Lightning Minerals Ltd delivered a strong March quarter, marked by the commencement of maiden drilling at its flagship Esperança Project in Brazil’s prolific Lithium Valley and positive soil geochemistry results across its broader Brazilian portfolio.
Cash in the bank for exploration
The company ended the period with A$1.05 million in cash and is actively planning further exploration at its high-priority targets.
The Phase 1 diamond drill program at Esperança began in February 2025, targeting spodumene-bearing pegmatites identified in late 2024.
The 2,000-metre program, which is continuing beyond the end of the quarter, follows the confirmation of spodumene through Raman spectroscopy.
Exploration activity also intensified at the Caraíbas and Canabrava projects, where lithium-in-soil anomalism reached up to 429 parts per million (ppm) and 320ppm respectively – all of which is very promising in terms of the region’s lithium prospectivity.
Extensive field mapping and reconnaissance have resulted in multiple drill-ready targets across all three projects, with reverse circulation drilling now being planned at Caraíbas and Canabrava.
Lightning collected 59 infill and 78 new primary soil samples at Canabrava, outlining a 700-metre strike length of lithium anomalism that coincides with mapped pegmatites.
Exploration across portfolio
In addition to its Brazilian operations, the company progressed exploration across its Australian and Canadian tenements.
At the Dundas North Project in Western Australia, an infill soil sampling program was completed over previously identified lithium anomalism, with results pending.
At its Canadian assets, Lightning engaged consultants to conduct a historical data review for the Dalmas and Hiver lithium projects in Quebec.
Exploration expenditure for the quarter totalled A$493,000, primarily directed towards its Brazilian assets.
While Lightning did not undertake capital raising during the quarter, it noted that discussions with advisers are underway regarding future funding.
Operating cash outflows for the quarter were A$795,000, with the company estimating 1.2 quarters of funding available at current expenditure rates.
The company continues to assess opportunities to expand its portfolio and maintain its strategic focus on advancing high-quality lithium assets across tier-one jurisdictions.