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LSTR: New Focus, Proven People, and Perfect Timing

What you need to know:
• For investors seeking Nevada-based exploration exposure, LSTR offers a rare entry point at one of the lowest valuations in the sector.
• Lodestar’s flagship Goldrun Project hosts 130+ historic drill holes and 1,300+ samples, providing a strong base for exploration going forward.
• Exploration is underway at the Goldrun Project with drilling planned for Q4/25, positioning LSTR for a potential re-rating as results emerge.
• In addition to this report, we have published a management interview with CEO Lowell Kamin, watch it here.

Lodestar Metals Corp. (LSTR:TSXV) is a rare early-stage opportunity advancing a portfolio of high-potential mineral projects in North America. The Company provides investors with exposure to both precious and critical metals in tier-one jurisdictions. Its flagship asset, the Goldrun Project in Nevada, is strategically located along the world-class Getchell and Battle Mountain-Eureka Gold Trends, two of the richest gold belts in the state. This highly prospective brownfield exploration site offers a unique chance to build on extensive exploration and take advantage of rising gold prices. Lodestar also holds the Peny Project in Manitoba’s Snow Lake District, providing additional exposure to lithium and base metals.

Investment Thesis
New Direction. With a refreshed balance sheet and clean capital structure, Lodestar is focused on unlocking the potential of its recently acquired and highly prospective Goldrun Project in Nevada. An extensive exploration strategy is underway, with drilling planned for Q4/25 targeting Carlin-style and epithermal gold-silver systems.

Tier 1 Jurisdiction. Nevada is a top global gold jurisdiction, accounting for ~70% of U.S. gold output, supported by a mining-friendly regulatory framework. The Goldrun Project is located near the intersection of the Getchell and Battle Mountain–Eureka trends, within a proven gold corridor that hosts operations such as Twin Creeks and Turquoise Ridge, both multi-million-ounce deposits, operated by Nevada Gold Mines, a JV between Barrick and Newmont.

Goldrun Project. The Goldrun Project hosts 131 historical drill holes totalling 17,823m, with standout results such as 18.65 g/t Au over 15.2m & 4.3 g/t Au over 18.3m, pointing to large exploration potential. With extensive historic data and untapped targets, Lodestar is positioned to unlock value in one of Nevada’s most proven gold corridors.

Management Team. LSTR is backed by a strong management team, including CEO Lowell Kamin with deep capital markets expertise and veteran geologists Leo Horn and David Christie, both with decades of global exploration and development success. Don McDowell (strategic advisor) brings over 30 years of senior leadership and deal-making experience with major mining companies, positioning the team to unlock the full potential of Lodestar’s assets.

Valuation. LSTR trades at a small market cap ($2.4M) relative to its peers, despite a wealth of historical data and a strong neighbourhood of established operators. With a meaningful exploration campaign on the horizon, it presents an attractive entry point for investors.