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Landore Resources Limited announced on 28 May 2024 an extension of the next scheduled Cash Payment of CAN$262,500 and Convertible Cash Payment of CAN$525,000 due under its option agreement with Storm Exploration Inc. These payments, previously due on 24 May 2024, are now due on or before 28 June 2024, following Storm's 23 May 2024 announcement of an Exploration Agreement with the Eabametoong First Nation. Separately, Landore's management continues to progress discussions regarding funding options, with a further update expected by late June 2024.
| Date | 28 May 2024 |
| Time | 07:00:17 |
| Category | Corporate updates |
| ID | 9570P |
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.
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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.