Lodestar Minerals (ASX:LSR) (‘The Company’) is seeking to raise a minimum of $500,000 via placement at A$0.011 per share, with a 1-for-2 free-attaching option exercisable at A$0.017 per share, with a two year expiry from date of issuance.

The Company will be taking this opportunity to place stock to strategic investors.

The Company reserves the right to accept applications above the minimum capital raise sought.

The Company advises that the Directors have committed to A$130,000 in application funds, subject to receipt of shareholder approval at a general meeting of shareholders

To fund the maiden drilling program to be undertaken in February 2025 at the Company’s newly acquired Darwin IOCG Project in Chile. The primary use of these funds will be for completion of an inaugural RC drilling program comprising 2,000m. The near-term expenditure commitment to LSR’s Western Australian projects is nominal and as such, the Company is directing a larger focus on the highly prospective Darwin Project.

The planned use of funds is as follows:

• Chilean Assets - $400,000
• Australian Assets - $30,000
• Working Capital / Overheads - $70,000

Lodestar Minerals is an active Western Australian base metal and gold explorer. The Company’s projects comprise the 100% owned Earaheedy, Ned’s Creek and Coolgardie West Projects, in addition to the recently secured option to acquire 100% of the Darwin Project in Chile.

Lodestar also has exposure to lithium via its strategic shareholding in Future Battery Minerals (ASX:FBM) who own the Kangaroo Hills and Miriam Lithium Projects in Western Australia, and the Nevada Lithium Project in the USA.

The Darwin Project in Chile lies within one of the World’s largest IOCG (iron oxide, copper, gold) Belts which includes the 1.2 Bt @ 0.60% Cu, 0.13 g/t Au, 2.0 g/t Ag Candelaria Deposit. The region is host to numerous world class copper deposits and gold rich IOCG deposits such as Carola (10Mt @ 1.8% Cu, 0.5g/t Au) and Atacama Kozan (50Mt @ 1.6% Cu, 0.35g/t Au). The association between high-grade Cu, Au and Fe at surface in the Darwin Project is very encouraging and a good indication of the project’s potential.

Very high-grade historical samples

Several rock chip sampling programmes have been completed by Coastal Metals Chile. LSR has also confirmed the high Au and Cu grades with a site visit and a rock chip sampling programme and assaying. Inaugural RC drilling will test a corridor (Targets 1-3 and an untested target) which includes numerous historic workings from surface associated with these high-grade Cu and Au rock chip assays and magnetic targets potentially associated with IOCG mineralisation (Figure 2).

The Earaheedy Project is a major strategic land holding comprising over 500 km2 in the emerging Earaheedy Province. The Project is located on the northern margin of the prospective Earaheedy Basin.

The Project includes Cu-Au targets within a similar geological setting to the DeGrussa Copper Deposit which is located in the neighbouring Bryah Basin. Limited historic drilling within Lodestar’s tenements has intercepted high grade copper including 2m @ 4.65% Cu and 3m @ 1.97% Cu.

The Ned’s Creek Project is comprised of three contiguous Exploration Licenses totalling 137 km2 located 180km northeast of the township of Meekatharra within the Ned’s Creek and Marymia Pastoral Leases, Western Australia.

Lodestar’s historical exploration has defined a kilometre scale gold system adjacent to the Contessa Granite. Extensive low-grade gold mineralisation has been identified over a strike distance of 2.3km on the southern margin of the granite, which has led to the identification of four main prospects, all within E52/2456:

• Contessa Prospect
• Central Park Prospect
• Gidgee Flat Prospect
• Brumby Prospect

Significant intersections include 11m @ 29g/t Au from 140m, 12m @ 3.7g/t Au from 36m, 11m @ 5.8g/t Au and 16m @ 2g/t Aug from surface in these four separate prospects spread over approximately 5km of strike.

The Coolgardie West Project is located 7km west of Coolgardie in the Eastern Goldfields region of Western Australia, where Lodestar holds an exploration license comprising 59km2 prospective for Gold, Nickel and Lithium.