Member Info for Cyrilsnear

Try as they might to get the gold price down it doesn’t seem to be working, they’ve lost all handle on it. analysts are predicting $5000+ oz now.

Gold is now being mentioned on mainstream news, so you can bet physical gold and silver will now be in short supply.

Anything gold related will do well, on that note investors do realise we have a 17% interest in storm exploration, Mcap $6.2m. We are also owed a $1m + payment on the 26th march 2026.

Good luck trying to buy in here when this does finally move, you struggle to buy anything substantial on these small moves.

Anyone even remotely thinking of selling anything related to gold needs to have their heads tested.

I’ve no idea what the price of gold will be when the MRE lands or what gold price they will use as a base case but I know for sure that gold producers flush with cash will be on the lookout to replenish reserves.

I then asked based on what information you can gather what price should I sell at?

Landore Resources (LND.L) is currently trading around 3-4.5 pence per share, with a market cap of approximately £9-12 million. One projection suggests a 12-month target of about 16.4 pence, implying over 250% upside if the upcoming MRE delivers on resource expansion and grade improvements from the 2025 drilling results.

A reasonable sell target could be 10-15 pence post-MRE, aligning with peer valuations (e.g., EV/oz multiples of $20-30 for similar North American gold juniors) and closing the current discount gap—especially if the resource grows beyond 1.5 million ounces or confirms higher grades (3-4 g/t potential). Community sentiment on X highlights multi-bagger expectations ahead of the Q3 update, but short-term forecasts vary, with some technical models suggesting modest near-term gains to around 6 pence.

Set your target based on your risk tolerance, entry price, and portfolio goals—perhaps using a trailing stop-loss at 20-30% below your desired exit to capture upside while protecting gains. This isn’t financial advice; markets are volatile, especially for juniors, so consult a professional advisor and monitor for the MRE release expected imminently.

I wouldn't sell Landore Resources (LND.L) right now, as the company is on the cusp of a key catalyst with its updated Mineral Resource Estimate (MRE) for the BAM Gold project expected imminently in Q3 2025 (which includes October). This follows a successful 3,500-meter drilling program completed in spring 2025 that confirmed resource expansion potential, high-grade intercepts, and down-dip mineralization, alongside positive soil sampling identifying new gold anomalies along strike. The current MRE stands at 1.5 million ounces of gold (1.0 Moz indicated at 1.0 g/t), and the update could incorporate higher-grade potential (up to 3-4 g/t in places) and upgrade inferred resources to indicated, potentially boosting the resource size and supporting a pre-feasibility study in 2026.

At a market cap of around £9-11 million (with shares trading near 3p), Landore appears deeply undervalued compared to peers like GoldX2 Mining (similar resource but 8x higher mcap), trading at an EV/oz of roughly $9-10 versus industry averages of $20-30 for indicated and inferred gold resources in North America. Recent share price weakness seems driven by a disgruntled seller dumping stock, but sentiment on platforms like X is turning positive ahead of the MRE, with some viewing it as a multi-bagger opportunity in a rising gold price environment.

That said, this is a high-risk junior explorer with ongoing losses and no revenue yet, so holding requires tolerance for volatility—technical signals show a "strong sell" short-term, and some forecasts are bearish long-term. If you're risk-averse or need liquidity, selling to lock in any gains or cut losses might make sense, but for those bullish on gold and the upcoming catalysts, waiting could pay off. This isn't financial advice—do your own due diligence and consult a professional.

What makes me happy is the MRE timing has killed the traders LOL.

Gold at $4000 oz and an MRE could drop any day, wonderful for us LTHs.

Using AI for a MRE guess

Global Resource: Expected to grow to 1.7–2.0 Moz Au (from 1.5 Moz), driven by 2025 drilling confirming extensions east/west along the 30+ km Junior Lake shear zone and infill upgrading Inferred to Indicated. Reported at multiple cut-offs (e.g., 0.3 g/t, 0.5 g/t) for flexibility.

- Pit-Constrained Resource: A key focus, using Lerchs-Grossmann optimization with updated parameters (e.g., mining costs ~$2.50/t waste, processing ~$12/t, 98% recovery, 5% royalty). Scenarios may include:

- Shallow Bulk-Tonnage Pit: 1.0–1.5 Moz at 1.0–1.2 g/t, emphasizing the "string of pearls" multiple-pits concept.

- Higher-Grade Starter Pit: Targeting 3-4 g/t zones for early cash flow, potentially 300–500 koz at >2.0 g/t.

- Extended/Deep Pit: Incorporating down-dip potential (open below 300m), viable at $2,500+/oz for 200–400 koz additional ounces.

- Rationale: Higher prices justify deeper/wider pits, converting more Inferred ounces (currently 467 koz) to mineable categories.

Will They Use a New Cut-Off Grade?

- Likely Yes, with Adjustments: The 2022 MRE used a 0.3 g/t Au cut-off for global resources, suitable for low-strip-ratio open-pit at $1,500/oz. With prices now at $3,869/oz, a higher cut-off (e.g., 0.4–0.5 g/t) is probable for pit-constrained reporting to prioritize higher-grade, lower-tonnage material—reducing initial capex and improving PFS economics. However:

- Global reporting will retain 0.3 g/t (and show sensitivities at 0.2 g/t and 0.5 g/t) to capture the full 50+ Mt envelope.

- No change to underground cut-offs (e.g., 1.5–2.0 g/t) unless deeper drilling supports a hybrid model.

- Rationale: Cut-offs are tied to economic assumptions; NI 43-101 requires them to reflect RPEEE. At higher prices, a modest increase optimizes IRR while still including 80–90% of prior ounces. Landore's 2025 structural work and drilling focus on grade continuity will refine this.

Potential Impacts and Next Steps

- Resource Growth: Expect 15–30% overall increase (to 1.7–1.9 Moz global), with >70% Indicated, emphasizing shallow high-grade for faster permitting.

- Economic Sensitivities: The MRE will likely include preliminary cash cost estimates ($800–1,000/oz AISC at base case), with upside at spot prices yielding sub-$500/oz.

- Risks: Assumes no major cost inflation (e.g., labor/fuel); volatilities in gold could lead to conservative basing.

Presuming this is what you’re after?

Total contained gold: 1,496,000 ounces.

Gross metal value: 1,496,000 oz × $3,869/oz = $5,792,024,000 (approximately $5.79 billion USD).

The pit-constrained resource totals:

16,629,000 tonnes at 1.43 g/t Au for 765,000 ounces Au.

This comprises:

Indicated: 15,979,000 tonnes at 1.44 g/t Au for 742,000 ounces Au.

Inferred: 650,000 tonnes at 1.18 g/t Au for 23,000 ounces Au.

Elevated gold prices allow for larger pit shells, lower waste:ore ratios, and inclusion of marginal material, directly boosting reported resources. The CEO has highlighted BAM's sensitivity to prices in recent updates, positioning the project for a 2026 Pre-Feasibility Study (PFS) with improved NPVs (e.g., the 2022 PEA's $88M NPV at $1,500/oz could exceed $500M at $3,000/oz).

Fair play for being honest with your trades, I think this has legs from here. Good lick in any case.

We look at Sprott and Rick Rule but I think we’re forgetting these guys.

Mota-Engil’s investment in Landore via LGM is strategic, not speculative. They likely see the BAM Gold Project as a low-capex, open-pit gold asset (~1.5 Moz Au resource) that aligns with their engineering strengths. Their involvement suggests they’re positioning for a potential buyout or development role, especially if the 2025 drilling and 2026 Pre-Feasibility Study (PFS) de-risk the project further. They’d prioritize:

- Technical Synergies: Ability to self-perform mine construction, reducing costs.

- Economic Upside: A larger, higher-grade resource (post-2025 MRE) with robust NPV/IRR at current gold prices (~US$3,754/oz).

- Jurisdictional Safety: Ontario’s mining-friendly environment minimizes political risk compared to their African/Latin American operations.

I can’t see mota waiting if they like what they see.

FOMO works both ways.

#### Current Gold Price Context

Gold spot price closed at US$3,754 per ounce on September 24, 2025 (down 0.26% daily but up 11.5% monthly and 41.3% year-over-year). This is a massive leap from the US$1,800/oz assumed in the project's 2022 Preliminary Economic Assessment (PEA)—over 108% higher. At these levels, gold juniors should theoretically re-rate, but Landore hasn't yet, highlighting the "low valuation" you noted.

#### BAM Gold Project: Key Metrics and Implied Valuation

Landore's value is almost entirely tied to the BAM Gold Project in Ontario (1.5 million ounces Au resource, NI 43-101 compliant as of the 2022 update—no major MRE refresh announced by September 2025). Here's a quick recap and valuation check:

- Resource Breakdown (2022 MRE, unchanged publicly):

- Indicated: 31 million tonnes @ 1.0 g/t Au (1.03 Moz).

- Inferred: 18 million tonnes @ 0.9 g/t Au (0.47 Moz).

- Total: 1.5 Moz Au (open-pit amenable, low strip ratio ~3:1, recoveries ~93%).

- 2022 PEA Highlights (at US$1,800/oz Au):

- Post-tax NPV: US$231 million; IRR: 67%; Payback: 1.25 years from production.

- Life-of-mine: 11 years; Annual production: ~80,000 oz; Initial capex: ~US$250 million.

- Total revenue potential: ~US$1.4 billion.

- Upside at Current Gold Prices: No updated PEA, but scaling the base case linearly (a rough proxy) suggests:

- Post-tax NPV could exceed US$500–600 million (more than double the original, assuming opex scales partially with revenue).

- IRR potentially >150%, with payback under 1 year.

Simple In-Ground Resource Valuation (a common "discipline" metric for juniors pre-PFS):

- Current Mcap implies ~US$13.20/oz in-ground (US$19.8M Mcap / 1.5 Moz).

- At US$3,754/oz gold, peers trade at US$20–50/oz for inferred/indicated resources in safe jurisdictions like Ontario (e.g., similar projects like Harte Gold or probe Mines analogs traded 30–40x higher pre-production).

- "Fair" value benchmark: US$30–40/oz would imply a US$45–60 million Mcap (£34–46 million)—2–3x current levels. At US$100/oz (post-PFS de-risking), it could hit US$150 million (£114 million), aligning with Mota-Engil buyout scenarios.

This suggests the market is applying heavy "discipline" (i.e., discounting for risks), pricing BAM as if gold were ~US$1,500–2,000/oz rather than reflecting the 2025 bull market.

Probably, like all explorers do.

Only thing is this was one it maybe at a premium or at less of a giveaway than in the past. Also, if sprott and rule get involved again it could even give us a hefty lift.

All bets are off in this market now.

Calamity after calamity by previous management. Worst was the Canadian Clown Cluade who failed to get a fundraise underway at 6p with a dual listing on the TSX and then bolted.

Seems like it’s in good hands now to a point where Sprott and Rule got in at the last fundraise.

Additional info:

- Landore Resources Ltd. (LND.L)

All projects, including the flagship BAM Gold Project and other assets like Junior Lake, Miminiska Lake, Keezhik Lake, and the Lessard property (copper-zinc-silver), are located in Ontario and Quebec, Canada. No international holdings.

- Amex Exploration Inc. (AMX.V)

Focused solely on the Perron Gold Project in Quebec, Canada. No projects or resources outside Canada.

- Probe Gold Inc. (PRB.V)

All assets, including the Novador Gold Project, McKenzie Break, Croinor Gold, and Detour Quebec Project, are in Quebec, Canada. No international exposure.

- Cartier Resources Inc. (ECR.V)

Entire portfolio, including the flagship Cadillac Project and Chimo Mine, is centered in Quebec, Canada. No projects abroad.

Massively undervalued here.

- **Landore Resources Ltd. (LND.L)**

Jurisdiction: Canada (Ontario)

Gold Resource: 1.50 Moz (Indicated + Inferred)

Flagship Project: BAM Gold

Market Cap: ~$15M USD

- **Amex Exploration Inc. (AMX.V)**

Jurisdiction: Canada (Quebec)

Gold Resource: 1.15 Moz (Indicated + Inferred)

Flagship Project: Perron

Market Cap: ~$85M USD

- **Probe Gold Inc. (PRB.V)**

Jurisdiction: Canada (Quebec)

Gold Resource: 1.90 Moz (Indicated + Inferred)

Flagship Project: Novador

Market Cap: ~$120M USD

- **Cartier Resources Inc. (ECR.V)**

Jurisdiction: Canada (Quebec)

Gold Resource: 1.20 Moz (Indicated + Inferred)

Flagship Project: Chimo Mine

Market Cap: ~$45M USD

GOLD now at $3680 and at ATHs and the youngsters are chasing MEME coins on Crypto. The right gold plays are going to make some extremely wealthy in this bull run.

GOLD price doesn’t seem to be stopping, I wonder what price spot will be by the time the MRE drops? Or even what price of gold they use in the MRE.

No idea, but below is what it’s currently worth. Note I’ve taken out the pit constraints.

### Accounting for Today's Gold Price

The "value" of a mineral resource typically refers to its contained metal value (ounces × gold price), which provides an in-situ gross metal value before deductions for recovery, operating costs, royalties, or other factors. This is a standard way to assess resource worth at current market conditions, especially for an unconstrained global resource.

- Current gold price (as of September 12, 2025): Approximately $3,650 USD per troy ounce.

- Gross contained value of the full resource: 1.53 million oz × $3,650/oz = $5.59 billion USD.

For context:

- Measured & Indicated (1.02M oz): ~$3.72 billion USD

- Inferred (0.51M oz): ~$1.86 billion USD

Note: This is a high-level, undiscounted valuation and does not constitute an economic assessment. A Preliminary Economic Assessment (PEA) from May 2022 (using $1,800/oz gold) outlined an open-pit scenario with 833,000 oz recoverable at an after-tax NPV of $357 million USD and 24% IRR, but it used a pit-constrained resource.

If we add 200000oz

Revised total resource: 1.53 million oz + 0.2 million oz = 1.73 million ounces of gold.

- Current gold price (as of September 12, 2025): Approximately $3,650 USD per troy ounce.

- Gross contained value of the updated resource: 1.73 million oz × $3,650/oz = $6.31 billion USD.

MRE to drop any day (possibly Monday) and you have people selling, it’s crazy.

Not just the MRE but at this Mcap and the amount of Free cash flow now available to companies in production, they will definitely be looking to replenish reserves.

imho, this is a sitting duck.

Just look at the numbers in the last MRE at current gold prices, let alone the upcoming MRE.

Let the re rate commence.

It’s been a long haul for a lot of us, know what you hold.