Lachlan Star Limited — Regulatory Filings 2010

Oct 31, 2010

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Quarterly Report for the Period ending 30 September 2010

At the end of the September quarter Lachlan Star had cash deposits of $3.5 million and listed tradeable securities totalling $5.0 million.

Several projects were reviewed for acquisition during the quarter and evaluation work is

continuing on these.

The Company’s strategy is to be exposed to a variety of commodities across several geographic regions. The commodities targeted by the Company are bulk commodities (coal and iron ore), copper and gold and the geographic regions of interest are currently eastern Australia, Southern Africa and the Americas.

Projects within the bulk commodity and copper sectors provide the Company with an exposure to the strong demand from China and the recovering demand from the rest of Asia, Europe, and the Americas.

Luiri Gold (28%)

Lachlan Star holds a 28% interest in Luiri Gold, a TSX and ASX listed exploration company with gold and iron ore assets in Zambia. The Company’s holding in Luiri was valued at $5.0 million at the end of the quarter compared to a cost of $4.8 million.

On the 29[th] July, Luiri Gold announced that it had received a letter from the Zambian government stating that it has cancelled LML 48 (Luiri’s main asset) and that Luiri Gold was appealing that decision to the Ministry of Mines in accordance with the Mining Act.

Luiri Gold announced on the 15[th] September that the Zambian High Court had awarded a stay of the decision of the Minister of Mines and Minerals Development to cancel its Large Scale Mining Licence pending the hearing of a High Court appeal lodged by Luiri Gold.

At the same time, Luiri Gold announced that the Zambian Department of Mines had granted Luiri Gold a one year extension to LPL209, the prospecting licence that surrounds LML48.

Given the issues relating to title and the slow progress of the technical aspects of Luiri’s assets, Lachlan Star called a Special General Meeting to remove the incumbent management.

The proxy voting received subsequent to the end of the quarter indicated that the required two thirds majority to make management changes would not be forthcoming, and Lachlan Star withdrew the meeting request.

Lachlan Star is considering its options with respect to its investment in Luiri Gold.

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- Bushranger Copper Project EL 5574 (100%)

No work completed for the period.

Alexander Coal Project

As previously announced, the claim holder of the Alexander Coal Project is in dispute with another party over the title of the project. This dispute is progressing through the courts in South Africa and all work by the Company has been halted on the project until more clarity is received on the title of the project.

The claim holder is progressing the application for conversion to a New Order Mining Right.

More information about the Company can be found at our website www.lachlanstar.com.au.

For and on behalf of the Board

Mick McMullen Chairman

About Lachlan Star Limited

Lachlan Star Limited (ASX:LSA) is an emerging minerals exploration and development company headquartered in Perth, Western Australia. The company is focused on acquiring and developing assets within the gold, copper and bulk commodities sectors within Australia and overseas. The company has a board of directors and management team with an impressive track record of advancing resource projects through to production.

Lachlan Star’s current projects include the Bushranger copper and gold project in NSW and the Princhester magnesite deposit in QLD. Lachlan Star also has a 28% interest in Luiri Gold (ASX:LGM), a TSV and ASX listed company with gold and iron assets in Zambia.

Directors and Management – Mick McMullen - Chairman Declan Franzmann - Director(non executive) Tom Duckworth - Director(non executive) Visit: www.lachlanstar.com.au