Disclosure: Lodestar Metals Corp. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
Risks
Price and Volume (1-year)
* Qualified Person: Ty Magee, M.Sc., P.Geo., Consultant of Lodestar Metals Corp.
* Lodestar Metals Corp. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions. All figures in C$.
Two projects: gold-silver in Nevada (flagship), and lithium-polymetallic in Manitoba
Portfolio Summary
As the company is focused entirely on Gold Run, this report does not discuss the early-stage Peny project, and no value has been attributed to it for conservatism.
Location Map – Gold Run
Source: Company / FRC
Gold Run sits on Nevada’s Getchell Trend, immediately west of the prolific Carlin Trend
Located in a highly underexplored trend with strong discovery potential
The company’s flagship Nevada project is located along the Getchell trend, just west of the renowned Carlin trend, one of the world’s richest gold-producing regions. The Carlin trend has produced hundreds of millions of ounces of gold, highlighting the strong mineral potential of the surrounding area.
The Getchell trend is prospective for Carlin-style gold deposits, large-scale systems known for their richness (high grades), substantial tonnage, and long mine lives. It remains underexplored compared to the Carlin trend, offering LSTR meaningful opportunities to discover gold and silver mineralization in highly prospective geological settings.
Nevada
Nevada is the top producer of gold in the U.S., accounting for over 70% of the country’s output.
Value of Minerals Produced by State
Source: USGS
Nevada is the fifth largest gold producer in the world
Source: Fraser Institute
In 2025, Nevada was ranked the most attractive mining jurisdiction in the world, as per the Fraser Institute’s survey of mining and exploration companies
Gold Run Project, Nevada
The property, covering 516 hectares, is located along the 40-km long Getchell trend, an area known for Carlin-style gold deposits. These deposits are typically high-grade and large, offering the potential for long-lasting, lower-cost mining operations.
LSTR gained control of the project in 2025
Gold Run is near the Turquoise Ridge joint venture between Barrick and Newmont, one of the highest -grade gold mines in the world. In mining, being close to major operations is valuable, as successful exploration at Gold Run could make the project an attractive acquisition target.
Located 12 km south of Turquoise Ridge, which currently produces 0.5 Moz of gold annually, and hosts 21 Moz in resources
Location Map
Qualified Person: Ty Magee, M.Sc., P.Geo., Consultant of Lodestar Metals Corp.
Source: Company
The project benefits from a mining-friendly location with existing infrastructure, including roads, power, water, and access to third-party processing facilities, allowing material to be trucked offsite for processing and ensuring a faster, more cost-effective path to production
Since the 1960s, 15 different operators have conducted exploration work, including geochemical / geophysical surveys, and extensive drilling programs (131 holes totaling 17,823 m). Additionally, 454 soil samples and 827 rock samples have been collected.
Prospects
Qualified Person: Ty Magee, M.Sc., P.Geo., Consultant of Lodestar Metals Corp.
Source: Company
Past exploration has identified at least five prospects - Robbers Knob, Gomes, Crown North, Grindstone Flats, and the Independence
Most past exploration focused on a single target called Robbers Knob, estimated to span roughly 500 m long, 300 m wide, and 200 m deep. Previous work indicates it has the potential to host a high-grade, high-tonnage deposit similar to Carlin-type deposits.
Historical Drill Holes
Historic drilling returned impressive high-grade gold intercepts, such as 18.3 m at 4.3 g/t (including 1.5 m at 37.8 g/t), and 15.24 m at 18.65 g/t; by comparison, the global average grade of gold mines is 1–2 g/t
Source: FRC / Technical Reports
All drilling to date has been shallow (<200 m), yet Carlin-type deposits typically hit peak grades between 300 and 900 m, leaving Robbers Knob largely underexplored and ripe for discovery
A former operator estimated a gold resource of 100 koz at 2.1 g/t , though this is not independently verified and is not NI 43 101 compliant. Based on past exploration and a review of regional potential, we believe this resource significantly underrepresents the project’s potential. Key factors include historic holes that were not fully assayed, often too wide, and mostly shallow; the deepest reaching only ~200 m. Additionally, no modern exploration had been conducted on the project.
Last year, the company completed a detailed modern exploration program, including mapping and soil geochemistry surveys, which returned promising results, and offered clearer insight into the mineral potential of the project.
Soil Anomalies
Soil tests found three large gold-silver areas, each about 1 km long: Robbers, Gomes, and Independence
At Robbers Knob, the mix of gold and mercury with low silver is typical of Carlin-type deposits, reaffirming the potential of the target
Qualified Person: Ty Magee, M.Sc., P.Geo., Consultant of Lodestar Metals Corp.
Source: Company
The other two targets, Gomes and Independence, show signs of a different type of gold and silver mineralization called epithermal, which usually hosts high grades, but in smaller deposits
Independence and Gomes are showing signs of epithermal-style mineralization, similar to the Adelaide-Crown deposit, owned by Barrick/Newmont, and located just south of LSTR’s land package (see map on page five). There is a possibility that the Crown North target represents an extension of Adelaide-Crown, and Gomes could be a further extension. Management plans to drill these targets to test this theory.
Qualified Person: Ty Magee, M.Sc., P.Geo ., Consultant of Lodestar Metals Corp.
Source: Company
Historical drilling, limited to only a few holes, intercepted promising grades
A recent 7.2 km geophysical survey at Gold Run identified three key focus areas for near-term drilling, all largely untested or underexplored:
New High-Priority Targets
Qualified Person: Ty Magee, M.Sc., P.Geo., Consultant of Lodestar Metals Corp.
Source: Company
Purple/Pink → Highest gold grades, prime targets
Red/Orange → Moderate gold
Projected Timeline
Source: Company
LSTR is preparing for a $1.2M drilling program, with permits already received, to test multiple targets
Management’s near-term goal is to systematically test all key targets on the property. They believe the project has the potential to host multi million ounces of gold. Based on past results, regional features, and the fact that the property is significantly underexplored, we believe this is a reasonable goal. However, the project is still at an early stage, and substantial drilling will be required to fully assess its potential.
A major advantage of the project is the presence of multiple prospects, offering several opportunities for discoveries.
FRC Speculative Estimate
The five currently identified targets span 2–3 km, but we are conservatively using 1.5 km, with a tested depth of 200 m , and width of 20 m. Carlin-type mineralized zones can range from 30–150 m wide, while epithermal zones are typically much narrower, around 1–5 m. Based on these highly speculative estimates, we believe the project could host at least 0.5 Moz of gold, which we will use for valuation purposes later in this report.
Source: FRC
Note that this is a highly speculative, preliminary estimate, entirely our own, and not endorsed or approved by the company
Management and Board
Share Ownership
Source: FRC / Sedi
Management and the board hold no shares, but control the majority of outstanding options
Three of four directors are independent
Silver One Resources (TSXV: SVE/MCAP: $180M) is the largest shareholder
Brief biographies of the management team and board members, as provided by the company, follow:
Lowell Kamin –President , Director & CEO
Mr. Kamin is a highly experienced financial services professional that has advised and raised funds for a range of Canadian and U.S. mining issuers, from the exploration phase to production. His experience includes working in the areas of securities analysis, asset management, investment banking, and capital raising, with a deep understanding of capital markets, small to medium sized enterprises (both publicly traded and private), and commercial real estate. Lowell holds a Bachelor of Arts (B.A.) degree in philosophy and business from The University of Western Ontario.
David Christie – Chairman
David Christie brings 39 years of experience in mining, exploration, and finance. He is currently President and COO of Globex Mining Enterprises Inc. and was a founder, President, and CEO of Orford Mining Corp., which was acquired by Alamos Gold Inc. in 2024. He previously led Eagle Hill Exploration Ltd. and helped form Osisko Mining Inc., later acquired by Gold Fields Ltd. Earlier in his career, he was a top-ranked mining analyst at TD Securities and worked as an exploration geologist with Agnico Eagle Mines Ltd. Mr. Christie holds a BSc in Geology from McMaster University.
Kyle Appleby – CFO
Mr. Appleby is a seasoned Chief Financial Officer who spent the first 10 years of his career working in public accounting where he worked in both audit and advisory practices working with private companies and investment funds. For the past 15 years, he has been providing CFO services to a number of public and private companies. He is a member in good standing of the Chartered Professional Accountants of Canada.
Leo Horn – Director
Mr. Leo is a seasoned technical geologist with 22 years of global experience in exploration and mining for precious, base, battery and rare earth metals, diamonds and uranium across Canada, Australia, SE Asia, South America, Africa and Europe. Notably, he led the team behind significant high-grade uranium discoveries in Canada's Athabasca Basin. He also serves on the Board of ASX-listed Cosmos Exploration, and has contributed to various lithium pegmatite projects, including the renowned Kenticha lithium-tantalum deposit in Ethiopia.
Randene Seeman – Director
Ms. Seeman brings over 25 years of experience in mining and resource-sector finance, specializing in project development, M&A, and strategic advisory, with a focus on critical minerals and battery metals. She co-founded Eclipse Capital Advisors, led the development and exit of Pristine Lithium in 2023, and currently serves as Strategic Advisor to Althea Copper Corporation.
Financials
Subsequent to Q3-2025, the company raised $3M through two equity financings
Source: FRC / Company
None of the outstanding options and warrants are in-the-money
FRC Valuation
Source: S&P Capital IQ / Various / FRC
LSTR is currently trading at just $5/oz based on our preliminary estimate on Gold Run, compared with a comparables average of $43/oz, an 88% discount
All companies selected in the study are Nevada-focused gold juniors
For this study, we have used 100% of measured and indicated resources (higher-confidence categories), and 50% of inferred resources (lower-confidence category). For Gold Run, we applied 100% of our estimate without a discount, reflecting highly conservative assumptions.
*Resource – 100% of Measured and Indicated + 50% of Inferred Resources
Source: S&P Capital IQ / Various / FRC
Applying the sector multiple to our estimate, we arrived at a fair value estimate of $0.47/share
We are initiating coverage with a BUY rating, and a fair value estimate of $0.47/share. We believe LSTR’s Gold Run project offers a rare combination of location, infrastructure, and underexplored high-grade potential in one of the world’s richest gold regions. Early drilling results, proximity to world-class mines, and a favorable mining jurisdiction , suggest multiple opportunities for discoveries. With the first drill program permitted and imminent, the next 12 months present several potential catalysts for the stock.
Risks
We believe the company is exposed to the following key risks (not exhaustive):
We are assigning a risk rating of 5 (Highly Speculative)
.png&w=128&q=75)
