Lode’s Montezuma and Magwood Projects Advance Amid Critical Antimony Supply Crunch

Montezuma Delivers High-Grade Results Amid Global Supply Tightening

Lode Resources Ltd (ASX, LDR) has reported a significant milestone in its June 2025 quarterly activities, highlighting the first batch of high-grade drill assay results from its Montezuma Antimony & Silver Project in Tasmania. The extensive drilling program, targeting extensions of the Montezuma deposit, has returned impressive intercepts featuring antimony and silver grades, alongside notable gold, tin, copper, and lead values.

The initial nine drill holes have revealed mineralised intervals with antimony equivalent grades reaching up to 9.16% SbEq and silver equivalent grades as high as 3,254 g/t AgEq. These results underscore the polymetallic nature of the deposit and reinforce Montezuma’s potential as a critical metals source amid tightening global supply, particularly given recent export restrictions from China.

Advancing Drilling and Metallurgical Testwork

The ongoing 50-to-60-hole drilling campaign, spanning 8,000 to 10,000 metres, aims to quantify and extend the Montezuma deposit, which remains open both down dip and along strike. Lode is concurrently progressing metallurgical testwork to better understand recoveries, especially for tin and gold, which have not yet been incorporated into metal equivalent calculations.

Complementing Montezuma, Lode has commenced drilling at its 100% owned Magwood Antimony Project in New South Wales, with up to 15 holes planned. Magwood, historically Australia’s largest primary antimony producer, has never been drilled before, presenting a compelling exploration opportunity. Early grab samples from mine dumps have returned high antimony grades, with some assays exceeding 40% Sb and notable gold values, suggesting potential for gold-bearing lodes at depth.

Maiden Resource at Webbs Consol Bolsters Portfolio

In addition to its antimony projects, Lode announced a maiden Mineral Resource Estimate (MRE) for its 100% owned Webbs Consol Silver Project in the New England Fold Belt, NSW. The MRE, classified as Indicated and Inferred under the JORC Code, reports 1.6 million tonnes at 636 g/t silver equivalent, containing approximately 32 million ounces of silver equivalent. This resource confirms the scale and quality of the silver-zinc-lead mineralisation and provides a strong foundation for further exploration and development.

Strategic Positioning Amid Critical Minerals Demand

Antimony is recognised as a critical metal by the Australian Federal and Tasmanian State Governments, as well as by many advanced economies worldwide. Lode’s Montezuma project is Tasmania’s sole antimony project, positioning the company strategically to supply this increasingly scarce metal. The recent Chinese export ban on antimony to the United States has further tightened global supply, driving prices to record highs and underscoring the importance of new western world sources.

Financially, Lode remains well-positioned with cash reserves of $3.185 million at quarter-end, fully funding its exploration and metallurgical programs. The company also announced a board reshuffle, with Jason Beckton stepping down as Executive Director to resume a Non-Executive role, while Keith Mayes will oversee technical aspects of Montezuma’s development.