Landore Resources reports wider full-year loss

(Sharecast News) - Landore Resources reported a wider full-year loss on Wednesday, as the Canada-focused explorer advanced work at its BAM Gold Project in Ontario and raised funds to support drilling and corporate activity.

The AIM-traded company said its loss before tax for the year ended 31 December 2025 was £2.83m, compared with a loss of £2.52m in 2024.

Cash and cash equivalents fell to £909,419 from £2.10m, while net assets declined to £1.74m from £2.05m.

Landore said it raised £1.71m during the year, before transaction costs, through an equity placing and the exercise of warrants, issuing 58.6m new shares.

The funds supported ongoing work at its flagship BAM Gold Project, part of the wider Junior Lake property in northwestern Ontario.

The company completed a targeted drilling programme of about 3,500 metres during the year, aimed at improving geological confidence, assessing high-priority targets and supporting an updated mineral resource estimate.

Landore said the results reinforced confidence in the scale and continuity of mineralisation at BAM, including indications of higher-grade zones and possible strike extensions.

Chair Helen Green said the updated mineral resource estimate had been prepared using a conservative approach to provide "a significantly enhanced level of technical credibility", giving investors and potential partners greater confidence in the project's scale and long-term growth potential.

Landore also advanced technical work including metallurgical refinement, geotechnical assessment and structural interpretation, which it said would help shape the next phase of development at BAM, including pit design optimisation, assessment of possible underground opportunities and future economic evaluation.

During the year, the group acquired mineral claims adjacent to BAM for consideration of 13m new shares, valued at £396,500, and completed a corporate reorganisation in Canada to centralise its assets.

It also received an option payment from Storm Exploration relating to the disposal of the Miminiska Lake and Keezhik Lake properties, in the form of Storm shares valued at CAD 275,000, with the final instalment received after the year end.

Chief executive Alexander Shaw said Landore entered 2026 with a stronger geological understanding and clearer development pathway following the 2025 drilling programme.

He said the updated resource estimate was expected to improve both the confidence and scale of the mineral inventory at BAM, while also supporting the wider district-scale potential of Junior Lake.

The group said its 2026 work programme would include infill sampling, follow-up drilling, metallurgical optimisation and refinement of development scenarios.

It said it was also assessing strategic options including partnerships, earn-ins, disposals or other forms of value crystallisation, particularly for non-core assets, to strengthen the balance sheet and focus resources on priority growth opportunities.

Green said Landore was entering "a pivotal period" in 2026, with the updated resource estimate expected to serve as a cornerstone for the next stage of project development and strategic decision-making.

At 1520 BST, shares in Landore Resources were up 3.73% at 1.95p.

Reporting by Josh White for Sharecast.com.

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