REG - Landore Resources Ld - Storm Option Agreement and Corporate Updates

Landore ResourcesAnnouncement

28/05/2024 07:00

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RNS Number : 9570P  Landore Resources Limited  28 May 2024

Landore Resources Limited

update regarding OPTION AGREEMENT OVER MIMINISKA LAKE AND KEEZHIK LAKE
PROPERTIES AND CORPORATE UPDATE

London, United Kingdom - 28 May 2024 - Landore Resources Limited (AIM: LND)
("Landore Resources" or the "Company"), further to its previous announcements
of 10 May 2021, 31 January 2023, 5 July 2023 and 8 February 2024, is pleased
to provide an update with respect to its subsidiary, Landore Resources Canada
Inc.'s, pre-existing option agreement with Storm Exploration Inc. (a TSX-V
company, formerly named Lithoquest Resources Inc.) ("Storm") over 100% of the
Miminiska Lake and Keezhik Lake properties in the Thunder Bay Mining district,
Northern Ontario (the "Properties") (the "Option Agreement").

In light of Storm's announcement of 23 May 2024 regarding its signing of an
Exploration Agreement with the Eabametoong First Nation in respect of, inter
alia, the Properties, which represents a significant milestone achievement to
collaboratively progressing exploration activities with the local community,
the Company has agreed to extend the next scheduled Cash Payment of
CAN$262,500 and Convertible Cash Payment of CAN$525,000 from 24 May 2024 to on
or before 28 June 2024. All other details of the Option Agreement remain
unaltered and  a further update will be provided in due course, as
appropriate.

Corporate Update

Further to the Company's announcement of 4 January 2024 and Circular dated 12
January 2024, management continues to progress discussions in respect of
suitable funding options to enable the Company to, inter alia, satisfy its
ongoing general working capital requirements and advance its flagship BAM Gold
Project at the Junior Lake property in Northwestern Ontario.

A further update will be provided by late June 2024 in conjunction with the
Company's forthcoming publication of its final results and Annual Report and
financial statements for its year ended 31 December 2023.

- ENDS -

For further information, please contact:

Landore Resources Limited

Glenn Featherby (Interim CEO)

Tel: +44 7730420318

Strand Hanson Limited (Nominated Adviser and Joint Broker)

James Dance/Matthew Chandler/Robert
Collins

Tel: 020 74093494

Novum Securities Limited (Joint Broker)

Jon Belliss/Colin Rowbury

Tel: 020 73999402

 

About Landore Resources

Landore Resources Limited is an exploration/development company that seeks to
grow shareholder value through the advanced exploration and development of
precious and battery metals projects in eastern Canada. The Company is
primarily focused on the development of its 100% owned BAM Gold Project,
located on its Junior Lake Property in Northwestern Ontario.

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.

 

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