REG - Landore Resources Ld - Receipt of Option Payment from Storm

Landore ResourcesAnnouncement

13/11/2024 07:00

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RNS Number : 9790L  Landore Resources Limited  13 November 2024

LANDORE RESOURCES LIMITED

Receipt of Further Option Payment from Storm re: Miminiska Lake

& Keezhik Lake Properties

 

London, United Kingdom - 13 November 2024 - Landore Resources Limited
(AIM: LND) ("Landore Resources" or the "Company") is pleased to announce
receipt of the 20 September 2024 option payment from Storm Exploration Inc.
(TSX-V: STRM) ("Storm"), in connection with the terms of the pre-existing
Option Agreement (as amended) between Landore Resources Canada Inc.
("Landore") and 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 Resources has now received a cash payment of C$262,500 and 4,740,864
new ordinary shares in the capital of Storm at a deemed price of C$0.052733
each (being equivalent to C$250,000 applying the 30-day volume weighted
average price prior to the date of election), thereby increasing the Company's
total interest in Storm to approximately 7.3%.

The latest instalment follows the agreement between the parties, as announced
on 19 August 2024, to reschedule and extend the remaining amounts payable by
Storm to Landore by up to 18 months.

The remaining payments due to Landore remain scheduled for receipt as
follows*:

 Payment Date  Cash      Convertible Cash(**)
 20-Mar-2025   Nil       $275,000
 20-Mar-2026   $525,000  $787,500

 

Notes:

* - all amounts shown are in Canadian dollars.

** - Storm can elect to make Convertible Cash payments in cash or new Storm
shares with the number of shares to be determined by reference to the 30-day
volume weighted average price prior to the date of election.

Landore Resource's primary focus remains on the further exploration and
development of its 100% owned BAM Gold Project, Northwest Ontario, Canada.

Landore Resources' CEO, Alexander Shaw, commented:

"I am delighted to announce receipt of the latest option instalment from Storm
- the first of the three remaining payments that Landore is scheduled to
receive from Storm, totalling C$2.1 million, in respect of the disposal of our
100% interest in the Miminiska Lake and Keezhik Lake Properties in Ontario.
 Storm plans to advance these properties, beginning with the drill-ready
Miminiska target, which has the potential to host a significant gold deposit,
and we currently intend to remain a shareholder in Storm as it progresses
these highly prospective gold assets.

"The disposal enables us to focus solely on the development of our primary
asset, the 100% owned BAM Gold Project, in the prolific gold producing region
of Ontario, where technical work is ongoing to advance the geological model
including soil sampling and infill sampling of historical drill core. We look
forward to providing a further update to shareholders on our progress at BAM
later this quarter."

 

- ENDS -

For further information, please contact:

Landore Resources Limited

Alexander Shaw (CEO)

contact@landore.com

 

Strand Hanson Limited (Nominated Adviser and Joint Broker)

James Dance/Matthew Chandler/Robert
Collins

Tel: 020 74093494

 

Novum Securities Limited (Joint Broker)

Jon Belliss/Colin Rowbury

Tel: 020 73999402

 

Burson Buchanan (Financial PR)

Bobby Morse (landore@buchanancomms.co.uk)

Tel: 020 74665000

 

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 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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