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Exploration
for the Next
Clean Energy
Generation of
Metals
TSX-V: LSTR Investor Presentation / June 2023
Investor Presentation – June 2023 / 2
Forward-Looking Statement
This presentation contains “forward-looking information,” which may include but is not
limited to statements concerning the future financial or operating performance of Plymouth
Realty Capital Corp. and, upon completion of its transaction to acquire Penasco Quemado,
La Frazada and Pluton properties, located in Mexico, (the “Mexican Silver Properties”) from
Silver One Resources Inc., Lodestar Battery Metals Metals Corp. (collectively, the “Company”)
and its projects, the future price of gold, silver or other metal prices, exploration expenditures,
costs and timing of future exploration, requirements for additional capital, government
regulation of mining operations, environmental risks, reclamation expenses, title disputes or
claims, limitations of insurance coverage and regulatory matters. Often, but not always,
forward-looking statements can be identified by the use of words such as “plans,” “expects,”
“is expected”, “budget,” “scheduled,” “estimates,” “forecasts”, “intends,” “anticipates,” or
“believes” or variations (including negative variations) of such words and phrases, or
statements that certain actions, events or results “may”, “could,” “would”, “might” or “will” be
taken, occur or be achieved. Forward-looking statements involve known and unknown risks,
uncertainties, assumptions and other factors that may cause the Company's actual results
to be materially different from any future results, performance or achievements expressed
or implied by the forward-looking statements. Such factors include, among others, ability to
complete its transaction with Silver One Resources Inc. to acquire the Mexican Silver
Properties, completion of the private placement financing, general business, economic, and
competitive uncertainties; lack of production; limited operating history of the Company; the
actual results of current exploration activities; ability to obtain prospecting licenses or
permits; the legal obligations to consult and accommodate aboriginal land claims; proper
title to the claim that comprises the Mexican Silver Properties; the Company may lose or
abandon its interest in the Mexican Silver Properties; ability to retain qualified personnel; the
ability to obtain adequate financing for exploration and development; volatility of
commodity prices; environmental risks of mining operations; accidents, labour disputes and
other risks of the mining industry, including but not limited to environmental hazards, cave-
ins, pit-wall failures, flooding, rock bursts and other acts of God or unfavourable operating
conditions and losses. Forward-looking statements are based on several material factors
and assumptions, including results, performance or achievements ng the determination of
mineral reserves or resources, if any, the results of exploration and drilling activities, the
availability and final receipt of required approvals, licenses and permits that sufficient
working capital is available to complete proposed exploration and drilling activities, that
contracted parties provide goods and services on the agreed time frames, the equipment
necessary for exploration is available as scheduled and does not incur unforeseen break
downs, that no labour shortages or delays are incurred and that no unusual geological or
technical problems occur. While the Company considers these assumptions reasonable
based on information currently available to it, they may prove incorrect. Actual results may
vary from such forward-looking information for a variety of reasons. These forward-looking
statements are made as of the date of this presentation and are based upon
management’s beliefs, estimates and opinions. Following listing on the TSX Venture
Exchange, the Company intends to discuss in its quarterly and annual reports referred to as
the Company’s Management’s Discussion and Analysis documents any events and
circumstances that occurred during the period to which such document relates that are
reasonably likely to cause actual events or circumstances to differ materially from those
disclosed in this presentation. New factors emerge from time to time, and it is not possible
for management to predict all of such factors and to assess in advance the impact of each
such factor on the Company’s business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those contained in any forward-
looking statement. Other than as required by law and as otherwise stated in this
presentation, the Company does not intend. It undertakes no obligation to update any
forward-looking information to reflect, among other things, new information or future events.
Investors are cautioned against placing undue reliance on forward-looking statements.
Peter Born, P. Geo, an independent Qualified Person under National Instrument 43-101, has
reviewed and approved the technical disclosure in this presentation. Investors are
cautioned that mineralization on adjacent or nearby properties does not necessarily
indicate mineralization on the Mexican Silver Properties.
Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated and Inferred
Resources
This presentation uses the terms “Measured”, “Indicated,” and “Inferred” Resources as
defined in accordance with NI 43-101. United States readers are advised that while Canadian
securities laws recognize the United States Securities and Exchange Commission does not
recognize them. Under United States standards, mineralization may not be classified as a
“reserve” unless the determination has been made that the mineralization could be
economically and legally produced or extracted at the time the reserve calculation is made.
and require such terms United States readers are cautioned not to assume that all or any
part of the mineral deposits in these categories will ever be converted into reserves. In
addition, “Inferred Resources” have a great amount of uncertainty regarding their existence
and economic and legal feasibility. Therefore, it cannot be assumed that all or any part of
an Inferred Resource will ever be upgraded to a higher category. United States readers are
also cautioned not to assume that all or any part of an Inferred Resource exists or is
economically or legally mineable.
Investor Presentation – June 2023 / 3
Focused on core EV battery metals growth.
Diversified exploration portfolio of one lithium
property in Snow Lake Manitoba with 100% interest
and two silver properties in Mexico.
Newly acquired Land Package surrounding lithium
discovery in Snow Lake, Manitoba. The Snow Lake
District has raised C$50M+ in the last 36 months,
with favourable tax treatments.
New seasoned management team with a proven
track record in capital markets.
Tight capital structure and strong capital position.
Investment Highlights
Investor Presentation – June 2023 / 4
• Lodestar Battery Metals is a mining exploration
company with the goal of further advancing its
core properties with an ESG focus.
• Through additional project acquisitions and
claim expansions, Lodestar Battery Metals will
continue to expand and develop it’s property
portfolio with a targeted focus on the battery
metals space.
• Organic growth by adding value to our current
properties through continued exploration work.
About Us
Investor Presentation – June 2023 / 5
Our Strategy
1 Clear focus on battery metal assets.
2
Further exploration of newly acquired claims
for Peny Property in Snow Lake, Manitoba.
3
High potential to provide shareholder value:
• Peny Property is in close proximity to the
Thompson Brothers Lithium deposit with an
Indicated Resource.
• Backed by a combination of capital markets
executives and leading exploration
management consultation in Manitoba.
Investor Presentation – June 2023 / 6
Peny Property - Overview
The Peny Property is comprised of 47 mineral claims totalling 11,191
Hectares in the Snow Lake district in Manitoba, Canada.
• The Peny property encompasses rock belonging to the Paleoproterozoic Snow
Lake subdomain of the Flin Flon – Glennie Complex (FFGC) in the Trans-Hudson
Orogen and occurs along the folded southern margin of the Kisseynew domain.
The property comprises sedimentary, volcanic and hypabyssal rocks of the
Burtwood and Missi Groups, which occur adjacent to the Crowduck Bay Pluton
and associated felsic tonalites and mapped pegmatites.
• The Property is in close proximity to the recognized Crowduck Bay Fault, and Berry
Creek Fault, which are spatially associated with pegmatite emplacement at the
Wekusko Lake pegmatite field where Snow Lake Lithium (NASDAQ: LITM) has a
defined indicated resources of 9.08 Mt@ 1.00% Li2O, further exploration work is
assessing the production of 160k tonnes per annum of 6% lithium ore concentrate
for 8-10 years.
SNOW LAKE
PENY PROPERTY
Investor Presentation – June 2023 / 7
Peny Property – The Potential
Peny Property offers high-potential growth-
based market conditions and opportunities:
• Exploration demand and investment interest
in new Tier-1 jurisdictions such as Manitoba
since 90 percent of lithium mining occurs in
just three countries (Australia, Chile, China).
• Spodumene (a lithium-rich mineral)
represents the most abundant lithium ore
and has been identified in abundance
adjacent to the property.
• Spodumene lithium deposits advantage: The
speed at which lithium carbonate can be
produced (Scales, 2011). Only five days are
needed between the time the ore is mined,
and the final product is ready for shipment.
Conversely, brine evaporation processing
can take between 18 and 24 months.
Investor Presentation – June 2023 / 8
Peny Property – Ideal Location
• Peny Property is located approximately 25
kilometres northeast of Snow Lake, Manitoba.
The Peny Property is prospective for Lithium
Pegmatite and Volcanic Massive Sulphide
(“VMS”) style mineralization which is known to
occur in the local area.
• The Peny Property is located adjacent to the
former producing Osborne Lake VMS Mine and
Bur Property Cu+Zn+Ag historical resource,
where historical workers report wall rock are
intruded by coarse-grained, Spodumene
bearing, sheared pegmatite.
1. Mineral resource estimate from 43-101 technical report titled ”NI 43-101
Technical Report on the Zoro Lithium Project, Snow lake, Manitoba,”
dated July 6th , 2018, authored by Fedikow et al.
2. Mineral Resources in @-K 1300 technical report titled “Technical Report
Summary and Resource Estimate, Thompson Brothers Lithium Project,
Snow Lake Area, Herb Lake Mining Division, Manitoba, Canada,” dated
June 9th, 2021, Prepared by Canmine Consultants
Investor Presentation – June 2023 / 9
Peny Property – Favourable Conditions
• The historical work on the property indicates that
mineralization may include copper and zinc; Lodestar
Battery Metals intends to refocus on the project of
lithium exploration within the current property boundary.
• The Snow Lake area has access to tier-1 existing
infrastructure, including Railway Access, Road Access,
Airstrip, and power lines.
• Recent exploration success in the district highlights a
clear path to possible discoveries at the property using
tried and tested exploration methods.
Investor Presentation – June 2023 / 10
Lodestar Exploration Strategy
The 2022 Peny preliminary field exploration program has been completed. Further
evaluation is required as the results are currently being analyzed to determine further
favourable trace element geochemical vectors.
Lodestar’s field exploration program for 2023 includes:
• Remote Sensing: By combining modern remote sensing techniques using multispectral
imaging and synthetic aperture radar to analyze vegetation, structure and alteration,
complex anomalies covering large areas can be quickly and effectively identified. This is
a multivariate exploration approach, combining existing geological, geochemical, and
geophysical data with multiple satellite analyses to identify new potential mineral targets.
• Tri-Axial Magnetics: An airborne survey is to be completed as soon as possible to identify
favourable structural settings conducive to pegmatite emplacement.
• A systematic surficial and subsurface structural analysis and interpretation, based on
remote sensing and geophysical data is to be completed on the combined datasets, by
incorporating historical exploration and recently quired field data the property will be
screened to develop systematically derived targets for boots on the ground follow up
work.
• Review and Resampling of Historic Core: historical records available indicate up to 80
drillholes have previously been completed on the property. The drilling logs provide
descriptions of Pegmatites which remain unsampled. These cores are to be located and
resampled to determine potential and trace element indicators for lithium mineralization.
• Surface Mapping and Sampling: Surface mapping and sampling of outcrops will assist in
identifying areas of pegmatite outcrop at the property; field exploration activities can be
focused based on geophysical and remote sensing screening.
Investor Presentation – June 2023 / 11
Snow Lake District
Established
Mining District
Almost 100 years of
historic and
consistent mining in
the area
Excellent
Infrastructure
Near highway, grid
power, railway
Potential for New
Discoveries
Recent investments in
the district by several
mining companies
demonstrate high
confidence in the
potential for new
discoveries
Established
Operators
HudBay operates the
Lalor Mine and
concentrator in the
Snow Lake District
EV Supply
Strategically located to
supply North America’s
growing EV appetite
Investor Presentation – June 2023 / 12
Silver Projects
Penasco Quemado (Sonora, Mexico)
Land Package: 3,746 ha
Oxide Mineralization Ag, (Cu)
6.2 Moz Inferred Ag*
Average grade of 168.6 grams per
tonne (“g/t”) silver.
La Frazada (Nayarit, Mexico)
Land Package: 299 ha
Epithermal Vein Ag, Zn. Pb (Cu)
Historical M&I: 4.70 Moz Ag**
Historical Inferred: 3.86 Moz Ag**
Lodestar Battery Metals’ initial acquisition
includes a 100% interest in two significant silver
assets in Mexico:
Penasco Quemado (Sonora)
La Frazada (Nayarit)
Lodestar Battery Metals acquired these assets
from Silver One Resources Inc. with over 10%
Ownership.
*Please refer to slide 24 of this presentation for further information and cautionary notes regarding the Penasco Quemado Project mineral resource estimate. Mineral resources are not mineral reserves and do not have demonstrated
economic viability. There is no certainty that any mineral resource will be converted into a mineral reserve.
**Please refer to slide 25 of this presentation for further information and cautionary notes regarding the La Frazada Project historical mineral resource estimate.
Please refer to the news release dated May 8th, 2023, for further information and inputs into the Penasco Quemado Project mineral resource estimates.
Investor Presentation – June 2023 / 13
Company
Market
Cap
Project Locations Metal Exploration Exploration stage Notes
Manitoba
Property Size
Lodestar
Battery
Metals
TSXV: LSTR
$2M
Snow Lake Manitoba,
Mexico (2)
Lithium,
Silver
Preliminary exploration identifying
mineralization targets
Commenced Exploration
program and tight capital
structure.
27,337 Acres
Foremost
Lithium
Resource
CSE: FAT
$33M
Snow Lake, Manitoba
Lithium
Gold, Silver
Initial drill program at Jean Lake
Lithium Project in winter 2022
Closed 1.6M Non-Brokered
private placement at a
premium . Spread out
amongst 5 properties.
43,031 Acres
Snow Lake
Lithium
Nasdaq: LITM
$60M Snow Lake, Manitoba Lithium 10,000M Drill Program ongoing Raised USD $27MM 55,318 Acres
Note: Comparison based on companies with controlling interest in Snow Lake and Central Manitoba lithium projects. Market Cap Data as of June 1, 2023, CAD.
Direct Comps
Investor Presentation – June 2023 / 14
Capital Structure Comparables
Lodestar Battery Metals
(TSXV: LSTR)
Snow Lake Resources
(NASDAQ: LITM)
Foremost Lithium Resource
(CSE: FAT)
44,336,500
$2,216,825
198,480,000
$32,329,902
$60,047,939
17,924,758
Note: Comparison based on companies with controlling interest in Snow Lake and Central Manitoba lithium projects. Market Cap Data as of May 1, 2023, CAD.
Shares Outstanding
Market Capitalization
Investor Presentation – June 2023 / 15
Longford Exploration
Lodestar Battery Metals has retained Longford
Exploration to manage the Stage 1 Exploration program
on the Peny Property.
Complete project
management providing
qualified geologists,
equipment, and custom
exploration solutions.
Reducing day-to-day
micromanagement for
executives.
Advancing exploration
projects to meet local
requirements, permits, and
technical reporting
standards.
Provides access to industry
specialists with a full suite of
mineral exploration talent,
ranging from geochemistry,
geophysics & structural
mapping. Longford’s GIS
specialists are then able to
take the results from the field
and produce reporting
material to suit the
company’s objectives.
Track record and expertise in
developing early-stage
'greenfields' projects through
exploration development and
bringing projects to drill
readiness.
Investor Presentation – June 2023 / 16
Development Timeline
Q4 2022
• Data Compilation
• Field Exploration
• CAD $400k capital
raise of flow-through
for Peny Property
Q1 2023
• Analysis of Phase 1
Sample Results
• Remote Sensing
• Additional Staking
Q2 2023
• Exploration Planning
• Updated 43-101 for
Penasco Quemado
Project*
• 7,859 Additional
Hectares Staked
Q3 2023
• Geophysics (Heli)
• Interpretation of results
• Field Exploration
• Historical Core
Relogging
Q4 2023
• Data Compilation
• Data Interpretation
*Please refer to slide 24 of this presentation for further information and cautionary notes regarding the Penasco Quemado Project mineral resource estimates. Mineral resources are not mineral reserves and do not have demonstrated
economic viability. There is no certainty that any mineral resource will be converted into a mineral reserve.
Please refer to the news release dated May 8th, 2023, for further information and inputs into the Penasco Quemado Project mineral resource estimates.
Investor Presentation – June 2023 / 17
Management Team & Board of Directors
Experienced management team with proven track record in junior exploration and finance.
Lowell Kamin
President, CEO &
Chairman of the Board
Lowell has over 25 years of Capital
Markets experience at Canadian and
Global Investment Banks in addition
to numerous senior leadership roles.
He advised and raised funds for a
range of Canadian & U.S. mining
issuers from exploration phase to
production.
Killian Ruby
CFO & Director
Killian provides CFO and strategic
financial advisory services to a
arrange of public and private
companies across industries and
sectors. Former audit partner (Baker
Tilly Canada) and senior manager
with KPMG Canada and KPMG
Ireland. Canada CPA, CA and an Irish
Chartered Accountant.
Luke van der Meer, P. Geo
Qualified Person
Luke has over 20 years of experience in
mineral exploration, mining, and civil
engineering. He graduated from the
University of Otago in New Zealand in
2001 and started his career in
underground mining with Barrick Gold in
Western Australia, perfecting technical
best practices in mineral exploration
and resource development.
Scott Margach
Executive Vice-President & Director
Scott is an experienced Analyst and
Portfolio Manager having managed
both Canadian and U.S. public
equities for more than 25 years
including fixed-income and digital
assets. As a consultant, he helped
asset owners and asset managers
deal with the evolving challenges
related to ESG. Scott is a Chartered
Financial Analyst (CFA).
Charles Hethey
Advisor & Counsel
Charles is a securities lawyer in
British Columbia and New York with
over ten years of experience. He
represents a number of U.S. and
Canadian listed entities on the TSX
Venture Exchange, Canadian
Securities Exchange and U.S. OTC
markets. His clients are active in a
broad range of industries with an
emphasis on mining issuers.
Gary Prihar
Director
Founder of VIVA Care Medical and
Move Health & Wellness. Gary is
President at Move Health & Wellness
and a director of Leveljump
Healthcare Corp., Member of the
Chartered Professional Accountants
of BC, Member of the Institute of
Chartered Accountants of BC and
Advisor at Mandala Capital Inc.
Investor Presentation – June 2023 / 18
Contact Us
Lowell Kamin
CEO and Director
Alyssa Barry
Investor Relations
416.272.1241
investors@lodestarbatterymetals.ca
1680 - 355 Burrard Street
Vancouver, BC
V6C 2G8
lodestarbatterymetals.ca
TSX-V: LSTR
Investor Presentation – June 2023 / 19
Appendix
Investor Presentation – June 2023 / 20
Lithium & Silver Overview
Lodestar Battery Metals offers exposure to both of these core
EV Metals.
Lithium
Lithium Ion batteries have ‘won the war’ for
EV use; these high-capacity, fast-to-charge
batteries are found in every EV in production
today and are at the heart of the EV
roadmap for the future.
Peny Property has the potential of
lithium hosted by Spodumene.
Silver
Silver will continue to play an increasing
role in the construction of electrical EV
components and their electrical
conductive properties.
Lithium, nickel and cobalt are all
expected to have the highest multiples
of demand growth, with the need for
silver remaining high for its conductive
and corrosion-resistant properties.
Investor Presentation – June 2023 / 21
Lithium Market Statistics
Amid a landscape of high prices
and an undersupplied market
environment, Chinese refineries
imported spodumene concentrates
below 1.5 percent lithium oxide (0.7
percent lithium) in order to supply
market needs.
Surging EV demand has seen
lithium prices skyrocket by around
550 percent in a year: by the
beginning of March 2022, the lithium
carbonate price had passed
$75,000 per metric ton.
Investor Presentation – June 2023 / 22
A Technical Report was prepared in accordance with National Instrument 43-101 (“NI 43-101”) Standards of Disclosure for Mineral Projects by Micon
International Ltd. Micon of Toronto, Canada. Entitled: NI 43-101 Technical Report for the 2023 Mineral Resource Estimate on the Peñasco Quemado Project,
Sonora, Mexico, authored by WJ. Lewis, P.Geo; C Sarkar, M.Sc, P.Geo; and R Calles-Montijo, CPG. Dated April 17, 2023, with an effective date of March 21, 2023.
Pitshell
Resource
Category
Zone
Stripping
Ratio
Tonnage (Mt)
Average Grade AG
(g/t)
Metal Content
Ag (Million oz)
Inpit Inferred QP 2.25 1.1 168.6 6.2
Peñasco Quemado Project Mineral Resource Estimate
Pitshell
Silver Price
USD/oz
Cut-off Grade
Ag (g/t)
Stripping Ratio
Resource
Category
Tonnage
(Mt)
Average
Grade AG
(g/t)
Metal
Content
Ag (Million
oz)
Inpit
15 141 2.96
Inferred
0.6 217.6 4
20 106 2.35 0.9 189.2 5.2
25* 85 2.25 1.1 168.6 6.2
30 71 2.07 1.3 155.3 6.7
• 6.2 million ounces (“Moz”) silver classified as inferred (“inf”) at Peñasco Quemado with an average grade of 168.6 grams per tonne (“g/t”)
silver.
• Conservative base-case estimate uses 85 g/t silver cut-off grade
• Relatively low strip ratio of 2.25:1 for Peñasco Quemado resource
• Future resource growth potential remains at Peñasco Quemado.
Table 1: Mineral Resource Estimate for the Peñasco Quemado Project at 85 g/t Ag Cut-off as of March 21, 2023. Source:
Table 2: Silver Price-based Mineral Resource Sensitivity for the Peñasco Quemado Project. Source: Micon, 2023.
Highlights of the MRE include:
Please refer to slide 24 of this presentation for further information and cautionary notes regarding the Penasco Quemado Project mineral resource estimates. Mineral resources are not mineral reserves and do not have demonstrated
economic viability. There is no certainty that any mineral resource will be converted into a mineral reserve.
Please refer to the news release dated May 8th, 2023, for further information and inputs into the Penasco Quemado Project mineral resource estimates.
Updated Mineral Resource Estimate
Investor Presentation – June 2023 / 23
Company
Market
Cap
Project Locations Metal Exploration Exploration stage Notes
Contained
Inferred Ag
(Million Oz)
Lodestar
Battery
Metals
TSXV: LSTR
$2M
Nayarit, Mexico
Sonora, Mexico
Lithium,
Silver
Preliminary exploration identifying
mineralization targets
Commenced Exploration
program and tight capital
structure.
6.2
Sierre Madre
TSXV: SM $47M
Nayarit, Mexico
Gold,
Silver
Advancing exploration on the Tepic and La
Tigra Properties to determine whether it
contains commercially exploitable deposits
of precious or base metals.
Diverse portfolio of gold
and silver assets.
3.1
Silver
Mountain
TSXV: AGMR
$33M Castrovirreyna, Peru Silver Preliminary exploration
Preparing exploration
program for flagship
Castrovirreyna Project
3.1
Silver Viper
Minerals
TSXV: VIPR
$26M
Sonora, Mexico Gold,
Silver
Preliminary exploration identifying
mineralization targets
Closing of $3.3MM private
placement in April 2023
12.9
Note: Comparison based on companies with controlling interest in Western Mexico silver projects. Market Cap Data as of May 5, 2023, CAD.
Direct Comps
Investor Presentation – June 2023 / 24
The Peñasco Quemado Project 2023 Mineral Resource Estimate (“2023 MRE”) has been prepared by W.J. Lewis, P.Geo., of Micon International (“Micon”), in co-
operation with; C., Sarkar, M.Sc, P.Geo (also of Micon), and R., Calles-Montijo, CPG (of Servicios Geológicos IMEx, S.C.); all of whom are Qualified Persons
Independent of the company. The report entitled: NI 43-101 Technical Report for the 2023 Mineral Resource Estimate on the Peñasco Quemado Project, Sonora,
Mexico, dated April 17, 2023, with an effective date of March 21, 2023. was prepared in conformance with the Canadian Institute of Mining, Mettalurgy, and
Petroleum (“CIM”) “Estimation of Mineral Resources and Mineral Reserves Best Practice” guidelines and are reported in accordance with the Canadian
Securities Administrators National Instrument (“NI”) 43-101. Refer to the news release dated May 8th, 2023, for more information on the 2023 MRE.
Mineral resources which are not mineral reserves do not have demonstrated economic viability. The QP believes that, at this time, the mineral resource
estimate is not materially affected by environmental, permitting, legal, title, socio-political, marketing, or other relevant issues. However, as the Peñasco
Quemado Project advances, further required studies in these areas or other socio-political factors may affect the resource estimate.
As it relates to the 2023 MRE, the following should be noted:
• The mineral resources are reported based on open pit mining method scenarios.
• The pit was constrained based on bench slope of 30° for the overlying alluvium and 45° for the remaining
lithologies.
• The mineralized wireframes (PQ zone) within which the resources are contained were modelled on a cut-
off silver grade of 25 g/t.
• Grade capping was applied to reduce the influence of outlier samples, a cap of 460 g/t silver was applied
for PQ zone.
• The economic parameters used to define mineral resources are a metal price of USD25 per troy ounce
silver, a mining cost USD2/t, a processing cost of USD40/t and a G&A cost of USD5/t, for a total of USD47/t
mined and processed. The silver recovery was estimated at 69%.
• The resource is estimated for silver only, as manganese is not recoverable into a salable product for
Peñasco Quemado Project.
• The entire mineral resource has been categorized in the Inferred category.
• The mineral resource estimate has been prepared without reference to surface rights or the potential
presence of overlying infrastructure.
• Figures may not total due to rounding.
• The technical information contained in this presentation was been reviewed and approved by Luke van der Meer, P. Geo., an independent consultant for the Company and an
independent Qualified Person as defined by National Instrument 43-101 Standards for Disclosure of Mineral Projects. Mr. van der Meer is a registered Professional Geoscientist in
British Columbia, Quebec, and Newfoundland, Canada.
3D Perspective of the Peñasco Quemado Project Drill Hole Locations and the Two Mineralized Envelopes
Resource Disclosure Statements
Investor Presentation – June 2023 / 25
Historical MREs Disclaimer
Historical 2008 Mineral Resources Estimate on the La Frazada Property (60 g/t Silver Cut-Off) Based on data available as of October 2008
Resource Classification
Tonnes
(x 1,000)
Grade
Silver
(g/t)
Gold (g/t) Lead (%) Zinc (%) Cu (%)
Silver
(x 000 oz)
Gold
(oz)
Lead
(x 000 lb)
Zinc
(x 000 lb)
Cu
(x 000 lb)
Measured 304 259.8 0.197 0.876 2.36 0.095 2,537 1,900 5,866 15,782 635
Indicated 279 240.5 0.141 0.862 2.52 0.089 2,156 1,300 5,297 15,498 546
Total Measured + Indicated 583 250.5 0.170 0.869 2.44 0.092 4,693 3,200 11,163 31,280 1,181
Inferred 534 224.9 0.178 0.923 2.62 0.089 3,859 3,100 10,860 30,769 1,046
• Lodestar Battery Metals states with equal prominence that it is not treating the historical estimate as current mineral resources or
reserves. At this time, a qualified person has not done sufficient work on behalf of Lodestar to classify the historical estimate as current
mineral resources or reserves. Investors should not rely on the historical estimate as a current mineral resource estimate until it has been
verified and supported in a technical report in accordance with NI 43-101.
• The disclosure of this historical estimate has been reviewed by Luke van der Meer, a “Qualified Person” as defined by National Instrument
43-101 - Standards of Disclosure for Mineral Projects.
Source and date of the historical estimate, including any
existing technical report
Information relating to these historical estimates is summarized from the following technical reports:
Lewis, William, J., (2008, Amended 2009), Technical Report and Preliminary Mineral Resource Estimate for the La Frazada Silver property, El Zopilote Mining
District, Nayarit, Mexico, 99 p. completed for Silvermex Resources Limited.
Relevance and reliability of the historical estimate
The Report was compiled in accordance with Canadian Institute of Mining (2005) standards and best practices for Mineral Resources, adhering to NI 43-
101. Silvermex established QAQC programs that were reviewed by the independent QP who accepted the data as suitable for mineral resource estimation
at that time.
Key assumptions, parameters, and methods used to
prepare the historical estimate
The La Frazada capped silver grade was interpolated using section-polygonal method into a block model constrained by mineralized domains.
Parameters used include a cut-off grade of 60 grams per tonne (g/t) silver.
Resource categories used
In accordance with NI 43-101 as defined in 2011, the La Frazada historical estimate used the terms inferred, indicated and measured mineral resource
having the same meanings ascribed to those terms by the CIM Definition Standards on Mineral Resources and Mineral Reserves.
More recent estimates or data available to the issuer There are no more recent estimates available to the company on the La Frazada project.
Work needed to be done to upgrade or verify the historical
estimate as current mineral resources or mineral reserves
An independent Qualified Person has not done sufficient work to review the historical data and historical estimate to determine what further work would
be required to write an updated current Technical Report in accordance with NI 43-101. It is envisaged that this will involve an update/refinement to the
geologic model and grade interpolation methods.
• In accordance with Section 2.4 of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and despite section
2.2 an issuer may disclose an historical estimate, using the original terminology, if the disclosure identifies the following:

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Lodestar Investor Presentation June V1.pdf

  • 1. Exploration for the Next Clean Energy Generation of Metals TSX-V: LSTR Investor Presentation / June 2023
  • 2. Investor Presentation – June 2023 / 2 Forward-Looking Statement This presentation contains “forward-looking information,” which may include but is not limited to statements concerning the future financial or operating performance of Plymouth Realty Capital Corp. and, upon completion of its transaction to acquire Penasco Quemado, La Frazada and Pluton properties, located in Mexico, (the “Mexican Silver Properties”) from Silver One Resources Inc., Lodestar Battery Metals Metals Corp. (collectively, the “Company”) and its projects, the future price of gold, silver or other metal prices, exploration expenditures, costs and timing of future exploration, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage and regulatory matters. Often, but not always, forward-looking statements can be identified by the use of words such as “plans,” “expects,” “is expected”, “budget,” “scheduled,” “estimates,” “forecasts”, “intends,” “anticipates,” or “believes” or variations (including negative variations) of such words and phrases, or statements that certain actions, events or results “may”, “could,” “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the Company's actual results to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, ability to complete its transaction with Silver One Resources Inc. to acquire the Mexican Silver Properties, completion of the private placement financing, general business, economic, and competitive uncertainties; lack of production; limited operating history of the Company; the actual results of current exploration activities; ability to obtain prospecting licenses or permits; the legal obligations to consult and accommodate aboriginal land claims; proper title to the claim that comprises the Mexican Silver Properties; the Company may lose or abandon its interest in the Mexican Silver Properties; ability to retain qualified personnel; the ability to obtain adequate financing for exploration and development; volatility of commodity prices; environmental risks of mining operations; accidents, labour disputes and other risks of the mining industry, including but not limited to environmental hazards, cave- ins, pit-wall failures, flooding, rock bursts and other acts of God or unfavourable operating conditions and losses. Forward-looking statements are based on several material factors and assumptions, including results, performance or achievements ng the determination of mineral reserves or resources, if any, the results of exploration and drilling activities, the availability and final receipt of required approvals, licenses and permits that sufficient working capital is available to complete proposed exploration and drilling activities, that contracted parties provide goods and services on the agreed time frames, the equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred and that no unusual geological or technical problems occur. While the Company considers these assumptions reasonable based on information currently available to it, they may prove incorrect. Actual results may vary from such forward-looking information for a variety of reasons. These forward-looking statements are made as of the date of this presentation and are based upon management’s beliefs, estimates and opinions. Following listing on the TSX Venture Exchange, the Company intends to discuss in its quarterly and annual reports referred to as the Company’s Management’s Discussion and Analysis documents any events and circumstances that occurred during the period to which such document relates that are reasonably likely to cause actual events or circumstances to differ materially from those disclosed in this presentation. New factors emerge from time to time, and it is not possible for management to predict all of such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward- looking statement. Other than as required by law and as otherwise stated in this presentation, the Company does not intend. It undertakes no obligation to update any forward-looking information to reflect, among other things, new information or future events. Investors are cautioned against placing undue reliance on forward-looking statements. Peter Born, P. Geo, an independent Qualified Person under National Instrument 43-101, has reviewed and approved the technical disclosure in this presentation. Investors are cautioned that mineralization on adjacent or nearby properties does not necessarily indicate mineralization on the Mexican Silver Properties. Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated and Inferred Resources This presentation uses the terms “Measured”, “Indicated,” and “Inferred” Resources as defined in accordance with NI 43-101. United States readers are advised that while Canadian securities laws recognize the United States Securities and Exchange Commission does not recognize them. Under United States standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve calculation is made. and require such terms United States readers are cautioned not to assume that all or any part of the mineral deposits in these categories will ever be converted into reserves. In addition, “Inferred Resources” have a great amount of uncertainty regarding their existence and economic and legal feasibility. Therefore, it cannot be assumed that all or any part of an Inferred Resource will ever be upgraded to a higher category. United States readers are also cautioned not to assume that all or any part of an Inferred Resource exists or is economically or legally mineable.
  • 3. Investor Presentation – June 2023 / 3 Focused on core EV battery metals growth. Diversified exploration portfolio of one lithium property in Snow Lake Manitoba with 100% interest and two silver properties in Mexico. Newly acquired Land Package surrounding lithium discovery in Snow Lake, Manitoba. The Snow Lake District has raised C$50M+ in the last 36 months, with favourable tax treatments. New seasoned management team with a proven track record in capital markets. Tight capital structure and strong capital position. Investment Highlights
  • 4. Investor Presentation – June 2023 / 4 • Lodestar Battery Metals is a mining exploration company with the goal of further advancing its core properties with an ESG focus. • Through additional project acquisitions and claim expansions, Lodestar Battery Metals will continue to expand and develop it’s property portfolio with a targeted focus on the battery metals space. • Organic growth by adding value to our current properties through continued exploration work. About Us
  • 5. Investor Presentation – June 2023 / 5 Our Strategy 1 Clear focus on battery metal assets. 2 Further exploration of newly acquired claims for Peny Property in Snow Lake, Manitoba. 3 High potential to provide shareholder value: • Peny Property is in close proximity to the Thompson Brothers Lithium deposit with an Indicated Resource. • Backed by a combination of capital markets executives and leading exploration management consultation in Manitoba.
  • 6. Investor Presentation – June 2023 / 6 Peny Property - Overview The Peny Property is comprised of 47 mineral claims totalling 11,191 Hectares in the Snow Lake district in Manitoba, Canada. • The Peny property encompasses rock belonging to the Paleoproterozoic Snow Lake subdomain of the Flin Flon – Glennie Complex (FFGC) in the Trans-Hudson Orogen and occurs along the folded southern margin of the Kisseynew domain. The property comprises sedimentary, volcanic and hypabyssal rocks of the Burtwood and Missi Groups, which occur adjacent to the Crowduck Bay Pluton and associated felsic tonalites and mapped pegmatites. • The Property is in close proximity to the recognized Crowduck Bay Fault, and Berry Creek Fault, which are spatially associated with pegmatite emplacement at the Wekusko Lake pegmatite field where Snow Lake Lithium (NASDAQ: LITM) has a defined indicated resources of 9.08 Mt@ 1.00% Li2O, further exploration work is assessing the production of 160k tonnes per annum of 6% lithium ore concentrate for 8-10 years. SNOW LAKE PENY PROPERTY
  • 7. Investor Presentation – June 2023 / 7 Peny Property – The Potential Peny Property offers high-potential growth- based market conditions and opportunities: • Exploration demand and investment interest in new Tier-1 jurisdictions such as Manitoba since 90 percent of lithium mining occurs in just three countries (Australia, Chile, China). • Spodumene (a lithium-rich mineral) represents the most abundant lithium ore and has been identified in abundance adjacent to the property. • Spodumene lithium deposits advantage: The speed at which lithium carbonate can be produced (Scales, 2011). Only five days are needed between the time the ore is mined, and the final product is ready for shipment. Conversely, brine evaporation processing can take between 18 and 24 months.
  • 8. Investor Presentation – June 2023 / 8 Peny Property – Ideal Location • Peny Property is located approximately 25 kilometres northeast of Snow Lake, Manitoba. The Peny Property is prospective for Lithium Pegmatite and Volcanic Massive Sulphide (“VMS”) style mineralization which is known to occur in the local area. • The Peny Property is located adjacent to the former producing Osborne Lake VMS Mine and Bur Property Cu+Zn+Ag historical resource, where historical workers report wall rock are intruded by coarse-grained, Spodumene bearing, sheared pegmatite. 1. Mineral resource estimate from 43-101 technical report titled ”NI 43-101 Technical Report on the Zoro Lithium Project, Snow lake, Manitoba,” dated July 6th , 2018, authored by Fedikow et al. 2. Mineral Resources in @-K 1300 technical report titled “Technical Report Summary and Resource Estimate, Thompson Brothers Lithium Project, Snow Lake Area, Herb Lake Mining Division, Manitoba, Canada,” dated June 9th, 2021, Prepared by Canmine Consultants
  • 9. Investor Presentation – June 2023 / 9 Peny Property – Favourable Conditions • The historical work on the property indicates that mineralization may include copper and zinc; Lodestar Battery Metals intends to refocus on the project of lithium exploration within the current property boundary. • The Snow Lake area has access to tier-1 existing infrastructure, including Railway Access, Road Access, Airstrip, and power lines. • Recent exploration success in the district highlights a clear path to possible discoveries at the property using tried and tested exploration methods.
  • 10. Investor Presentation – June 2023 / 10 Lodestar Exploration Strategy The 2022 Peny preliminary field exploration program has been completed. Further evaluation is required as the results are currently being analyzed to determine further favourable trace element geochemical vectors. Lodestar’s field exploration program for 2023 includes: • Remote Sensing: By combining modern remote sensing techniques using multispectral imaging and synthetic aperture radar to analyze vegetation, structure and alteration, complex anomalies covering large areas can be quickly and effectively identified. This is a multivariate exploration approach, combining existing geological, geochemical, and geophysical data with multiple satellite analyses to identify new potential mineral targets. • Tri-Axial Magnetics: An airborne survey is to be completed as soon as possible to identify favourable structural settings conducive to pegmatite emplacement. • A systematic surficial and subsurface structural analysis and interpretation, based on remote sensing and geophysical data is to be completed on the combined datasets, by incorporating historical exploration and recently quired field data the property will be screened to develop systematically derived targets for boots on the ground follow up work. • Review and Resampling of Historic Core: historical records available indicate up to 80 drillholes have previously been completed on the property. The drilling logs provide descriptions of Pegmatites which remain unsampled. These cores are to be located and resampled to determine potential and trace element indicators for lithium mineralization. • Surface Mapping and Sampling: Surface mapping and sampling of outcrops will assist in identifying areas of pegmatite outcrop at the property; field exploration activities can be focused based on geophysical and remote sensing screening.
  • 11. Investor Presentation – June 2023 / 11 Snow Lake District Established Mining District Almost 100 years of historic and consistent mining in the area Excellent Infrastructure Near highway, grid power, railway Potential for New Discoveries Recent investments in the district by several mining companies demonstrate high confidence in the potential for new discoveries Established Operators HudBay operates the Lalor Mine and concentrator in the Snow Lake District EV Supply Strategically located to supply North America’s growing EV appetite
  • 12. Investor Presentation – June 2023 / 12 Silver Projects Penasco Quemado (Sonora, Mexico) Land Package: 3,746 ha Oxide Mineralization Ag, (Cu) 6.2 Moz Inferred Ag* Average grade of 168.6 grams per tonne (“g/t”) silver. La Frazada (Nayarit, Mexico) Land Package: 299 ha Epithermal Vein Ag, Zn. Pb (Cu) Historical M&I: 4.70 Moz Ag** Historical Inferred: 3.86 Moz Ag** Lodestar Battery Metals’ initial acquisition includes a 100% interest in two significant silver assets in Mexico: Penasco Quemado (Sonora) La Frazada (Nayarit) Lodestar Battery Metals acquired these assets from Silver One Resources Inc. with over 10% Ownership. *Please refer to slide 24 of this presentation for further information and cautionary notes regarding the Penasco Quemado Project mineral resource estimate. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that any mineral resource will be converted into a mineral reserve. **Please refer to slide 25 of this presentation for further information and cautionary notes regarding the La Frazada Project historical mineral resource estimate. Please refer to the news release dated May 8th, 2023, for further information and inputs into the Penasco Quemado Project mineral resource estimates.
  • 13. Investor Presentation – June 2023 / 13 Company Market Cap Project Locations Metal Exploration Exploration stage Notes Manitoba Property Size Lodestar Battery Metals TSXV: LSTR $2M Snow Lake Manitoba, Mexico (2) Lithium, Silver Preliminary exploration identifying mineralization targets Commenced Exploration program and tight capital structure. 27,337 Acres Foremost Lithium Resource CSE: FAT $33M Snow Lake, Manitoba Lithium Gold, Silver Initial drill program at Jean Lake Lithium Project in winter 2022 Closed 1.6M Non-Brokered private placement at a premium . Spread out amongst 5 properties. 43,031 Acres Snow Lake Lithium Nasdaq: LITM $60M Snow Lake, Manitoba Lithium 10,000M Drill Program ongoing Raised USD $27MM 55,318 Acres Note: Comparison based on companies with controlling interest in Snow Lake and Central Manitoba lithium projects. Market Cap Data as of June 1, 2023, CAD. Direct Comps
  • 14. Investor Presentation – June 2023 / 14 Capital Structure Comparables Lodestar Battery Metals (TSXV: LSTR) Snow Lake Resources (NASDAQ: LITM) Foremost Lithium Resource (CSE: FAT) 44,336,500 $2,216,825 198,480,000 $32,329,902 $60,047,939 17,924,758 Note: Comparison based on companies with controlling interest in Snow Lake and Central Manitoba lithium projects. Market Cap Data as of May 1, 2023, CAD. Shares Outstanding Market Capitalization
  • 15. Investor Presentation – June 2023 / 15 Longford Exploration Lodestar Battery Metals has retained Longford Exploration to manage the Stage 1 Exploration program on the Peny Property. Complete project management providing qualified geologists, equipment, and custom exploration solutions. Reducing day-to-day micromanagement for executives. Advancing exploration projects to meet local requirements, permits, and technical reporting standards. Provides access to industry specialists with a full suite of mineral exploration talent, ranging from geochemistry, geophysics & structural mapping. Longford’s GIS specialists are then able to take the results from the field and produce reporting material to suit the company’s objectives. Track record and expertise in developing early-stage 'greenfields' projects through exploration development and bringing projects to drill readiness.
  • 16. Investor Presentation – June 2023 / 16 Development Timeline Q4 2022 • Data Compilation • Field Exploration • CAD $400k capital raise of flow-through for Peny Property Q1 2023 • Analysis of Phase 1 Sample Results • Remote Sensing • Additional Staking Q2 2023 • Exploration Planning • Updated 43-101 for Penasco Quemado Project* • 7,859 Additional Hectares Staked Q3 2023 • Geophysics (Heli) • Interpretation of results • Field Exploration • Historical Core Relogging Q4 2023 • Data Compilation • Data Interpretation *Please refer to slide 24 of this presentation for further information and cautionary notes regarding the Penasco Quemado Project mineral resource estimates. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that any mineral resource will be converted into a mineral reserve. Please refer to the news release dated May 8th, 2023, for further information and inputs into the Penasco Quemado Project mineral resource estimates.
  • 17. Investor Presentation – June 2023 / 17 Management Team & Board of Directors Experienced management team with proven track record in junior exploration and finance. Lowell Kamin President, CEO & Chairman of the Board Lowell has over 25 years of Capital Markets experience at Canadian and Global Investment Banks in addition to numerous senior leadership roles. He advised and raised funds for a range of Canadian & U.S. mining issuers from exploration phase to production. Killian Ruby CFO & Director Killian provides CFO and strategic financial advisory services to a arrange of public and private companies across industries and sectors. Former audit partner (Baker Tilly Canada) and senior manager with KPMG Canada and KPMG Ireland. Canada CPA, CA and an Irish Chartered Accountant. Luke van der Meer, P. Geo Qualified Person Luke has over 20 years of experience in mineral exploration, mining, and civil engineering. He graduated from the University of Otago in New Zealand in 2001 and started his career in underground mining with Barrick Gold in Western Australia, perfecting technical best practices in mineral exploration and resource development. Scott Margach Executive Vice-President & Director Scott is an experienced Analyst and Portfolio Manager having managed both Canadian and U.S. public equities for more than 25 years including fixed-income and digital assets. As a consultant, he helped asset owners and asset managers deal with the evolving challenges related to ESG. Scott is a Chartered Financial Analyst (CFA). Charles Hethey Advisor & Counsel Charles is a securities lawyer in British Columbia and New York with over ten years of experience. He represents a number of U.S. and Canadian listed entities on the TSX Venture Exchange, Canadian Securities Exchange and U.S. OTC markets. His clients are active in a broad range of industries with an emphasis on mining issuers. Gary Prihar Director Founder of VIVA Care Medical and Move Health & Wellness. Gary is President at Move Health & Wellness and a director of Leveljump Healthcare Corp., Member of the Chartered Professional Accountants of BC, Member of the Institute of Chartered Accountants of BC and Advisor at Mandala Capital Inc.
  • 18. Investor Presentation – June 2023 / 18 Contact Us Lowell Kamin CEO and Director Alyssa Barry Investor Relations 416.272.1241 investors@lodestarbatterymetals.ca 1680 - 355 Burrard Street Vancouver, BC V6C 2G8 lodestarbatterymetals.ca TSX-V: LSTR
  • 19. Investor Presentation – June 2023 / 19 Appendix
  • 20. Investor Presentation – June 2023 / 20 Lithium & Silver Overview Lodestar Battery Metals offers exposure to both of these core EV Metals. Lithium Lithium Ion batteries have ‘won the war’ for EV use; these high-capacity, fast-to-charge batteries are found in every EV in production today and are at the heart of the EV roadmap for the future. Peny Property has the potential of lithium hosted by Spodumene. Silver Silver will continue to play an increasing role in the construction of electrical EV components and their electrical conductive properties. Lithium, nickel and cobalt are all expected to have the highest multiples of demand growth, with the need for silver remaining high for its conductive and corrosion-resistant properties.
  • 21. Investor Presentation – June 2023 / 21 Lithium Market Statistics Amid a landscape of high prices and an undersupplied market environment, Chinese refineries imported spodumene concentrates below 1.5 percent lithium oxide (0.7 percent lithium) in order to supply market needs. Surging EV demand has seen lithium prices skyrocket by around 550 percent in a year: by the beginning of March 2022, the lithium carbonate price had passed $75,000 per metric ton.
  • 22. Investor Presentation – June 2023 / 22 A Technical Report was prepared in accordance with National Instrument 43-101 (“NI 43-101”) Standards of Disclosure for Mineral Projects by Micon International Ltd. Micon of Toronto, Canada. Entitled: NI 43-101 Technical Report for the 2023 Mineral Resource Estimate on the Peñasco Quemado Project, Sonora, Mexico, authored by WJ. Lewis, P.Geo; C Sarkar, M.Sc, P.Geo; and R Calles-Montijo, CPG. Dated April 17, 2023, with an effective date of March 21, 2023. Pitshell Resource Category Zone Stripping Ratio Tonnage (Mt) Average Grade AG (g/t) Metal Content Ag (Million oz) Inpit Inferred QP 2.25 1.1 168.6 6.2 Peñasco Quemado Project Mineral Resource Estimate Pitshell Silver Price USD/oz Cut-off Grade Ag (g/t) Stripping Ratio Resource Category Tonnage (Mt) Average Grade AG (g/t) Metal Content Ag (Million oz) Inpit 15 141 2.96 Inferred 0.6 217.6 4 20 106 2.35 0.9 189.2 5.2 25* 85 2.25 1.1 168.6 6.2 30 71 2.07 1.3 155.3 6.7 • 6.2 million ounces (“Moz”) silver classified as inferred (“inf”) at Peñasco Quemado with an average grade of 168.6 grams per tonne (“g/t”) silver. • Conservative base-case estimate uses 85 g/t silver cut-off grade • Relatively low strip ratio of 2.25:1 for Peñasco Quemado resource • Future resource growth potential remains at Peñasco Quemado. Table 1: Mineral Resource Estimate for the Peñasco Quemado Project at 85 g/t Ag Cut-off as of March 21, 2023. Source: Table 2: Silver Price-based Mineral Resource Sensitivity for the Peñasco Quemado Project. Source: Micon, 2023. Highlights of the MRE include: Please refer to slide 24 of this presentation for further information and cautionary notes regarding the Penasco Quemado Project mineral resource estimates. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that any mineral resource will be converted into a mineral reserve. Please refer to the news release dated May 8th, 2023, for further information and inputs into the Penasco Quemado Project mineral resource estimates. Updated Mineral Resource Estimate
  • 23. Investor Presentation – June 2023 / 23 Company Market Cap Project Locations Metal Exploration Exploration stage Notes Contained Inferred Ag (Million Oz) Lodestar Battery Metals TSXV: LSTR $2M Nayarit, Mexico Sonora, Mexico Lithium, Silver Preliminary exploration identifying mineralization targets Commenced Exploration program and tight capital structure. 6.2 Sierre Madre TSXV: SM $47M Nayarit, Mexico Gold, Silver Advancing exploration on the Tepic and La Tigra Properties to determine whether it contains commercially exploitable deposits of precious or base metals. Diverse portfolio of gold and silver assets. 3.1 Silver Mountain TSXV: AGMR $33M Castrovirreyna, Peru Silver Preliminary exploration Preparing exploration program for flagship Castrovirreyna Project 3.1 Silver Viper Minerals TSXV: VIPR $26M Sonora, Mexico Gold, Silver Preliminary exploration identifying mineralization targets Closing of $3.3MM private placement in April 2023 12.9 Note: Comparison based on companies with controlling interest in Western Mexico silver projects. Market Cap Data as of May 5, 2023, CAD. Direct Comps
  • 24. Investor Presentation – June 2023 / 24 The Peñasco Quemado Project 2023 Mineral Resource Estimate (“2023 MRE”) has been prepared by W.J. Lewis, P.Geo., of Micon International (“Micon”), in co- operation with; C., Sarkar, M.Sc, P.Geo (also of Micon), and R., Calles-Montijo, CPG (of Servicios Geológicos IMEx, S.C.); all of whom are Qualified Persons Independent of the company. The report entitled: NI 43-101 Technical Report for the 2023 Mineral Resource Estimate on the Peñasco Quemado Project, Sonora, Mexico, dated April 17, 2023, with an effective date of March 21, 2023. was prepared in conformance with the Canadian Institute of Mining, Mettalurgy, and Petroleum (“CIM”) “Estimation of Mineral Resources and Mineral Reserves Best Practice” guidelines and are reported in accordance with the Canadian Securities Administrators National Instrument (“NI”) 43-101. Refer to the news release dated May 8th, 2023, for more information on the 2023 MRE. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The QP believes that, at this time, the mineral resource estimate is not materially affected by environmental, permitting, legal, title, socio-political, marketing, or other relevant issues. However, as the Peñasco Quemado Project advances, further required studies in these areas or other socio-political factors may affect the resource estimate. As it relates to the 2023 MRE, the following should be noted: • The mineral resources are reported based on open pit mining method scenarios. • The pit was constrained based on bench slope of 30° for the overlying alluvium and 45° for the remaining lithologies. • The mineralized wireframes (PQ zone) within which the resources are contained were modelled on a cut- off silver grade of 25 g/t. • Grade capping was applied to reduce the influence of outlier samples, a cap of 460 g/t silver was applied for PQ zone. • The economic parameters used to define mineral resources are a metal price of USD25 per troy ounce silver, a mining cost USD2/t, a processing cost of USD40/t and a G&A cost of USD5/t, for a total of USD47/t mined and processed. The silver recovery was estimated at 69%. • The resource is estimated for silver only, as manganese is not recoverable into a salable product for Peñasco Quemado Project. • The entire mineral resource has been categorized in the Inferred category. • The mineral resource estimate has been prepared without reference to surface rights or the potential presence of overlying infrastructure. • Figures may not total due to rounding. • The technical information contained in this presentation was been reviewed and approved by Luke van der Meer, P. Geo., an independent consultant for the Company and an independent Qualified Person as defined by National Instrument 43-101 Standards for Disclosure of Mineral Projects. Mr. van der Meer is a registered Professional Geoscientist in British Columbia, Quebec, and Newfoundland, Canada. 3D Perspective of the Peñasco Quemado Project Drill Hole Locations and the Two Mineralized Envelopes Resource Disclosure Statements
  • 25. Investor Presentation – June 2023 / 25 Historical MREs Disclaimer Historical 2008 Mineral Resources Estimate on the La Frazada Property (60 g/t Silver Cut-Off) Based on data available as of October 2008 Resource Classification Tonnes (x 1,000) Grade Silver (g/t) Gold (g/t) Lead (%) Zinc (%) Cu (%) Silver (x 000 oz) Gold (oz) Lead (x 000 lb) Zinc (x 000 lb) Cu (x 000 lb) Measured 304 259.8 0.197 0.876 2.36 0.095 2,537 1,900 5,866 15,782 635 Indicated 279 240.5 0.141 0.862 2.52 0.089 2,156 1,300 5,297 15,498 546 Total Measured + Indicated 583 250.5 0.170 0.869 2.44 0.092 4,693 3,200 11,163 31,280 1,181 Inferred 534 224.9 0.178 0.923 2.62 0.089 3,859 3,100 10,860 30,769 1,046 • Lodestar Battery Metals states with equal prominence that it is not treating the historical estimate as current mineral resources or reserves. At this time, a qualified person has not done sufficient work on behalf of Lodestar to classify the historical estimate as current mineral resources or reserves. Investors should not rely on the historical estimate as a current mineral resource estimate until it has been verified and supported in a technical report in accordance with NI 43-101. • The disclosure of this historical estimate has been reviewed by Luke van der Meer, a “Qualified Person” as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Source and date of the historical estimate, including any existing technical report Information relating to these historical estimates is summarized from the following technical reports: Lewis, William, J., (2008, Amended 2009), Technical Report and Preliminary Mineral Resource Estimate for the La Frazada Silver property, El Zopilote Mining District, Nayarit, Mexico, 99 p. completed for Silvermex Resources Limited. Relevance and reliability of the historical estimate The Report was compiled in accordance with Canadian Institute of Mining (2005) standards and best practices for Mineral Resources, adhering to NI 43- 101. Silvermex established QAQC programs that were reviewed by the independent QP who accepted the data as suitable for mineral resource estimation at that time. Key assumptions, parameters, and methods used to prepare the historical estimate The La Frazada capped silver grade was interpolated using section-polygonal method into a block model constrained by mineralized domains. Parameters used include a cut-off grade of 60 grams per tonne (g/t) silver. Resource categories used In accordance with NI 43-101 as defined in 2011, the La Frazada historical estimate used the terms inferred, indicated and measured mineral resource having the same meanings ascribed to those terms by the CIM Definition Standards on Mineral Resources and Mineral Reserves. More recent estimates or data available to the issuer There are no more recent estimates available to the company on the La Frazada project. Work needed to be done to upgrade or verify the historical estimate as current mineral resources or mineral reserves An independent Qualified Person has not done sufficient work to review the historical data and historical estimate to determine what further work would be required to write an updated current Technical Report in accordance with NI 43-101. It is envisaged that this will involve an update/refinement to the geologic model and grade interpolation methods. • In accordance with Section 2.4 of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and despite section 2.2 an issuer may disclose an historical estimate, using the original terminology, if the disclosure identifies the following: