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(Cont)

4. Did we start any Felix drilling out of the 15/20 drills (approx) available? If not, how will that fact feature in any negotiations as any drilling OUTSIDE of Bam that show positive results to mirror past geo-chemical surface exploration (sampling) would be massively beneficial. As such, would any potential buyer insist on some drilling at Felix first (funding?) OR would geo to geo agreement on potential be sufficient for purposes of such negotiations. (Please note that we have 50,000 ounces of gold at exploration or unclassified grade further west still at Lamaune AND note that we do have drill proof that Felix has gold on its eastern extremity, as well as drill proof of gold at both Toronto Lake to the east and also at the western extremity of the 31km Junior Lake property).

5. I note that reference keeps being made to sale of ‘Bam’. Bam is just a section of the overall gold picture. Do we therefore, not prefer to refer to Junior Lake gold versus Junior Lake Battery (and other) metals.

(Continues)

Happy New Year to Mads, Nice, AM90, Trek et al.

We have, without a doubt, reached a very important milestone in what has been, for many, a long and interesting journey. Over the holidays, I have been mulling over what are, for me, the major issues now. As ever, such pondering tends to create more questions than answers…..

The following are my considerations. I will, for once, forbid myself from offering conclusions.

1. We are waiting for results of drilling in and around the 800/900. 15 to 20 holes depending on depth. Is this a new shoot or Bam West continuation? Will the results be as expected or better? Will the MRE incorporate the results or will they get it out pronto without these results and comment on same in PEA also expected Q1. (AND THEN FOLLOW with a revised additional MRE to follow asap - note that they have done this before). Will the grades still be the ‘Bam grade’ of 0.99 to 1.04, OR will this seasons drilling have upped that overall average grade due to grade coalescence at depth.

2. The all important unclassified figures will not feature in MRE so will they appear simultaneously as comment in the associated RNS OR in PEA as per 2019?

3. BH stated that EOI’s will be sent out following MRE as (his comments in interview) they want to know what they have (at this stage) and wants his ‘ducks in a line’ first. Now then. How much importance do we put on this. The companies already under non-disclosure agreements will already be aware of MRE, future potential, and intention to sell. Additionally, I find it all but impossible to think that other companies will not already be aware of the situation. I mean, we are but lowly PI’s and WE know!

(Continues)

John Henry,

It is really difficult to respond, whilst remaining polite, to infantile and ill informed posts such as that.

Great effort.

Absolutely sterling performance in my view Daz.

I liked the fact that he was basically saying that everything was on the table and that the main focus was ‘what made most sense for the company and shareholders’. Ie maximum value.

He used the phrase ‘early stage speculative’ which is CEO speak for ‘we have had a few cheeky sniffs from a couple of players’.

Main thrust is that he IS also talking to SERIOUS parties in relation to potential corporate activities.

greendave,

1. Landore IS seeing visible gold in the current Bam infill.
2. The labs are behind so the assays are not all done. We are not sure if we will get an interim drilly before Xmas but perhaps unlikely now. Probably more likely to get a full results RNS In January.
3. The MRE will be q1 2022 now. PEA to follow and hopefully also q1.
4. The intention IS to sell Landore. Expressions of interest will be invited post MRE to current nda’s and other mining companies besides.
5. Don’t let the wait kill you. This is exploration. Things change and evolve. Timescales are frequently affected.

Hope this clarifies.

UR

Great post AM; makes perfect sense.

Now then Nice,

Hope you are well?

What I will say is that I think we are at a pivotal point now whatever happens…

1) We will sell in the near future, OR if for some reason we do not…

2) A Landore with a different emphasis (New CEO also potentially as per Bills last interview) will emerge with a view to financing using alternative options with a strategic objective of proving up towards 3 million in resource and also building the exploration potential. We will sell at some point, but we will then be far far more valuable and therefore expensive.

UR

Hi greendave,

I doubt that the next news, good though likely to be, will result in big volume increase.

I reckon punters are expecting pretty good news (let’s be fair and balanced here; Lnd generally is good news) , and I reckon that by now, the same punters will know what to be expecting come MRE (save for those whose expectations are too high).

What I reckon your ‘herd’ is waiting for is:

1. Confirmation that EOI’s have been sent out post MRE.
2. That Felix drilling has commenced and is hitting gold straight away at at least ‘Bam style grades’. This is because gold at Bam is ‘old news new’ and ‘not exciting enough’. Hits at Felix, a new 5.7 km zone, WILL be exciting but question is will we get that far because…
3.Confirmation that formal offer or offers for buyout are being tabled.

My views only greendave but with 12 years experience under my belt at Lnd.

We shall see.

UR

(Under nda’s) already have a grasp of what the new figures will be. Add the (non NI43-101) unclassified and that is where we should be looking at a combined (not MRE I repeat) figure of 1.8 or 1.9 million ounces.

The MRE out and those Expressions of Interest invites will go out not only to nda’s but other ‘Big Boys’ also. This is when the good stuff will start in my opinion.

Cheers Trek.

UR

Hi Trek,

I don’t disagree with any of your points, however I would add a couple of considerations.

Firstly, I agree that results order is not a big issue, however I also take the view that the MRE may not, on its own, be ‘what the market is looking for’. My rationale is this.

Our current resource, as you know, is 1,015,000 ounces. It took 36,000 metres of drilling at ‘Bam grade’ average 0.99 to 1.03 g/t to achieve this. This equates to 28.19 ounces per metre drilled.

Bill H confirmed that up until the recent recommencement of drilling (West pit infill on/vicinity GL 800E/900E) , Landore had completed 22,000 metres of drilling in the 2020/2021 campaign. Interestingly, Bill said that the strategy had been to drill 11,000 on infill, and 11,000 on step out or exploration.

In the first instance, 11,000 drilled at Bam grade (I will come back to this) should achieve circa 310,090 ounces leading to a new MRE base level of 1,325,090 ounces. What we don’t know exactly (at least I don’t) is the ratio of drill density sufficient for indicated and inferred. Whilst both will sit within the revised MRE, we will have to wait for the report to come out to know the true picture.

Now then, and THIS is my key argument, Bill has repeatedly stated that of the companies currently with data access (thereby already doing their dd) under nda’s, more than one have impressed upon Bill the importance of not just resource , but of indication of REAL potential. The second 11000 metres drilled on west and east pit extensions will show this. Now we can be pretty sure that density will not bring data sufficient for indicated, but will show either inferred (which WILL) sit within the revised MRE, was well as considerable ounces that will sit outside. This is the exploration or unclassified figure. (Note that we had 441,000 ounces of unclassified in the 2019 PEA. Whilst some of this has now been infilled and moved into resource, mu maths says that it cannot all have been upgraded.

My conclusion therefore Trek, is that the combined figure of new MRE plus current unclassified category is what will light this up. It is hard to work out what the MRE will show not just for the reasons outlined, but also

1. We are quite likely to have an improved grade over previous Bam grade.

2. My figures do not take into account the current infill on this suspected new high grade shoot at 800/900 Bam West. This will, if good, be sewn in the MRE causing a slight delay as Bill confirmed in last interview.

My take is the companies will

Hi Nice,

Made me chuckle that one..

Excellent.

Ronaldo,

Not necessarily and difficult to call. I suspect it depends on timeframe and results. Bill has 20 drills to play with but could be more or less, depending on how deep they go on the 800 and 900 grid cut lines. The geo’s will be examining the cores closely as they come out and make decisions, pre assay, based on visible signs. (Ie VG and general mineralisation). I presume they use hand held analysers but not sure. Base line is we don’t know if west pit infill has been completed yet.

If results are looking really promising and they do decide to fast track at the labs and aim to get these results incorporated into the new resource, then my guess would be drill results in RNS reasonably soon, and then a separate RNS followed by the MRE later when completed. I don’t think it is simply a matter of adding the last (current) assays into the MRE; it is rather more complicated than that, and, as such, that is why Bill confirmed the MRE would be put back IF the decision to incorporate current west pit drilling was made.

I think THE important point is that the Board will have a good idea NOW about what the MRE will look like before these last results are incorporated. They will deffo know what the unclassified ounces are as these last 20 or so drills are all infill and so will not affect the outcome of the final important unclassified ounces figure. (Felix does not come into this irrespective of when they start drilling there).

As such, these will be being shared with the ‘Big Boys’ and could lead to the really BIG news at any time.

Bottom line Ronaldo is that there is nothing BAD about this, and, in fact, one could argue that the longer we wait the better the outcome is likely to be.

Regards

UR

The last two trades are buys.

Suspect the same applies to the two before that showing red.

https://go.pardot.com/e/398282/y-length-for-a-hold-on-lithium/21xvps4/1683655549?h=6GpKd164i3MA-sMz7wUAH2O7bnzrlHtD0qIkWD9YRbQ

That was for dramatic effect Tom. It worked.

And as for not giving too much away, which interview did you listen to?

Why,

DL first mooted in 2017.

It was dragged up again as a subject in January this year.

Interviewers still bring it up and we still get mixed messages from Bill.

He is putting out EOI’s as soon as updated resource is published.

Why on earth would he go down that route bearing in mind costs and timescales but especially when he is looking to on-sell the company?

Thought for the day………..

I suspect that we are all waiting for news of Bill on-selling Landore. A buy out. A takeover. Whatever. That is the holy grail. That is the money shot.

We know he is talking to the companies; the ‘Big Boys’ as Bill puts it. As such, we should not concentrate solely on the MRE (important though that clearly is), but on the big picture.

Bill has made it crystal clear what one (or more) companies are looking for. He has confirmed it as 2 million ounces as a COMBINATION of resource and potential. Not the MRE! but a combination of MRE and exploration ounces. That is one of the reasons that he split his drilling strategy down the middle this year ie 2 x 11000 metres; one 11 targeting infill, the other 11 exploration. He had a very very good reason for such strategy.

By my maths, that target of 2,000,000 COMBINED ounces will be all but reached this year. I base this on 11000m at Bam grade for infill for 1.35 million to 1.4 million, and a similar amount of unclassified from the exploration 11000m which I added to the current estimated position on exploration material which I estimate at 250,000 ounces current (see PEA 2019 for details). The sum is 250,000 - 265,000 ounces plus 310,000 ounces for 560,000 - 575,000 ounces. 1.35 million MRE plus 575,000 ounces exploration is my ball park figure. Just a shade therefore below that magic 2 million ounces.

If grades have been a little higher this year than the Bam grade of 0.99 x1.03 g/t, and if the engineers upgrade the cut-off due to higher pog, then that all important target figure may have been reached or slightly surpassed!!!

If that is the case, the errand will have been done, the stated target reached, and the company will be sold.

Think about it.

There has been no dual listing, no upgraded website, no further fund raising, no further stated drill plans beyond west pit extension and initial Felix. Just an awaited MRE, PEA and base metal review.

Why?………Ask yourself that question!

1.3 MRE or 1.5? What does it matter if the combined 2 million ounces of gold has been achieved? By ?? Christmas! ??

As a renowned poster on here by the name of Madsktpan has said on more than one occasion, one day we will wake up to a share suspension RNS and an associated board recommendation to shareholders. It could be sooner than some think.

Silence is Golden.

UR