Landore Resources Limited – Updated Independent Mineral Resource Estimates for Deposits on the Junior Lake Property, Northwestern Ontario, Canada and Lifting of Suspension in Trading on AIM
Press Release
London, United Kingdom – 22 January 2026 – Landore Resources Limited (AIM: LND) (“Landore Resources” or the “Company”), announces the receipt of an updated independent mineral resource estimate (“MRE”) for its flagship BAM Gold Project on its 100%-owned Junior Lake Property in Northwestern Ontario, Canada (“BAM” or the “Project”), following the initiation of a growth strategy in 2024 to advance and de-risk this project. In conjunction with the updated MRE for BAM, independent updates of the key financial inputs and mineral resource estimates for the group’s B-47 Nickel-Copper-Cobalt-PGE Deposit (“B-47”) and the VW Nickel-Copper-Cobalt Deposit (“VW”), located within 2 kilometres of BAM, were also undertaken.
The updated MREs were completed in accordance with the 2019 CIM Best Practice Guidelines and compiled by SLR Consulting (Canada) Limited (“SLR”), a leading global consultancy firm serving the mining sector with significant experience of developing and reviewing mineral resource estimates for similar gold projects in Ontario and throughout Canada. The BAM MRE update was initiated in part to address substantial economic changes driven by global sociopolitical events since the issuance of the previous BAM MRE (effective as of 31 January 2022) on 8 February 2022 (the “2022 MRE”) and subsequent preliminary economic assessment (“PEA”) findings released on 9 May 2022, both of which were undertaken by Cube Consulting Pty Limited (“Cube”). The previous B-47 and VW MREs (effective as of 1 December 2017) were undertaken by Roscoe Postle Associates Inc. (“RPA”) (acquired by SLR in 2019) and announced by the Company on 5 February 2018. The revised financial inputs integrate the upside of a strong prevailing gold price as well as the realities of increased operating and processing costs in Canada and, more specifically, northwest Ontario. Updating these inputs is essential to delivering a more accurate asset valuation.
The updated MRE for the BAM deposit integrated the results from exploration and resource definition work performed subsequent to the 2022 MRE. These works included the Company’s 2025 resource drilling programme comprising 14 HQ diameter drill holes for a total of 3,549 metres and the 2025 infill sampling of 779 metres of drill core (648 samples) within the BAM resource.
As a result of the publication of the updated MREs, trading in the Company’s ordinary shares on AIM will be restored with effect from 7.30 a.m. today.
Commenting today on the MRE updates, Landore Resources’ CEO Alexander Shaw, said:
“Since I joined Landore Resources as CEO some 19 months ago, our strategy has been laser focused on better understanding the economic potential of our Junior Lake Property and optimising the value of the group’s asset portfolio. We implemented targeted exploration work including a soil sampling programme, structural analysis, drilling and selective infill sampling to better understand and improve the definition of the identified mineralisation in the West and East ore bodies of the core BAM deposit, and I pledged to develop a credible updated MRE to reflect this work.
“The updated MREs have been carried out by SLR, recognised as a global leader in its field, which has provided a more robust understanding of the various Junior Lake deposits and significantly increases our confidence in the ore bodies. Although the headline Indicated and Inferred inside optimised pit resource estimates for BAM have fallen from the equivalent 2022 estimates, it is clear that the Company’s potential remains undiminished with the latest MRE findings serving to de-risk BAM and augment our understanding of this flagship deposit as it stands today. The updated MREs have also highlighted that, in a world currently desperate for critical minerals, there is associated value in the base and platinum group metal deposits at B4-7 and VW.
“Of particular significance, in light of the highly professional and methodical approach taken by SLR, we now have a flagship deposit in BAM which is not only better understood but also highly comparable to other gold deposits discovered in Ontario over the past three decades. The Company has historically reported a headline MRE based on an unconstrained global block model (approximately 1.496Moz) whereas SLR’s work has been focused on compiling a CIM compliant MRE within an optimised pit shell. With approximately 622,000 Indicated gold ounces and 34,000 Inferred gold ounces, respectively, within an optimised pit shell in one of the most mining friendly
jurisdictions in the world, management strongly believe that we now have a solid platform from which to grow the Company aggressively in an increasingly robust gold price environment.
“Landore Resources has discovered a regional scale orogenic gold system and we believe that there is considerably more gold to be defined within our current mining licence area, not only along strike and down dip of the current resource at BAM, but also in adjacent licences we hold, including Lamaune, Toronto Lake and the Eastern Extension.”
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