Landore Resources Limited

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Landore Resources Investor Update July 2026

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

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Our May newsletter set out why a structural re-rating of resource-backed juniors was building. Our June newsletter described what that should mean in practice, with the updated Mineral Resource Estimate for the BAM Gold Deposit. This month we look at the same argument from the other side of a sharp correction in the gold price; and explain why, in our analysis, the case for defined, de-risked ounces has strengthened rather than weakened.

Gold has fallen materially from its January peak. The forces that created the shortage of quality development ounces have not moved at all. That divergence is the story of the second half of 2026.

 – Gold price commentary and market outlook, July 2026.

 – Historical gold price data (29 January 2026 high).

 – Gold developer valuation commentary, 2026.

 – Gold sector valuation commentary, 2026.

 Definition Standards for Mineral Resources and Mineral Reserves.

NI 43-101 Technical Report, BAM Gold Deposit

 – RNS announcements and corporate updates, July 2026.

Internal assay compilation (27 July 2026), reviewed by J. Rhodes and J. Johnson, P.Geo.

Gold traded at approximately US$4,000–4,050 per ounce through early July 2026, some 28% below the intraday record of US$5,595/oz set on 29 January 2026. The correction has been driven by a hawkish shift in United States interest-rate expectations, a firmer dollar and higher real yields, rather than by any deterioration in physical demand.  

Two points are worth holding on to. First, gold remains up roughly 23% year-on-year — this is a retreat from an extraordinary peak, not a bear market. Second, the World Gold Council’s own valuation framework places gold’s fair value at approximately US$4,100/oz, broadly where the metal is trading today. Prevailing sell-side targets for the year end sit meaningfully above the current price.  

Official-sector demand, the most price-insensitive buyer in the market, has continued through the correction. Central banks added a net 41 tonnes in May 2026, and the People’s Bank of China recorded its twentieth consecutive month of net purchases. In the World Gold Council’s 2026 survey, 89% of central bankers expect global official gold reserves to rise over the next twelve months, and a record 45% expect their own institution’s reserves to increase. 

Beneath the price action, the supply side of the industry is tightening. 

 to US$6.15 billion in 2025; around half of all non-ferrous exploration spending worldwide.  

• Major producers dominated the increase, lifting their budgets 15% to US$3.5 billion and accounting for 57% of the global total.  

• The majority of that money; US$3.13 billion, or 51% of all funding; went to lower-risk mine site work aimed at extending existing operations.  spglobal  
• Grassroots exploration fell to just 18% of total budgets, the lowest share on record. 

• Only six major gold discoveries of 2 million ounces or more have been made since 2020, together adding just 27 million ounces. The average size of a new discovery over that period was 4.4 million ounces, against 7.7 million ounces in the preceding decade. 

The industry is spending more money to find less new gold, and it is spending it closer and closer to existing mines. That is the definition of a thinning pipeline; and it means the ounces that have already been found, drilled and defined become progressively more valuable to the companies that need to replace reserves. 

The consequence is now visible in valuations. Senior producers, generating record free cash flow, are trading at roughly 0.9x to 1.2x price-to-net-asset-value. Advanced junior developers; including companies with completed studies and permitted assets; are trading at approximately 0.4x to 0.8x. That gap is the arithmetic behind the current wave of consolidation: a major acquiring defined ounces at 0.5x NAV can re-rate those same ounces simply by putting them inside its own portfolio.  

At the same time, sector commentators note that the pool of public junior developers has itself been hollowed out by years of constrained financing. Fewer credible targets, more cash chasing them, and an urgent reserve-replacement problem is a combination that historically favours the owners of defined, well-located resources. 

Alexander Shaw, Director and Chief Executive Officer of Landore Resources, commented:

“The gold price has had a volatile six months, and I would not pretend otherwise. What has not changed is the shortage of defined, extractable ounces in stable jurisdictions — if anything, the exploration data published this year makes that shortage look more entrenched, not less.

Landore’s task in that environment is simple to state: keep converting geology into confidence. The Lamaune dataset is a genuine step forward, the summer programme is progressing well, and BAM gives us a high-confidence, open-pittable platform in Ontario that very few companies of our size can match.

We are also clear-eyed about what remains to be done. Independent research has identified the work required to move BAM towards critical mass, and our programmes are directed at exactly that. I would like to thank our geological team, our advisers and our First Nations partners for their continued support, and our shareholders for their patience through a choppy market.”

For shareholders newer to the sector, it is worth setting out the path a project follows and marking where Landore’s two gold assets currently sit. Value is created in steps, and each step reduces the discount the market applies.

Note: Lamaune remains an exploration target. No Mineral Resource has been defined at Lamaune and there is no certainty that further work will result in one. [10]

Against that framework, Landore’s position is unusual in one specific respect: the ounces are already defined, and predominantly in the higher-confidence Indicated category, yet the market valuation continues to reflect an early-stage explorer.

Source: Hannam & Partners research note, 7 May 2026, which carries a valuation of 14p per share. Valuation estimates are the analyst’s own, are made at a point in time and are subject to change. Past performance is not a guide to future performance. [9]

The following are the milestones against which shareholders can measure progress over the coming period. Timing is indicative and subject to results, weather, contractor availability and regulatory process.

Timing is indicative only and does not constitute a commitment or forecast.  [9]

The most significant operational development of the period is the successful compilation and validation of a major historical and recent gold assay dataset from the Lamaune Gold target, located approximately 8.5 kilometres along strike west-north-west of the BAM Gold Deposit. 

 compiled from 107 drill holes over 11,220 metres of core, filtered to the Lamaune gold district.  assay compilation 27 Jul 26  

 in hole 1110-88, with five holes exceeding 20 g/t Au and 101 samples grading above 1 g/t Au.  assay compilation 27 Jul 26  

Samples in the high-grade band (≥1,000 ppb, or ≥1 g/t Au)

 average 4.90 g/t Au — more than 230 times the background population.  assay compilation 27 Jul 26  

Grouping the assays by grade rather than by interpretation gives a clear and reproducible picture of how the system behaves:

Bands are simple assay-value thresholds applied to individual samples and are not a substitute for a resource classification. 1 g/t Au = 1,000 ppb.  
[Assay compilation 27 Jul 26: J. Rhodes / J. Johnson P. Geo]

The point for investors is not the single spectacular intercept. It is that the gold sits in coherent, mappable tiers rather than being randomly distributed. Exploration is, by its nature, mostly barren rock punctuated by a small number of hits; what matters is whether those hits cluster in a way that can be modelled. At Lamaune they do, concentrated in the 1109, 1110 and 309 hole clusters.

Landore staff and consultants recently attended a community feast organised by Animbiigoo Zaagi’igan Anishinaabek (AZA) in Thunder Bay to support First Nations families displaced from WHITESAND FIRST NATION, KIASHKE ZAAGING ANISHINAABEK and NAMAYGOOSISIGAGUN FIRST because of the recent devastating wildfires.

The event provided an opportunity for community members, organisations and partners to come together in support of those impacted during a difficult time; there were 2800 people evacuated from the First Nations and surrounding municipalities. Landore was honoured to participate and assist where possible.

Landore values its relationships with its First Nations partners and remains committed to standing alongside them when challenges arise. We believe that strong partnerships are built on mutual respect, support and collaboration, and we will always endeavour to help our partner communities in times of need and hardship.

Investor Newsletter | July 2026 | AIM: LND 
Junior Lake Project, Ontario, Canada

Thank you for your continued support and interest in Landore Resources.


We look forward to sharing further operational and corporate updates as we continue to unlock the value of the Junior Lake Project.

BAM remains the anchor of the portfolio and the reason Landore can credibly describe itself as resource-backed. The updated Mineral Resource Estimate, prepared by SLR Consulting under NI 43-101 standards, reported 622,000 ounces of Indicated gold from 19.1 million tonnes at 1.01 g/t Au, plus 33,700 ounces of Inferred gold from 1.1 million tonnes at 0.96 g/t Au, within an optimised open-pit shell at a 0.21 g/t Au cut-off and a US$3,000/oz long-term gold price. The deposit is defined by 344 drill holes totalling 69,420 metres over approximately 4.4 kilometres of strike, with metallurgical testwork indicating recoveries in excess of 95% using conventional gravity recovery followed by cyanidation.  

Confirming robust gold at both ends of an 8.5 kilometre corridor, with substantial untested ground in between, is what underpins our view of Junior Lake as district scale deposit rather than a single deposit.  

Field work continues in line with expectations although wild fires have forced the recent evacuation of the camp. The programme comprises infill sampling to close gaps in the existing data, re-logging of historical core, detailed geological mapping, channel sampling and structural interpretation. Infill work does not generate headline intercepts; its purpose is to raise confidence in what is already known so that the data can support an estimation. Results from the current programme are pending.

Alongside this, drone-based geophysical surveys are improving the Company’s understanding of the structural controls on mineralisation between BAM and Lamaune, and follow-up mapping and surface sampling continue on targets generated by earlier campaigns. 

This newsletter is issued for information purposes only and does not constitute an offer or invitation to invest, nor investment advice. Lamaune Gold is an exploration target; the assay results referred to relate to drill-core sampling and do not constitute a Mineral Resource Estimate. No Mineral Resource has been defined at Lamaune and there is no certainty that further work will result in the delineation of a Mineral Resource. Grade bands used in this document are simple assay-value thresholds applied to individual samples and are not a substitute for resource classification. Historical drilling by third parties cannot be verified by the Company and cannot be used in a resource estimate. The BAM Gold Project Mineral Resource Estimate was prepared by SLR Consulting under CIM NI 43-101 standards. Third-party valuations, price forecasts and market data are those of the relevant provider, are made at a point in time and are subject to change. This document contains forward-looking statements which are subject to risks and uncertainties; actual results may differ materially.

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None of this re-rates a junior automatically. In a market where investors are being selective, share prices move on verifiable milestones; assay results, resource updates, technical studies, permitting decisions, financings and strategic transactions; rather than on narrative. The practical test an investor should apply to a company like Landore is straightforward: are the ounces real, are they extractable, are they somewhere a major would want to operate, and is there a defined sequence of events that proves it? 

Work continues on realising value from the Company’s non-core assets, with the strategic review of the Lessard project in Québec and the early-stage Nevada portfolio ongoing. A range of pathways remains under consideration, including asset sales, joint ventures and, where appropriate, standalone structures. Any proceeds would support the Company’s core focus on BAM and the wider Junior Lake property. 

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