Landore Resources Limited

infill sampling and structural refinement at the Lamaune Gold Prospect

Landore Resources April 2026 Update

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

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“I want to use this month’s update to speak directly to shareholders. A lot of what we’re doing right now is practical, day-to-day work that doesn’t always make headlines but it is important that you know exactly how we’re moving things forward. April has been a month of steady progress for Landore, both corporately and operationally. The appointment of SP Angel as our new NOMAD and Joint Broker, reflects our focus on strengthening oversight and market engagement, I want to also take the opportunity to say thank you to our outgoing NED and Chairman, Huw Salter. He has served Landore diligently. I also welcome Helen Green’s appointment as the new Chair of the Board. 

The recent advisory changes, the preparations for our field season, and the progress on our wider portfolio are all about getting Landore into a cleaner, more focused position. These aren’t dramatic shifts, they are steady, sensible steps that strengthen the foundations of the Company. 

As we head into the start of the field campaign, our focus is very clear: advance Lamaune toward a defined maiden 

. It’s the most straightforward, cost-effective way to demonstrate value and reinforce the district-scale growth potential at Junior Lake. 

We will keep providing these monthly updates and will give a report from camp as work progresses and throughout the season, so you always know where things stand. I want to thank all our loyal shareholders for your continued support, we are listening, we are focused, and we’re committed to communicating with you more consistently as we deliver the exciting work ahead.”

Chief Executive Officer, Landore Resources

Landore Resources is pleased to provide shareholders with an update on corporate developments, operational planning, and ongoing strategic initiatives as the Company advances the Junior Lake property and wider asset portfolio.

With an active exploration season about to begin, strengthened advisory support, and ongoing strategic negotiations, Landore enters the next phase of the year with clear direction and growing momentum.

This season’s primary technical objective is 

As previously communicated, Lamaune represents 

the most immediate and cost-effective opportunity to build ounces

 within the Junior Lake property. It is considered the “lowest-hanging fruit” due to the combination of:

an existing, partially delineated mineralised envelope

proximity to the existing Junior Lake camp and infrastructure

 sits within the western portion of the Junior Lake greenstone belt and forms part of a broader, district-scale structural corridor that hosts multiple mineralised systems across the property.

The Lamaune area was first prospected in the mid 2000s as part of Landore’s wider Junior Lake exploration effort.

Initial drilling programs intersected multiple 

, confirming a consistent mineralised trend associated with sheared mafic units and localised quartz veining.

broad intervals of anomalous to high-grade gold

, with typical intercepts including multi-metre zones grading between 

, punctuated by narrower higher-grade shoots.

Follow-up drilling and trenching expanded the mineralised footprint and demonstrated lateral continuity over several hundred metres.

Early interpretations suggested a polymetallic component; however, subsequent review confirmed that 

Lamaune is fundamentally a gold-dominant system

, characterised by structurally controlled, shear-zone mineralisation.

Industry allocations have shifted dramatically:

The remainder funded mid-stage work on deposits discovered decades ago.

Gold companies are spending more on exploration than at any time in history, and less than ever on actually finding new gold.

Consequences: Falling Grades, Smaller Deposits, No Giants

The industry’s inability to discover large deposits is now quantifiable:

No discovery in the past decade ranks among the 

50+ million-ounce “supergiant” deposits

; common from the 1970s to 1990s, is over. None have been found since 2000.

This lack of scale is the primary reason reserve bases at senior producers are contracting.

The pressure is now most visible at the top of the industry.

, the world’s largest gold miner, reported:

 (mostly reclassification, not discovery)

 — meaning Newmont is replacing only 28% of what it mines.

Most other Tier-1 producers are in similar positions.
The pipeline is not keeping pace with depletion.

 but the average timeline from discovery to production is 16 years.

 the only practical option to stabilise reserves. 

Industry consolidation is no longer cyclical; it is becoming structural. 

This discovery crisis creates a powerful backdrop for juniors with: 

• existing ounces 
• drill-ready targets 
• district-scale potential 
• clear paths to NI 43-101 resource classification 

Because every major is looking at the same numbers, they are all compelled to shop in the same shrinking pool of viable projects. 

High-quality juniors with clean ownership, accessible infrastructure, and scalable geology are becoming acquisition targets by default. 

Valuations for credible juniors should rise

Competition for quality ounces will intensify

Technical de-risking (e.g., infill drilling, metallurgy, updated resources) will carry a premium

This is the structural pressure behind acquisition pricing today, and it is likely to accelerate over the next 12–36 months.

With no new large gold deposits emerging, declining reserve bases at majors, and the long timeline to develop new mines, the market is entering a supply-constrained era. Gold prices remain underpinned by strong macro factors, central bank buying, geopolitical instability, and declining real yields, but the supply side is the story that will define the next phase of the cycle.

The world is mining more gold than it is discovering, and the deficit is compounding.
 This puts juniors with real, advancing assets into the strongest strategic position in more than a decade.

Landore continues to make progress on a number of corporate initiatives aimed at unlocking value across its asset base.

Discussions remain ongoing with several parties regarding potential strategic pathways for the Lessard and Nevada properties. These conversations include a range of options such as joint ventures, partnerships, or potential asset-level transactions, all with the objective of maximising shareholder value while maintaining focus on the Company’s core priorities.

The Board emphasises that these discussions are progressing constructively, although there can be no certainty that any agreements will be finalised at this stage.

Following the strong momentum generated at PDAC 2026, Landore continues active engagement with investors, strategic partners, and government stakeholders. The Company is advancing follow-up discussions initiated during the conference, particularly those relating to structured development and investment opportunities at Junior Lake.

This ongoing engagement supports a coordinated approach to financing, technical development, and long-term project advancement.

The global gold sector is now entering what many analysts are calling a structural discovery deficit. Despite record expenditure, the industry is failing to replace what it mines. This dynamic — combined with rising geopolitical risk, higher operating costs, and declining reserve grades — is shaping the most consequential shift in gold-market fundamentals in over two decades.

In 2025, the global gold industry spent 

 on exploration — a historic high and well above spend in copper, nickel, or battery metals.
Yet it produced 

No new 2+ million-ounce gold deposits in 

 — the first back-to-back drought in modern records.

Early indicators for 2025 show no material improvement.

This is not a slowdown — it is a collapse in discovery effectiveness.

Over the past two years, refinements in geological modelling, improved structural understanding, and assessment of historic drill spacing have identified that:

the mineralised zones are sufficiently defined to support 

only modest additional work is required to push the target toward a 

the deposit geometry lends itself to efficient near-surface evaluation, and

rapid, low-cost path to establishing defined ounces

The 2026 program will therefore focus on:

targeted infill sampling across key historic drill holes

selective re-logging to strengthen continuity models

updated modelling to prepare the deposit for independent resource estimation

This work represents a major step in confirming the 

, with Lamaune serving as the first discrete gold resource within the broader land package.

 will be stepping down as Chairman and Non-Executive Director. The Board thanks Huw for his contribution, leadership, and steady oversight during a period of transition for the Company. Helen Green will take over the role as Chair of the BOD

The Company is also pleased to confirm the appointment of 

 as its new Nominated Adviser (NOMAD) and Joint Broker. This appointment forms part of Landore’s broader effort to strengthen governance, improve capital market support, and align the Company with advisers better suited to its growth strategy.

Landore confirms that the 2026 Spring/Summer Exploration Campaign will begin on 

The minor delay was the result of a late seasonal weather break. Importantly, the 

access road to the Junior Lake camp must be opened only once conditions have stabilised

. Opening the road too early risks repeated washouts and would incur 

. Waiting for the appropriate window allows the team to establish stable access and conduct uninterrupted work throughout the season. It also allows the work program to fall within the funding period for the next round of Ontario Junior Exploration Programme

“The company is fully funded for the current field programme and associated corporate activities, enabling it to execute its planned exploration and technical work programme as scheduled, without the need for additional funding for these activities. ”

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