Lodestar Battery Metals announced it has filed the independent technical report for the Penasco Quemado Project updated Mineral Resource Estimate. The report titled "NI 43-101 Technical Report for the 2023 Mineral Resource Estimate on the Penasco Quemados Project, Sonora, Mexico" is dated April 17, 2023 (with an effective date of March 21, 2023) (the "Technical Report"). The Technical Report was prepared in accordance with National Instrument 43-101 ("N.I. 43101") Standards of Disclosure for Mineral Projects by Micon International Ltd. ("Micon") of Toronto, Canada.

Highlights of the MRE include: 6.2 million ounces ("Micon") silver classified as inferred (" inf") at Penasco 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 Penasco Quemado resource.

Future resource growth potential remains at Penasco Quemados. Penasco Quemado project Mineral Resource Estimate. The 2023 MRE objective was to upgrade the historic Penasco Quemado Resource estimate to current standards under the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM").

The most notable change in the 2023 MRE is the significant decrease in resource tonnage and a notable resource classification category limited to only inferred resources. The Penasco Quemado resources now contains 6.2 Moz silver in 1.1 Mt at an average grade of 168. 6 g/t silver in the Inferred category.

In addition to its defined silver resources at PQ mineralized zone, a separate pit was generated for the PQ South zone; however, this does not meet the requirement for being potentially economic, as it generated a negative net present value. Thus, a pit-constrained mineral resource could only be reported for the PQ mineralized zone. This leaves Lodestar with a significant opportunity to expand and build upon the established resources at the Penasco QuEMado property: Further drilling in and around this area may be able to enlarge the existing PQ mineral resource, and this would assist in potentially bridging the gap between the two detached mineralized zones and increasing the resource potential beyond the extent of the current pit shell.