REG - Landore Resources Ld - Interim Results
29/09/2025 09:00
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RNS Number : 1922B Landore Resources Limited 29 September 2025
29 September 2025
Landore Resources Limited
("Landore Resources" or the "Company")
Unaudited Interim Consolidated Results for the Six Months Ended 30 June 2025
Landore Resources (AIM: LND), the mineral exploration and development company
with projects mainly in Canada, is pleased to announce its unaudited condensed
consolidated interim results for the six months ended 30 June 2025.
Chairman's Statement
The first half of 2025 was a highly productive period for the Company as we
continued to progress our flagship BAM Gold Project ("BAM" or the "BAM
Project") in Ontario, Canada, which we believe represents a highly attractive
gold asset within our Junior Lake Property, located in a supportive tier-one
mining jurisdiction.
The key operational highlight was the commencement of our long awaited 3,500m
diamond drilling programme in March 2025, focused on the eastern portion of
the BAM deposit, which sought to build up greater clarity on the structure of
the orebody and increase confidence in the overall resource estimate.
The results from the 14 holes for 3,549m of drilling completed across BAM East
and West announced in June 2025, confirmed the potential for the existing
resource to be expanded and reinforced the growing geological and economic
significance of BAM. Our team successfully extended mineralisation to the
east, identified high-grade intercepts at depth and strong gold potential
within the gabbroic units to the west. Importantly, these latest results also
demonstrated that there are some high-grade shoots in a consistent orebody.
The results will serve to inform our updated independent mineral resource
estimate (MRE), which is now expected to be received during Q4 2025, and set
to be a key milestone in BAM's development.
Other achievements during the period under review included the successful
acquisition of a series of additional mineral rights from 1491205 B.C. Ltd.
("149 Corp") by our subsidiary, Landore Resources Canada Inc., adjacent to our
existing BAM Project. This provides an opportunity for substantial potential
upside as we explore the BAM orebody and Junior Lake greenstone belts in order
to establish a bigger resource.
Additionally, we received the latest scheduled option payment from Storm
Exploration Inc. (TSX-V: STRM) ("Storm") in March 2025 in respect of the sale
of Landore Resources Canada Inc.'s 100% interest in the Miminiska Lake and
Keezhik Lake Properties in Thunder Bay, Northern Ontario, which comprised of
new shares valued at C$275,000 - increasing the Company's total interest in
Storm to approximately 15.8%. The final option payment is due in March 2026,
with the total staged transaction value of C$4 million, marking a
highly beneficial return for Landore Resources and serving to demonstrate the
inherent value contained within our highly attractive asset portfolio. Our
team continues to explore potential joint ventures, partnerships and other
funding strategies to unlock value from our broader asset portfolio at Junior
Lake as we focus on BAM's development.
The price performance of gold during the period was unprecedented, rising
approximately 25% during the first half and marking the second-strongest
six-month rally in 50 years, closing at just over US$3,300 at the end of June
2025. This favourable backdrop, driven by central bank demand and the
attractions of gold as a safe haven during significant global geopolitical
uncertainty, continues to underpin the significant upside in BAM as we
progress the asset towards potential future development.
Over the coming months, we will be exploring additional ways in which to do
this and look forward to updating the market on our progress in the second
half.
We also expect to commence a further drilling programme at BAM in due course
as we build on the success of our Spring 2025 programme.
Finally, I would like to take this opportunity to thank all our loyal
shareholders and wider stakeholders for supporting us as we seek to develop
BAM and Junior Lake into a highly scalable gold asset located in a proven
mining district, with significant upside potential.
Huw Salter
Non-Executive Chairman
29 September 2025
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/Harry Marshall 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 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'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.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
Unaudited As at 30 June 2025 Audited Unaudited As at 30 June 2024
£ As at 31 December 2024 £
£
Non-Current Assets
Property, plant and equipment 46,710 39,664 45,220
Investments 474,465 161,688 -
521,175 201,352 45,220
Current Assets
Trade and other receivables 74,033 45,686 73,229
Cash and cash equivalents 578,612 2,104,565 2,096,773
Other investments - - 63,890
652,645 2,150,251 2,233,892
Total Assets 1,173,820 2,351,603 2,279,112
Current Liabilities
Trade and other payables 197,689 303,700 791,630
197,689 303,700 791,630
Total Liabilities 197,689 303,700 791,630
Net Assets 976,131 2,047,903 1,487,482
Equity attributable to owners of the Parent
Share capital - nil par value 56,996,940 56,775,943 54,942,655
Share based payment reserve 573,581 697,360 632,323
Retained earnings (56,205,465) (55,047,382) (53,719,356)
Translation reserve (382,700) (365,618) (360,981)
Total equity shareholders' funds 982,356 2,060,303 1,494,641
Non-Controlling Interest (6,225) (12,400) (7,159)
Total equity 976,131 2,047,903 1,487,482
CONDENSED CONSOLIDATED INCOME STATEMENT
Note Unaudited For the 6 months ended 30 June 2025 Unaudited For the 6 months ended 30 June 2024
£ £
Exploration costs 3 (846,072) (132,573)
Administrative expenses (769,135) (763,371)
Operating loss (1,615,207) (895,944)
Other income 150,485 -
Other losses (6,423) -
Gain/(Loss) on non-current investments measured at fair value 176,189 (22,682)
Loss on disposal of non-current investments - (178,693)
Interest receivable & similar income 12,925 -
Loss before income tax (1,282,031) (1,097,319)
Loss for the period (1,282,031) (1,097,319)
Loss attributable to:
Equity holders of the Company (1,281,862) (1,096,991)
Non-controlling interests (169) (328)
(1,282,031) (1,097,319)
Basic (Loss) Per Share attributable to owners of the Parent during the period
(expressed in pence per share)
Basic 4 (0.005) (0.007)
Diluted 4 (0.005) (0.007)
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited
Unaudited
For the Six months ended 30 June 2025
For the Six months ended 30 June 2024
£
£
Loss for the period (1,282,031) (1,097,319)
Other Comprehensive Income:
Items that may be subsequently reclassified to profit or loss
Foreign exchange on translation (17,082) (22,357)
Total other comprehensive loss for the period, net of tax (1,299,113) (1,119,676)
Total comprehensive loss attributable to:
Owners of the Company (1,298,944) (1,119,348)
Non-controlling interests 6,175 (328)
Total comprehensive loss (1,292,769) (1,119,676)
The accompanying notes form part of these unaudited condensed consolidated
interim financial statements.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share capital nil par value Share based payments Retained earnings Translation reserve Non-controlling interest Total
£ £ £ £ £ £
Balance as at 1 January 2024 52,472,522 621,056 (52,622,365) (338,624) (6,831) 125,758
Loss for the period - - (1,096,991) - (328) (1,097,319)
Other comprehensive loss in period - - - (22,357) - (22,357)
Total comprehensive income for the period - - (1,096,991) (22,357) (328) (1,119,676)
Issue of warrants - 11,267 - - - 11,267
Issue of ordinary share capital - nil par value 2,470,133 - - - - 2,470,133
Total transactions with owners, recognised directly in equity 2,470,133 11,267 - - - 2,481,400
Balance as at 30 June 2024 632,323 (53,719,356) (360,981) (7,159) 1,487,482
54,942,655
Balance as at 1 January 2025 56,775,943 697,360 (55,047,382) (365,618) (12,400) 2,047,903
Loss for the period - - (1,281,862) - 6,175 (1,275,687)
Exchange difference from translating foreign operations - - - (17,082) - (17,082)
Total comprehensive income for the period - - (1,281,862) (17,082) 6,175 (1,292,769)
Issue of ordinary share capital - nil par value 220,997 - - - - 220,997
Exercise of warrants - (123,779) 123,779 - - -
Total transactions with owners, recognised directly in equity 220,997 (123,779) 123,779 - - 220,997
Balance as at 30 June 2025 56,996,940 573,581 (56,205,465) (382,700) (6,225) 976,131
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Six months ended Six months ended
30 June 2025 30 June 2024
£ £
Cash flows from operating activities
Loss before income tax (1,282,031) (1,097,319)
Adjustments for:
Other income (150,485) -
Depreciation - 6,512
Non-controlling interest 6,175 -
Gain on sale of investments - 22,682
Foreign exchange 9,609 (8,222)
Fair value (gain)/loss on investments (176,189) 178,693
Changes in working capital:
(Increase) in trade and other receivables (30,448) (19,944)
Increase/(decrease) in trade and other payables (106,784) (77,470)
Net cash used in operating activities (1,730,153) (995,068)
Cash flows from investing activities
Proceeds from sale of investments - 59,613
Purchase of property, plant and equipment (8,544) -
Net cash used in investing activities (8,544) 59,613
Cash flows from financing activities
Proceeds from issue of share capital 220,997 2,520,000
Transaction costs of share issue - (38,600)
Net cash generated from financing activities 220,997 2,481,400
Net increase/(decrease) in cash and cash equivalents (1,517,700) 1,545,945
Cash and cash equivalents at beginning of the period 2,104,565 564,682
Exchange loss on cash and cash equivalents (8,253) (13,854)
Cash and cash equivalents at end of the period 578,612 2,096,773
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. General information
The Company was registered in Guernsey, Channel Islands on 16 February 2005
with registered number 42821 under the Companies (Guernsey) Law, 2008. The
Company is quoted on AIM with the trading symbol LND.L. The principal
activity, currently mainly in Canada, is mineral exploration including the
identification, acquisition and development of technically and economically
sound mineral projects either alone or with joint venture partners.
The address of its registered office is P.O. Box 141, La Tonnelle House, Les
Banques, St Sampson, Guernsey, GY1 3HS.
2. Basis of Preparation
The unaudited condensed consolidated interim financial statements have been
prepared in accordance with UK-Adopted International Accounting Standards ("UK
IFRS"), which comprise standards and interpretations approved by the
International Accounting Standards Board ("IASB"), the International Financial
Reporting Interpretations Committee ("IFRIC"), the International Accounting
Standards and Standards Interpretations Committee Interpretations approved by
the International Accounting Standards Committee ("IASC") that remain in
effect and to the extent that they have been adopted by the United Kingdom.
These unaudited condensed consolidated interim financial statements comprise
the financial statements of Landore Resources Limited and its subsidiaries as
at 30 June 2025 and have been prepared on the historical cost basis. The
principal accounting policies applied are consistent with those adopted in the
audited consolidated financial statements for the year ended 31 December 2024.
Subsidiaries are fully consolidated from the date on which control is
transferred to the Group and cease to be consolidated from the date on which
control is transferred out of the Group.
When the Group ceases to have control, any retained interest in the entity is
remeasured to its fair value at the date when control is lost, with the change
in carrying amount recognised in profit or loss.
Going concern
These unaudited condensed consolidated interim financial statements have been
prepared on the going concern basis. Given the Group's current cash position
and its demonstrated ability to raise additional capital when required, the
Directors have a reasonable expectation that the Group has adequate resources
to continue in operational existence for the foreseeable future. Thus, they
continue to adopt the going concern basis of accounting in preparing the
condensed consolidated interim financial statements for the period ended 30
June 2025.
At 30 June 2025, the Group had cash and cash equivalents of £578,612. During
the period, 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 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.
Critical accounting estimates
The preparation of the condensed consolidated interim financial statements
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the end of the reporting period.
Significant items subject to such estimates are set out in Note 4 the 2024
Annual Report. The nature and amounts of such estimates have not changed
significantly during the interim period.
3. Mineral properties
Accumulated
Net expense expenditure at
1 January in the 30 June
2025 period 2025
£ £ £
Junior Lake 30,351,834 844,482 31,196,316
Miminiska Lake 1,535,594 - 1,535,594
Frond Lake 90,341 - 90,341
Wottam 61,558 - 61,558
Lessard 709,122 - 709,122
Other, including Swole Lake 181,586 1,590 183,176
and Root Lake
32,930,035 846,072 33,776,107
4. Loss per share
The calculation of the basic loss per share is based on the loss attributable
to the equity holders of the parent for the interim period divided by the
weighted average number of shares being 238,548,226 (June 2024: 149,830,043)
in issue during the period.
The potential ordinary shares which arise as a result of the options in issue
are not dilutive under the terms of IAS 33 because they would reduce the loss
per share. Accordingly, there is no difference between the basic and dilutive
loss per share. At the period end, there were 9,850,000 (June 2024: 7,850,000)
share options and 9,714,167 (2024: 8,566,667) warrants in issue.
The loss per share and diluted loss per share for the period were £0.005
(June 2024: £0.007) and £0.005 (June 2024: £0.007) respectively.
5. Events after the interim reporting period
There are no events to report.
6. Approval of interim financial statements
These unaudited condensed consolidated interim financial statements were
approved by the Board of Directors on 29 September 2025.
7. Availability of interim financial statements
Copies of these interim financial statements are available on Landore
Resources' website at: www.landore.com (http://www.landore.com) .
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