Lodestar Minerals completes shortfall placement and extends drilling program at Ned's Creek

Lodestar Minerals Limited (ASX:LSR) has successfully accepted applications for the remaining shortfall from the June 2024 entitlement offer, amounting to a total cash inflow of $771,549. The company has also decided to extend the planned drilling program at Ned's Creek to a minimum of 1000m, with potential for further expansion to 1500m, following the increase in funding from the shortfall placement.

Lodestar Managing Director's Commentary on Shortfall Placement and Drilling Program Extension

We are very pleased to complete the placement of the shortfall. This enables us to complete a more comprehensive drilling programme at Ned's Creek in the short term but to advance our exploration activities at our Earaheedy and Coolgardie West Projects. Further news on these activities will follow over the next month. Drilling at Ned's Creek will take several weeks with results expected in early October.

Summary of Lodestar Minerals' Announcement

Lodestar Minerals (ASX:LSR) has successfully completed the placement of the $771k shortfall from the June Rights Issue, providing a total cash inflow of $771,549 for ongoing operations. The company has accepted applications for all remaining shortfall available and has decided to extend the planned drilling program at Ned's Creek to a minimum of 1000m, with potential for further expansion to 1500m. This extension will enable further testing of the two magnetic bullseye targets identified. Additionally, Lodestar's projects include the Earaheedy, Ned's Creek, and Coolgardie West projects, with exposure to lithium through strategic shares in Future Battery Minerals (ASX:FBM). The company's Earaheedy Project comprises over 1,400 sqkm in the emerging Earaheedy Province, with significant potential in base metals and gold exploration. The announcement reflects the company's commitment to advancing its exploration activities and maximizing the potential of its projects.