Landore Resources Limited

Landore Resources Guernsey 
La Tonnelle House 
Les Banques 
St. Sampson Guernsey 
GY1 3HS

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Since the SLR site visit a few weeks ago, the discussions with the lead consultant from SLR, who is an expert in the geology of NW Ontario and gold resource modelling, are moving along nicely. I will be keeping you all updated with news as we move closer to publication.

Some of you may be aware of the contents and purpose of an MRE but for those who don’t, the following is especially relevant;

An MRE takes all the drilling, sampling, and geological modelling and converts it into a formal, independently reviewed statement of tonnage and grade, reported under securities commissions standards which in the case of Landore in Canada is NI 43-101, by a world-renowned consultancy - SLR.

Updating the MRE is crucial to progression of the BAM deposit and Junior Lake as a whole. It will incorporate our new drilling data, update the mineralisation shells to a higher gold price and adjust the cut-off grade. The new drilling has added 3500  m of core with numerous intersections of excellent gold mineralisation and grade. The gold price has reached record highs of late and this needs to be reflected in our MRE. Any movement in the cut-off grade will update the mineralisation shells to something  more realistic to the current value of gold.

The MRE is critically important to us, and any junior exploration company, as it acts as the cornerstone of our value proposition. It shows the market, investors and other technical professionals the current status of the deposit and is crucial for transitioning  a target into a deposit, a deposit into a resource and so on. All the review work we have done over the past year will be used in the update.

Investors, analysts, and other mining companies use the MRE to understand the scale and quality of the discovery, which directly influences market valuation. It’s also essential for raising capital—no serious financing or joint-venture discussions happen without  a credible resource estimate.

As you all know Landore already has a MRE report, dated 2022, but this update is incredibly important given the fast-changing markets and the progression of the company and project. Some of the key reasons are:

Adds the new assay results to the existing ones to enhance deposit accuracy

It will likely increase the ounces on the board.

The size and quality of the resource directly impact the company’s market capitalisation

It enables the company to raise capital on better terms because the project’s potential is independently validated.

Attractiveness to institutional investors and potential JV partners.

The MRE informs the technical staff of the grade zones and wireframes. This is crucial to targeting further infill drilling and expansion.

The MRE informs economic studies like a Preliminary Economic Assessment (PEA), Pre-Feasibility Study (PFS), or Feasibility Study (FS).

These studies in turn drive permitting, development planning, and ultimately production.

Reporting a compliant MRE demonstrates that the company is serious, transparent, and adheres to global standards.

This builds trust with regulators, investors, and potential partners.

MRE Update - Jack Rhodes, Projects and Resource Manager