Mr. Lowell Kamin reports

LODESTAR INTERSECTS GOLD-SILVER MINERALISATION AT ALL FOUR TARGETS IN THE MAIDEN DRILL PROGRAM AT GOLD RUN, NEVADA, INCLUDING 71.6 M AT 0.9 G/T AUEQ AT CROWN NORTH

Lodestar Metals Corp. has released final assay results from two additional reverse circulation (RC) holes of its maiden 2,820-metre drill program at the flagship Gold Run gold/silver project in Nevada.

Both holes, totalling 312 metres at the Crown North target, intersected broad intervals of near-surface gold-silver mineralization. With these results, Lodestar has received all assays from the 18-hole maiden program.

Highlights at Crown North:

• Broad, near-surface oxide gold-silver mineralization intersected in both drill holes;
• Hole LSRC-17 intersected 71.6 metres grading 0.9 gram per tonne gold equivalent (0.4 g/t gold and 35.2 g/t silver) from 19.8 m downhole, including 10.7 m grading 1.6 g/t AuEq (1.2 g/t gold and 23.6 g/t silver) from 19.8 m downhole;
• Hole LSRC-18 intersected 80.8 m grading 0.6 g/t AuEq (0.3 g/t gold, 24.0 g/t silver) from 42.7 m downhole;
• Results suggest the Crown North target may represent a northern extension of the historic Adelaide-Crown mineralized system, with a potential structural connection to Robbers Knob (now called the Robbers-Crown structural corridor) that may extend over 650 m.

Highlights of the 2026 maiden drill program:

• Significant gold and/or silver mineralization intersected at all four prospects tested; previously reported highlights include:
  • Robbers Knob: 16.8 m grading 6.1 g/t gold and 41.1 g/t silver in a higher-grade, structurally controlled zone and broad, near-surface oxide gold-silver mineralization including 62.5 m at 0.6 g/t gold and 7.0 g/t silver; see Aug. 5, 2026, press release;
  • Black Diamond: the project's first high-grade silver intercept, 15.2 m grading 102.2 g/t silver equivalent (79.5 g/t silver and 0.20 g/t gold) (see Oct. 14, 2026, press release);
  • Gomes: 4.6 m grading 4.0 g/t gold and 15.6 g/t silver, including 1.5 m grading 11.3 g/t gold and 30.4 g/t silver (see Oct. 6, 2026 press release);
• Results demonstrate multiple styles of gold-silver mineralization across the property and support follow-up drilling at each prospect.

Note: Reported intervals are drill-hole lengths. True widths are estimated at 85 per cent to 95 per cent of reported intervals.

"Delivering significant gold and silver intersections at all four prospects in our first drill program is a great result for Lodestar. What really excites me is that we're seeing different styles of mineralization across the property, from broad, near-surface zones to higher-grade gold and silver discoveries. We've learned a tremendous amount from this first program, and the results give us a lot to build on. Our focus now is on bringing together the new drilling results with the historical exploration work, refining our geological model and planning the next phase of drilling as we work toward defining a potential resource at Gold Run," said Lowell Kamin, president and chief executive officer of Lodestar Metals.

Crown North drilling results

Lodestar completed two RC holes totalling 312 metres at Crown North as part of its 18-hole, 2,820-metre maiden drilling program at Gold Run, which tested four priority gold-silver prospects: Robbers Knob, Gomes, Black Diamond and Crown North.

Crown North is located immediately north of the historic Adelaide-Crown gold-silver deposit, held by Nevada Gold Mines, with the Crown pit situated approximately 50 metres south of the Gold Run property boundary. The Adelaide-Crown deposit is a historically mined, high-grade epithermal gold-silver system with reported historical production of approximately 19,000 ounces of gold and 345,000 ounces of silver and historical drill intersections including 12.3 metres grading 22.3 g/t gold and 28.5 g/t silver. The deposit has seen limited exploration in recent decades. Mineralization on the adjacent Adelaide-Crown property is not necessarily indicative of mineralization on the Gold Run property.

Lodestar's Crown North drilling was designed to test the potential northern extension of this system. Both holes intersected broad intervals of near-surface gold-silver mineralization:

• LSRC-17: 71.6 metres grading 0.9 g/t AuEq (0.4 g/t gold and 35.2 g/t silver) from 19.8 metres downhole, including 10.7 metres grading 1.6 g/t AuEq (1.2 g/t gold and 23.6 g/t silver) from 19.8 metres downhole;
• LSRC-18: 80.8 metres grading 0.6 g/t AuEq (0.3 g/t gold and 24.0 g/t silver) from 42.7 metres, including 30.5 metres grading 1.1 g/t AuEq (0.4 g/t gold and 46.0 g/t silver) from 93.0 metres downhole.

Complete composite results are presented in Table 2. Additional drilling will be required to establish the extent and continuity of mineralization.

Discussion and expansion potential at Crown North

The broad, near-surface gold-silver intervals of approximately 70 to 80 metres intersected in both Crown North holes are an encouraging development for Gold Run. Gold, silver and pathfinder-element geochemistry indicate that mineralization at Crown North shares characteristics with the epithermal gold-silver system at the historic Adelaide-Crown deposit, supporting the interpretation that Crown North may represent a northern extension of the same system.

Structural and geophysical interpretations also suggest a potential north-northwest-trending mineralized corridor extending approximately over 650 metres between and including Crown North and Robbers Knob. The 400-metre strike between the two prospects remains largely untested by drilling and will be a high-priority target area for Lodestar's next drill programs.

Summary of maiden drill program results

With the final Crown North assays received, Lodestar has now reported significant gold and silver mineralization at all four prospects tested in its maiden drill program. Highlights from the three previously reported prospects are:

• The first six holes at Robbers Knob (1,143 m) identified three styles of mineralization: (i) broad, near-surface oxide gold-silver mineralization over intervals of approximately 30 to 70 m; (ii) a higher-grade, structurally controlled zone, highlighted by 16.8 m grading 6.1 g/t gold and 41.1 g/t silver (including 3.0 m at 31.90 g/t gold and 181.6 g/t silver); and (iii) a previously unrecognized deeper gold-silver polymetallic zone grading 15.2 m at 0.37 g/t gold, 16.0 g/t silver, 0.27 per cent lead and 0.40 per cent zinc.
• Initial drilling at the Gomes prospect confirmed the first high-grade intercept at that target, 4.6 m grading 4.0 g/t gold and 15.6 g/t silver, including 1.5 m grading 11.3 g/t gold and 30.4 g/t silver, supporting the company's IP (induced polarization) chargeability-based targeting model.
• Drilling on the Independence trend's Black Diamond target confirmed the project's first high-grade silver mineralization, including 15.2 m grading 102.2 g/t AgEq (79.5 g/t silver and 0.20 g/t gold) from 50.3 m in hole LSRC-13, along a one-kilometre structural corridor that remains open.

3-D geological modelling and target development

Lodestar is currently in the process of integrating historical exploration data, results from its 2026 maiden drilling program, geophysical surveys and structural interpretations to develop a three-dimensional geological model of mineralization intersected to date at Gold Run from four prospects.

The modelling will initially focus on Robbers Knob and Crown North, where exploration has identified broad, near-surface oxide gold-silver mineralization, higher-grade structurally controlled zones and deeper polymetallic mineralization.

A key objective is to focus on investigating an interpreted 650-metre structural corridor that extends from Crown North through to Robbers Knob and evaluate whether they may form part of a larger mineralized system. This work aims to commence the process of establishing geological continuity across the Robbers-Crown structural corridor through the next phases of drilling, which would ultimately lead to defining a potential resource.

Next steps and planned 2027 exploration program

Robbers Knob will be the initial priority, with follow-up drilling designed to evaluate the extent, grade and continuity of broad, near-surface oxide gold-silver mineralization and higher-grade structurally controlled zones identified in historical and recent drilling. This work focuses over a 300-metre strike length of the northern end of the Robbers-Crown structural corridor.

Crown North will be the second priority, with drilling planned to investigate depth and along strike extensions of the gold-silver mineralization intersected in 2026, which commences the process of evaluating the southern end of the Robbers Crown structural corridor. The potential relationship between these prospects remains to be established through additional drilling.

Additional drill targeting opportunities are at Gomes, Black Diamond, Grindstone Flat and other prospective areas remain part of Lodestar's longer-term exploration strategy.

The company's objective is to systematically expand and better define mineralization at Gold Run, with the longer-term goal of establishing an initial National Instrument 43-101-compliant mineral resource estimate.

Corporate strategy and financing

Management remains committed to preserving capital, limiting unnecessary shareholder dilution and creating long-term shareholder value through the systematic advancement of Gold Run toward potential mineral resource delineation.

Annual general meeting

Lodestar's annual general meeting of shareholders is scheduled for Dec. 3, 2026. Meeting details and related materials will be provided to shareholders in accordance with applicable regulatory requirements.

Sampling procedures and quality assurance/quality control

RC holes were drilled by HD Drilling using a 5.5-inch hammer with a 5-1/4th-inch M40CC hammer bit and reverse circulation methods to minimize contamination and maximize sample size. In some deeper sections of certain RC holes, a five-inch hammer was used to achieve greater depth penetration.

Reverse circulation (RC) drilling was used to obtain representative drill cuttings for geological logging and laboratory assaying. Samples were collected at five-foot (1.52-metre) intervals. Drill cuttings from each interval passed through the cyclone and were split using a rig-mounted rotary splitter. A representative split of approximately four to nine kilograms was collected into cloth sample bags for assay. RC drilling was conducted dry where practicable. Where wet RC drilling was required to maintain drilling performance in some deeper or more difficult sections, samples were collected at the same five-foot intervals using a rotary wet splitter and recorded by the project manager on the sampling cut sheet for later reference. The drilling contractor cleaned the rig-mounted rotary cone splitter at regular intervals and as required to minimize contamination between samples. RC samples were collected from five-foot bulk samples using the A-chute of the splitter attached directly to the cyclone. Over all, the drilling and sampling procedures were designed to maximize sample recovery, reduce fines loss and maintain representative RC samples for geological logging and assay. Cloth bags were marked by the program manager with the drill hole ID and sample interval/footage to maintain sample identification and traceability. All five-foot split samples were submitted to the laboratory for analysis. All samples are transported in large bags sealed with numbered security tags. The sample bags are picked up by a service contracted by Bureau Veritas to transport the samples directly from site to its facility in Sparks near Reno, Nev. The sampling approach is considered appropriate for RC drilling and for the style of mineralization being tested.

The QA/QC procedure adopted is approximately three blank samples per 100 samples, two standard samples of known gold, silver, lead and zinc grades per 100 samples, and three field duplicates per 100 samples. All QA/QC samples were within expected tolerances.

RC samples were prepared by Bureau Veritas located in Sparks, Nev., United States, using preparation code WGHT. This procedure involved crushing samples to 70 per cent passing two millimetres and pulverizing the entire sample to 85 per cent passing 75 micrometres. Gold analyses were completed in Bureau Veritas located in Vancouver, Canada, on a 30-gram charge using lead collection fire assay with an atomic absorption spectroscopy (AAS) finish (method FA430). Samples returning overlimit gold values were reanalyzed using a gravimetric finish (method FA530). Multielement analyses were completed in Bureau Veritas located in Vancouver, Canada, following four-acid digestion with inductively coupled plasma optical emission spectroscopy (ICP-ES) using method MA300, which provides analyses for a broad suite of exploration elements. Samples returning overlimit silver, lead and zinc values were reanalyzed using MA370, which is a four-acid digestion followed by ICP-ES (ICP-OES) analysis. Bureau Veritas applies internal laboratory QA/QC procedures as part of its analytical process. Final analytical results were reported in certified laboratory assay certificates provided to the company's management and technical team. Bureau Veritas Minerals laboratories operate under an ISO/IEC 17025:2017-accredited quality management system for the relevant mineral analytical methods. The sample preparation and analytical methods are considered appropriate for RC drill-chip samples and for the style of gold and polymetallic mineralization being tested. True widths of the assay intervals are estimated to be 85 to 95 per cent of the reported drill hole lengths.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Leo Horn, who is the qualified person for the purposes of NI 43-101, Standards of Disclosure for Mineral Projects. Mr. Horn is a consulting director to the company and is a member of the Australasian Institute of Geoscientists (MAIG). Mr. Horn has sufficient experience relevant to the style of mineralization and type of deposit under consideration and to the activities being undertaken to qualify as a qualified person as defined by NI 43-101. Mr. Horn has reviewed and verified the technical information contained in this news release and consents to the disclosure of such information in the form and context in which it appears. The company is not aware of any new information or data that materially affect the scientific or technical information disclosed in this news release.

About Lodestar Metals Corp.

Lodestar Metals is a Canadian gold exploration company focused on advancing the Gold Run project in Nevada, strategically located on a major Carlin- and epithermal-style gold trend and adjacent to some of the largest gold deposits in North America. With decades of combined geological and capital markets expertise, Lodestar follows a disciplined, step-by-step approach to discovery. The company's strategy is clear: focus capital on high-value targets, move quickly on known mineralization and build a compliant gold resource that delivers lasting shareholder value.

We seek Safe Harbor.