Landore Resources Ld - Completion of Storm Option Agreement

Landore Resources

16/02/2026 07:00

RNS Number : 0446T

Landore Resources Limited

16 February 2026

 

16 February 2026

LANDORE RESOURCES LIMITED

Completion of Storm Option Agreement over Miminiska Project

London, United Kingdom - 16 February 2026 - Landore Resources Limited (AIM: LND) ("Landore Resources" or the "Company") announces the completion of the Option Agreement (the "Option Agreement") between Storm Exploration Inc. (TSX-V: STRM) ("Storm") and its wholly-owned subsidiary, Landore Resources Canada Inc. ("Landore") (collectively, the "Transaction"), as amended, in respect of the disposal of its interest in the Miminiska Project further to the receipt of the final tranche cash payment of C$1,312,500 by Landore.

This follows Storm's exercise of its option to acquire the Miminiska Project located in northwestern Ontario, pursuant to the existing Option Agreement dated May 5, 2021, as amended, and the subsequent sale of its interest in the asset to European Electric Metals Inc. (TSXV: EVX) ("European Electric"), by way of a mineral property purchase agreement  as announced on  December 1, 2025.

The total consideration paid to Storm by European Electric for the Miminiska Project comprised cash and share payments totalling C$5,812,500 which was used to fund the final instalment of C$1,312,500 in cash due to Landore, thereby satisfying Storm's remaining payment commitment under the Option Agreement.

Following completion of the Transaction, Landore continues to hold 1,978,385 common shares in Storm.

Further information on the Transaction, as announced by Storm, can be found here: https://money.tmx.com/en/quote/STRM/news

Landore Resources' CEO, Alexander Shaw, commented:

"We are delighted to have successfully completed the divestment of the group's Miminiska Project further to the receipt of the final C$1.3m tranche of the total consideration in cash. This Transaction underscores the intrinsic value of our high-quality asset portfolio in Ontario and is highly encouraging as management looks to further monetise the inherent value of our mineral rich and diverse asset base at Junior Lake during 2026 and beyond.

"The receipt of the final tranche payment from Storm further bolsters our cash position as we look to build on the recent Mineral Resource Estimate (MRE) completed at our flagship BAM Gold Project and invest in further exploration and development works."

 

Engage with us by asking questions, watching video summaries and seeing what other shareholders have to say on our Interactive Investor hub here: Landore Resources Investor Hub

 

For further information, please contact:

 

Landore Resources Limited
Alexander Shaw (CEO)
Engage with the company directly
contact@landore.com
Landore Resources Investor Hub
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)
Colin Rowbury
cr@albrcapital.com
Tel: 020 7469 0930
Burson Buchanan (Financial PR)
Bobby Morse / Jude Stokes
landore@buchanancomms.co.uk
Tel: 020 7466 5000

 

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

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 1.1Mt @ 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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