Landore Regulatory News (LND)

19 June 2019

Landore Resources Limited

Final Results

The Board of Landore Resources Limited is pleased to announce its audited results for the year to 31 December 2018.

For more information, please contact:

Bill Humphries, Chief Executive Officer Tel: 07734 681262

Richard Prickett, Finance Director Tel: 07775 651421

Landore Resources Limited www.landore.com

Derrick Lee / Beth McKiernan / Peter Lynch Tel: 01312209771

Cenkos Securities plc

Nominated Adviser and Broker

Chief Executive Officer's statement

I am pleased to present the 2018 Annual Report for Landore Resources Limited ("Landore Resources" or the "Group").

During 2018 all of Landore Resources' exploration efforts were targeted at increasing the Junior Lake, BAM Gold resource towards 1 million ounces of gold together with the completion of an initial Preliminary Economic Assessment. Both targets were achieved on time and within budget.

Financial Results

In the year ended 31 December 2018, the Group incurred a loss, after tax, of: £2,783,480 (2017: £3,296,625).

Operating expenses were in line with our budgets and expectations, financing details are set out below.

In March 2018, the Group raised £3.15 million by the issuance of shares at a price of 1.5p per share.

Following the year end, in May 2019 the Group has raised a further £1 million at a price of 0.7p per share. As a result the Group is funded for its planned operational expenses for at least six months. The Group has no debt and the Directors are grateful for the support of the company's shareholders. The Directors will continue to evaluate all options to maximise shareholder value, including a possible joint venture agreement.

The Junior Lake Property:

The Junior Lake property, 100 per cent owned by Landore, is located in the province of Ontario, Canada, approximately 235 kilometres north-northeast of Thunder Bay and is host to the BAM Gold Deposit, the B4-7 Nickel-Copper-Cobalt-PGEs Deposit and numerous other highly prospective mineral occurrences.

The Junior Lake property together with the adjacent 90.2% owned Lamaune Lake property extends for 31 kilometres across highly prospective Archean greenstone belt and covers an area of 30,507 hectares.

BAM Gold Deposit: The 2018 summer drill campaign of 12,673 metres of diamond core was concentrated on infilling and extending the existing BAM Gold Deposit, the results of which were subsequently used to complete a revised Mineral Resource Estimate and prepare a Preliminary Economic Assessment ("PEA") with Technical Report, reported by Landore on 8th January and 20th February 2019 respectively.

Highlights of the Drilling and Resource Update include.

· The new Mineral Resource Estimate (MRE) modelling has significantly increased the BAM Gold resource to: 28,826,000 tonnes (t) at 1.03 grams/tonne (g/t) for 951,000 ounces of gold including 20,198,000t at 1.08g/t for 701,000 ounces gold in the Indicated Category.

· In addition, the estimation work has also modelled potential mineralised material in target areas adjacent to the current delineated deposits for a possible 14,761,000t at 0.93g/t ounces gold for a further 441,000 ounces gold, in the 'Unclassified' material category further demonstrating this deposit's considerable potential.

· Drilling on BAM Gold to date has recorded a success rate of 30.1 ounces gold for every metre drilled with an average discovery cost of US$8.36 per ounce.

· Based on exploration work completed by Landore up to January 2019, there is significant resource potential that clearly indicates follow up district scale exploration is warranted. There is potential for other gold mineralization targets along the 31 km strike length of the Junior Lake Shear.

The continued rapid growth of the BAM Gold Deposit together with the possible future development of the other known gold prospects such as Lamaune plus the likelihood of new discoveries along this highly prospective 31 kilometre long Archean greenstone belt bodes well for the future of the Junior Lake Property hosting a multi-million ounce gold deposit.

Highlights of the PEA include.

· The BAM Project Base case considers the economics of exploiting a resource of 12.7 Mt at 1.26 g/t Au containing 515,000 ounces gold (koz Au). An Extended (or upside) case considers a 19.7 Mt resource also at 1.26 g/t Au containing 800 koz.

· At US$1,300/ounce the Base case generates a post-tax net present value ("NPV") of US$69.2M with an internal rates of return "(IRR") of 22.4%. The Extended case generates a post-tax NPV5 of US$123.7M and post-tax real IRR of 26.9%.

· The Base case has an all-in-sustaining cost ("AISC") of US$ 806/oz with the Extended case being slightly higher at US$ 816/oz. Initial CAPEX is US$73.53M for Plant and infrastructure plus US$ 20.28M for pre-production including mining and G+A

The Preliminary Economic Assessment has demonstrated the economic viability of this project as well as its high growth potential, and has reinforced Landore's opinion that in the initial stage the BAM Gold Project can be developed as a low-cost open pit mining operation.

Further details are set out in the Operations Report.

Planned works in 2019:

A drilling programme, consisting of 4,500 metres of HQ diamond core, has commenced on the BAM Gold Deposit aimed at further infilling and extending the defined resource of 951,000 ounces of gold.

In addition an extensive exploration campaign, including ground geophysics and soil sampling followed by selected line drilling, will be carried out on the highly prospective seven kilometres along strike between the BAM Gold Deposit and Lamaune Gold Exploration Target.

These works are aimed at establishing that the Junior Lake Property has the potential to host a multi million ounce gold deposit.

Social and Environmental Responsibility: The Group continues to enjoy solid working relationships with the local First Nations on whose traditional lands our Junior Lake Property is located. Landore believes that a successful project is best achieved through maintaining close working relationships with First Nations and other local communities.

On behalf of my fellow directors I wish to thank our shareholders for their continued support together with Landore's Management and Exploration team for their dedication and perseverance in advancing the highly prospective Junior Lake Property.

William Humphries

Chief Executive Officer

18 June 2019

Operations report

INTRODUCTION:

Landore Resources Limited, through its 100 per cent owned subsidiary Landore Resources Canada Inc. ("Landore"), is actively engaged in mineral exploration in Eastern Canada. Landore owns or has the mineral rights to four properties in Eastern Canada. Landore also owns a 90.2 per cent controlling interest in the adjacent property Lamaune Iron Inc. and a 30 per cent interest in the West Graham property located in the Sudbury Nickel Belt.

Landore through its 100 per cent owned subsidiary Brancote US, owns or has the mineral rights to a further eight properties for 99 claims in the State of Nevada.

During 2018 all of Landore Resources' exploration efforts were targeted at increasing the BAM Gold resource towards 1,000,000 ounces of gold together with completion of an initial Preliminary Economic Assessment.

Full details of the Group's projects, including maps, Canadian National Instrument 43-101 (NI 43-101) resource reports, geophysical surveys etc. can be viewed on the Group's website, www.landore.com.

JUNIOR LAKE PROPERTY:

The Junior Lake property, 100 per cent. owned by Landore, is located in the province of Ontario, Canada, approximately 235 kilometres north-northeast of Thunder Bay and is host to the BAM Gold deposit, the B4-7 Nickel-Copper-Cobalt-PGEs deposit and the adjacent Alpha PGEs zone. Junior Lake also contains the VW Nickel deposit and numerous other highly prospective mineral occurrences.

The Junior Lake property is comprised of the Junior Lake claim group and the immediately adjacent claim group of Lamaune Iron Inc. (Lamaune Iron). In October 2017, Landore acquired a 90.2% ownership of Lamaune Iron, which has become a subsidiary company of Landore.

Subsequent to this acquisition, in April 2018 Ontario's Ministry of Energy, Northern Development and Mines converted all active, unpatented mining claims from their legally defined location by claim posts on the ground or by township survey to a cell-based provincial grid for the entire province including Landore's mining claims ("legacy claims"). All Landore's legacy claims have been converted to the new Ontario claim system and designated new claim numbers.

Landore's Junior Lake property including the Lamaune claim group now consist of 1,419 staked mineral claims (approximately 26,778 ha), and four mining leases, all together totalling approximately 30,507 ha.

The Junior Lake property extends for 31 kilometres across highly prospective Archean greenstone belt.

BAM GOLD DEPOSIT:

The BAM Gold Deposit (formerly BAM East Gold Deposit) is located approximately 2 kilometres to the east of the B4-7 Deposit and 1 kilometre north of the VW Deposit and is situated midway along an east-southeast to west-northwest trending MaxMin geophysical anomaly (MM-7). MM-7 had not been drill tested prior to the discovery of the BAM Gold Deposit.

The BAM Gold Deposit was discovered in December 2015 while drilling to test the geophysical target, MaxMin anomaly MM-7. The drilling intersected a wide zone of gold mineralisation close to surface. Mineralisation consisted of low grade gold with periodic intervals of higher grade gold. Follow up drilling in February/March 2016 validated the initial discovery and established the maiden resource (reported in Landore's press release dated February 17 2017). Drilling through 2017/2018 has grown the resource considerably, now extending over 3.0 kilometres from local grid line 950E to 4000E remaining open to the east and west and down dip.

The BAM Gold Deposit is interpreted as an Archean-aged mesothermal gold deposit. Findings from drilling to-date on the BAM Gold Deposit revealed a lithological sequence consisting of leucogabbro and gabbro of the Grassy Pond Sill to the south, metasedimentary rocks of the BAM Sequence in the central portion, to mafic volcanics to the north. All lithological units have been subjected to variable shearing and deformation, markedly the metasedimentary unit.

The deposit consists of gold mineralisation that is hosted by sheared and altered rocks of the Grassy Pond Sill and the BAM Sequence. The gold mineralisation is commonly observed in drill core to exist as visible gold that is hosted by very thin, foliation-parallel quartz-rich veinlets, hosted by highly fissile ultramafic sediments of the BAM Sequence, or by foliated rocks of the Grassy Pond Sill.

This significant new discovery has the potential for the initial development to be progressed as a low cost, bulk tonnage, open pit operation.

Spring/Summer Drill Campaign: In April 2018 Landore re-commenced drilling focussed on further delineation and extension of the defined BAM Gold resource, as well as infilling the approximately 900 metres length between the defined resource and the original BAM Gold zone. This drilling, together with further metallurgical and geotechnical studies, were used in the preparation of a Preliminary Economic Assessment (reported in Landore's press release dated 20 February 2019).

The 2018 drill campaign of 12,673 metres, completed by mid September 2018, consisted of 23 NQ diamond drill holes (0418-626 to 0418-648) for 3,731 metres and 33 HQ diamond drill holes (0418-649 to 0418-680 and 0418-686) for 8,459 metres. Drilling successfully intersected widespread gold mineralisation of similar widths and grade to the existing BAM Gold Deposit with multiple instances of visible gold ("VG"). Intersections included drill hole 0418-664 reporting 31.24 metres at 1.30 grams/tonne gold (g/t) and drill hole 0418-665 reporting 1 metre at 28.80g/t.

The campaign also consisted of a small exploration drilling programme of 5 HQ drill holes (0418-681 to 0418-685) for 483 metres to test the gold potential of a prospective zone from 3900E to 4000E approximately one kilometre to the east of the currently defined Mineral Resource. The programme was highly successful intersecting significant gold mineralisation including 26.20 grams per tonne gold (g/t Au.) over 1.02 metres in drill hole 0418-685.

Results received in the 2018 spring/summer campaign included:

* The above drill holes were drilled north at 45 degrees into a lithological package dipping approximately 85-75 degrees to the south. The actual true thickness of mineralisation is estimated to represent between 65-75% of the intervals shown in the above table.

BAM Gold-Eastern Extension: Exploration step out drilling established gold mineralisation approximately 1 kilometre from the eastern limit of the defined BAM East Gold Deposit, to line 4000E.

Results included:

* The above drill holes were drilled north at 45 degrees into a lithological package dipping approximately 85-75 degrees to the south. The actual true thickness of mineralisation is estimated to represent between 65-75% of the intervals shown in the above table.

In addition, further geological review by Landore has identified favourable geological lithology and structure having the potential to continue along the full 31 kilometre east-west extent of the archean greenstone belt traversing the Junior Lake Property, the majority of which to-date is unexplored.

Metallurgical Testing: Drill core material, in the form of two composites weighing a total of 924 kilograms, was submitted to Base Metallurgical Laboratories Ltd., in Kamloops British Columbia for a metallurgical flowsheet evaluation. The testing included gravity separation, flotation, and cyanide leaching for both agitated leaching and heap leaching. Landore engaged Allard Engineering Services LLC of Tucson, Arizona, USA to provide services for the design and supervision of this detailed metallurgical test work. The Scoping level test work programme was designed to select a suitable process route for the BAM Gold Deposit mineralised material.

The assessment follows previous testing on two composites (reported in Landore's press release dated January 23 2017) designed to assess the metallurgical response of the mineralised samples from the BAM Gold Deposit and to provide a determination of the gold feed grade.

Metallurgical test work revealed that 98% extraction of gold is achievable with conventional milling, grinding to 100% passing 212 micron followed by gravity separation (+65%) and cyanide leaching. Reagent consumption was very low with cyanide consumption at ±0.40 kg/t and lime consumption at ±0.60 kg/t. The metallurgical results indicate that heap leaching with fine crushing and agglomeration can achieve acceptable extractions of gold (±84% at test conditions).

The 2018 metallurgical test work provided the following insights (reported in Landore's press release dated February 5 2019):

1. Significant free gold is present in the composite tested.

2. High extractions of gold are achievable with grinding, gravity separation (+65%), and cyanide leaching (+95%) with overall extractions around 98%.

3. Cyanide and lime consumptions were low in the leaching tests.

4. Liberation of gold particles is reduced in size-fractions above 300 microns.

5. Flotation of the BAM composite achieved reasonable extractions of gold, albeit at low concentrate grades.

6. Heap leaching with fine crushing and agglomeration can achieve acceptable extractions of gold (±84% at test conditions).

7. In fine-ground material, gold occurs predominantly as coarse liberated particles and as attachments and inclusions in chlorite and cobaltite. Minor quantities of gold are associated with tellurides.

8. Cyanide leach extractions of gold at sizes below 300 microns do not appear to be dependent on particle size.

9. Sparging agitation leach tests with oxygen improves the extraction of gold over sparging with air.

10. Reasonable variations of cyanide concentration and percent solids do not appear to influence gold extractions from agitated leach tests at typical grind sizes.

11. Agitation leach pulps are amenable to Carbon in Leach/Carbon in Pulp operations.

12. Silver and copper species are present in the ore but only partially dissolved by cyanide.

These positive results further support Landore's expectations that the exciting BAM Gold Deposit has the strong potential of low capex/opex costs amongst the lowest quartile of gold mining producers.

Geotechnical Studies: Landore engaged WSP Canada Inc. ("WSP") of Ontario, Canada to complete a prefeasibility level study of the pit stability for the BAM Gold Deposit. An on-site inspection of representative drill core and physical properties testing by an external laboratory were carried out as part of the assessment. The study concluded that a bench face angle of 80 degrees and an inter-ramp angle of 59 degrees for the BAM Gold Deposit were appropriate.

RESOURCE ESTIMATE:

Landore retained consulting engineers Cube Consulting Pty Ltd ("Cube") of Perth, Western Australia, to complete a revised Mineral Resource Estimate with the results of the 2018 spring/summer drilling programme and to subsequently prepare a Preliminary Economic Assessment ("PEA") with Technical Report on the BAM Gold Deposit, all compliant with the requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).

Data compilation from all drilling campaigns to-date together with the results from the various studies including the 2018 metallurgical test work and geotechnical study on pit stability were delivered to Cube during Q4 2018. The revised Resource Estimate, classified in accordance to 2012 Australian Code for Reporting of Mineral Resources and Ore Reserves ("JORC Code"), was completed and reported by Landore on 8 January 2019. This Mineral Resource Estimate was then reclassified to NI 43-101 standards and subsequently used in the PEA and Technical Report reported by Landore on 20 February 2019.

The new Mineral Resource Estimate (MRE) modelling has significantly increased the BAM Gold resource to: 28,826,000 tonnes (t) at 1.03 grams/tonne (g/t) for 951,000 ounces of gold including 20,198,000t at 1.08g/t for 701,000 ounces gold in the Indicated Category.

In addition, the estimation work has also modelled potential mineralised material in target areas adjacent to the current delineated deposits for a possible 14,761,000t at 0.93g/t ounces gold for a further 441,000 ounces gold, in the 'Unclassified' material category.

Table 1-1 is a summary of the Indicated and Inferred Mineral Resources, effective as of 7 January 2019.

Table1‑1 BAM Gold Project - Indicated and Inferred Mineral Resource (January 2019)

As the BAM Gold Deposit is located along a highly prospective archean greenstone belt which traverses the Junior Lake Property from east to west for approximately 31 kilometres, there is great potential for further significant gold mineralisation. This favourable greenstone belt ranges from 0.5 to 1.5 kilometres wide and hosts multiple known gold occurrences including the Lamaune Gold Prospect.

It is Landore's opinion that the Junior Lake property has definite potential to host a multi-million ounce gold deposit.

Preliminary Economic Assessment:

This assessment, completed by Cube Consulting Pty Ltd. to NI 43-101 standards, combined data including drilling, metallurgical and geotechnical assessments to determine the preliminary economic viability of the BAM Gold Deposit. Results are positive, indicating that the BAM Gold Deposit has the capacity to be progressed to the production stage.

Highlights of the PEA Technical Report include:

· The Mineral Resource Estimate of the BAM Gold Project at a 0.3g/t cut-off is: 28,826,000 tonnes (t) at 1.03 grams/tonne (g/t) for 951,000 ounces of gold (ozAu) including 20,198,000t at 1.08g/t for 701,000 ounces gold in the Indicated Category.

· The BAM project Base case considers the economics of exploiting a resource of 12.7 Mt at 1.26 g/t Au containing 515,000 ounces gold (koz Au). An Extended (or upside) case considers a 19.7 Mt resource also at 1.26 g/t Au containing 800 koz.

· The Base case generates a post-tax net present value ("NPV") of US$69.2M with an internal rates of return "(IRR") of 22.4%. The Extended case generates a post-tax NPV5 of US$123.7M and post-tax real IRR of 26.9%.

· The Base case has an all-in-sustaining cost ("AISC") of US$ 806/oz with the Extended case being slightly higher at US$ 816/oz. Initial CAPEX is US$73.53M for Plant and infrastructure plus US$ 20.28M for pre-production including mining and G+A.

· Based on exploration work completed by Landore up to January 2019, there is significant resource potential that clearly indicates follow up district scale exploration programs are warranted. There is potential for other gold mineralization targets along the 31 km strike length of the Junior Lake Shear.

The Preliminary Economic Assessment has demonstrated the economic viability of this project as well as its high growth potential, and has reinforced Landore's opinion that the BAM Gold Project can be developed as a low-cost open pit mining operation.

2019 Planned Works:

Exploration activities re-commenced at Junior Lake in June 2019. The activities will include a 4,500 metre HQ core drilling campaign aimed at advancing the Inferred mineralisation in the current resource to Indicated status together with infilling the area between the two delineated pits and extending the resource both to the west and east. The programme will be aimed at advancing the current in pit contained ounces from 515,000 ounces gold (Base Case) to 800,000 ounces gold (Extended case).

In addition, an extensive field exploration program will be carried out to the east and west of the existing three kilometre extent of the current BAM Gold Deposit. The program will include ground HLEM-MaxMin and Magnetometer-VLF geophysics together with a geochemical soil sampling program and exploration drilling of the more promising targets.

B4-7 NICKEL-COPPER-COBALT-PGEs DEPOSIT:

No material work has been completed on the B4-7 since the discovery of the BAM Gold Deposit in December 2015 as the Company has focussed on the rapid progression of the gold project. However with base metal prices rising together with the increasing demand for 'Battery metals' the economics of the B4-7 deposit are once more becoming attractive for the recommencement of work to advance this valuable deposit to the pre-feasibility stage and beyond.

There is significant value in the B4-7 Deposit in its credit commodities, in particular cobalt and palladium. The B4-7 2018 resource upgrade reported a significant cobalt content credit of +4.6 million pounds for the deposit to date together with +66,000 ounces of palladium (Pd). However the adjacent Alpha Zone, which has only partially been included in the B4-7 resource, is palladium/platinum rich with drilling reporting intersections of 1.5 metres at 10.15g/t Pd in drill hole 0415-507 and 20.15 metres at 1.54 g/t Pd. in drill-hole 0414-503 including 0.72 metres at 12.85 g/t Pd.

Another key benefit is the B4-7 Deposit's proximity to the BAM Gold Deposit; approximately two kilometres separates the two deposits. This provides significant cost saving synergies for their development either together or in sequence with the possibility of sharing infrastructure, machinery, plant etc.

The B4-7 deposit mineralisation is hosted within a sub-vertical massive sulphide vein with stringers, net-textured and disseminated sulphides in the immediate hanging wall. The deposit outcrops at surface with the upper 120 metres of the deposit being amenable to lower cost open pit mining. Below 120 metres, the grade improves sufficiently for underground mining.

The B4-7 deposit together with the Alpha zone and Exploration Target are hosted in a distinctive geophysical magnetic anomaly which extends 500 metres to the east of the 00 base line of the B4-7 deposit and extends 1,000 metres to the west of line 00 where it is truncated by the Juno Lake shear, and curls north and then to the east around a prominent 150 metre diameter magnetic low. Exploration drilling has established that this anomaly hosts a collective potential massive sulphide mineralisation strike length of 1.5 kilometres.

From late 2012 until the discovery of the BAM Gold Deposit in December 2015, all of Landore Resources' exploration efforts were targeted at advancing the Junior Lake Nickel deposits towards pre-feasibility studies and eventual production.

During that time, Landore Resources completed a further 23,300 metres of diamond core drilling on the property, 16,910 metres predominantly on the B4-7 Deposit aimed at extending mineralisation down plunge and along strike to the east and west. The drilling was highly successful increasing the total resource by 43% to 3,292,000 tonnes at 1.20% Nickel equivalent (NiEq) in the Indicated category and 568,000 tonnes at 1.26% NiEq in the Inferred category for a total of 46,661 tonnes of contained metal. Additionally, the open pit component of the B4-7 Deposit has successfully been doubled to 1,772,000 tonnes at 1.20% NiEq in the Indicated category for 21,264 tonnes of contained metal.

In addition, several studies were completed including down-hole geophysical surveys to search for continuation of the mineralisation at depth, geotechnical studies for the B4-7 open pit optimisation and compilation of the extensive geophysics studies completed on the Junior Lake property aimed at identifying further polymetallic occurrences.

The B4-7 resource estimate and report, completed by RPA Inc. (RPA) independent engineers of Toronto, Canada in January 2018, is compliant with the requirements of NI 43-101. The resource, so far delineated over 900 metres of strike and a depth of 550 metres, remains open down plunge at depth and along strike to the west.

The report also identified a new Exploration Target located immediately west of the B4-7 deposit containing a potential 1.5 Mt to 2.0 Mt of sulphide mineralisation of similar grade range to that which has been outlined to-date (potential 18,000 to 24,000 tonnes of contained metal).

Infrastructure: The city of Thunder Bay is located on the northern shore of Lake Superior and is the main supply hub for the mining centres of northern Ontario including Red Lake, Pickle Lake, and the Musselwhite gold mine. It has extensive port facilities and an airport providing daily flights to major provincial cities, as well as a rail line that provides access to both eastern and western North American markets.

Access to Junior Lake from Thunder Bay is via a sealed highway for 235 kilometres to the town of Armstrong and then via a well maintained forest products unsealed road for 105 kilometres that runs to the property.

The Canadian National Railway runs parallel to the Junior Lake property 13 kilometres to the south providing direct transport access to both the nickel smelting centre of Sudbury and the port facilities at Thunder Bay. In addition, Junior Lake has abundant water resources nearby.

Environmental Baseline Studies: Golder Associates of Sudbury, Ontario, have continued with the Environmental Baseline Studies programme initiated on the mining leases containing the B4-7 and VW deposits in the winter of 2007. Water surface monitoring of lakes and drainage tributaries within the vicinity of the deposits have continued on at least a bi-annual basis since 2011. The area of influence has recently been expanded to include lakes and drainage further out from the leases. The environmental and baseline studies are all pre-requisite for permitting requirements for the development of the BAM, B4-7 and VW deposits.

Mining Leases: A pre-requisite for the development of the BAM, B4-7 and VW deposits is to secure tenure over an area of land sufficiently large to provide for development, mining, processing, infrastructure and buffer zones around the mining areas and for future expansion. Landore has been granted three mining leases ("Mining Leases"), which include mining and surface rights, over an area encompassing the BAM, B4-7 and VW deposits. The mining leases cover 23 existing exploration claims for a total area of 3,676 hectares and have been granted for 21 years renewable for further terms of 21 years.

Within the Mining Leases, Landore has the right, subject to provisions of certain Acts and reservations, to:

• Sink shafts, excavations etc., for mining purposes.

• Construct dams, reservoirs, railways, etc., as needed.

• Erect buildings, machinery, furnaces, etc., as required and to treat ores.

OTHER PROPERTIES:

Landore has other non-core exploration properties which include grass roots exploration and defined drill targets.

SOCIAL AND ENVIRONMENTAL RESPONSIBILITY:

Landore believes that a successful project is best achieved through maintaining close working relationships with First Nations and other local communities. This social commitment is at the forefront of all of Landore's exploration initiatives by establishing and maintaining co-operative relationships with First Nations communities, hiring local personnel and using local contractors and suppliers.

Careful attention is given to ensure that all exploration activity is performed in an environmentally responsible manner and abides by all relevant mining and environmental acts. Landore takes a conscientious role in all of its operations, and is aware of its social responsibility and its environmental duty.

Michele Tuomi, P.Geo.

Director/VP Exploration, Landore Resources Canada Inc.

18 June 2019

Consolidated statement of comprehensive income

For the year ended 31 December 2018

The Group's operating loss relates to continuing operations.

Company statement of comprehensive income

For the year ended 31 December 2018

The Company's operating loss relates to continuing operations.

Consolidated statement of financial position

These consolidated financial statements were approved and authorised for issue by the Board of Directors on 18 June 2019.

William Humphries Richard Prickett

Director Director

Company statement of financial position

As at 31 December 2018

These financial statements were approved and authorised for issue by the Board of Directors on 18 June 2019.

William Humphries Richard Prickett

Director Director

Consolidated statement of changes in equity

For the year ended 31 December 2018

Company statement of changes in equity

For the year ended 31 December 2018

Consolidated statement of cash flows

For the year ended 31 December 2018

Company statement of cash flows

For the year ended 31 December 2018

Notes

1. Publication of non-statutory accounts

The financial information, for the year ended 31 December 2018, set out in this announcement does not constitute statutory accounts.

This information has been extracted from the Group's financial statements to that date upon which the auditors' opinion is unmodified but contains material uncertainty on going concern.

2. Basis of preparation

The financial information, for the year ended 31 December 2018, set out in this announcement, has been:

· computed in accordance with EU-Adopted International Financial Reporting Standards ("EU IFRSs"), however this preliminary announcement does not contain sufficient information to comply with IFRSs. The EU IFRSs compliant Consolidated Financial Statements will be published in the Annual Report for the year ended 31 December 2018; and

· prepared on the basis of the accounting policies as stated in the Annual Report for the year ended 31 December 2018.

3. Going concern

The consolidated financial statements are prepared on a going concern basis with a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group's total comprehensive loss after tax for the year as at 31 December 2018 amounted to £2,781,810.

Since the year-end the Group has raised £1million on 31 May 2019. These funds are sufficient to fund the planned operational expenses and working capital for a further six months. In addition the Group will continue to evaluate all options to maximise shareholder value, including a possible joint venture arrangement. If the Group needs to raise further equity the Directors are confident that these funds can be raised from existing and new investors. In the absence of additional funding, the Group would manage its operational expenses and working capital to ensure funds are available to continue operating as a going concern over the next 12 months.

These conditions indicate the existence of a material uncertainty which may cast a significant doubt about the Group's ability to continue as a going concern. The consolidated financial statements do not include adjustments that would result if the Group was unable to continue as a going concern.

4. Annual Report

The Annual Report for the year ended 31 December 2018, Notice of the Annual General Meeting and Form of Proxy will shortly be available on the Company's website at www.landore.com and will be posted to shareholders on 21 June 2019.

The Annual General Meeting of Landore Resources Limited will be held at La Tonnelle House, Les Banques, St Sampson, Guernsey, GY1 3HS on 24 July 2019 at 11.30 am.