Lodestar Minerals Limited provided the following update on exploration activity over the Company's Western Australian projects. Neds Creek JV: The contact drilling program completed in 2021 has confirmed that the Contessa shear zone is a major, kilometer-scale host to intense hydrothermal alteration and strongly anomalous pathfinder elements, with primary, high grade gold mineralization intersected in drilling at Contessa and Gidgee Flat prospects. Recently reported wide intersections of anomalous gold in LNRC097 (17m at 0.7g/t Au from 122m) and LNRC099 have refocused attention on the drilling gap between Contessa and Central Park prospects and an untestedp "bulls eye" magnetic anomaly within the Contessa shear zone.

Previous air core drilling near the magnetic anomaly has intersected elevated gold associated with pyritic intervals in sericite and biotite schists. LNR840, located 70m north of the center of the peak of the magnetic anomaly, reported elevated gold (>0.1gpt Au) from 60m to end of hole at 84m, up to a maximum 3.14gpt Au. Anomalous gold has been consistently intersected over 340m along strike to the northeast towards LNRC097.

These intersections coincide with strong alteration and deeper penetration of air core drill holes to a maximum 122m (LNR848) and pervasive albite alteration within the adjacent Contessa granite. The discrete magnetic anomaly is a priority target for RC drilling and geophysical modelling is underway to resolve the depth and orientation of the target. With Program of Work approval in place.

Drilling will commence when a suitable contractor can be mobilized to site. Earaheedy Imbin: Extensive soil geochemistry and fixed loop EM surveys over selected late time Xcite EM conductors along strike from the Main Gossan copper prospect, scheduled to commence in May, have been delayed by unseasonal wet weather extending throughout the Pilbara and northern goldfields. Due to significant rainfall the project is currently inaccessible.

The Company is closely monitoring weather conditions to determine when the programs can commence, with the aim of starting this month without additional rain. Coolgardie West: An access agreement with the holders of a miscellaneous license that traverses the Coolgardie West project has been finalized, lifting an objection that has delayed the grant of the tenement. Lodestar has engaged with traditional owners and is in the final stages of negotiating a heritage and land access agreement.

Following grant, a program of work will be submitted for drilling of the extensive lithium and gold target identified at Coolgardie West. Jubilee Well: Planned RC drilling of the gold target located 2km along strike from the 100k oz Au Golden Delicious deposit is progressing, drill collars have been marked out and the area is now awaiting heritage clearance. Camel Hills: A site visit and rock chip sampling has been completed over the extensive gold in soil anomaly trending over 3.6km north-east from the Big Sky prospect.

The Company is dedicated to developing and testing the multiple exploration targets across its extensive portfolio as weather conditions and contractor availability allow and will update shareholders as the situation progresses.