes to the polymetallic nature of the intercept, but its narrow width and historical context limit its individual impact. - Positive factor: Moderate silver grade \(27.1 g/t\) adds to polymetallic value - Negative factor: Result is historical, previously announced in late 2025 - Negative factor: Narrow intercept length \(1.8m\) - Negative factor: Apparent width only, true width not disclosed Evidence · text > Incl. 1.8m @ 10.6g/t Au and 27.1g/t Ag from 77m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "For personal use only 14 02 REVIEW OF PORTFOLIO & AUSTRALIAN OPERATIONS For personal use only 15 PORTFOLIO OVERVIEW The " #### Rejected tags **Apparent Width Only** — Rejected; excluded from scoring Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Reason: The interval is given as a downhole length of 1.8m with no true width or drill orientation stated. Evidence · text > 1.8m @ 10.6g/t Au ### Fact 8 [Link to this fact](https://atlas-staging.minestarters.com/news/l1m-annual-report-to-shareholders--37a86866-530b-4c11-8a11-b0c73c0760d3#fact-drill-facts-7) Mt Turner · zinc Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Mt Turner - Commodity: zinc - Region: australia\_qld - Reported Region: australia\_qld - Ticker: L1M #### Geometry - Grade: 6.2 - Grade Unit: % - Intercept: 17.2 m - From: 32 m - To: 49.2 m - Intercept Depth: 32 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: Mt\_Turner:32-49.2 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-21T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a strong polymetallic intercept with good zinc, lead, and silver grades over a significant width, indicating substantial mineralization. However, it is a re-reported historical result. - Positive factor: Moderate zinc grade \(6.2%\) over a significant width \(17.2m\) - Positive factor: Polymetallic nature with lead and silver credits - Negative factor: Result is historical, previously announced in late 2025 - Negative factor: Apparent width only, true width not disclosed Evidence · text > 17.2m @ 6.2% Zn, 1.4% Pb and 10.3g/t Ag from 32m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "For personal use only 14 02 REVIEW OF PORTFOLIO & AUSTRALIAN OPERATIONS For personal use only 15 PORTFOLIO OVERVIEW The " #### Rejected tags **Apparent Width Only** — Rejected; excluded from scoring Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Reason: The interval is given as a downhole length of 17.2m with no true width or drill orientation stated. Evidence · text > 17.2m @ 6.2% Zn ### Fact 9 [Link to this fact](https://atlas-staging.minestarters.com/news/l1m-annual-report-to-shareholders--37a86866-530b-4c11-8a11-b0c73c0760d3#fact-drill-facts-8) Mt Turner · lead Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Mt Turner - Commodity: lead - Region: australia\_qld - Reported Region: australia\_qld - Ticker: L1M #### Geometry - Grade: 1.4 - Grade Unit: % - Intercept: 17.2 m - From: 32 m - To: 49.2 m - Intercept Depth: 32 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: Mt\_Turner:32-49.2 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-21T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The lead grade contributes to the polymetallic nature of the intercept, enhancing its overall value, but it is a re-reported historical result. - Positive factor: Lead grade \(1.4%\) adds to polymetallic value - Positive factor: Significant intercept length \(17.2m\) - Negative factor: Result is historical, previously announced in late 2025 - Negative factor: Apparent width only, true width not disclosed Evidence · text > 17.2m @ 6.2% Zn, 1.4% Pb and 10.3g/t Ag from 32m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "For personal use only 14 02 REVIEW OF PORTFOLIO & AUSTRALIAN OPERATIONS For personal use only 15 PORTFOLIO OVERVIEW The " #### Rejected tags **Apparent Width Only** — Rejected; excluded from scoring Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Reason: The interval is given as a downhole length of 17.2m with no true width or drill orientation stated. Evidence · text > 17.2m @ 6.2% Zn ### Fact 10 [Link to this fact](https://atlas-staging.minestarters.com/news/l1m-annual-report-to-shareholders--37a86866-530b-4c11-8a11-b0c73c0760d3#fact-drill-facts-9) Mt Turner · silver Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Mt Turner - Commodity: silver - Region: australia\_qld - Reported Region: australia\_qld - Ticker: L1M #### Geometry - Grade: 10.3 - Grade Unit: g/t - Intercept: 17.2 m - From: 32 m - To: 49.2 m - Intercept Depth: 32 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: Mt\_Turner:32-49.2 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-21T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The silver grade contributes to the polymetallic nature of the intercept, but its individual impact is moderate, and it is a re-reported historical result. - Positive factor: Moderate silver grade \(10.3 g/t\) adds to polymetallic value - Positive factor: Significant intercept length \(17.2m\) - Negative factor: Result is historical, previously announced in late 2025 - Negative factor: Apparent width only, true width not disclosed Evidence · text > 17.2m @ 6.2% Zn, 1.4% Pb and 10.3g/t Ag from 32m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "For personal use only 14 02 REVIEW OF PORTFOLIO & AUSTRALIAN OPERATIONS For personal use only 15 PORTFOLIO OVERVIEW The " #### Rejected tags **Apparent Width Only** — Rejected; excluded from scoring Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Reason: The interval is given as a downhole length of 17.2m with no true width or drill orientation stated. Evidence · text > 17.2m @ 6.2% Zn ### Fact 11 [Link to this fact](https://atlas-staging.minestarters.com/news/l1m-annual-report-to-shareholders--37a86866-530b-4c11-8a11-b0c73c0760d3#fact-drill-facts-10) Mt Turner · zinc Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Mt Turner - Commodity: zinc - Region: australia\_qld - Reported Region: australia\_qld - Ticker: L1M #### Geometry - Grade: 11.6 - Grade Unit: % - Intercept: 5 m - From: 43.8 m - To: 48.8 m - Intercept Depth: 43.8 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: Mt\_Turner:43.8-48.8 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-21T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This sub-interval shows strong zinc mineralization with additional lead and silver, indicating a high-grade zone. However, it is a re-reported historical result and lacks true width information. - Positive factor: Strong zinc grade \(11.6%\) within a broader interval - Positive factor: Highlights high-grade base metal zones - Positive factor: Polymetallic nature with lead and silver credits - Negative factor: Result is historical, previously announced in late 2025 - Negative factor: Apparent width only, true width not disclosed Evidence · text > Incl. 5.0m @ 11.6% Zn, 0.5% Pb and 12.4g/t Ag from 43.8m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "For personal use only 14 02 REVIEW OF PORTFOLIO & AUSTRALIAN OPERATIONS For personal use only 15 PORTFOLIO OVERVIEW The " #### Rejected tags **Bonanza Intercept** — Rejected; excluded from scoring Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Reason: The zinc grade of 11.6% is above the strong threshold for zinc deposits. Evidence · text > 11.6% Zn **Apparent Width Only** — Rejected; excluded from scoring Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Reason: The interval is given as a downhole length of 5.0m with no true width or drill orientation stated. Evidence · text > 5.0m @ 11.6% Zn ### Fact 12 [Link to this fact](https://atlas-staging.minestarters.com/news/l1m-annual-report-to-shareholders--37a86866-530b-4c11-8a11-b0c73c0760d3#fact-drill-facts-11) Mt Turner · lead Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Mt Turner - Commodity: lead - Region: australia\_qld - Reported Region: australia\_qld - Ticker: L1M #### Geometry - Grade: 0.5 - Grade Unit: % - Intercept: 5 m - From: 43.8 m - To: 48.8 m - Intercept Depth: 43.8 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: Mt\_Turner:43.8-48.8 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-21T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The lead grade contributes to the polymetallic nature of this high-grade sub-interval, but its individual impact is moderate, and it is a re-reported historical result. - Positive factor: Lead grade \(0.5%\) adds to polymetallic value within the sub-interval - Negative factor: Result is historical, previously announced in late 2025 - Negative factor: Apparent width only, true width not disclosed Evidence · text > Incl. 5.0m @ 11.6% Zn, 0.5% Pb and 12.4g/t Ag from 43.8m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "For personal use only 14 02 REVIEW OF PORTFOLIO & AUSTRALIAN OPERATIONS For personal use only 15 PORTFOLIO OVERVIEW The " #### Rejected tags **Apparent Width Only** — Rejected; excluded from scoring Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Reason: The interval is given as a downhole length of 5.0m with no true width or drill orientation stated. Evidence · text > 5.0m @ 11.6% Zn ### Fact 13 [Link to this fact](https://atlas-staging.minestarters.com/news/l1m-annual-report-to-shareholders--37a86866-530b-4c11-8a11-b0c73c0760d3#fact-drill-facts-12) Mt Turner · silver Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Mt Turner - Commodity: silver - Region: australia\_qld - Reported Region: australia\_qld - Ticker: L1M #### Geometry - Grade: 12.4 - Grade Unit: g/t - Intercept: 5 m - From: 43.8 m - To: 48.8 m - Intercept Depth: 43.8 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: Mt\_Turner:43.8-48.8 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes - Historical Source Date: 2025-10-21T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The silver grade contributes to the polymetallic nature of this high-grade sub-interval, but its individual impact is moderate, and it is a re-reported historical result. - Positive factor: Moderate silver grade \(12.4 g/t\) adds to polymetallic value within the sub-interval - Negative factor: Result is historical, previously announced in late 2025 - Negative factor: Apparent width only, true width not disclosed Evidence · text > Incl. 5.0m @ 11.6% Zn, 0.5% Pb and 12.4g/t Ag from 43.8m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "For personal use only 14 02 REVIEW OF PORTFOLIO & AUSTRALIAN OPERATIONS For personal use only 15 PORTFOLIO OVERVIEW The " #### Rejected tags **Apparent Width Only** — Rejected; excluded from scoring Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Reason: The interval is given as a downhole length of 5.0m with no true width or drill orientation stated. Evidence · text > 5.0m @ 11.6% Zn ### Fact 14 [Link to this fact](https://atlas-staging.minestarters.com/news/l1m-annual-report-to-shareholders--37a86866-530b-4c11-8a11-b0c73c0760d3#fact-drill-facts-13) #### Identity - Ticker: L1M #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This capital raise provides significant funding for the company's operations and exploration programs, demonstrating investor support. - Positive factor: Successful capital raise provides funding for exploration activities - Positive factor: Part of a larger A$2.50m raising, indicating investor confidence Evidence · text > Placement - Tranche 1 December 2025 A$1.56m Issued under available placement capacity as part of A$2.50m raising. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "For personal use only 14 02 REVIEW OF PORTFOLIO & AUSTRALIAN OPERATIONS For personal use only 15 PORTFOLIO OVERVIEW The " ### Fact 15 [Link to this fact](https://atlas-staging.minestarters.com/news/l1m-annual-report-to-shareholders--37a86866-530b-4c11-8a11-b0c73c0760d3#fact-drill-facts-14) #### Identity - Ticker: L1M #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The completion of this tranche signifies the successful funding of the company's activities and strong shareholder backing. - Positive factor: Successful completion of the A$2.50m raising, providing additional funds - Positive factor: Shareholder approval indicates strong support Evidence · text > Placement - Tranche 2 March 2026 A$0.94m Completed following shareholder approval; completed A$2.50m raising. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "For personal use only 14 02 REVIEW OF PORTFOLIO & AUSTRALIAN OPERATIONS For personal use only 15 PORTFOLIO OVERVIEW The " ### Fact 16 [Link to this fact](https://atlas-staging.minestarters.com/news/l1m-annual-report-to-shareholders--37a86866-530b-4c11-8a11-b0c73c0760d3#fact-drill-facts-15) #### Identity - Ticker: L1M #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This capital raise is highly positive as it secures substantial funding for critical exploration activities, particularly at the flagship Mt Turner project. - Positive factor: Significant capital raise provides substantial funding for key projects - Positive factor: Funds specifically allocated to Mt Turner Phase 2 drilling and Australian exploration Evidence · text > Capital raising June 2026 A$1.85m Supported Mt Turner Phase 2 drilling, priority Australian exploration and working capital. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "For personal use only 14 02 REVIEW OF PORTFOLIO & AUSTRALIAN OPERATIONS For personal use only 15 PORTFOLIO OVERVIEW The " ### Fact 17 [Link to this fact](https://atlas-staging.minestarters.com/news/l1m-annual-report-to-shareholders--37a86866-530b-4c11-8a11-b0c73c0760d3#fact-drill-facts-16) lithium #### Identity - Commodity: lithium - Region: canada - Reported Region: Canada and Brazil - Ticker: L1M #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The divestment of non-core lithium assets is a positive strategic move, enabling the company to streamline its portfolio and concentrate resources on its primary Australian projects. - Positive factor: Divestment allows the company to focus capital and management attention on core Australian assets - Positive factor: Reduces exposure to non-core projects Evidence · text > After 30 June 2026, the Company divested it’s Canadian and Brazilian tenements and rights. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "For personal use only 14 02 REVIEW OF PORTFOLIO & AUSTRALIAN OPERATIONS For personal use only 15 PORTFOLIO OVERVIEW The " ### Fact 18 [Link to this fact](https://atlas-staging.minestarters.com/news/l1m-annual-report-to-shareholders--37a86866-530b-4c11-8a11-b0c73c0760d3#fact-drill-facts-17) gold #### Identity - Commodity: gold - Region: australia\_nsw - Reported Region: Queensland and New South Wales - Ticker: L1M #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The acquisition of Lotus Minerals was a significant strategic move, adding key gold and copper projects in Australia and expanding the company's exploration potential. - Positive factor: Acquisition expanded Australian exploration footprint - Positive factor: Added highly prospective gold and copper assets \(Mt Turner and others\) to the portfolio Evidence · text > Lightning completed the acquisition of Lotus Minerals during September 2025 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "For personal use only 14 02 REVIEW OF PORTFOLIO & AUSTRALIAN OPERATIONS For personal use only 15 PORTFOLIO OVERVIEW The " ### NS4 [Link to this fact](https://atlas-staging.minestarters.com/news/l1m-annual-report-to-shareholders--37a86866-530b-4c11-8a11-b0c73c0760d3#fact-drill-facts-18) Mt Turner · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: NS4 - Project: Mt Turner - Commodity: copper - Region: australia\_qld - Reported Region: australia\_qld - Ticker: L1M #### Geometry - Grade: 0.35 - Grade Unit: % - Intercept: 48 m - From: 96 m - To: 144 m #### Classification - Deposit Type: epithermal - Sample Type: drill #### Location - Location: Pit 3 - Loc. Source: document #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is an exceptionally high-grade gold intercept with significant base metal credits, indicating strong mineralization. However, it is a re-reported historical result, reducing its novelty. - Positive factor: Exceptional gold grade \(11.57 g/t Au\) for an epithermal deposit - Positive factor: Significant intercept length \(4.0m\) - Positive factor: Polymetallic nature with strong zinc and silver grades - Negative factor: Result is historical, previously announced in October 2025 - Negative factor: Apparent width only, true width not disclosed Evidence · text > 48 metres at 0.35% copper and 0.31g/t gold from 96 metres #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "For personal use only 14 02 REVIEW OF PORTFOLIO & AUSTRALIAN OPERATIONS For personal use only 15 PORTFOLIO OVERVIEW The " ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.