Key Highlights

•  The maiden estimate is 5.9 million tonnes at 1.16 g/t gold for 221,000 ounces above a 0.5 g/t cut-off under the 2012 JORC Code.

•  All of the resource is Inferred, which is not yet sufficient to support mine planning or ore reserves.

•  The resource spans three deposits: Gidgee Flat about 125,000 ounces, Contessa 69,000 ounces and the Central Part 26,000 ounces.

Lodestar Minerals (ASX:LSR) has reported a maiden mineral resource estimate for its Ned's Creek Gold Project in Western Australia, a milestone the company announced last week on 22 October 2026. The 100%-owned project lies about 40 kilometres east of Catalyst Metals' Plutonic gold mine and processing plant, a location that shapes how Lodestar is thinking about potential development.

Lodestar is an explorer whose focus at Ned's Creek during 2026 has been resource definition drilling. The maiden estimate converts that work into a formal JORC figure, giving the company its first reported gold resource at the project. Its next phase of work is designed to lift confidence in that estimate while testing how far the three deposits extend.

The maiden resource

The estimate totals 5.9 million tonnes grading 1.16 grams per tonne gold for 221,000 ounces, reported above a cut-off grade of 0.5 g/t gold under the 2012 JORC Code. All of the resource is classified as Inferred, the lowest confidence category, which means it is not yet sufficient to support mine planning or the declaration of ore reserves.

Oxide and transitional material makes up about 2.76 million tonnes at 1.17 g/t gold for 103,000 ounces, or roughly 47% of the contained metal. Near-surface oxide ore is generally softer and cheaper to mine and process, which can matter for smaller deposits considering toll treatment or ore sales.

The resource spans three deposits. Gidgee Flat contributes about 125,000 ounces, Contessa 69,000 ounces and the Central Part 26,000 ounces. The release did not state pit-shell or depth constraints, and details such as hole counts and drill spacing were not summarised in the announcement.

Chief executive Coraline Blaud described the result as "achieving the key objective" of the company's 2026 resource definition drilling programme.

Exploration target

Lodestar has also outlined an exploration target of 5.8 to 7.1 million tonnes at 0.86 to 1.15 g/t gold, for between 159,000 and 264,000 ounces. This covers possible extensions along strike and down dip from the three deposits.

The exploration target is conceptual. The company states that there has been insufficient exploration to estimate a mineral resource over these areas, and it is uncertain whether further work will result in one. It should not be added to the reported mineral resource figure in any way.

Why the location matters

Being close to existing infrastructure can open development pathways that a stand-alone small deposit might struggle to justify. Lodestar has listed toll treatment, ore sales, partnerships and joint ventures, including the use of nearby processing plants, as possible routes. No agreement with any third-party plant owner has been announced, and the company did not suggest that any discussions are under way.

For a junior explorer, a maiden resource provides a measurable base for valuation and future studies. It also allows the company to test whether mineralisation, which Ms Blaud said remains "open along strike and at depth", can be expanded and upgraded with further drilling.

Limitations and next steps

The main limitations now are the Inferred classification, a moderate overall grade of 1.16 g/t, and the absence of metallurgical, geotechnical and economic studies. Development options that depend on third-party processing would also depend on commercial terms and plant availability.

The company's disclosed next steps include follow-up drilling from the December quarter of 2026 to improve confidence in the existing resource and test extensions. Lodestar also plans representative bulk density, metallurgical, geotechnical and environmental studies, and intends to apply for a mining lease in early 2027.

Investors will be watching whether infill drilling can convert Inferred ounces into the Indicated category, whether extension drilling can deliver part of the exploration target, and how the company advances its assessment of development pathways near Plutonic.