Landore Regulatory News (LND)

1 June 2018

Landore Resources Limited

Final Results

The Board of Landore Resources Limited is pleased to announce its audited results for the year to 31 December 2017.

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

Angela Hallett / James Spinney / Jack Botros Tel: 020 7409 3494

Strand Hanson Limited

Nominated Advisor

Neil McDonald / Beth McKiernan / Peter Lynch Tel: 01312209771

Cenkos Securities plc

Broker

This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No 596/2014.

Chief Executive Officer's statement

I am pleased to present the 2017 Annual Report for Landore Resources Limited ("Landore Resources" or the "Group").

During the year the Group concentrated exploration efforts on its highly prospective Junior Lake Property, Ontario, Canada ("Junior Lake" or "Junior Lake Property") with the further delineation and extension of the defined BAM East Gold Deposit successfully increasing the resource to 400,000 ounces of gold at 1.37 grams/tonne (g/t Au) of which 326,000 ounces gold is in the Indicated category.

Financial Results

In the year ended 31 December 2017, the Group incurred a loss, after tax, of £3,296,625 (2016: £1,724,629).

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

In March 2017, the Group raised approximately £2.1 million by the issuance of ordinary shares at a price of 2.7p followed by a further issue in October 2017 raising £1.0 million at a price of 2.0p per share.

Post year-end end, in March 2018, the Group has raised a further £3.15 million at a price of 1.5p per share. As a result, the Group is fully funded for its planned operational expenses for 2018.

The Group has no debt and will continue to raise further equity as needed to carry out its development plans. Shareholders have been very supportive of the Group's financing needs and the Directors are confident of raising further funds as required.

The Junior Lake Property:

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

In October 2017, Landore Canada acquired 90.2% and control of the adjacent Lamaune Iron Inc. ("Lamaune"), in full satisfaction of a loan receivable from Lamaune.

The acquisition of Lamaune increased the size of Landore Resources' Junior Lake Property from 22,497 hectares to 26,593 hectares, extending the coverage of the highly prospective Archean greenstone belt traversing the property from east to west from 19 kilometres to approximately 31 kilometres in length.

Post year-end, in April 2018, Landore Resources published an updated Technical Report on the Mineral Resources Estimates on its Junior Lake Property for the BAM East Gold Deposit and the B4-7 Nickel-Copper-Cobalt-PGE Deposit. The Technical Report is compliant with the requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).

In particular, the Board would highlight that drilling, together with exploration and studies completed in 2017, further demonstrated the considerable potential of the BAM East Gold Deposit.

Highlights of the successful programme include:

· BAM East Gold Resource increased to 400,000 ounces gold at 1.37 (g/t Au) of which 326,000 ounces gold is in the Indicated category.

· The summer drill campaign successfully infilled much of the Inferred portion of the existing mineral Resource and has extended the defined resource length from 700 metres to approximately 1,100 metres and from surface to 350 metres depth. The BAM East Gold Deposit remains open along strike to the east, west, and down dip.

· Metallurgical testing completed to-date yields between 97 and 99 percent combined gold recovery by gravity concentration followed by cyanidation leach extraction of the gravity tail. Leach kinetics were rapid with most of the gold extraction completed within 2 to 6 hours.

In relation to the B4-7 Deposit, the contained metals, being Nickel-Copper-Cobalt-Platinum-Palladium and Gold, have strong market fundamentals, and, together with the deposit's proximity to the BAM East Gold Deposit with obvious development synergies, has further highlighted the prospectivity of the Junior Lake Property.

Exploration works completed on the B4-7 Deposit from 2012 until the discovery of the BAM East Gold Deposit in late 2015 were included in the abovementioned updated Technical report.

Further details are set out in the Operations Report.

Planned works in 2018: Our work programme this year is aimed at advancing the BAM East Gold Deposit towards a + 1 million ounces gold resource, discovery of further gold deposits along the Junior Lake Shear and progression of the BAM East Gold Deposit towards development with the completion of a Preliminary Economic Assessment report.

The spring/summer drill programme of 12,000 metres has commenced aimed at infilling the 900 metre gap between the BAM Deposit and the BAM East Gold Deposit and extending both deposits to the west and east respectively. Results to date are highly promising, with wide near-surface intersections of up to 41.27 metres at 1.10 g/t Au in drill hole 0417-628, and high grade gold including 24.90 g/t Au in drill-hole 0418-631.

The current infill drill programme shows that the gold mineralisation continues between the two deposits, almost doubling the overall length of the combined deposits to approximately 2,000 metres with excellent potential to add considerable ounces to the resource.

The Board believes that the fact that the BAM gold mineralisation delineated to date remains open both to the East and West and down dip/plunge clearly demonstrates this discovery's huge potential.

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 Resources 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 Resources Management and Exploration team for their dedication and perseverance in advancing the highly prospective Junior Lake Property.

William Humphries

Chief Executive Officer

31 May 2018

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% 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.

Landore's primary operational focus during 2017 was on the growth of the BAM East Gold Deposit located on the 100 per cent owned highly prospective Junior Lake Property.

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 recently discovered BAM East Gold Deposit, the B4-7 Nickel-Copper-Cobalt-PGEs deposit and the adjacent Alpha PGEs zone. The Junior Lake Property also contains the VW Nickel deposit and numerous other highly prospective mineral occurrences including the BAM Gold zone.

In October 2017, Landore received 576,192,087 common shares in the capital of Lamaune Iron Inc. ("Lamaune"), in full satisfaction of a loan receivable from Lamaune. This acquisition of the contiguous Lamaune property (90.2 per cent owned by Landore Canada) has increased the size of Landore's Junior Lake property from 22,497 hectares to 26,593 hectares, extending the coverage of the highly prospective Archean greenstone belt traversing the property from east to west from 19 kilometres to approximately 31 kilometres in length. The recently expanded property now encompasses the Lamaune Gold deposit, located 10 kilometres west of the BAM East Gold Deposit.

BAM East Gold Deposit:

The 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 a 2.7 kilometre long, east-southeast to west-northwest trending MaxMin geophysical anomaly ("MM-7"), at the western end of which is located the historical BAM Gold zone discovered by Landore in 2003. MM-7 had not been drill tested prior to the discovery of the BAM East Gold deposit.

The BAM East Gold Deposit was discovered in December 2015 while drilling to test 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 Resources' press release dated 17 February 2017), and further drilling in spring/summer 2017 extended the defined resource to approximately 1,100 metres and from surface to 350 metres depth. The BAM East Gold Deposit remains open to the east and west as well as at depth.

The BAM East Gold Deposit is interpreted as an Archean-aged mesothermal gold deposit. Findings from drilling to-date on the BAM East 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.

Summer Drill campaign: In April 2017, Landore re-commenced drilling focussed on further delineation and extension of the defined BAM East Gold resource, with a second drill targeting further potential deposits on the highly prospective MM-7, host to the BAM East Gold Deposit. The campaign, completed by mid July 2017, consisted of 65 HQ and NQ diamond drill holes (0417-561 to 0417-625), for 11,060 metres.

The drilling results reported wide zones of gold mineralisation including high grade intersections with drill hole 0417-574 reporting 18.79 metres (m) at 3.65 g/t Au including 2.99 metres at 12.25 g/t gold and 4.2 metres at 5.08 g/t gold.

Results received in the 2017 spring/summer campaign included:

BAM East Gold-Eastern Extension: Exploration step out drilling has established gold mineralisation from the eastern limit of the defined BAM East Gold deposit at 2700E, a further 800 metres east to line 3500E.

Results included:

BAM Zone: Exploration drilling approximately 150 metres south of the original BAM zone and located approximately 1,000 kilometres west of the BAM East Gold Resource has successfully identified a potential resource with similar lithology and grades to the BAM East Gold deposit. The Zone mineralisation remains open along strike to the east, west and down dip.

Results included:

Since drilling commenced on the BAM East Gold Deposit in December 2015, 108 drill holes for approximately 19,492 metres have been drilled, successfully delineating a significant gold occurrence in the Central Zone and identifying other highly prospective areas with similar lithology along the 5 kilometre potential strike length of the favourable BAM Sequence. 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.

Visible Gold: 45 of the 108 drill holes completed in the drill campaigns since the discovery of the BAM East Gold deposit in 2015 have reported multiple instances of visible gold (VG) up to 2 millimetres long occurring as singular pieces or in clusters contained in or adjacent to quartz veinlets. Accordingly, core samples of interest reporting VG or high grade gold were re-submitted for screen metallic gold analysis to check reproducibility of gold assays.

Comparison of the original 50-gram Fire Assay results (ALS Minerals analytical package Au-AA26) with the gold screen metallic testing (ALS Minerals analytical package Au-SCR24) has indicated that the screen metallic assays correlate reasonably well with the original fire assays. These findings were reinforced by a 2016 study of Fire Assay and Gold Screen Metallics results by an independent consultant who concluded that overall, the gold distribution does not appear to be very "nuggety" since gold is in both the fine and coarse screen fractions.

Metallurgical Testing: Drill core material, in the form of two composites weighing a total of 74 kilograms, was submitted to ALS Metallurgy of Kamloops, British Columbia for Gravity Concentration and Cyanidation Bottle Roll leach testing on the gravity tails.

This assessment follows previous testing on Composites 1 and 2 (reported in Landore Resources' press release dated 23 January 2017) designed to assess the metallurgical response of the mineralised samples from the BAM East Gold Deposit and to provide a determination of the gold feed grade.

The assessment results were as follows:

Two composites from Landore's BAM East Gold Deposit were tested using gravity and cyanidation leach techniques. The composites were formed from half drill core segments and were designated Composite 3 and 4.

Measurement of the gold feed content was completed using duplicate screened metallic assays. Composites 3 and 4 measured about 0.5 and 1.0 g/tonne gold respectively.

Metallurgical performance was excellent for both tested composites. Composite 4 was tested at primary grind sizings between 82 and 164µm K80. Combined gravity gold recovery and cyanidation leach gold extractions for Composite 4 also measured about 97 to 99 percent of feed gold. A coarser primary grind sizing of 162µm K80 did not appear to have negative effects on overall gold extraction/recovery.

Combined gravity gold recovery and cyanidation leach gold extractions for Composite 3 was also very high, and measured between 97 to 99 percent of feed gold. Initial gravity separation testing with 34 kilograms recorded a recovery of the feed gold to a pan concentrate of about 30 percent, lower than that recorded for Composite 4 and Composites 1 and 2 in previous test work. A repeat gravity concentration test with 4 kilograms resulted in a gold gravity recovery of 67 percent, but at a mass recovery 5 times higher than the initial test. Gravity gold recovery appeared to be quite susceptible to mass recovery to the pan concentrate for this composite. Calculated gold feed grades were about 0.9 and 1.2 g/tonne for Composites 3 and 4, respectively, and would be considered a more representative feed grades than the screen metallic assays due to the much larger mass utilized.

Leach kinetics were rapid with most of the gold extraction completed within 2 to 6 hours. Both composites recorded very low reagent consumptions: sodium cyanide at less than 0.1 kg/tonne feed, with lime consumptions approximately 0.3 kg/tonne feed.

These outstanding results, showing up to 99 per cent recovery of gold using a simple combined gravity/leaching process, further supports Landore's expectations that the exciting BAM East Gold Deposit has the strong potential of low capex/opex costs amongst the lowest quartile of gold mining producers.

Exploration: Three teams consisting of four geologists and technical support were engaged throughout the summer and fall 2017 in exploring the Junior Lake property around the BAM East Gold Deposit and the western extent to the Lamaune Gold deposit area (15 kilometres) to identify potential drill targets for the upcoming winter campaign. Geological mapping has identified favourable structures and lithology for further exploration works.

Petrographic Studies: Seven samples from the 2016 winter and summer drilling campaigns on the central zone were submitted for petrographic studies, two of which reported significant native gold in both the (+)100 micron and the (-)100 micron size (see full report on Landore's website). No sulphides were associated with the precious metals.

RESOURCE ESTIMATE:

Following the successful 2017 spring/summer drilling campaign, Landore retained consulting engineers Roscoe Postle Associates Inc. ("RPA") of Toronto, Canada, with the view of completing a revised Mineral Resource estimate and to prepare a supporting Technical Report on the BAM East Gold deposit. The Technical Report to be compliant with the requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).

Data compilation from the three drilling campaigns together with the results from the various studies was delivered to RPA by 22 September 2017 with the Revised Resource Estimate completed and announced on 11 December 2017, and the Technical Report being completed on 16 January 2018.

Highlights of the report are:

· BAM East Gold Resource increased to 400,000 ounces gold at 1.37 g/t of which 326,000 ounces gold is in the Indicated category.

· The summer drill campaign successfully infilled much of the Inferred portion of the existing mineral Resource and has extended the defined resource length from 700 metres to approximately 1,100 metres and from surface to 350 metres depth. The BAM East Gold Deposit remains open along strike to the east, west, and down dip.

· Metallurgical testing completed to-date yields between 97 and 99 percent combined gold recovery by gravity concentration followed by cyanidation leach extraction of the gravity tail. Leach kinetics were rapid with most of the gold extraction completed within 2 to 6 hours.

· The BAM East Gold Deposit is located approximately mid-way along the 31 kilometre corridor traversing Landore Resource's Junior Lake Property from east to west of favourable greenstone belt hosting multiple known gold occurrences including the Lamaune Gold Prospect.

The Mineral Resources for the BAM East Gold deposit were estimated by RPA based on drill hole and assay data available up to 22 September 2017 and are summarised in Table 1-1.

Notes:

1. CIM (2014) definitions were followed for Mineral Resources.

2. Mineral Resources are estimated at a block cut-off grade of 0.3 g/t Au.

3. Mineral Resources are estimated using a long-term gold price of US$1,500 per ounce, and a US$/C$ exchange rate of 0.80.

4. A minimum mining width of three metres was used.

5. Bulk densities for the main host rocks are 2.82 t/m3, 2.84 t/m3, and 2.90 t/m3.

6. Mineral Resources are constrained by a preliminary pit shell generated in Whittle software.

7. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

8. Numbers may not add due to rounding.

Compilation activities by RPA have been successful in outlining the favourable BAM Sequence along a strike length of approximately five kilometres. The strike limits of the unit have not been defined. Additional work is clearly warranted. This work would include continued compilation of all available information, detailed geological mapping and geochemical sampling, stripping and trenching activities in areas of shallow overburden, and diamond drilling in areas of deeper overburden cover.

2018 Planned Works:

Drilling on the BAM East Gold Deposit re-commenced on 20 April 2018 with a total of 12,000 metres of NQ and HQ diamond core drilling planned during this spring and summer. One drill is currently focussed on infill drilling the approximately 1,000 metres between the BAM Gold zone and the BAM East Gold Deposit, with a second drill scheduled to commence further delineation of the BAM East Gold Deposit.

The drill programme is progressing on schedule with 20 NQ diamond drill holes (0416-626 to 0416-645), for 3,164 metres, completed to date. Results have been received for five drill holes with results pending for the remainder. Results will be reported when received and collated.

Results received include the following

* Holes were drilled north at 45 degrees into a lithological package dipping approximately 80-70 degrees to the south. The actual true thickness of mineralisation is estimated to represent between 70- 80% of the intervals shown in the above table.

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

The B4-7 deposit is located in the centre of the lease area approximately 2 kilometres west of the BAM East Gold Deposit and 3 kilometres to the northwest of the VW deposit. 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 Junior 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 East Gold Deposit in December 2015, all of Landore's exploration efforts were targeted at advancing the Junior Lake Nickel deposits towards pre-feasibility studies and eventual production.

During that time, Landore 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.

B4-7 Nickel-Copper-Cobalt-PGEs Resource:

Notes:

1. CIM (2014) definitions were followed for Mineral Resource estimation and classification.

2. Mineral Resources are estimated using average long-term metal prices (US$) of $8.00/lb nickel, $3.50/lb copper, $19.00/lb cobalt, $1,400/oz platinum, $1,000/oz palladium, and $1,400/oz gold and an exchange rate (C$/US$) of 1.25, and the NSR factors stated in the body of this report.

3. Open Pit Mineral Resources are reported within a resource pit shell at an NSR cut-off value of $22/t. Underground Mineral Resources are reported at an NSR cut-off value of $62/t.

4. Tonnage figures are rounded to three significant figures. Totals may not add correctly due to rounding.

5. The Mineral Resource estimate uses drill hole data available as of 16 December 2015.

6. The Mineral Resource estimate for the B4-7 Deposit is reported using densities calculated from estimated nickel + cobalt grades. The Mineral Resource estimate for the Alpha Zone is reported using densities calculated from estimated nickel grades.

The B4-7 resource estimate and report, completed by 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, the Junior Lake Property 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 East, B4-7 and VW deposits.

Mining Leases: A pre-requisite for the development of the BAM East, 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 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 ideology 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.

31 May 2018

Consolidated statement of comprehensive income

For the year ended 31 December 2017

The Group's operating loss relates to continuing operations.

Company statement of comprehensive income

For the year ended 31 December 2017

The Company's operating loss relates to continuing operations.

Consolidated statement of financial position

As at 31 December 2017

These consolidated financial statements were approved and authorised for issue by the Board of Directors on 31 May 2018.

William Humphries Richard Prickett

Director Director

Company statement of financial position

As at 31 December 2017

These financial statements were approved and authorised for issue by the Board of Directors on 31 May 2018.

William Humphries Richard Prickett

Director Director

Consolidated statement of changes in equity

For the year ended 31 December 2017

Company statement of changes in equity

For the year ended 31 December 2017

Consolidated statement of cash flows

For the year ended 31 December 2017

Company statement of cash flows

For the year ended 31 December 2017

Notes

1. Publication of non-statutory accounts

The financial information, for the year ended 31 December 2017, 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 2017, 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 2017; and

· prepared on the basis of the accounting policies as stated in the Annual Report for the year ended 31 December 2017.

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 loss after tax for the year as at 31 December 2017 amounted to £3,296,625.

According to the cash flow forecast, the Group's total projected net expenditure for the period to 30 June 2019 is approximately £2.95 million. As of year end the Group's bank balance amount was approximately £0.37 million. Since the year end the Group has raised £3.15 million. However, continuing expenditure of approximately £750,000 per annum will need to be funded. As part of the recent fundraising, 210,000,000 warrants were issued at an exercise price of 2p which, subject to market conditions, could raise a further £4.2 million. The Directors are confident that these funds can be raised from existing and new investors.

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 2017, Notice of the Annual General Meeting and Form of Proxy will shortly be available on the Company's website at www.landore.com and are being posted to shareholders today.

The Annual General Meeting of Landore Resources Limited will be held at La Tonnelle House, Les Banques, St Sampson, Guernsey, GY1 3HS on 19 July 2018 at 11.30 am.