REG - Landore Resources Ld - Updated Mineral Resource Estimates for Junior Lake

Landore ResourcesAnnouncement

22/01/2026 07:00

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RNS Number : 8607P  Landore Resources Limited  22 January 2026

22 January 2026

 

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

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."

Updated Mineral Resource Estimates

BAM Gold Project

SLR's updated CIM-compliant BAM MRE within an optimised pit shell (effective
as of 16 January 2026) at a 0.21 g/t gold cut-off grade and at a long-term
gold price of US$3,000/oz is outlined in Table 1 below:

 

Table 1: BAM Gold Deposit Mineral Resource Statement, 16 January, 2026

 Class      Tonnes (Mt)  Au (g/t)  Au (koz)
 Indicated  19.1         1.01      622.3
 Inferred   1.1          0.96      33.7

 

The current BAM MRE of 622,300 oz Au Indicated and 33,700 oz Au Inferred is
approximately 20.7 per cent. and 53.2 per cent. lower than the 2022 inside-pit
equivalent estimates (785,000 oz Au Indicated and 72,000 oz Au Inferred).
There are several factors which have contributed to such reduced estimates,
namely:

1) New drilling, where some holes confirmed the 2022 down-dip projection
interpretations while others did not.

2) Edits to the 2022 wireframes included adjusting thicknesses locally,
snapping some wireframes to mineralised intervals, adding some mineralised
intervals, and reducing the down-dip projections to a maximum of 100 m. The
edits to the wireframes resulted in a reduction of the total wireframe volume.

3) In-fill sampling of unsampled portions of selected drill holes where the
2022 wireframe interpretations envisioned the continuation of the
mineralisation. A total of 648 additional samples covering 779m of core were
collected from a total of 40 drill holes. Save for one drill hole, the grades
of the in-fill samples mostly did not confirm the previous grade
interpretation in the block model.

4) Change in the gold price assumption from US$1,800/oz to US$3,000/oz.
Combined with slight modifications to the operating cost estimates and the
reporting basis, this resulted in a reduction of the cut-off grade from 0.30
g/t Au in 2022 to approximately 0.21 g/t Au in 2026.

5) A change in the capping value to a global 15 g/t Au.

6) Changes to the parent block size from 5 m (Y) x 25 m (X) x 25 m (Z) in 2022
to 3 m (Y) x 10 m (X) x 5 m (Z), and changes to the sub-block size from 1.25 m
(Y) x 6.25 m (X) x 6.25 m (Z) to 1.5 m (Y) x 5 m (X) x 2.5 m (Z) to better
reflect the narrow widths of many portions of the wireframes.

7) Change in the number of samples allowed for estimation from a minimum of 6
and a maximum of 16 to a minimum of 3 and a maximum of 12 (composite lengths
are nominally 1 m) to better reflect the smaller block sizes, narrower widths,
and reduce grade smearing.

8) Reduction in the search ellipse ranges from 120 m for pass 1 and 360 m for
pass 2 to 55 m for pass 1 and 150 m for pass 2. The revised distances are
supported by good variogram model fits.

9) Changes to the estimated operating costs from US$16.57/tonne in 2022
(C$23.15/tonne) to C$31.30/tonne in 2026.

Changes to the 2026 block model are estimated to be responsible for
approximately 10% to 15% of the difference when compared with the 2022 MRE.
Changes to the metallurgical recovery and operating cost assumptions largely
account for the remaining disparity between the 2026 and 2022 MREs. These
changes diminish the impact of the current strong gold price.

 

The above estimate is in respect of in-situ material at a base case price for
gold of US$3,000/oz with the sensitivity of the mineral resources to the gold
price illustrated in Tables 2 and 3 below.

 

Table 2: BAM Gold Deposit Sensitivity to the Gold Price, Indicated Resources

 Pit Shell  Gold Price  Cut-off Grade  Tonnes  Grade      Gold

            (US$/oz)    (g/t Au)       (kt)    (g/t Au)   (koz)
 10         2,400       0.26           16,330  1.05       551
 12         2,600       0.24           17,535  1.04       586
 14         2,800       0.22           18,315  1.02       601
 16*        3,000       0.21           19,161  1.01       622
 18         3,200       0.20           21,197  0.98       668
 20         3,400       0.18           22,493  0.96       694
 22         3,600       0.17           22,900  0.96       707
 24         3,800       0.16           23,376  0.95       714
 26         4,000       0.16           23,606  0.94       713

* Mineral Resource pit shell, US$3,000/oz Au

 

Table 3: BAM Gold Deposit Sensitivity to the Gold Price, Inferred Resources

 Pit Shell  Gold Price  Cut-off Grade  Tonnes   Grade      Gold

            (US$/oz)    (g/t Au)       (kt)     (g/t Au)   (koz)
 10          2,400      0.26            619     0.91       18.1
 12          2,600      0.24            783     0.86       21.6
 14          2,800      0.22            934     1.00       30.0
 16*         3,000      0.21            1,092   0.96       33.7
 18          3,200      0.20            1,459   0.91       42.7
 20          3,400      0.18            1,907   0.86       52.7
 22          3,600      0.17            2,135   0.85       58.4
 24          3,800      0.16            2,279   0.85       62.3
 26          4,000      0.16            2,677   0.79       68.0

* Mineral Resource pit shell, US$3,000/oz Au

The updated MRE for BAM was prepared using available drill hole and sampling
information as of 12 November 2025. Explicit mineralisation wireframe models
were created for a total of 24 mineralised domains using a threshold value of
0.25 g/t Au and a minimum width of approximately three metres, representing
that mineralisation having potential for excavation using an open pit mining
method. A capping value of 15 g/t Au was applied to those assay values
contained within all the mineralised wireframe domains, and the samples within
the mineralised wireframes were subsequently composited to a length of one
metre using the best fit compositing function in the Surpac software package.

An upright, non-rotated sub-blocked block model was created using a parent
cell size of 3 m (Y) x 10 m (X) x 5 m (Z) with one level of sub-blocking to
sizes of 1.5 m (Y) x 5 m (X) x 2.5 m (Z). Gold grades were estimated into the
block model using the Ordinary Kriging interpolation algorithm for each
mineralised domain separately using the capped, composited assay values and
two estimation passes. Mineralisation outlined with drill holes at a nominal
spacing of approximately 50 m and receiving estimated grades from the first
estimation pass was initially assigned to the Indicated Mineral Resource
category. Mineralisation outlined using the second estimation pass was
initially assigned to the Inferred Mineral Resource category. Clipping
polygons were applied to modify the initial classification categories so as to
achieve consistent classification volumes. Mineral Resources are reported
using an open pit shell generated using the Deswik software package at a gold
price of US$3,000/oz and a pit-discard cut-off grade of 0.21 g/t Au.

Junior Lake Nickel Project

The pre-existing MREs for Landore Resources' B4-7 and VW deposits were also
updated by SLR in accordance with the 2019 CIM Best Practice Guidelines and
using updated metal prices. The updated MREs are presented in Tables 4 and 5
below.

 

Table 4: B4-7 Deposit Mineral Resource Statement, 16 January 2026

Open
Pit

 Class            Deposit  Tonnes (kt)  Ni (%)  Cu (%)  Co (%)  Pt (g/t)  Pg (g/t)  Au (g/t)
 Indicated        Alpha    168          0.22    0.09    0.02    0.18      0.96      0.01
                  B4-7     1,829        0.60    0.40    0.05    0.13      0.53      0.03
 Total Indicated           1,997        0.56    0.38    0.05    0.14      0.56      0.03
 Inferred         Alpha    502          0.11    0.18    0.01    0.05      0.19      0.02

Underground

 Class      Deposit  Tonnes (kt)  Ni (%)  Cu (%)  Co (%)  Pt (g/t)  Pg (g/t)  Au (g/t)
 Indicated  B4-7     1,431        0.66    0.46    0.06    0.12      0.48      0.03
 Inferred   B4-7     568          0.61    0.52    0.05    0.08      0.50      0.03

 

Total Mineral
Resources

 Class      Tonnes (kt)  Ni (%)  Cu (%)  Co (%)  Pt (g/t)  Pg (g/t)  Au (g/t)
 Indicated  3,428        0.60    0.41    0.05    0.13      0.53      0.03
 Inferred   1,069        0.37    0.36    0.03    0.06      0.35      0.03

 

When compared to the previous independent MRE for B4-7 commissioned from RPA
with an effective date of 1 December 2017 (the "2017 MRE"), the current
mineral resource estimate includes slightly higher tonnages in the Inferred
category in the open pit due to the inclusion of material from the far west of
the deposit. The total mineral resources in the Indicated category have also
increased slightly from the 3,292kt reported in the 2017 MRE.

From its review and evaluation of the B4-7 deposit, SLR has identified upside
potential, which could potentially be brought into the MRE once the deposit's
mineralisation wireframes and block model have been updated to reflect certain
increased NSR values.

 

Table 5: VW Deposit Mineral Resource Statement, 16 January, 2026

Open
Pit

 Class      Tonnes (kt)  Ni (%)  Cu (%)  Co (%)  Pt (g/t)  Pd (g/t)  Au (g/t)
 Indicated  1,263        0.35    0.06    0.02    0.03      0.03      0.01
 Inferred   151          0.39    0.06    0.02    0.02      0.02      0.01

 

Underground

 Class      Tonnes (kt)  Ni (%)  Cu (%)  Co (%)  Pt (g/t)  Pd (g/t)  Au (g/t)
 Indicated  2,311        0.43    0.05    0.02    0.03      0.04      0.01
 Inferred   387          0.45    0.05    0.02    0.03      0.04      0.01

 

Total Mineral Resources

 Class      Tonnes (kt)  Ni (%)  Cu (%)  Co (%)  Pt (g/t)  Pd (g/t)  Au (g/t)
 Indicated  3,574        0.40    0.05    0.02    0.03      0.04      0.01
 Inferred   538          0.43    0.05    0.02    0.02      0.03      0.01

 

The updated MRE for VW has increased significantly to approximately 3.6Mt in
the Indicated category (versus approximately 1.1Mt in the 2017 MRE) and
approximately 0.5Mt in the Inferred category (versus approximately 0.2Mt in
the 2017 MRE).

SLR's NI 43-101 Technical Report on the BAM, B4-7, and VW deposits are
expected to be received by the Company by early March 2026.

 

Next Steps / Outlook

The updated MREs provide a more robust, independently reviewed resource base
for the Company and will assist management in assessing the overall scale and
characteristics of the Junior Lake Property and developing a viable path
forward. All strategic options to generate shareholder returns are being
considered, including developing Junior Lake further through additional
targeted exploration, identifying and securing potential partners and a
partial or full exit from the asset. Landore Resources currently intends to
continue exploration activities at Junior Lake focusing on additional infill
sampling of the existing core and the development of new drill targets within
key mineralised structures.

Management is also planning a large-scale soil and outcrop sampling programme
to be carried out by an external contractor. These activities will serve to
further build a solid foundation for advancing the Junior Lake deposits and
enhance the property's attractiveness to potential buyers and joint
venture/development partners. As a mid-tier gold asset in a highly attractive
mining jurisdiction with a full mining licence in place, the asset is well
positioned to be a strategic potential bolt on acquisition for neighbouring
gold producers and developers.

The Company is also planning to conduct a comprehensive review of current
operations at its wholly-owned subsidiary, Landore Resources Canada, Inc.,
including the current management team and board, and plan to implement
potential changes over the coming months as appropriate.

 

 

For further information, please contact:

 

 Landore Resources Limited

 Alexander Shaw (CEO)                                        contact@landore.com

 Engage with the Company directly                            Landore Resources Investor Hub (https://investors.landore.com/link/XyM8bP)
 Strand Hanson Limited (Nominated Adviser and Joint Broker)

 James Dance/Matthew Chandler/Harry Marshall

                                                             Tel: 020 7409 3494
 Hannam & Partners (Joint Broker)

 Andrew Chubb/Matt Hasson                                    Tel: 020 7907 8500
 AlbR Capital Limited (Joint Broker)                            cr@albrcapital.com

 Colin Rowbury                                               Tel: 020 7469 0930

 Burson Buchanan (Financial PR)

 Bobby Morse/Oonagh Reidy                                    landore@buchanancomms.co.uk

                                                             Tel: 020 7466 5000

 

Subscribe to our news alert service: https://investors.landore.com/auth/signup
(https://investors.landore.com/auth/signup)

A Q&A interview with Alexander Shaw, Chief Executive Officer and Glenn
Featherby, Executive Director, is available to view here:

https://www.youtube.com/watch?v=kWN_UGgrhEU
(https://urldefense.com/v3/__https:/www.youtube.com/watch?v=kWN_UGgrhEU__;!!IfJP2Nwhk5Z0yJ43lA!KExcmY2OO33s61ZdXRXLKzXbT6e5pOEeMJSvZplATjDCHW6smnq3gZkeY-5j_Y5Il3Cugs_erNeeEOm4YcT5B-hHZon1$)
 

 

A Live Webinar hosted by Landore management will be held on Wednesday 28th
Jan at 6pm via the Investor Hub platform. Register here to submit questions:
https://investors.landore.com/webinars/4r89gP-investor-update
(https://investors.landore.com/webinars/4r89gP-investor-update)

 

Competent Person's Statement

The technical information contained in this announcement relates to MREs for
deposits on the Company's Junior Lake Property prepared by Mr Reno Pressacco,
M.Sc.(A)., P.Geo., FGC, Associate Principal Geologist of SLR. Mr Pressacco is
an independent qualified person ("QP") as defined by NI 43-101. Mr Pressacco
has reviewed, verified and approved the technical information related to the
MREs in this announcement.

Glossary of technical terms

 "2019 CIM Best Practice Guidelines"  the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice
                                      Guidelines prepared by the Canadian Institute of Mining, Metallurgy and
                                      Petroleum's (CIM) Mineral Resources and Mineral Reserves Committee;
 "Au"                                 chemical symbol for gold;
 "CIM"                                Canadian Institute of Mining, Metallurgy and Petroleum;
 "g"                                  grammes;
 "g/t"                                grammes per tonne;

 "grade"                              relative quantity or the percentage of ore mineral or metal content in  an
                                      ore body;
 "HQ"                                 the HQ industry standard drill rod size. Core diameter approximately 63.5 mm;
 "Indicated resource"                 that part of a Mineral Resource for which tonnage, densities, shape, physical
                                      characteristics, grade and mineral content can be estimated with a reasonable
                                      level of confidence. It is based on exploration, sampling and testing
                                      information gathered through appropriate techniques from locations such as
                                      outcrops, trenches, pits, workings and drill holes. The locations are too
                                      widely or inappropriately spaced to confirm geological and/or grade continuity
                                      but are spaced closely enough for continuity to be assumed;
 "Inferred resource"                  that part of a Mineral Resource for which tonnage, grade and mineral content
                                      can be estimated with a low level of confidence. It is inferred from
                                      geological evidence and assumed but not verified geological and/or grade
                                      continuity. It is based on information gathered through appropriate techniques
                                      from locations such as outcrops, trenches, pits, workings and drill holes
                                      which may be limited or of uncertain quality and reliability;
 "koz"                                thousand ounces;
 "kt"                                 thousand tonnes;
 "m"                                  metre;
 "Mineral Resource"                   a concentration or occurrence of material of intrinsic economic interest in or
                                      on the earth's crust in such form and quantity that there are reasonable and
                                      realistic prospects for eventual economic extraction. The location, quantity,
                                      grade, continuity, and other geological characteristics of a Mineral Resource
                                      are known, estimated from specific geological evidence and knowledge, or
                                      interpreted from a well-constrained and portrayed geological model. Mineral
                                      resources are sub-divided into categories in order of increasing confidence;
 "mineralisation"                     process of formation and concentration of elements and their chemical
                                      compounds within a mass or body of rock;
 "MRE"                                mineral resource estimate;
 "Mt"                                 million tonnes;
 "NI 43-101"                          National Instrument 43-101, a Canadian securities regulation;
 "NSR"                                net smelter return;
 "Ordinary Kriging"                   a geostatistical interpolation technique which predicts unknown values from
                                      data observed at known locations. It uses spatial correlation (variogram) to
                                      express spatial variation, and minimises the error of predicted values that
                                      are estimated by spatial distribution of the predicted values;
 "oz"                                 troy ounce;
 "PGE"                                platinum group elements; and
 "t"                                  tonnes.

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.

 

About Landore Resources

Landore Resources (AIM: LND) is the 100% owner of the highly prospective BAM
Gold Project, Northwestern Ontario, Canada, which has an inside pit shell MRE
independently prepared in accordance with the 2019 CIM Best Practice
Guidelines comprising 622.3 koz from 19.1 Mt @ 1.01 g/t Au of Indicated
Resource and 33.7 koz from 1.1 Mt @ 0.96 g/t Au of Inferred Resource. Ontario
is Canada's largest gold producing province. Landore Resources' strategic
objective is to crystallise value from its BAM Gold Project as well as
generating additional value from its non-core portfolio of precious and
battery metals projects in eastern Canada and the USA.

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