Lodestar Minerals : Nepean Exploration Update

ASX ANNOUNCEMENT

10 February 2022

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NEPEAN EXPLORATION UPDATE

Lodestar Minerals Limited ("LSR" or "Lodestar" or "the Company") is pleased to advise that joint venture partner Auroch Minerals (ASX: AOU) ("Auroch") has today provided an exploration update regarding the Nepean Project.

Lodestar holds a 20% interest in the Nepean Nickel Project and Auroch hold the remaining 80% and are operators of the project.

Nepean comprises 13 tenements located 25km south of Coolgardie, Western Australia and contains the historic high-grade Nepean nickel sulphide mine (1970-1987), the second producing nickel mine in Western Australia. Little systematic exploration occurred on the project following the mine closure in 1987, this presents enormous opportunity for new nickel discoveries through systematic exploration and the application of high-powered geophysical surveys.

This announcement has been authorised by the Board.

Contacts

Bill Clayton	Media enquiries
Managing Director	Michael Vaughan, Fivemark Partners
[e-mail]	[e-mail]
[phone]	[phone]

Lodestar Minerals Limited	PO Box 584	www.lodestarminerals.com.au
1st Floor, 31 Cliff Street	Fremantle, WA 6959
Fremantle, WA 6160	ABN: 32 127 026 528

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About Lodestar

Lodestar Minerals is an active Western Australian gold and base metal explorer with a prospective tenement package spanning 1,560km2 at the edge of the Pilbara and Yilgarn Cratons. Lodestar's projects comprise the Nepean Nickel Project, the Earaheedy-Imbin Base Metal Project, The Ned's Creek JV and the Camel Hills, Jubilee Well and Bulong Gold Projects.

Lodestar's primary focus to 2019 was the Ned's Creek Gold Project where it identified syenite intrusion-related gold mineralisation within a craton margin setting and made greenfields gold discoveries at the Contessa, Central Park and Gidgee Flat prospects. The Ned's Creek project is subject to a Farm-In and Joint Venture with Vango Mining Limited whereby Vango are earning a 51% interest by expenditure of $5M over 3 years.

The Earaheedy-Imbin project represents a significant land holding in the emerging Earaheedy metallogenic province, site of Rumble Resource's recent major Zn-Pb discoveries. The Imbin project is located on the northern margin of the prospective basin and is the site of significant historic copper intersections in drilling and up to 20km of strike of the Zn-Pb mineralised Yelma-Frere unconformity.

Bulong and Jubilee Well are recent acquisitions in highly endowed Eastern Goldfields district, first- pass drill programs are being planned.

Competent Person Statement

The information in this report that relates to Exploration Results is based on information compiled by Bill Clayton, Managing Director, who is a Member of the Australasian Institute of Geoscientists and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Clayton consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.

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ASX ANNOUNCEMENT

10th February 2022

IP SURVEY IDENTIFIES PRIORITY DRILL TARGETS AT NEPEAN

Highlights

• Ground Induced Polarisation (IP) survey over the Nepean North Prospect has been completed, with consistent strong bedrock chargeability anomalies identified that represent priority targets for follow-updrilling
• 3,000m Reverse-circulation (RC) drill programme planned to test the peak response of the modelled IP targets in prospective, largely untested, geological positions for both gold and nickel sulphide mineralisation
• RC programme includes seven drill-holes to test three shallow gold targets in the south of the Nepean Project, where previous drilling has intersected mineralisation ranging between 3 - 14 g/t Au 1
• Metallurgical test work is well advanced on the shallow high-grade nickel sulphide mineralisation identified near the historic Nepean nickel mine, with two of the three bulk samples tested to-datesuccessfully producing a saleable nickel concentrate grade
• Results are pending for pegmatite samples re-assayed for lithium-caesium-tantalum (LCT) mineralisation from two RC drill-holes along strike from a rock-chipsample that assayed 2.26% Li2O 2
• Diamond drilling at the Ragless Range Zinc Prospect of the Arden Project in South Australia has been completed, with down-holeradial IP surveys now underway

Auroch Minerals Limited (ASX:AOU) (Auroch or the Company) is pleased to advise that the ground IP survey has been completed over the Nepean North Prospect of the Nepean Project (Nepean) in Western Australia (Auroch Minerals 80%).

The ground Dipole-Dipole Induced Polarisation (DDIP) survey successfully identified strong chargeability anomalies (>37mV) located below the weathering profile on 16 of the 19 survey lines (Figure 1). Inversion models of the surveyed lines show the strong chargeability features are associated with both intrusive and extrusive mafics (orogenic gold targets) and on the contacts of the prospective ultramafic units (nickel sulphide targets). The IP chargeability anomalies represent priority targets for follow-up drill-testing.

A 3,000m RC drill programme has been planned and a work permit (PoW) applied for, with a dedicated RC drill rig currently being sourced. Seven drill-holes(~2,200m) are planned to test the peak response of the modelled IP targets in prospective geological positions for both gold and nickel sulphide mineralisation (Figure 1).

A further seven drill-holes (~800m) have been planned to test three shallow gold targets in the south of the Nepean Project (Figure 2). Three holes are planned to test around drill-hole NPRC068 that intersected 1m @ 14.05 g/t Au from 67m and 2m @ 0.85 g/t Au from 78m on a mafic-ultramafic contact that is largely untested 1. Two holes are planned to test the north-easterntrend near the Lady Bell historic gold workings, following up on previous intersections in drill-holesNDG005 (1m @ 7.5g/t

1 Refer to ASX Announcement - NEPEAN EXPLORATION UPDATE

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02448637- 6A1061440?access_token=83ff96335c2d45a094df02a206a39ff4

2 Refer to ASX Announcement - LITHIUM MINERALISATION CONFIRMED AT NEPEAN https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02463956-

6A1067589?access_token=83ff96335c2d45a094df02a206a39ff4

Auroch Minerals Ltd ABN 91 148 966 545	FOLLOW US
Suite 10, 38 Colin St, West Perth WA 6005 Phone: [phone] Fax: [phone]
Email: [e-mail] www.aurochminerals.com

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ASX ANNOUNCEMENT

10th February 2022

Au from 32m) and NPRC059 (1m @ 3.11g/t Au from 32m and 1m @ 1.05g/t Au from 75m). Two RC holes have also been planned in the aeromagnetic low anomaly west of the Triangular Ultramafic to follow-upon drill-hole19NPRC003 (4m @ 5.1g/t Au from 68m)3.

Metallurgical test work is well advanced on the shallow high-grade nickel sulphide mineralisation identified near the historic Nepean nickel mine, as part of the internal Scoping Study into the viability of a potential open-pit mine. The test work results to-date have been very positive, with the mineralised material from all three bulk samples successfully floating, and all but one of the samples (the lowest grade sample at ~1% Ni) successfully producing a saleable nickel concentrate grade (≥ 10% Ni).

Metallurgical test work is continuing utilizing varying grind sizes in order to optimise nickel recoveries, and final results are expected in March.

Pulp samples from pegmatite zones intersected in two RC holes (NPRC057 and NPRC066) are currently being re-assayed to assess for lithium-caesium-tantalum (LCT) potential in the north of the Nepean Project (Figure 3). Both drill holes intersected pegmatite units adjacent to surface rock-chip samples which assayed up to 2.26% Li2O 4.

To-date, assay results have also been received from samples systematically taken throughout the large pegmatite intersection in the first Nepean Deeps drill-hole NPDD008, with no significant intersections of LCT mineralisation recorded. However, it is the Company's view that this result has no impact on the LCT potential of the pegmatites delineated in the north of the Nepean Project, where different fractionation levels and potentially different source rocks to those of the southern pegmatites have been identified.

Auroch Managing Director Aidan Platel commented:

"The ground IP survey has been very successful in defining anomalies in an area of Nepean that is very underexplored. The consistency and strength of the anomalies, combined with their location relative to the geology, provides compelling targets that we are eager to test with follow-up drilling. Pending the assay results of the pegmatite intersections in our RC drill-holes to the north of the historic Nepean mine, the planned drill programme testing the gold and nickel targets may be refined to include further drill-holes to test for LCT mineralisation in this very prospective northern area of the Nepean tenure.

In parallel to our exploration programmes the metallurgical test work on the known shallow high- grade nickel sulphide mineralisation near the historic Nepean mine has progressed successfully, and the final results that are due next month will be a key factor in driving the project towards potential future development".

Arden Project, South Australia

Diamond drilling at the Ragless Range Zinc Prospect of the Arden Project in South Australia has been completed. Two holes (RRDD010 and RRDD011) were completed, with RRDD011 extended to a down- hole depth of 520m, successfully drilling through the Wirrapowie limestone and intersecting the contact with the interpreted Woodendina Dolomite at 377.2m. A total of 205 samples have been submitted for assays and density measurements. Down-hole radial IP surveys are currently underway and are expected to be completed next week. Both the drill programme and IP surveys were extensively delayed due to severe weather conditions, with regional flooding hampering access to site.

1. See Table 1 for full table of results
2. Refer to ASX Announcement - LITHIUM MINERALISATION CONFIRMED AT NEPEANhttps://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02463956-6A1067589?access_token=83ff96335c2d45a094df02a206a39ff4

Auroch Minerals Ltd ABN 91 148 966 545

Suite 10, 38 Colin St, West Perth WA 6005 Phone: [phone] Fax: [phone]

Email: [e-mail] www.aurochminerals.com

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ASX ANNOUNCEMENT

10th February 2022

Figure 1 - Ground IP survey location in the Nepean North Prospect with strong bedrock chargeability

anomalies (>37.5mV) and planned drill-holes shown

Auroch Minerals Ltd ABN 91 148 966 545

Suite 10, 38 Colin St, West Perth WA 6005 Phone: [phone] Fax: [phone]

Email: [e-mail] www.aurochminerals.com

FOLLOW US