Lode-Star Mining Inc. reported its financial results for the three and nine months ended September 30, 2024, revealing a challenging operational landscape. The company, which currently has no active business operations and is seeking investment opportunities, recorded no revenue for the nine-month period, consistent with the previous year.

For the three months ended September 30, 2024, Lode-Star's operating expenses increased to $12,285, a 39% rise from $8,844 in the same period of 2023. This increase was primarily driven by higher office, foreign exchange, and sundry expenses, which surged to $6,126 from $764 year-over-year. The net loss for the third quarter was $(12,285), reflecting a similar 39% increase compared to $(8,844) in Q3 2023.

In contrast, for the nine months ended September 30, 2024, total operating expenses decreased to $34,552, down 15% from $40,447 in the prior year. This reduction was attributed to lower office expenses and professional fees, although it was offset by increased corporate support services. The net loss for the nine-month period was $(34,552), an improvement from $(40,447) in 2023.

Cash reserves as of September 30, 2024, stood at $3,575, up 45% from $2,474 at the end of 2023. However, the company’s total stockholders' deficiency worsened to $(124,002) from $(89,450) over the same period, indicating increasing financial strain. The amount due to related parties rose significantly to $122,059, up 58% from $77,235, reflecting reliance on loans from its majority shareholder, Lode-Star Gold Inc. (LSG), which provided $44,824 in additional funding for operating expenses during the nine months.

The company’s balance sheet highlights a working capital deficiency that has increased due to cash outflows from operating activities. Cash used in operating activities for the nine months was $(43,723), slightly higher than $(41,936) in 2023. The net increase in cash for the nine months was $1,101, a significant decrease from $3,990 in the prior year.

Lode-Star Mining Inc. continues to face substantial doubt regarding its ability to continue as a going concern without securing additional financing. The company plans to meet its cash requirements through a combination of debt and equity financing, although it acknowledges the risks associated with these efforts.