Up to 1,300m Drilling Underway at Mt Turner as Lightning Minerals Raises A$2M

Drilling Commences at Mt Turner

Lightning Minerals Ltd (ASX, L1M) has taken a significant step forward with the start of its maiden drilling program at the Mt Turner gold and silver project in Queensland. The campaign, planned to deliver up to 1,300 metres of diamond drilling across five high-priority target areas, aims to test extensions beneath and along strike of historic open pits along the 14-kilometre Drummer Fault. These pits, mined in the 1990s, were shallow and targeted oxide gold mineralisation, leaving deeper potential largely unexplored.

The company’s strategy leverages extensive historic data to expedite targeted drilling, with soil and rock chip sampling recently completed to refine multiple targets. The initial phase is ongoing beyond the quarter’s end, with results expected to catalyse further exploration in 2026, including potential drilling of induced polarization (IP) geophysical targets at the Mt Turner porphyry copper project.

Strategic Acquisition and Capital Raise

During the quarter, Lightning Minerals completed the acquisition of Lotus Minerals, bringing into its portfolio advanced gold and copper projects in Queensland and New South Wales. This acquisition was funded in part by a successful A$2.0 million capital raise, conducted in two tranches, which fully finances the inaugural Mt Turner drill program. The capital raise was supported by institutional investors and managed by GBA Capital Holdings and Canaccord Genuity, reflecting strong market confidence in the company’s growth trajectory.

The acquisition and capital injection position Lightning Minerals to capitalize on buoyant gold and copper markets while maintaining exposure to lithium through its Brazilian assets.

Progress in Brazilian Lithium Projects

Exploration at the company’s lithium projects in Minas Gerais, Brazil, continues to advance. At the Esperança project, assay results from 1,442 metres of diamond drilling have confirmed the presence of a significant pegmatite system, with intersections up to 94 metres wide. Although lithium grades are currently low, ongoing geochemical vectoring aims to identify more prospective zones, particularly in areas potentially displaced by faulting.

Soil sampling at the Caraíbas and Canabrava projects has revealed strong lithium anomalies, with peak assays reaching 429ppm and 320ppm lithium respectively. These findings support further detailed surface mapping and target generation, positioning Lightning Minerals well for future drill-ready lithium targets as market sentiment improves.

Leadership and Financial Position

In a governance boost, the company appointed Mr. David Vilensky, a seasoned public company director and mining executive, as Non-Executive Chairman. This leadership enhancement aligns with Lightning Minerals’ ambitions to accelerate exploration and development activities.

Financially, the company reported a cash position of A$1.204 million at quarter-end, following exploration expenditure of A$278,000 primarily directed at Mt Turner and Brazilian lithium projects. The company’s capital structure includes nearly 190 million ordinary shares and a range of listed and unlisted options and performance rights, providing flexibility for future funding and incentivization.

Outlook

Lightning Minerals is poised for a pivotal period as it awaits assay results from its Mt Turner drilling program and continues to refine lithium targets in Brazil. The company’s diversified portfolio across gold, silver, copper, and lithium markets offers multiple avenues for value creation. Investors will be watching closely for upcoming drill results and strategic updates that could validate the company’s exploration approach and underpin its growth ambitions.