REG - Landore Resources Ld - Final Results and Notice of Annual General Meeting
27/06/2025 18:15
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RNS Number : 8475O Landore Resources Limited 27 June 2025
27 June 2025
Landore Resources Limited
("Landore" or the "Company")
Final Results for the Year Ended 31 December 2024
and Notice of Annual General Meeting
The Board of Landore (AIM: LND) is pleased to announce the Company's audited
final results for the year ended 31 December 2024.
The Company's forthcoming Annual General Meeting ("AGM") is to be held at One
Heddon Street, London, W1B 4BD at 11.00 a.m. on 5 August 2025.
The full 2024 Annual Report along with a circular containing a formal Notice
of the forthcoming AGM will shortly be made available on the Company's website
at: www.landore.com (http://www.landore.com/) and are today being posted to
shareholders.
Landore's CEO, Alexander Shaw, today commented:
"2024 has been a momentous year for the team at Landore. Having joined as
Chief Executive Officer mid-year, I am pleased with our progress to date in
advancing our flagship BAM Gold Project. A review of the current geological
and mineralisation models to identify high value drill targets within the
existing ore body alongside the results of a soil and channel sampling
programme, paved the way for a recently completed circa 3,500m drill
programme.
"Our refocused strategy involves fast-tracking development and monetisation of
BAM in a cost-effective way, which I currently envision as being a 'string of
pearls' type mining operation with significant potential for both surface and
underground operations. We successfully raised approximately £3.68m gross by
way of two tranche subscription in June 2024 thereby introducing a number of
well renowned industry names and institutional investors to the register,
attesting to the attractiveness and potential of our asset portfolio. We also
refreshed our corporate logo and branding alongside a new more interactive
website and Investor Hub.
"With the gold price near all-time highs, there has never been a better time
to be a gold developer in Ontario - a tier one gold jurisdiction, with
potential for BAM to be a district scale, high volume gold operation. I am
proud of our achievements and look forward to an even more productive 2025
with an updated mineral resource estimate for BAM anticipated to be received
in Q3 2025, reflecting the results from our recent drill campaign, to be
followed by an updated Prefeasibility Study."
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) landore@buchanancomms.co.uk
Bobby Morse/Oonagh Reidy Tel: 020 7466 5000
Subscribe to our news alert service: https://investors.landore.com/auth/signup
About Landore
Landore Resources plc (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'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.
Key Extracts from the Company's 2024 Annual Report are set out below:
Chairman's Statement
I am pleased to present the 2024 Annual Report and consolidated financial
statements for Landore Resources Limited ("Landore" or the "Company" and,
together with its subsidiaries, the "Group").
We will look back in years to come and acknowledge that 2024 was the year that
saw Landore reset its growth strategy, establish the appropriate structure to
generate growth and a platform to accelerate returns for its stakeholders. The
core to this strategic 'reset' is a change of approach to the development of
the BAM Gold Project in Ontario, Canada ("BAM"), Landore's flagship asset.
This reset has also seen Landore appoint a new CEO with a track record of
taking assets from discovery through to production, alongside a successful
fundraising of approximately £3.68m gross, which introduced a number of well
renowned strategic investors from the global mining industry. The 'new'
Landore is now well on its way to delivering on its clearly defined strategy
of monetising the value of BAM.
Landore's reassessment of its development strategy for BAM seeks to maximise
the potential to monetise the quality of this highly accretive asset.
Located within a Mining Permit in Canada's largest gold producing state, with
an estimated 1.5m NI 43-101 compliant gold ounces, and with significant upside
from potential satellite deposits within close proximity, the critical
challenge is to uncover why the BAM deposit is not currently generating
appropriate value for its various stakeholders. The circa £3.68m gross equity
fund raise announced in mid-June 2024 was a key step in that journey,
providing the requisite funding for additional work to further confirm the
quality of the deposit, as well as strengthening our shareholder register with
recognised leaders within the global mining industry.
In addition, Alexander Shaw joined as our new Chief Executive Officer
alongside the fundraise, initially as part of the senior management team
before stepping up to the Board on 8 July 2024, to spearhead the next phase of
the group's growth and development. As an accomplished and experienced
geologist and CEO, he has made BAM the centrepiece of the Junior Lake
portfolio as its flagship asset. Under his guidance, the team has created a
highly targeted exploration strategy at BAM and is focused on increasing the
overall size of the existing resource estimate as well as targeting high-grade
areas of the deposit to upgrade inferred resources to be indicated. The
results of the recently completed drill programme will feed into a new mineral
resource estimate for BAM, anticipated to be received in Q3 2025, as well as
an updated preliminary economic assessment (PEA). Part of this strategy is to
add high grade ounces by exploring at depth but also near surface with
huge potential along strike and down dip. Ultimately, the new strategy seeks
to fast-track BAM into development and realise its full value potential as a
leading gold asset in a stable, prolific gold jurisdiction.
We believe that our flagship project represents the jewel in the crown at
Junior Lake and has incredible potential to be a low-cost, high tonnage open
pit operation. Additionally, we intend to explore the underground potential at
BAM, which could add further significant value to the project. To this end, a
highly targeted resource campaign is being implemented over 2025 in order to
explore BAM further and build a better picture of the mineralisation along
strike to the east and west of the existing BAM deposit.
With our operational focus currently 100% on BAM, part of our new strategy is
to divest of our non-core assets in Canada in order to realise their value and
simplify our asset portfolio.
To this end and as announced previously, Landore is in the process of
divesting of 100% of its Miminiska Lake and Keezhik Lake properties in the
Thunder Bay Mining district, Northern Ontario to Storm Exploration Inc.
(TSX-V: STRM) ("Storm"). An instalment of C$262,500 was received during the
year alongside new common shares in the capital of Storm to increase the
Company's stake to approximately 7.3% (subsequently increased to 17.1% post
the year-end), in line with the terms of the pre-existing option agreement, as
amended.
Landore also unveiled its refreshed corporate branding and website in 2024,
reflecting the Company's new corporate strategy and seeking greater engagement
with its shareholders.
London-based advisers, Hannam & Partners, were also appointed as joint
brokers in December 2024, which further reflects the next phase of our
corporate evolution.
In terms of other changes to the Company's Board, Glenn Featherby has assumed
the role of Finance Director following his tenure as Interim CEO and I would
like to take this opportunity to acknowledge and thank Glenn for all his hard
work during the transition period.
With the gold price at near all-time highs of approximately US$3,300/oz, there
has never been a better time to be a gold developer, particularly in North
America.
M&A activity in the global gold mining industry totalled over US$19
billion in 2024, according to S&P Global, and accounted for the bulk of
metals transactions, with deals featuring premiums of 41 - 71% above
pre-announcement trading levels. This underscores that gold's moment has
arrived, as investors typically flock to safe havens during times of
geopolitical and economic uncertainty, drawn to its stability as a long-term
store of value.
We look forward to reporting further progress over the remainder of the year
as management seeks to add value at BAM. The recently completed 14-hole drill
campaign for a total of 3,549m aims to add high grade ounces and increase
certainty in the existing 1.5Moz resource with the results feeding into an
updated Mineral Resource Estimate and thereafter an updated Prefeasibility
Study. This will serve to put BAM firmly on the road to realising its true
value as a long life, highly accretive gold development project in Canada and
maximise its position against the backdrop of a strong prevailing gold market.
I wish to thank shareholders for their continued support as we seek to pursue
Landore mark 2.0 and unlock its full potential.
Huw Salter
Non-Executive Chairman
27 June 2025
Strategic Report
Strategic approach
The Group's aim is to create value for shareholders through mineral
exploration and the identification, acquisition and development of sound
mineral projects. The Group's strategy is to continue to progress the
development of its ongoing projects.
Organisation overview
The Group's business is directed by the Board and is managed on a day-to-day
basis by the Chief Executive Officer. The Board monitors compliance with
objectives and policies of the Group through monthly performance reporting,
budget updates and periodic operational reviews.
The Board comprises a Chief Executive Officer (CEO), Executive Finance
Director and two Non-Executive Directors.
Review of business
Financing was secured via the successful completion of several equity placings
and subscriptions during the reporting period and exercise of certain warrants
post the year end, raising a total of £4,579,285 (excluding transaction
costs) through the allotment of a total of 190,803,554 new ordinary shares in
the capital of the Company.
On 3 March 2025, the Company announced the results of its 2024 infill drill
core sampling programme, which indicated significant gold potential within the
gabbroic lithological unit. A new circa 3,500 metre drilling programme
commenced on the BAM Gold Project in March 2025.
On 24 March 2025, the Company received the latest 20 March 2025 option payment
from Storm Exploration Inc. ("Storm") in connection with the terms of the
pre-existing option agreement with Storm, regarding the disposal of the
Company's 100% interest in the Miminiska Lake and Keezhik Lake Properties in
Thunder Bay Mining District, Northern Ontario, Canada. Landore received
8,332,071 new common shares in Storm valued at C$275,000 (£152,657). The
remaining and final instalment is due on 20 March 2026.
On 26 March 2025, the Company's subsidiary, Landore Resources Canada Inc.,
acquired a series of mineral claims adjacent to the existing BAM Gold Project
for consideration comprising the issue of 13,000,000 new ordinary shares in
the capital of Landore at an attributed issue price of 3.05 pence per share.
Financial performance review
The loss of the Group for the year ended 31 December 2024 before taxation
amounts to £2,522,204 (2023: £1,497,453).
The Board monitors the activities and performance of the Group on a regular
basis. The Board uses financial indicators based on budget versus actual to
assess the performance of the Group. The indicators set out below will
continue to be used by the Board to assess performance over the period to 31
December 2025.
The two main KPIs for the Group are as follows. These allow the Group to
monitor costs and plan future exploration and development activities:
KPI 2024 2023
Cash and cash equivalents £2,104,565 £564,682
Administrative expenses as a percentage of total assets 89% 209%
The Group has the following additional KPIs:
Non-financial KPIs Financial KPIs
Health and safety management Lost time injury frequency rate Shareholder return Share price performance
Medical treatment injury frequency rate
Environmental management Strict environmental policies are in place Exploration expenditure Funding and development costs measured as per anticipated ounce of metals
Operational success The number of successful exploration drilling ventures Exploration development Results of scoping and feasibility studies
Resources added
Human resource management Employee retention rate
Cash has been used to fund the Group's operations and facilitate its
investment activities.
Administrative expenses are the expenses related to the Group's ability to run
the corporate functions to ensure they can perform their operational
commitments.
Our people
Our people are a key element in our success and the Company aims to attract,
develop and retain talented people and to create a diverse and inclusive
working environment, where everyone is accepted, valued and treated equally
without discrimination, taking into account the current size of the Company.
At the year end, the Company comprised four directors, with the Board by
gender summarised below:
As at 31 December 2024 Male Female
Executive Directors 2 -
Non-Executive Directors 1 1
Total 3 1
Principal risks and uncertainties
The management of the business and the execution of the Group's strategy are
subject to a number of risks. The key business risks affecting the Group are
outlined below.
The Company continuously monitors its risk exposures and reports to the Board
on a regular basis. Risks are reviewed by the Board, and appropriate processes
are put in place to monitor and mitigate them. If more than one event occurs,
it is possible that the overall effect of such events would compound the
possible adverse effects on the Group.
Exploration, evaluation and development risk
There can be no assurance that the Group's exploration activities will be
successful, and statistically few properties that are explored are ultimately
developed into producing mines. Accordingly, the Group is seeking to balance
this risk by building a portfolio of projects and prospects that carry a range
of differing technical and commercial risks and keeping under careful review
the amount invested in any one project.
The Group's operations may also be curtailed, delayed or cancelled as a result
of economic, environmental and political conditions in the area of operation.
Dependence on key personnel
The Group and Company is dependent upon the Board and various technical
consultants. Whilst it has entered into contractual agreements with the aim of
securing the services of these personnel, the retention of their services
cannot be guaranteed. The development and success of the Group depends on its
ability to recruit and retain a high quality and experienced Board. The loss
of the service of key personnel or the inability to attract additional
qualified personnel as the Group grows could have an adverse effect on future
business and financial conditions.
Uninsured risk
The Group, as a participant in exploration and development programmes, may
become subject to liability for hazards that cannot be insured against or
third-party claims that exceed the insurance cover. The Group may also be
disrupted by a variety of risks and hazards that are beyond its control,
including geological, geotechnical and seismic factors, environmental hazards,
industrial accidents, occupational and health hazards and weather conditions
or other acts of God.
Funding risk
The development of the Group's properties will depend upon the Group's ability
to obtain financing primarily through the raising of new equity capital, but
also by means of joint-venturing of projects, debt financing or other means.
There can be no assurance that the Group will be successful in obtaining the
required financing. If the Company is unable to obtain additional financing as
needed, some interests may be relinquished and/or the scope of its operations
reduced.
Financial risks
The Group's operations expose it to a variety of financial risks that can
include market risk (including foreign currency, mineral price and interest
rate risk), credit risk and liquidity risk. The Group has a risk management
programme in place that seeks to limit the adverse effects on the financial
performance of the Group by monitoring levels of debt finance and the related
finance costs. The Group does not use derivative financial instruments to
manage interest rate costs and, as such, no hedge accounting is applied.
Environmental risk
There may be unforeseen environmental liabilities resulting from both future
or historic exploration activities, which may be costly to remedy. In
addition, potential environmental liabilities as a result of unfulfilled
environmental obligations by any previous owners may impact the Group. If the
Group is unable to fully remedy an environmental problem, it may be required
to stop or suspend operations or enter interim compliance measures pending
completion of the required remedy.
Environmental management systems are in place to mitigate environmental risks,
including the engagement of an independent and multi-disciplinary team of
consultants.
Competition
There is strong competition within the mining industry for the identification
and acquisition of suitable properties. The Group competes with other
exploration and production companies, some of which have greater financial
resources than the Group, for the acquisition of properties, leases and other
interests as well as for the recruitment and retention of skilled personnel.
The challenge to management is to secure transactions without having to
over-pay.
Environmental, Social and Governance
Landore believes that a successful project is best achieved through
maintaining close working relationships with the First Nations and local
communities. Landore has a Memorandum of Understanding with Whitesand and AZA
First Nations with respect to the Junior Lake Property. This agreement
formalises the desire and commitment to develop a positive, mutually
beneficial relationship amongst all parties and establishes the process by
which this is to be accomplished while Landore is conducting exploration and
advanced exploration activities in the area.
Careful attention is given to ensure that all exploration activity is
performed in an environmentally responsible manner and abides by all the
relevant mining and environmental Acts. Landore takes a conscientious role in
all of its operations and is aware of its social responsibility and
environmental duty.
Outlook
The 2024 infill drill sampling programme has indicated significant gold
potential within the gabbroic lithological unit at the BAM Gold Project. A new
3,500 metre drilling programme commenced in mid-March 2025 and was completed
in early May 2025. We are confident that the Company will be able to advance
the BAM Gold Project with the benefit of a larger resource being targeted by
this latest drilling programme and continuing discussions with potential
offtakers and equipment suppliers. The Company intends to progress the project
with a staged approach.
We look forward to reporting on the next phase of project activities in due
course.
Alexander Shaw
Chief Executive Officer
27 June 2025
CONSOLIDATED AND COMPANY STATEMENT OF FINANCIAL POSITION
As at 31 December 2024
Group Company
As at 31 December 2024 As at 31 December 2023 As at 31 December 2024 As at 31 December 2023
£ £ £ £
Non-Current Assets
Property, plant and equipment 39,664 53,091 - -
Investments 161,688 331,585 94,888 94,888
201,352 384,676 94,888 94,888
Current Assets
Trade and other receivables 45,686 53,927 18,879 28,309
Cash and cash equivalents 2,104,565 564,682 1,885,895 43,680
Loans to subsidiaries - - 36,260,760 37,794,820
2,150,251 618,609 38,165,534 37,866,809
Total Assets 2,351,603 1,003,285 38,260,422 37,961,697
Current Liabilities
Trade and other payables 303,700 877,527 192,777 512,592
303,700 877,527 192,777 512,592
Total Liabilities 303,700 877,527 192,777 512,592
Net Assets 2,047,903 125,758 38,067,645 37,449,105
Equity attributable to owners of the Parent
Share capital - nil par value 56,775,943 52,472,522 56,775,943 52,472,522
Share based payment reserve 697,360 621,056 697,360 621,056
Retained earnings (55,047,382) (52,622,365) (19,405,658) (15,644,473)
Translation reserve (365,618) (338,624) - -
Total equity shareholders' funds 2,060,303 132,589 38,067,645 37,449,105
Non-Controlling Interest (12,400) (6,831) - -
Total equity 2,047,903 125,758 38,067,645 37,449,105
The above Consolidated and Company Statement of Financial Position should be
read in conjunction with the accompanying notes set out in the full 2024
Annual Report.
The above Consolidated Income Statement should be read in conjunction with the
accompanying notes set out in the full 2024 Annual Report.
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2024
For the year ended 31 December 2024 For the year ended 31 December 2023
£ £
Exploration costs (527,455) (679,153)
Administrative expenses (2,088,462) (2,092,039)
Operating loss (2,615,917) (2,771,192)
Other income 291,709 1,551,591
Loss on non-current investments measured at fair value (215,079) (172,358)
Loss on disposal of non-current investments (22,267) (105,671)
Interest receivable & similar income 39,350 177
Loss before income tax (2,522,204) (1,497,453)
Loss for the year (2,522,204) (1,497,453)
Loss attributable to:
Equity holders of the Company (2,516,635) (1,496,320)
Non-controlling interests (5,569) (1,133)
(2,522,204) (1,497,453)
Basic (Loss) Per Share attributable to owners of the Parent during the period
(expressed in pence per share)
Basic (0.01) (0.01)
Diluted (0.01) (0.01)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2024
For the year ended 31 December 2024
£ For the year ended 31 December 2023
£
Loss for the year (2,516,635) (1,496,320)
Other Comprehensive Income:
Items that may be subsequently reclassified to profit or loss
Foreign exchange on translation (26,994) (37,591)
Total other comprehensive loss for the year, net of tax (2,543,629) (1,533,911)
Total comprehensive loss attributable to:
Owners of the Company (2,543,629) (1,533,911)
Non-controlling interests (5,569) (1,133)
Total comprehensive loss (2,549,198) (1,535,044)
The above Consolidated Statement of Comprehensive Income should be read in
conjunction with the accompanying notes set out in the full 2024 Annual Report
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2024
Share capital nil par value Share based payment Retained earnings Translation reserve Non-controlling interest Total
£ £ £ £ £ £
Balance as at 1 January 2023 51,926,526 584,266 (51,139,811) (301,033) (5,698) 1,064,250
Loss for the year - - (1,496,320) - (1,133) (1,497,453)
Exchange difference from translating foreign operations - - - (37,591) - (37,591)
Total comprehensive income for the year - - (1,496,320) (37,591) (1,133) (1,535,044)
Issue of options - 37,552 - - - 37,552
Issue of warrants - 13,004 - - - 13,004
Issue of ordinary share capital - nil par value 545,996 - - - - 545,996
Expired warrants - (13,766) 13,766 - - -
Total transactions with owners, recognised directly in equity 545,996 36,790 13,766 - - 596,552
Balance as at 31 December 2023 52,472,522 621,056 (52,622,365) (338,624) (6,831) 125,758
Balance as at 1 January 2024
52,472,522 621,056 (52,622,365) (338,624) (6,831) 125,758
Loss for the year - - (2,516,635) - (5,569) (2,522,204)
Exchange difference from translating foreign operations - - - (26,994) - (26,994)
Total comprehensive income for the year - - (2,516,635) (26,994) (5,569) (2,549,198)
Issue of options - 17,912 - - - 17,912
Issue of warrants - 150,010 - - - 150,010
Issue of ordinary share capital - nil par value 4,579,285 - - - - 4,579,285
Cost of capital (275,864) - - - - (275,864)
Options cancelled - (91,618) 91,618 - - -
Total transactions with owners, recognised directly in equity 4,303,421 76,304 91,618 - - 4,471,343
Balance as at 31 December 2024 56,775,943 697,360 (55,047,382) (365,618) (12,400) 2,047,903
The above Consolidated Statement of Changes in Equity should be read in
conjunction with the accompanying notes set out in the full 2024 Annual Report
CONSOLIDATED AND COMPANY STATEMENT OF CASH FLOWS
For the year ended 31 December 2024
Group Company
Year ended Year ended Year ended Year ended
31 December 2024 31 December 2023 31 December 2024 31 December 2023
£ £ £ £
Cash flows from operating activities
Loss before income tax (2,615,917) (2,771,192) (3,852,803) (2,458,622)
Adjustments for:
Other income and gains 76,630 1,379,233 - -
Depreciation 10,331 13,351 - -
Share based payments 167,920 37,552 167,920 37,552
(Loss)/gain on sale of investments - (105,671) - -
Foreign exchange 46,507 (10,295) 2,386,822 1,122,116
Non-cash option income/(expenses) - (400,250) - -
Fair value loss on financial assets 215,079 172,358 - -
Changes in working capital:
(Increase) in trade and other receivables (14,464) 54,446 (834,716) 120,875
Increase/(decrease) in trade and other payables (573,827) 368,393 (319,815) 359,222
(Decrease)/increase in credit loss provision - - (8,614) (12,572)
Net cash used in operating activities (2,687,741) (1,262,075) (2,461,206) (831,429)
Cash flows from investing activities
Cash paid for investments (138,779) - - -
Proceeds from sale of investments 56,871 59,861 - -
Net cash used in investing activities (81,908) 59,861 - -
Cash flows from financing activities
Finance income 39,350 177 - 177
Proceeds from issue of share capital 4,579,285 600,000 4,579,285 600,000
Transaction costs of share issue (275,864) (41,000) (275,864) (41,000)
Net cash generated from financing activities 4,342,771 559,177 4,303,421 559,177
Net increase/(decrease) in cash and cash equivalents 1,573,122 (643,037) 1,842,215 (272,252)
Cash and cash equivalents at beginning of year 564,682 1,235,528 43,680 315,932
Exchange loss on cash and cash equivalents (33,239) (27,809) - -
Cash and cash equivalents at end of year 2,104,565 564,682 1,885,895 43,680
The above Consolidated and Company Statement of Cash Flows should be read in
conjunction with the accompanying notes set out in the full 2024 Annual
Report.
Additional Information
Publication of non-statutory accounts
The financial information for the year ended 31 December 2024 set out above
does not constitute statutory accounts.
Such information has been extracted from the Group's financial statements to
that date which carried an unqualified audit report and an emphasis of matter
regarding material uncertainty related to going concern.
Basis of preparation
The financial information for the year ended 31 December 2024 set out in this
announcement, has been:
i) compiled in accordance with UK-Adopted International Accounting
Standards ("UK IFRSs"), however this announcement does not contain sufficient
information to comply with IFRSs. The UK IFRSs compliant Consolidated
Financial Statements are set out in the full Annual Report for the year ended
31 December 2024; and
ii) prepared on the basis of the accounting policies as stated in the
Annual Report for the year ended 31 December 2024.
Going Concern
The Group's business activities together with the factors likely to affect its
future development, performance and position are set out in the Chairman's
Statement. In addition, the notes to the Group Financial Statements include
the Group's objectives, policies and processes for managing its capital; its
financial risk management objectives; details of its financial instruments and
its exposure to market, credit and liquidity risk.
As at 31 December 2024, the Group had cash and cash equivalents of
£2,104,565. During the year, the Company successfully raised approximately
£4.28 million gross through equity placings and subscriptions. Following the
year end, the Company received a notice to exercise warrants over a total of
9,208,220 new ordinary shares, for which funds of £220,997 were received by
the Company. Such proceeds from these various share issuances have been
utilised for general working capital purposes and to progress the Company's
strategy of focusing on the advancement of its flagship BAM Gold Project at
the Junior Lake Property in Northwestern Ontario.
In addition, Landore has a pre-existing option agreement in place with Storm
Exploration Inc. (a TSX-V company, formerly named Lithoquest Resources Inc.)
("Storm") in respect of the disposal of 100% of its Miminiska Lake and Keezhik
Lake properties in the Thunder Bay Mining district, Northern Ontario. The
Company is currently scheduled to receive the final tranche of consideration
from Storm on 20 March 2026 comprising a cash payment of C$525,000 and a
convertible cash payment of C$787,500.
The Directors have a reasonable expectation that the Group and Company have
adequate resources to continue in operational existence for the foreseeable
future and, therefore, continue to adopt the going concern basis.
The Directors are of the view that the Group will have sufficient funds during
the next 12 months taking into consideration the expectation of further
consideration from Storm pursuant to the option agreement (as noted above),
the ability to potentially dispose of part or all of its current quoted
investments in Storm and Green Technology Metals Limited and based on its
historic track record of successfully raising additional working capital when
needed. Notwithstanding this, the current conditions indicate the existence of
a material uncertainty that may cast significant doubt regarding the
applicability of the going concern assumption and the auditors have made
reference to this in their audit report. The Directors, whilst they cannot be
certain and can provide no guarantee, are confident in the Company's ability
to realise additional funds as may be required within the next 12 months. The
Group currently has no debt and its exploration and development work
programmes can be adjusted based on the Group's ability to raise additional
funds. Accordingly, the Directors have continued to adopt the going concern
basis of accounting in preparing these financial statements.
Availability of Annual Report
The full Annual Report for the year ended 31 December 2024 together with a
circular containing a formal Notice of the forthcoming Annual General Meeting
will shortly be made available on the Company's website at: www.landore.com
(http://www.landore.com/) and are today being posted to shareholders.
The forthcoming Annual General Meeting of Landore Resources Limited will be
held at One Heddon Street, London, W1B 4BD at 11.00 a.m. on 5 August 2025.
- ENDS -
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