Lion Rock Minerals (LRM) investor relations material

Executive summary

• Advanced the Minta Rutile & Monazite Project in Cameroon, transitioning from reconnaissance to targeted infill drilling over high-priority rutile and monazite targets, with strong high-grade results supporting a dual residual-alluvial development strategy.

• Identified a high-value monazite source with heavy rare earths at Minta Est, confirming a ~250km² monazite-enriched granite as the source of monazite, xenotime, and zircon, coincident with high-grade rutile zones.

• Commissioned an in-country laboratory in Yaoundé to accelerate assay turnaround and support ongoing drilling and mineralogy programs.

Financial highlights

• Spent approximately $1.26 million on project and exploration activities during the quarter, mainly on the Minta Monazite & Rutile Project, including drilling, assay, geological consultants, and permit maintenance.

• Net cash used in operating activities for the quarter was $1.49 million; year-to-date net cash used was $5.77 million.

• Cash and cash equivalents at quarter end were $6.87 million, down from $8.54 million in the previous quarter.

• Estimated quarters of funding available at current expenditure rates is 4.6.

Outlook and guidance

• Pending assays from 299-hole Minta Est and 681-hole rutile programs are expected to inform geological modeling and resource estimation, with a maiden Mineral Resource Estimate targeted for H2 2026.

• Additional infill drilling, heavy-liquid separation, and mineralogical workstreams to continue through H1 2026.

• Board is recruiting a new CEO to strengthen in-country presence and advance exploration and development.