Lightning Minerals Expands Gold and Copper Portfolio Through Strategic Acquisition.
- Noel Ong
- Jul 23
- 7 min read
Announcement
30th of June 2025 – Lightning Minerals Ltd (ASX: L1M) has announced a transformational acquisition of two advanced brownfields projects targeting gold and copper in Queensland (Mt Turner Projects) and New South Wales (Lachlan Fold Copper Porphyry Project).
The acquisition of Lotus Minerals Pty Ltd significantly strengthens the Company’s portfolio and introduces immediate drill targets in some of Australia’s most mineral-endowed regions. The addition of these projects complements Lightning’s existing lithium assets in Brazil, offering a diversified exposure to three high-demand commodities: gold, copper, and lithium.
ASX Snapshot – Lightning Minerals Ltd (ASX: L1M)
ASX Code: L1M
Listing Date: 10 November 2022
Current Share Price (as at June 2025): $0.04
Market Capitalisation: ~$7.5 million (pre-acquisition)
Industry Group: Materials – Gold, Copper, Lithium
Key Highlights – Acquisition and Exploration Potential for Gold and Copper.
Strategic Acquisition: L1M is acquiring 100% of Lotus Minerals Pty Ltd, which holds two advanced gold-copper assets—Mt Turner (QLD) and Lachlan Fold Belt (NSW)—through a scrip-based deal aligned with exploration milestones.
🔷Mt Turner Gold Project (QLD):
Near-term drilling set to commence within eight weeks, targeting high-grade gold mineralisation along the 14km Drummer Fault (Figure 1).
Figure 1: Isometric view of the Mt Turner project demonstrating the 14km Drummer Fault (source: L1M)
Historic results (Figure 2) include:
16m @ 3.56 g/t Au
16.0m @ 3.60g/t Au
12m @ 6.5 g/t Au
7m @ 6.45 g/t Au and 43g/t Ag
3m @ 5.1 g/t Au and 51 g/t Ag
Figure 2: Previous gold intersections at the historic Drummer Toy pit (source: L1M)
🔷Mt Turner Copper Porphyry Project:
Identified 6km+ porphyry system with strong IP chargeability anomalies—multiple drill targets confirmed by 2022 surveys by Meryllion Resources (Figure 3).
Figure 3: Potential targets generated by geophysics at the Mt Turner Copper Project - completed in 2022 by Meryllion Resources Corp (CSE: MYR) (source: L1M)
🔷Lachlan Fold Copper-Gold Projects (NSW):
Boree Creek/Dairy Hill Project sits between Cadia (Newmont) and Northparkes (Evolution Mining) in the Lachlan Fold Belt (Figure 4):
48m @ 0.35% Cu and 0.31 g/t Au
62m @ 0.23% Cu and 0.14 g/t Au
57m @ 0.12% Cu and 0.10 g/t Au
33m @ 0.23% Cu and 0.14g/t Au
Figure 4: Lachlan Fold Belt Projects – Borre Creek/Dairy Hill, Burdett and Manildra (source: L1M)
🔷Warby-Scardon Gold and Copper Project (QLD):
Large clay alteration system with gold and silver anomalies (Figure 5). Close to Mt Turner, enabling shared exploration logistics.
Figure 5: Warby-Scardon Gold and Copper Project (source: L1M)
🔷Project Pipeline:
Additional tenements acquired include Burdett, Manildra, Gundagai (NSW) and Corryong (VIC), expanding potential in multiple mineral systems.
🔷Capital Raise Completed:
$2.0M raised at $0.04 per share to fund near-term drilling, led by GBA Capital and Canaccord Genuity.
🔷Balanced Commodity Exposure:
This acquisition positions Lightning with near-term gold and copper upside while maintaining optionality in lithium through Brazilian assets in Lithium Valley.
🔷Proposed Acquisition Terms:
💠Upfront Consideration: 30 million fully paid ordinary shares issued to the sellers (valued at $1.2 million at $0.04/share).
💠Milestone-Based Shares: Up to 60 million additional shares, issued in three tranches:
⚬ 10 million shares upon completion of 1,000m of drilling.
⚬ 20 million shares upon delineating a JORC-compliant 250,000oz gold equivalent resource.
⚬ 30 million shares upon delineating a 500,000oz gold equivalent resource.
💠Escrow Terms:
Upfront and first milestone shares: 12-month voluntary escrow.
Second and third milestone shares: 6-month escrow.
💠Conditions Precedent:
Completion of $2.0M capital raise.
Completion of FNQ asset transfer into Lotus.
Shareholder and ASX approvals.
Receipt of any required third-party consents.
Lightning Minerals Managing Director Alex Biggs commented:
“The Company is excited to announce the acquisition of Lotus which will provide our shareholders with an exposure to the strong gold and copper markets. We have been reviewing multiple projects globally to gain exposure to gold and copper and the potential that exists across these assets is significant, particularly near-term drilling opportunities at the Mt Turner Gold Project.
A focused drill program targeting beneath existing open pits and along strike allows us to begin testing the 14km Drummer Fault which we believe holds excellent gold potential. We are also excited about the copper potential that exists at both the Mt Turner Copper Project and the Lachlan Fold Copper Porphyry Project that already demonstrates multiple significant intersections, including 48m @ 0.35% Cu and 0.31g/t Au from 96m at the Boree Creek/Dairy Hill Project. The location, close to both Cadia and Northparkes mines is a strong indicator that the Lachlan Fold Copper Porphyry Project presents potential to host a significant porphyry-style mineralised system.
Our works in Brazil continue at our lithium assets in the prolific Lithium Valley region. The focus now is to complete further target generation to position ourselves for a turn in the lithium market at which point we will have drill targets ready for execution.
The Proposed Acquisition demonstrates a strong portfolio synergy providing investors with a near-term exposure to gold and copper and a medium-term exposure to lithium. We look forward to starting our works in Queensland and New South Wales and continuing our works in Brazil. We are pleased to welcome new shareholders to L1M and thank our existing shareholders for their support”.
Samso Concluding Comments
Lightning Minerals’ acquisition of Lotus Minerals represents a clear tactical pivot to secure near-term value in gold and copper. At the same time, the Company contemplates its position for a future lithium recovery. The Mt Turner and Boree Creek/Dairy Hill projects can be classed as a more advanced style project with meaningful drill history, geophysical support, and established mineralised trends.
The use of scrip consideration linked to tangible exploration milestones—such as drilling completion and JORC-compliant resource definitions—is good capital management. In a market that is still hard to raise capital, this is a logical step.
Lithium-focused companies have not had a good time lately, and the change in commodity focus for Lightning is typical and required. How good these results are for the company will come with time spent on the projects.
For investors, this update confirms L1M is refocusing, and it will be a while before they can create real value. Investors should look at the cheap entry as a good time to position some money and then wait for the action to come. Unfortunately, not all of these kinds of investments come good, but if you give it a longer period, my experience shows me that a greater percentage pay off eventually.
The Samso Way – Seek the Research
The acquisition marks the beginning of a new project story for Lightning Minerals (ASX: L1M), and it’s worth a closer look. With immediate drill-ready targets in proven provinces—gold at Mt Turner and porphyry copper-gold in the Lachlan Fold Belt—this is more than just a portfolio addition. It’s an opportunity to step into a new gold story at an early stage.
The Drummer Fault presents textbook structural gold potential, while proximity to Cadia and Northparkes gives real weight to the porphyry upside. The milestone-driven deal structure keeps progress aligned with value creation, and the ongoing lithium work in Brazil adds longer-term depth. For investors seeking early entry into a technically sound gold play, this is one to watch.
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