Landore Updates BAM Gold Resource and Sees Trading Resume on AIM

Landore Resources Limited (LSE:LND) announced updated independent mineral resource estimates for the BAM Gold Project, alongside revised figures for the adjacent B-47 and VW base metal deposits at its Junior Lake Property in Ontario. Following the release of the updated resource statement, trading in the company’s shares has resumed on AIM.

The new CIM-compliant estimate for BAM was prepared by SLR Consulting and is based on an optimised pit shell using a long-term gold price assumption of US$3,000 per ounce. It defines Indicated resources of 622,300 ounces of gold and a further 33,700 ounces in the Inferred category. These figures represent a notable reduction compared with the 2022 pit-constrained resource, reflecting tighter geological modelling, updated sampling information and higher assumed operating costs, despite the higher gold price used in the analysis.

Management said the revised work provides a more robust and realistic interpretation of the BAM orebody, significantly reducing geological and development risk. The company believes the updated resource places the project on a more comparable footing with other gold deposits in Ontario and offers a clearer base from which to pursue future growth. The update also highlights the potential strategic value of the nearby nickel, copper, cobalt and platinum group metal deposits at B-47 and VW, particularly against a backdrop of strong gold prices and increasing interest in critical minerals.

From an outlook perspective, Landore continues to be constrained by weak financial fundamentals, including the absence of revenue, ongoing losses and continued cash burn, implying a reliance on external funding despite having no debt. Technical indicators remain unfavourable, with negative MACD signals and the share price trading below key moving averages. Valuation support is limited given negative earnings and the lack of dividend visibility.

More about Landore Resources

Landore Resources Limited is an AIM-listed mineral exploration and development company focused on advancing its wholly owned Junior Lake Property in northwestern Ontario, Canada. Its principal asset is the BAM Gold Project, supported by nearby nickel–copper–cobalt and platinum group metal deposits at B-47 and VW, positioning the company across both gold and critical minerals in a well-established mining jurisdiction.