Receipt of Option Payment from Storm

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)

[e-mail]

Strand Hanson Limited (Nominated Adviser and Joint Broker)

James Dance/Matthew Chandler/Robert Collins                      

Tel: [phone]

Novum Securities Limited (Joint Broker)

Jon Belliss/Colin Rowbury

Tel: [phone]

Burson Buchanan (Financial PR)

Bobby Morse ([e-mail])

Tel: [phone]

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.

 

END