Key Highlights

  • Lightning seeks approval to issue up to $2 million of shares under Listing Rule 7.1, with the company expecting to raise further funds.
  • The four-hole Phase 2 programme at Mt Turner totalled 518 metres, with assays expected in December.
  • Phase 2 rock chips at Warby returned up to 5.5% tungsten, with five of six samples above 1%.
  • Cash was $939,000 at 30 September, equal to about one quarter of funding at the current rate of spending.

Lightning Minerals (ASX:L1M) finished Phase 2 diamond drilling at its Mt Turner gold project in North Queensland on 10 November 2026 and expects assays in December. Six days earlier, it reported that expanded soil sampling at its Warby tungsten project, also in North Queensland, was complete. Those results will arrive while the company's funding is tight: its September quarter Appendix 5B, released on 30 October 2026, showed cash of $939,000 and about one quarter of funding at the current rate of spending.

That explains why the notice of annual general meeting, released on 29 October, asks shareholders to approve the issue of up to $2 million worth of shares under Listing Rule 7.1. A separate resolution seeks the additional 10% Placement capacity under Listing Rule 7.1A.

Two Queensland projects

Mt Turner is Lightning's flagship project. The four-hole, 518-metre Phase 2 programme tested strike and depth extensions to high-grade gold intersected in 2025, along a 2.2km section of the 14km Drummer Fault corridor. The company is targeting a maiden Mineral Resource Estimate in 2027 after Phase 3 resource definition drilling. That is a company target; the drilling so far consists of exploration results. The September quarterly also reported Western Zone soil results, which defined two new gold targets, including a northern anomaly continuous for more than 1,000 metres.

At Warby, Phase 2 rock chips returned up to 5.5% tungsten, with five of six samples above 1%. The company described a 13km granite contact that remains mostly untested. The 4 November update said 220 Phase 3 soil samples had been submitted for analysis, with LiDAR surveying planned for November and petrology work underway at UNSW, all aimed at ranking targets for a maiden drill programme. Visible wolframite in newly identified historical workings is a visual observation only and still needs laboratory confirmation.

Funding and dilution

During the quarter, Lightning completed the A$725,000 second Tranche of a A$1.85 million placement, following Shareholder approval on 24 July. Net operating outflows were $536,000, including $177,000 of staff costs and $222,000 of administration. Capitalised exploration was a further $376,000, giving total relevant outgoings of $912,000. In its item 8 answers, the company said it is looking to dispose of or farm out non-core projects, and has agreed to reduce its interest in Lachlan Fold tenements in return for $100,000 and lower commitments. It also expects to raise further funds in the market.

Governance item

The AGM agenda includes a conditional spill resolution. The 2025 remuneration report received less than 75% support, so a second strike this year would trigger a vote on whether to hold a meeting to re-elect the board. Shareholders will also vote on performance rights for managing director Troy Brice.

Risks and upcoming milestones

Tungsten has gained attention as a critical mineral, and gold explorers compete hard for funding, but Lightning's projects are at the soil sampling and early drilling stage. Its key risks are the short runway, dilution, assay outcomes and a possible board spill. Confirmed milestones include Mt Turner assays (expected in December), the Warby soil assays and LiDAR survey, and the AGM in West Leederville at 9:00am (AWST) on 30 November 2026.