LSR - LODESTAR MINERALS LIMITED
Investment Thesis
Asset: Ned's Creek Gold Project, WA — pre-resource stage RC drilling campaign targeting 250,000–300,000 oz Au exploration target (5–7 Mt @ 1.0–1.7 g/t Au) near Plutonic Gold Mine; maiden MRE targeted CY2026. No current JORC resource exists.
What No One Else Is Seeing
Project Assessment
Asset: Ned's Creek Gold Project, WA — pre-resource stage RC drilling campaign targeting 250,000–300,000 oz Au exploration target (5–7 Mt @ 1.0–1.7 g/t Au) near Plutonic Gold Mine; maiden MRE targeted CY2026. No current JORC resource exists.
Fair Value Assessment
At A$23M market cap against a conceptual ~275,000 oz exploration target, the in-situ multiple implies ~A$84/oz — reasonable if the MRE is delivered on grade, but entirely unproven. First holes (9m @ 1.27 g/t, 15m @ 1.46 g/t) are directionally positive but only 2 of 94 planned holes are assayed. Over 2,600 samples remain pending — this is a high-risk, pre-resource story with real upside IF the MRE materialises at target grades. No placement is on the table right now, so participation is moot.
Key Concerns
Exploration target is conceptual (JORC caution applies), 46 holes still unassayed with no resource yet, CEO doubles as Competent Person (conflict risk), thin liquidity (volume unknown), and a diversified multi-jurisdiction portfolio (Chile, USA, WA) suggests capital spread across multiple burn points.
WAIT
Decent early drill results but this is a speculative pre-resource story — wait for the full assay batch and MRE delivery before committing capital at current market cap. 📞 Coraline Blaud | +61 8 9435 3200 | info@lodestarminerals.com.au
Valuation & Price Target
At A$23M market cap against a conceptual ~275,000 oz exploration target, the in-situ multiple implies ~A$84/oz — reasonable if the MRE is delivered on grade, but entirely unproven. First holes (9m @ 1.27 g/t, 15m @ 1.46 g/t) are directionally positive but only 2 of 94 planned holes are assayed. Over 2,600 samples remain pending — this is a high-risk, pre-resource story with real upside IF the MRE materialises at target grades. No placement is on the table right now, so participation is moot.
Key Risks
Exploration target is conceptual (JORC caution applies), 46 holes still unassayed with no resource yet, CEO doubles as Competent Person (conflict risk), thin liquidity (volume unknown), and a diversified multi-jurisdiction portfolio (Chile, USA, WA) suggests capital spread across multiple burn points.
Key Catalysts
| Date | Event |
|---|---|
| Near-term | Pending drill results / assays |
| Medium-term | Resource estimate update |
Decent early drill results but this is a speculative pre-resource story — wait for the full assay batch and MRE delivery before committing capital at current market cap. 📞 Coraline Blaud | +61 8 9435 3200 | info@lodestarminerals.com.au
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AI-Generated Analysis - This report was produced using Clubroom Stocks' proprietary AI engine, built on our own curated databases, custom training pipelines, and specialist prompting frameworks developed exclusively for ASX resource sector analysis. This is not financial advice. Always do your own research before making investment decisions.
Mine Sites(1)
Rating History — 19 alerts
All returns measured from alert price as Day 0
Day 1 = 1 trading day after alert. Day 5 = 5 trading days. Day 20 = 20 trading days. Live = current price vs alert price. Each alert tracks independently — a re-rating starts fresh tracking from the new alert price.