Lodestar Minerals' response to ASX query letter

Lodestar Minerals Limited (ASX: $LSR) has provided detailed responses to the ASX query letter dated 1 March 2024, addressing specific questions related to the company's trading policy breaches. The responses, approved and fully supported by the board of directors, shed light on the actions of Mr. Ross Taylor, the Non-executive Chairman, and the subsequent measures taken by the company to rectify the situation.

Executive Commentary on Trading Policy Breaches

Mr. Taylor did not obtain prior clearance from the board or any designated director before the sales, and he failed to advise the board of the transactions at the time. It is acknowledged that his actions breached the company's established trading policy. However, it is important to note that Mr. Taylor ensured there was no material non-public information at the time of the sales, and he has accepted responsibility for the breach. The board and staff have been reminded of the trading policies, and Mr. Taylor has unreservedly apologized for the oversight causing the breaches.

Summary of Lodestar Minerals' Response and Outlook

Lodestar Minerals' response to the ASX query letter provides insights into the breaches of the company's trading policy by Mr. Ross Taylor. The company has taken corrective measures, including reminding the board and staff of the trading policies and providing Mr. Taylor with a thorough understanding of the corporate governance policies. Looking ahead, Lodestar Minerals aims to uphold the highest standards of compliance with its trading policies and continuous disclosure rules, emphasizing the importance of adherence to regulatory requirements and ethical conduct in its corporate strategy.