Landore Resources Limited

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Landore Resources Update June 2026

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

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Although the Landore team was unable to meet with Aroland First Nation during this visit, continuing and strengthening a positive working relationship with Aroland remains a key priority for the Company. As an important Indigenous community with interests in the broader regional area, Aroland First Nation is a valued rightsholder whose perspectives and aspirations are important to the responsible advancement of Junior Lake. Landore's management looks forward to engaging with Aroland representatives at the earliest opportunity to share information, build mutual understanding, and explore opportunities for meaningful collaboration.

Overall, the visit to Thunder Bay and Junior Lake was considered a great success by all involved. It strengthened Landore’s relationships with Whitesand and AZA First Nations, reaffirmed the importance of trust and communication, and underlined the role these partnerships will play as Junior Lake moves through its next stages of development.

2. A resource reported within an optimised open pit shell 

SLR modelled the BAM resource using a series of steeply dipping tabular mineralised wireframes/domains, with the resource reported within an optimised open pit shell. Reasonable prospects for eventual economic extraction were assessed using a constraining pit surface and appropriate cut-off grade. 

, with mineralisation traced over approximately 

 
This is a large, well-drilled system with a substantial technical dataset behind it. The MRE gives BAM a far more credible development profile than many junior gold assets that remain reliant on limited drilling or predominantly Inferred resources.

1. A high-confidence gold resource with development relevance

19.1 million tonnes at 1.01 g/t Au in the Indicated category

1.1 million tonnes at 0.96 g/t Au in the Inferred category

, reported within an optimised open pit shell at a 

US$3,000/oz long-term gold price. 
Current Gold price +$4000

This is a particularly important result because the overwhelming majority of the resource is now in the 

 category. For investors, this is highly significant: Indicated resources carry greater geological confidence than Inferred resources and provide a stronger technical foundation for engineering, mine planning, economic studies and potential future conversion to a Mineral Reserve.

6.  Permitting, land tenure and environmental position support advancement

Landore’s Junior Lake property consists of 

six mining leases totalling approximately 7,862 hectares 

, covering a strike length of approximately 

 The mining leases encompass Landore’s established mineral deposits and prospects. 

The report states that the Qualified Personis not aware of any environmental liabilities on the property or other significant factors that may affect access, title, or Landore’s ability to continue appropriate exploration activities, subject to the normal course of permitting and approvals where required.

This gives Landore a strong platform for continued technical work and exploration. The project is not just geologically attractive; it also benefits from meaningful tenure control and a clear ability to continue advancing work on the ground, subject to normal permitting and

Historical high-grade Placer Dome drilling at North Lamaune also remains part of the Company’s broader assessment of the wider Lamaune trend. Selected historical results may be reviewed further as part of future work to assess the scale and continuity of mineralisation beyond the current focus area.

Overall, work completed to date is providing geological and technical information to support future resource estimation studies. Management remains encouraged by the potential at Lamaune and believes it is well positioned to remain an important part of Landore’s wider strategy of unlocking value across multiple mineralised systems within the Junior Lake district.

The updated MRE provides a stronger technical foundation for BAM and supports Landore’s continued evaluation of future exploration and development opportunities across the Junior Lake property.

4.  Higher-grade potential is specifically identified 

The MRE does not just confirm broad near-surface mineralisation; it also highlights the potential for higher-grade pods within the system. SLR notes the presence of higher-grade pods within the mineralised domains, with the strongest higher-grade area associated with BAM East. The report recommends additional drilling to test down-dip and down-plunge extensions of these higher-grade pods.

Recent drilling also supports this interpretation. The 2025 drilling programme included intersections such as 

9.73 metres at 1.94 g/t Au in hole 0425-856, 21.05 metres at 1.48 g/t Au in hole 0425-857, 

 16.96 metres at 1.47 g/t Au in hole 0425-853.

Future drilling can be focused on testing the continuity and extensions of these higher-grade zones, as well as assessing their potential contribution to the overall resource model.

5. Strong jurisdiction and strategic location

The Junior Lake Project is located in Ontario, Canada, approximately 

235 kilometres north-northeast of Thunder Bay

85 kilometres east-northeast of Armstrong.

 in the Junior Lake Project, subject to certain royalties.

  The property has road access from Thunder Bay via provincial highways and the Buchanan Forest Products haulage Road, and the Canadian National Railway main line lies approximately 

Thunder Bay provides services, skilled labour, airport access, rail facilities and port access through Lake Superior and the St. Lawrence Seaway.

BAM is located in a top-tier mining jurisdiction with access to infrastructure, services and skilled labour. In an environment where investors and larger producers increasingly prioritise jurisdictional security, Ontario is a major strategic advantage.

Landore appears to offer a rare combination of low valuation per ounce, high resource confidence and meaningful expansion potential. If the market begins to recognise BAM alongside better-valued junior developers, the re-rating potential could be meaningful.

Meetings and discussions during the visit were encouraging and forward-looking. They allowed Landore to reaffirm its commitment to working collaboratively with local First Nations and to recognising the important role these communities play in the responsible development of mineral projects. The engagement was not simply about updating rights holders on project activity; it was about listening, strengthening trust and ensuring that community perspectives remain an important part of future planning. 

For Landore, the relationship with Whitesand and AZA is central to the long-term success of the Junior Lake project. Any future mine development must be approached with respect for the land, the environment and the communities that have a deep rooted and historical connection to the area. Strong First Nations relationships help ensure that development is undertaken responsibly, with a clear understanding of local priorities, cultural considerations and environmental stewardship. 

The 2026 summer exploration work at Lamaune continues to focus on improving Landore’s geological understanding of the prospect and assessing its potential to support a future maiden NI 43-101 mineral resource estimate. Current activity is centred on reviewing and integrating historical exploration data, re-logging available information where appropriate, and refining the geological interpretation of the known mineralised zones.

Landore management recently completed a very positive and constructive visit to Thunder Bay and the Junior Lake camp as part of its ongoing engagement with Whitesand and AZA First Nations, Animbiigoo Zaagi’igan Anishinaabek. 

The visit provided an important opportunity to continue building strong, respectful relationships with the First Nations communities connected to the Junior Lake project area. It also reinforced the importance of open dialogue, regular communication and mutual understanding as Landore advances its exploration and development plans in Northern Ontario.

The 2026 MRE confirms BAM as a differentiated junior gold development opportunity on AIM: a predominantly Indicated Rresource reported within an optimised open pit shell in Ontario, supported by extensive drilling, meaningful infrastructure advantages and substantial exploration upside.

The most important investor takeaway is that the updated MRE has improved technical confidence around BAM while still retaining significant growth potential. It is not an early-stage concept, but nor is it a mature, fully explored asset with limited upside. That balance — technical confidence plus expansion potential — is exactly what can drive investor interest in the junior gold sector.

“We are delighted to publish the full MRE report for Investors to review. The updated BAM Mineral Resource Estimate provides Landore with a stronger technical foundation and reinforces the broader potential of the Junior Lake property . With a predominantly Indicated gold resource at BAM, encouraging work continuing at Lamaune and ongoing engagement with Whitesand and AZA First Nations, we believe the Company is well positioned to continue building value across its Ontario asset base. Our focus remains on disciplined execution, technical rigour and responsible engagement as we move forward.”

3. Significant exploration upside remains

One of the most compelling aspects of the MRE is that it confirms a sizeable resource while also making clear that the system remains far from fully tested. SLR states that the limits of the mineralisation have not been fully defined by drilling in either strike direction or at depth, and that excellent potential remains for additional gold mineralisation at depth. 

The favourable host rock sequence has been traced by geological mapping and geophysical surveys for approximately 

, and the report notes that the gold potential along the northwestern strike extension has only been tested by limited drilling, while the southeastern strike extension has not been tested by drilling.

20 kilometres to 25 kilometres of strike length

 along the south eastern projection of the BAM Gold Deposit, including the Willet Lake claims, as effectively untested for potentially economic gold concentrations. 

 
The current resource should be viewed as a strong platform rather than an endpoint. The Company believes that BAM has the potential characteristics of a district-scale gold system, with meaningful room for resource growth through targeted drilling.

BAM compares favourably with many junior gold projects because its resource is not merely a headline ounce count, it is predominantly Indicated, open-pit constrained, technically supported and located in a leading mining jurisdiction. Many junior developers remain heavily weighted toward Inferred resources, earlier-stage exploration targets, or projects in more challenging jurisdictions. BAM’s profile is therefore differentiated by confidence, location and development relevance.

The market is increasingly rewarding junior developers that can show credible economics, resource confidence and a pathway toward development, rather than simply larger but lower-confidence ounce counts. Recent sector commentary has highlighted that junior gold developers are being assessed more on whether their ounces can be extracted commercially than on headline resource size alone. [

BAM fits the current market preference for quality ounces: high-confidence, open-pittable, technically supported, in a safe jurisdiction and still expandable.

As noted in Landore’s corporate presentation the Company is trading at 

 of gold in the ground versus a stated peer average of approximately 

implying a significant valuation discount.

This discount appears particularly striking given that BAM’s resource is predominantly Indicated. Independent market frameworks for valuing junior miners typically place a higher value on Measured and Indicated ounces than on Inferred ounces, because they carry greater confidence and are closer to supporting engineering and economic work. [

While BAM is clearly the flagship gold asset, the wider Junior Lake Project also contains the B4-7 Nickel-Copper-Cobalt-PGE Deposit, the Alpha and Scorpion PGE zones, the VW Nickel Deposit and the Lamaune Gold Prospect. The B4-7 and VW deposits contain nickel, copper, cobalt and PGEs, and the report notes that nickel, copper, cobalt and PGEs are listed on Canada’s Critical Minerals list.

The Lamaune Gold Prospect has been traced by drilling over a strike length of approximately 

, remains open along strike and at depth, and SLR recommends completing a Mineral Resource estimate for Lamaune.

Landore offers more than a single-asset gold story. BAM is the near-term value driver, but the wider Junior Lake land package provides additional strategic optionality across gold, nickel, copper, cobalt and PGEs.

The visit also highlighted the broader importance of partnership in mine development. A successful project depends on more than geology, engineering and finance. It requires confidence from local communities, a willingness to engage early and consistently and a shared approach to creating long-term benefits. These benefits may include employment, training, contracting opportunities, environmental monitoring, community investment and wider regional economic participation. 

As Junior Lake continues to progress, maintaining positive and constructive dialogue with Whitesand and AZA will remain a key priority. Early engagement helps identify opportunities and concerns before major decisions are made. It also supports better project planning by ensuring that local knowledge, community expectations and environmental considerations are properly understood.

Lamaune remains an important opportunity within the wider Junior Lake Project due to its established gold mineralisation, favourable geology, historical dataset, and proximity to existing infrastructure. These characteristics provide a useful basis for continued assessment while preserving potential for future expansion.

This work is intended to improve confidence in the geological model and help Landore prioritise future exploration. Additional fieldwork, sampling, drilling, geophysical surveys or verification of selected historical results may be considered as part of future programmes, subject to planning, permitting, budget and operational priorities.

The 2026 MRE has now been published in its entirety on the Landore Web-Site. The updated Mineral Resource Estimate for the BAM Gold Project is a major value- creation milestone for Landore. Prepared by SLR Consulting under CIM NI 43-101 standards, the MRE confirms BAM as a substantial, high-confidence, open- pittable gold resource within Landore’s 100%-owned Junior Lake Project in Ontario, Canada. The result is not simply a resource update, it materially strengthens the investment case by increasing confidence, supporting future development studies, and highlighting significant exploration upside across a large, underexplored gold system.

Junior Lake Project

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