A change in strategic direction and a repositioning as a gold-led Australian exploration and development company under newly appointed chief executive officer Troy Brice has highlighted Lightning Minerals Ltd (ASX:L1M, FRA:YZ1)'s March quarter.
The reset followed a review of its asset base, capital allocation priorities and market conditions, with Mt Turner in Queensland now established as its flagship asset and primary value driver.
“This quarter has been a significant step forward for the company. With fantastic results from our first drill program at our wholly owned Mt Turner project in Queensland, we are now set up for Phase 2 of drilling. The Mt Turner project is an extremely target-rich environment which we are excited to continue our exploration works on," Brice said.
"We believe that the Mt Turner project has the potential to host a significant gold system. From acquisition of the project in July 2025 to completion of drilling in November 2025, not only have we achieved some fantastic drilling results, we have also identified multiple additional target areas. Our soil and rock chip sampling campaign continues to support new target area analysis, including the extension of the known mineralisation 2.7km to the west along the Drummer Fault. This increases the strike of known mineralisation along the Drummer Fault to 12km. We have also confirmed our exploration model for Mt Turner which provides confidence in our exploration approach and the opportunity the project represents for the company. We are excited to continue our successes in 2026 and look forward to realising the growth potential that the project represents.”
Leadership change supports new focus
Brice was appointed CEO effective March 23, 2026, following the resignation of inaugural managing director Alex Biggs in February.
Lightning also appointed long-serving company secretary Justyn Stedwell as interim non-executive director, while Craig Sharpe resigned from the board.
The company said the changes aligned its leadership structure with its refined strategic direction and focus on value creation.
Mt Turner becomes flagship asset
Under the revised strategy, gold will become Lightning’s primary commodity focus, reflecting what the company sees as near-term development and value realisation potential.
Mt Turner hosts mineralisation over around 12–14 kilometres along the Drummer Fault, with the next phase of drilling fully funded and aimed at resource definition and expansion.
The company said previous drilling returned gold and base metal intersections from 8 of 9 holes, including a standout result at Pit 3 of 20.4 metres at 2.4 grams per ton (g/t) gold and 14.3 g/t silver from 62 metres, including 1.8 metres at 10.6 g/t gold and 27.1 g/t silver.
Portfolio simplified
Lightning will retain copper exposure as a strategic growth option linked to long-term electrification demand, while lithium assets have been classified as non-core and may be divested or partnered.
The company spent A$320,000 on direct exploration during the March quarter and held A$1.238 million in cash at quarter-end.
Looking ahead, Lightning will focus on advancing Mt Turner through systematic drilling, testing Australian gold and copper opportunities, progressing options for lithium assets and maintaining disciplined capital management.