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Section along grid line 2500E showing hole 0425-856 (far left) from the 2025 drilling campaign. High grade hits continue to be found along the mineralization zone. (red represents mineralization wireframes).

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Section along grid line 2400E showing hole 0425-857 (far left) from the 2025 drilling campaign. This highlights the continued potential at depth and pinch and swell of the mineralization envelopes. (red represents mineralization wireframes).

Section along grid line 700E showing hole 0425-860 (far left) from the 2025 drilling campaign. Hole 860 shows the mineralization potential in the gabbro in shallower areas of the hole. (red represents mineralization wireframes).

I want to take this opportunity to update our shareholders on operational activity that was recently undertaken at our Junior Lake property, and outline how we will use this information in our updated Mineral Resource Estimate (MRE), now scheduled for Q4 2025 release.

Work on the updated BAM Gold MRE by SLR Consulting Ltd, identified opportunities to bolster our mineralisation model by conducting a small program of infill sampling of existing drill core. The infill sampling was completed and samples dispatched to the analytical laboratory for expedited gold analyses. Results, as they are received, will be immediately integrated into the MRE. This new body of work runs concurrently with the fundamentals of the MRE report and therefore does not unduly impact the overall document timings.

These infill sampling results will supplement the 3,500 metre drill program we completed at BAM earlier this year together with previous infill sampling we conducted since our last MRE update in 2022, providing additional resolution and confirmation of gold mineralisation dimension and geometries. The updated MRE will now be reflecting both the new drilling data and a reinterpretation of mineralisation in the Gabbro unit—previously known but never formally published. Landore is confident that these efforts will yield a robust resource estimate aimed to confirm additional mineralisation along strike and down dip and upgrade the resource classification.

Landore selected SLR for this MRE update because of their extensive technical expertise in Ontario, their global reputation for compliance with strong reporting standards, and methodical approach to resource modelling. Experts from RPA Inc., a world-wide leader in mineral resource estimation acquired by SLR in 2019, produced the previous MRE's for BAM, B4-7 and VW, and are providing significant project knowledge to our current BAM MRE update which greatly assists with the continuity of interpretation.

We have this opportunity to get this right and to include all possible data to give us the best overall result and I believe that the slight delay to the target date is warranted. This document will guide the future expansion and development of BAM and will be critical in any corporate development conversations we may have in the future.

I am excited and optimistic as we progress this unparalleled opportunity to generate value in Landore.

*wireframes are 3D digital shapes or surfaces that represent geological or physical features of an ore deposit, pit, or underground workings. They are built in mine planning and geological modelling software and are a key part of resource estimation, design, and visualization.

MRE Update - CEO Alexander Shaw