Lodestar Battery Metals Corp.
Betting on Untested Ground in Nevada’s Proven Region – Initiating Coverage
Published: Mar 24, 2026
Author: FRC Analysts
Disclosure: Lodestar Battery 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.
Company Details
Sector – Basic Materials
Industry – Silver
Trading Information
Trading information – LSTR.V : TSXV
Report Highlights
- Prime Location: Lodestar’s Gold Run project lies in a highly prospective mineral belt west of the Carlin trend in Nevada, one of the world’s richest gold-producing regions, which has produced hundreds of millions of ounces of gold.
- Operational Advantages: Mining-friendly jurisdiction, existing infrastructure, and access to third-party processing facilities enable potential for offsite processing (meaning no need to build an onsite facility), supporting a faster, lower-cost path to production.
- Proximity to High-Grade Mines: Gold Run is 12 km south of Turquoise Ridge (operated by Barrick [TSX: ABX] and Newmont [NYSE: NEM]), one of the world’s highest-grade gold mines. The project has not been systematically tested using modern exploration methods.
- Historic Drill Results: Drilling at Gold Run returned 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, well above typical gold mine grades of 1–2 g/t. Higher grades generally indicate stronger production potential at lower costs. Gold Run remains highly promising, as all drilling to date has been shallow (under 200 m), while the optimal depth for this type of mineralization is typically 300–900 m.
- Upside Potential: Based on past results, regional features, and the property’s underexplored nature, we believe the project has the potential to host a significant gold system. Our preliminary review suggests at least 0.5 Moz from areas tested so far, providing a baseline estimate of the project’s potential. While substantial drilling is required, multiple prospects offer several discovery opportunities.
- Favorable Market Conditions: Gold and silver have retreated from historic highs, but remain up 46% and 108% YoY respectively, still trading at unprecedented levels. While short-term volatility can be severe, we anticipate prices will remain well above historic averages, supported by ongoing safe-haven demand amid elevated geopolitical uncertainty.
- Attractive Valuation: LSTR is trading at just $5/oz based on our preliminary estimate on Gold Run vs an average of $43/oz for Nevada-focused gold juniors, an 88% discount.
- Near-Term Catalysts: The next 12 months are pivotal as the company begins its first drill program (permitted), offering multiple potential catalysts.
Risks
- The value of the company is dependent on gold and silver prices
- Access to capital and potential for share dilution
- Gold Run lacks a NI 43-101 compliant resource
- Exploration and development
Price and Volume (1-year)
* Qualified Person: Ty Magee, M.Sc., P.Geo., Consultant of Lodestar Metals Corp.
* Lodestar Metals Corp. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions. All figures in C$.
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
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