REG - Landore Resources Ld - Acquisition of Additional BAM Mineral Rights

Landore ResourcesAnnouncement

26/03/2025 07:00

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RNS Number : 0677C  Landore Resources Limited  26 March 2025

26 March 2025

 

Landore Resources Limited

Acquisition of Additional BAM Mineral Rights

 

London, United Kingdom - 26 March 2025 - Landore Resources Limited (AIM: LND)
("Landore Resources" or the "Company") is pleased to announce the acquisition
by its subsidiary, Landore Resources Canada, Inc. ("Landore"), of a series of
mineral claims (together, the "BAM Extensions") adjacent to its existing
flagship BAM Gold Project ("BAM" or "BAM Gold") area at its Junior Lake
Property, Ontario, Canada.

 

The BAM Extensions have been acquired via the acquisition of the entire issued
share capital of their British Columbia-based holding company, 1491205 B.C.
Ltd. ("149 Corp"), a subsidiary of Halyard Consulting SAGL (the "Vendor"), for
consideration comprising the issue of 13,000,000 new ordinary shares of nil
par value each in the capital of Landore Resources ("Ordinary Shares") (the
"Consideration Shares") at an attributed issue price of 3.05 pence per share.

 

Pursuant to the terms of the acquisition agreement, the Vendor has agreed to a
lock-up in respect of 75 per cent. of the Consideration Shares, reducing by 25
per cent. at six-monthly intervals following the date of the agreement.

 

The BAM Extensions are subject to a pre-existing 2 per cent. net smelter
return royalty in favour of a third party.

 

Admission to trading and Total Voting Rights

 

Application has been made to the London Stock Exchange for admission of the
Consideration Shares to trading on AIM ("Admission"). It is expected that
Admission will become effective and dealings in the Consideration Shares
commence at 8.00 a.m. on or around 27 March 2025. The Consideration Shares
will be issued fully paid and will rank pari passu in all respects with the
Company's existing Ordinary Shares.

 

Following Admission, the Company's issued share capital will consist of
335,024,832 Ordinary Shares with voting rights. Landore Resources does not
hold any Ordinary Shares in treasury. This figure of 335,024,832 may therefore
be used by shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or a change
to their interest in, the Company's share capital under the FCA's Disclosure
Guidance and Transparency Rules.

 

Further details on the BAM Extensions

 

The mineral rights, in aggregate, extend over 15 kilometres east of Landore's
flagship Junior Lake property, which comprises the BAM Gold Deposit, B4-7
Nickel-Copper-Cobalt-PGE Deposit, and numerous other precious and base metal
prospects. This acquisition represents a significant additional mineral rights
package for BAM and provides substantial exploration potential for this highly
accretive gold asset, which currently has a 1.5Moz NI 43-101-compliant
resource estimate at a 0.3g/t cut off.

 

The BAM Extensions contain the eastern strike extension of the Junior Lake
shear zone, which houses BAM, thereby providing numerous targets for gold
exploration and potential future resource expansion. Following this
acquisition, the group's Junior Lake property now extends over 45 kilometres
of ground, which is highly prospective for gold and other minerals.

 

As set out in the Company's announcement of 17 March 2025, a 3,500m drill
programme is underway at BAM, the results of which will be utilised to update
the existing BAM Mineral Resource Estimate, anticipated to be received in Q3
2025.

 

Commenting on today's acquisition, Landore Resources' CEO, Alexander Shaw,
said:

"This acquisition marks an important additional strategic rights holding to
augment our existing BAM Gold Deposit area, where we are developing our
flagship asset. It also provides substantial future exploration upside
potential as we seek to move BAM towards the Pre-Feasibility stage and create
long term value for our stakeholders."

 

- ENDS -

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

Landore Resources Investor Hub (https://investors.landore.com/link/XyM8bP)

 

For further information, please contact:

 Landore Resources Limited                                   contact@landore.com

 Alexander Shaw (CEO)                                        https://investors.landore.com/s/051b30

                                                           (https://investors.landore.com/s/051b30)
 or engage with the company directly:
 Strand Hanson Limited (Nominated Adviser and Joint Broker)

 James Dance/Matthew Chandler/Robert Collins

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

 Andrew Chubb/Matt Hasson                                    Tel: 020 7907 8500
 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

 

About Landore Resources

Landore Resources (AIM: LND) is the 100% owner of the highly prospective BAM
Gold Project, Northwestern Ontario, Canada, which has an NI 43-101 compliant
resource estimate of 1.5m oz Au (Indicated: 1.03m oz from 30.96Mt @ 1.0g/t;
Inferred: 467,000oz from 18.3M/t @ 0.8g/t). Ontario is Canada's largest gold
producing province, and produced 3.9m oz, accounting for 41% of Canada's total
gold production in 2023. Landore Resource's strategic objective is to
crystallise value from BAM Gold's last estimated NPV of US$333.6m @
US$1,800/oz spot (from the May 2022 PEA), as well as generating additional
value from its non-core portfolio of precious and battery metals projects in
eastern Canada and the USA.

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.

 

 

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