Final Results for the Year Ended 31 December 2025
Summary by AI BETAClose X
3 June 2026
LANDORE RESOURCES LIMITED
Final Results for the Year Ended 31 December 2025
London, United Kingdom - 3 June - Landore Resources Limited (AIM: LND) ("Landore Resources" or the "Company"), The Board of Landore (AIM: LND) is pleased to announce the Company's audited final results for the year ended 31 December 2025.
The full 2025 Annual Report will shortly be made available on the Company's website at: www.landore.com
Key Extracts from the Company's 2025 Annual Report are set out in the appendix below.
For further information, please contact:
|
Landore Resources Limited
Alexander Shaw (CEO)
Engage with the company directly |
contact@landore.com
|
|
SP Angel Corporate Finance LLP (Nominated Adviser and Joint Broker)
Matthew Johnson / Charlie Bouverat / Adam Cowl |
Tel: 020 3470 0470 |
|
Hannam & Partners (Joint Broker)
Andrew Chubb / Matt Hasson |
Tel: 020 7907 8500 |
|
Burson Buchanan (Financial PR)
Bobby Morse / Jude Stokes |
landore@buchanancomms.co.uk Tel: 020 7466 5000 |
Subscribe to our news alert service: https://investors.landore.com/auth/signup
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019
About Landore Resources
Landore Resources (AIM: LND) is the 100% owner of the highly prospective BAM Gold Project, Northwestern Ontario, Canada, which has an inside pit shell MRE independently prepared in accordance with the 2019 CIM Best Practice Guidelines comprising 622.3 koz from 19.1 Mt @ 1.01 g/t Au of Indicated Resource and 33.7 koz from 1.1 Mt @ 0.96 g/t Au of Inferred Resource. Ontario is Canada's largest gold producing province. Landore Resources' strategic objective is to crystallise value from its BAM Gold Project as well as generating additional value from its non-core portfolio of precious and battery metals projects in eastern Canada and the USA.
Chairman's Statement
I am pleased to present the Annual Report for the year ended 31 December 2025, a year in which Landore Resources Limited and its subsidiaries ("the Group") made meaningful progress in strengthening its strategic direction, advancing the BAM Gold Project and positioning the Group for sustained value creation. Building on the strategic reset initiated in 2024, Landore now operates with a sharper focus, a revitalised leadership team and a disciplined approach to capital allocation. The Board and Management are aligned in our core objective: to crystallise the inherent value of the BAM Gold Project while systematically advancing the broader Junior Lake and wider portfolios.
During the year, the Group completed a targeted drilling programme of approximately 3,500 metres, designed to improve geological confidence, evaluate high-priority targets and lay the foundation for an updated Mineral Resource Estimate. The results reinforced our confidence in both the scale and continuity of mineralisation at BAM, including encouraging indications of higher-grade zones and potential strike extensions. These advancements strengthen our belief that BAM remains an undervalued asset with significant upside potential.
Work on the updated Mineral Resource Estimate has been carried out using a deliberately conservative approach, ensuring that the resulting model is robust, defensible and aligned with industry best practice. This conservatism now provides the BAM resource with a significantly enhanced level of technical credibility, offering investors and potential partners far greater confidence in both its current scale and its long-term growth potential.
The Group also advanced key technical studies during the period, including metallurgical refinement, geotechnical assessment and improved structural interpretation. These workstreams will play an important role in shaping the next phase of development for BAM, including optimisation of pit design, assessment of potential underground opportunities and future economic evaluation.
Operationally, Landore continued to strengthen its corporate foundation, implementing tighter cost controls and establishing a more agile organisational framework. These measures ensure that the Group remains well positioned to deploy capital efficiently while maintaining the flexibility required to respond to market conditions and strategic opportunities.
Across the wider Junior Lake property, the Group continued to refine its geological models and evaluate the broader potential of the greenstone belt. While BAM remains the flagship asset, we firmly believe the surrounding licence package hosts multiple discovery opportunities capable of contributing further value over time.
The Group also recognises the importance of strong community and stakeholder relationships. Landore remains committed to responsible exploration, transparent engagement and upholding the highest environmental standards across all work programmes. These commitments are central to our long-term strategy and essential to unlocking the full potential of the Junior Lake District.
As we look ahead to 2026, Landore is entering a pivotal period. The updated Mineral Resource Estimate will serve as a cornerstone for the next chapter of project development and strategic decision-making. With a strengthened asset base, an experienced leadership team and a clear pathway forward, the Group is well positioned to deliver on its objectives and to generate meaningful value for shareholders.
The Group continues to assess strategic options including potential partnerships, earn-ins, disposals, or other forms of value crystallisation where such transactions would strengthen the balance sheet and allow management to focus resources on the highest-priority growth opportunities.
On behalf of the Board, I would like to thank our shareholders for their ongoing support, as well as our employees, contractors and partners for their hard work and dedication throughout the year. Together, we have laid the foundations for a transformative period ahead, and I look forward to updating you on our continued progress.
Helen Green
Chairman
2 June 2026
Strategic Report
The Directors of Landore Resources Limited ("the Company") present their Strategic Report on the Company and its subsidiaries ("The Group") for the year ended 31 December 2025.
Strategic approach
The Group's aim is to create value for shareholders through mineral exploration and the identification, acquisition and development of sound mineral projects. The Group's strategy is to continue to progress the development of its ongoing projects.
Organisation overview
The Group's business is directed by the Board and is managed on a day-to-day basis by the Chief Executive Officer. The Board monitors compliance with objectives and policies of the Group through monthly performance reporting, budget updates and periodic operational reviews.
The Board comprises a Chief Executive Officer (CEO), Executive Finance Director and two Non-Executive Directors.
Review of business
Financing was secured via the successful completion of an equity placing and exercise of warrants during the year, raising a total of £1,707,177 (excluding transaction costs) through the allotment of a total of 58,605,871 new ordinary shares in the capital of the Company.
On 3 March 2025, the Group announced the results of its 2024 infill drill core sampling programme, which indicated significant gold potential within the gabbroic lithological unit. A new circa 3,500 metre drilling programme commenced on the BAM Gold Project in March 2025.
The Group also received the latest option payment from Storm Exploration Inc. ("Storm") in March 2025, in connection with the terms of the pre-existing option agreement with Storm, regarding the disposal of the Group's 100% interest in the Miminiska Lake and Keezhik Lake Properties in Thunder Bay Mining District, Northern Ontario, Canada. Landore received common shares in Storm valued at C$275,000 (£152,657). The remaining and final instalment is due on 20 March 2026, which was received post year end.
On 26 March 2025, the Company's subsidiary, Landore Resources Canada Inc., acquired a series of mineral claims adjacent to the existing BAM Gold Project for consideration comprising the issue of 13,000,000 new ordinary shares in the capital of Landore valued at 3.05 pence per share; giving a consideration value of £396,500.
On 10 November 2025, the Group completed a corporate reorganisation which involved the amalgamation of Landore Resources Canada Inc. and Lamaune Iron Inc. into a single company to centralise the Group's assets.
Financial performance review
The loss of the Group for the year ended 31 December 2025 before taxation amounts to £2,825,577 (2024: £2,522,204).
The Board monitors the activities and performance of the Group on a regular basis. The Board uses financial indicators based on budget versus actual to assess the performance of the Group. The indicators set out below will continue to be used by the Board to assess performance over the period to 31 December 2025.
The two main KPIs for the Group are as follows. These allow the Group to monitor costs and plan future exploration and development activities:
|
KPI |
2025 |
2024 |
|
Cash and cash equivalents |
£909,419 |
£2,104,565 |
|
Administrative expenses as a percentage of total assets |
110% |
89% |
The Group has the following additional KPIs:
|
Non-financial KPIs |
Financial KPIs |
||
|
Health and safety management |
Lost time injury frequency rate Medical treatment injury frequency rate |
Shareholder return |
Share price performance |
|
Environmental management |
Strict environmental policies are in place |
Exploration expenditure |
Funding and development costs measured as per anticipated ounce of metals |
|
Operational success |
The number of successful exploration drilling ventures Resources added |
Exploration development |
Results of scoping and feasibility studies |
|
Human resource management |
Employee retention rate |
|
|
Cash has been used to fund the Group's operations and facilitate its investment activities (refer to the Statement of Cash Flows on page 28).
Administrative expenses are the expenses related to the Group's ability to run the corporate functions to ensure they can perform their operational commitments.
Our people
Our people are a key element in our success and the Group aims to attract, develop and retain talented people and to create a diverse and inclusive working environment, where everyone is accepted, valued and treated equally without discrimination, taking into account the current size of the Group.
At the year end, the Group comprised four directors, with the Board by gender summarised below:
|
As at 31 December 2025 |
Male |
Female |
|
Executive Directors |
2 |
- |
|
Non-Executive Directors |
1 |
1 |
|
Total |
3 |
1 |
During the year ended 31 December 2025, there were also two employees working for Landore Resources Canada Inc., a subsidiary of the Group.
Principal risks and uncertainties
The management of the business and the execution of the Group's strategy are subject to a number of risks. The key business risks affecting the Group are outlined below.
The Group continuously monitors its risk exposures and reports to the Board on a regular basis. Risks are reviewed by the Board, and appropriate processes are put in place to monitor and mitigate them. If more than one event occurs, it is possible that the overall effect of such events would compound the possible adverse effects on the Group.
Exploration, evaluation and development risk
There can be no assurance that the Group's exploration activities will be successful, and statistically few properties that are explored are ultimately developed into producing mines. Accordingly, the Group is seeking to balance this risk by building a portfolio of projects and prospects that carry a range of differing technical and commercial risks and keeping under careful review the amount invested in any one project.
The Group's operations may also be curtailed, delayed or cancelled as a result of economic, environmental and political conditions in the area of operation.
Dependence on key personnel
The Group and Company is dependent upon the Board and various technical consultants. Whilst it has entered into contractual agreements with the aim of securing the services of these personnel, the retention of their services cannot be guaranteed. The development and success of the Group depends on its ability to recruit and retain a high quality and experienced Board. The loss of the service of key personnel or the inability to attract additional qualified personnel as the Group grows could have an adverse effect on future business and financial conditions.
Uninsured risk
The Group, as a participant in exploration and development programmes, may become subject to liability for hazards that cannot be insured against or third-party claims that exceed the insurance cover. The Group may also be disrupted by a variety of risks and hazards that are beyond its control, including geological, geotechnical and seismic factors, environmental hazards, industrial accidents, occupational and health hazards and weather conditions or other acts of God.
Funding risk
The development of the Group's properties will depend upon the Group's ability to obtain financing primarily through the raising of new equity capital, but also by means of joint venturing of projects, debt financing or other means. There can be no assurance that the Group will be successful in obtaining the required financing. If the Group is unable to obtain additional financing as needed, some interests may be relinquished and/or the scope of its operations reduced.
Financial risks
The Group's operations expose it to a variety of financial risks that can include market risk (including foreign currency, mineral price and interest rate risk), credit risk and liquidity risk. The Group has a risk management programme in place that seeks to limit the adverse effects on the financial performance of the Group by monitoring levels of debt finance and the related finance costs. The Group does not use derivative financial instruments to manage interest rate costs and, as such, no hedge accounting is applied.
Environmental risk
There may be unforeseen environmental liabilities resulting from both future or historic exploration activities, which may be costly to remedy. In addition, potential environmental liabilities as a result of unfulfilled environmental obligations by any previous owners may impact the Group. If the Group is unable to fully remedy an environmental problem, it may be required to stop or suspend operations or enter interim compliance measures pending completion of the required remedy.
Environmental management systems are in place to mitigate environmental risks, including the engagement of an independent and multi-disciplinary team of consultants.
Competition
There is strong competition within the mining industry for the identification and acquisition of suitable properties. The Group competes with other exploration and production companies, some of which have greater financial resources than the Group, for the acquisition of properties, leases and other interests as well as for the recruitment and retention of skilled personnel. The challenge to Management is to secure transactions without having to over-pay.
Environmental, Social and Governance
Landore believes that a successful project is best achieved through maintaining close working relationships with the First Nations and local communities. Landore has a Memorandum of Understanding with Whitesand and AZA First Nations with respect to the Junior Lake Property. This agreement formalises the desire and commitment to develop a positive, mutually beneficial relationship amongst all parties and establishes the process by which this is to be accomplished while Landore is conducting exploration and advanced exploration activities in the area.
Careful attention is given to ensure that all exploration activity is performed in an environmentally responsible manner and abides by all the relevant mining and environmental Acts. Landore takes a conscientious role in all of its operations and is aware of its social responsibility and environmental duty.
Outlook
The Group enters 2026 with strengthened geological understanding and a clearer development pathway following the completion of the 3,500-metre drilling programme carried out between March and May 2025. The results of this programme are being incorporated into the updated Mineral Resource Estimate ("MRE"), which is expected to enhance both the confidence and scale of the mineral inventory at the BAM Gold Project.
The updated MRE will also provide a broader benefit to the Junior Lake Property. By integrating new drilling data, refined geological modelling, and improved continuity the revised estimate is anticipated to further demonstrate the district-scale potential of the Junior Lake greenstone belt. This enhanced geological framework will support the Group's' strategy of progressively expanding the resource base and identifying future targets along the established mineralised trend.
Looking ahead to 2026, the Group intends to continue advancing the BAM Gold Project and Junior Lake as a whole, through a staged work programme, including Infill sampling, follow-up drilling, metallurgical optimisation, and the refinement of development scenarios. In parallel with the work program, the Board is actively progressing corporate initiatives aimed at realising value from non-core assets within the wider Junior Lake Property and other holdings. The Group continues to assess strategic options including potential partnerships, earn-ins, disposals, or other forms of value crystallisation where such transactions would strengthen the balance sheet and allow management to focus resources on the highest-priority growth opportunities.
We remain confident that the combination of the new MRE, ongoing technical evaluation, and active industry engagement will significantly strengthen the Group's ability to progress the BAM Gold Project and the other Junior Lake targets, toward value-accretive development milestones.
We look forward to reporting on the next phase of project activities in due course.
Alexander Shaw
Chief Executive Officer
2 June 2026
|
|
|
Group |
|
|
|
|
Note |
As at 31 December 2025 £ |
As at 31 December 2024 £ |
|
|
Non-Current Assets |
|
|
|
|
|
Property, plant and equipment |
6 |
37,931 |
39,664 |
|
|
Exploration and evaluation |
7 |
396,500 |
- |
|
|
Investments |
8 |
538,158 |
161,688 |
|
|
|
|
972,589 |
201,352 |
|
|
Current Assets |
|
|
|
|
|
Trade and other receivables |
10 |
73,555 |
45,686 |
|
|
Cash and cash equivalents |
11 |
909,419 |
2,104,565 |
|
|
|
|
982,974 |
2,150,251 |
|
|
Total Assets |
|
1,955,563 |
2,351,603 |
|
|
Current Liabilities |
|
|
|
|
|
Trade and other payables |
12 |
211,576 |
303,700 |
|
|
|
|
211,576 |
303,700 |
|
|
Total Liabilities |
|
211,576 |
303,700 |
|
|
|
|
|
|
|
|
Net Assets |
|
1,743,987 |
2,047,903 |
|
|
Equity attributable to owners of the Parent |
|
|
|
|
|
Share capital - nil par value |
16 |
58,791,720 |
56,775,943 |
|
|
Share options and warrants reserve |
17,18 |
757,356 |
697,360 |
|
|
Retained losses |
|
(58,336,456) |
(55,047,382) |
|
|
Foreign currency translation reserve |
21 |
531,367 |
(365,618) |
|
|
Total equity shareholders' funds |
|
1,743,987 |
2,060,303 |
|
|
Non-Controlling Interest |
23 |
- |
(12,400) |
|
|
Total equity |
|
1,743,987 |
2,047,903 |
|
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2025
The above Consolidated and Company Statement of Financial Position should be read in conjunction with the accompanying notes set out in the full 2025 Annual Report.
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2025
|
|
|
|||
|
|
Note |
For the year ended 31 December 2025 £ |
For the year ended 31 December 2024 £ |
|
|
Exploration costs |
9 |
(1,014,309) |
(527,455) |
|
|
Administrative expenses |
24 |
(2,153,392) |
(2,088,462) |
|
|
Operating loss |
|
(3,167,701) |
(2,615,917) |
|
|
Other income/(losses) |
25 |
89,746 |
291,709 |
|
|
Gain/(loss) on non-current investments measured at fair value |
8 |
231,486 |
(215,079) |
|
|
Loss on disposal of non-current investments |
8 |
- |
(22,267) |
|
|
Interest receivable & similar income |
|
20,892 |
39,350 |
|
|
Loss before income tax |
|
(2,825,577) |
(2,522,204) |
|
|
Loss for the year |
|
(2,825,577) |
(2,522,204) |
|
|
Loss attributable to: |
|
|
|
|
|
Equity holders of the Company |
|
(2,825,577) |
(2,516,635) |
|
|
Non-controlling interest |
23 |
- |
(5,569) |
|
|
|
|
(2,825,577) |
(2,522,204) |
|
|
Basic (Loss) Per Share attributable to owners of the Parent during the period (expressed in pence per share) |
|
|
|
|
|
Basic |
20 |
(0.01) |
(0.01) |
|
|
Diluted |
20 |
(0.01) |
(0.01) |
|
|
|
|
|
|
|
The above Consolidated Income Statement should be read in conjunction with the accompanying notes set out in the full 2025 Annual Report.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2025
|
|
Note |
|
For the year ended 31 December 2025 £ |
For the year ended 31 December 2024 £ |
|
Loss for the year |
|
|
(2,825,577) |
(2,516,635) |
|
Other Comprehensive Income: |
|
|
|
|
|
Items that may be subsequently reclassified to profit or loss |
|
|
|
|
|
Foreign exchange on translation |
|
|
896,985 |
(26,994) |
|
Total other comprehensive loss for the year, net of tax |
|
|
(1,928,592) |
(2,543,629) |
|
Total comprehensive loss attributable to: |
|
|
|
|
|
Owners of the Company |
|
|
(1,928,592) |
(2,543,629) |
|
Non-controlling interests |
23 |
|
- |
(5,569) |
|
Total comprehensive loss |
|
|
(1,928,592) |
(2,549,198) |
The above Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes set out in the full 2025 Annual Report
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2025
|
|
|
|
|
|
|
|
||||
|
|
Note |
Share capital nil par value £ |
Share options and warrant reserve £ |
Retained losses £ |
Foreign currency translation reserve £ |
Non-controlling interest £ |
Total £ |
|||
|
Balance as at 1 January 2024 |
|
52,472,522 |
621,056 |
(52,622,365) |
(338,624) |
(6,831) |
125,758 |
|||
|
Loss for the year |
|
- |
- |
(2,516,635) |
- |
(5,569) |
(2,522,204) |
|||
|
Exchange difference from translating foreign operations |
|
- |
- |
- |
(26,994) |
- |
(26,994) |
|||
|
Total comprehensive income for the year |
|
- |
- |
(2,516,635) |
(26,994) |
(5,569) |
(2,549,198) |
|||
|
Issue of options |
17 |
- |
17,912 |
- |
- |
- |
17,912 |
|||
|
Issue of warrants |
18 |
- |
150,010 |
- |
- |
- |
150,010 |
|||
|
Issue of ordinary share capital - nil par value |
16 |
4,579,285 |
- |
- |
- |
- |
4,579,285 |
|||
|
Cost of capital |
|
(275,864) |
- |
- |
- |
- |
(275,864) |
|||
|
Options cancelled |
17 |
- |
(91,618) |
91,618 |
- |
- |
- |
|||
|
Total transactions with owners, recognised directly in equity |
|
4,303,421 |
76,304 |
91,618 |
- |
- |
4,471,343 |
|||
|
Balance as at 31 December 2024 |
|
56,775,943 |
697,360 |
(55,047,382) |
(365,618) |
(12,400) |
2,047,903 |
|||
|
|
|
|
|
|
|
|
|
|||
|
Balance as at 1 January 2025 |
|
56,775,943 |
697,360 |
(55,047,382) |
(365,618) |
(12,400) |
2,047,903 |
|||
|
Loss for the year |
|
- |
- |
(2,825,577) |
- |
- |
(2,825,577) |
|||
|
Exchange difference from translating foreign operations |
|
- |
- |
- |
896,985 |
- |
896,985 |
|||
|
Total comprehensive income for the year |
|
- |
- |
(2,825,577) |
896,985 |
- |
(1,928,592) |
|||
|
Issue of options |
17 |
- |
- |
- |
- |
- |
- |
|||
|
Issue of warrants |
18 |
- |
463,651 |
- |
- |
- |
463,651 |
|||
|
Warrants exercised |
|
- |
(132,522) |
132,522 |
- |
- |
- |
|||
|
Issue of ordinary share capital - nil par value |
16 |
2,103,677 |
- |
- |
- |
- |
2,103,677 |
|||
|
Cost of capital |
|
(87,900) |
- |
- |
- |
- |
(87,900) |
|||
|
Options expired |
17 |
- |
(258,128) |
258,128 |
- |
- |
- |
|||
|
Warrants expired |
18 |
- |
(13,005) |
13,005 |
- |
- |
- |
|||
|
Lamaune Iron Inc. amalgamation |
|
- |
- |
(867,152) |
- |
12,400 |
(854,752) |
|||
|
Total transactions with owners, recognised directly in equity |
|
2,015,777 |
59,996 |
(463,497) |
- |
12,400 |
1,624,676 |
|||
|
Balance as at 31 December 2025 |
|
58,791,720 |
757,356 |
(58,336,456) |
531,367 |
- |
1,743,987 |
|||
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes set out in the full 2025 Annual Report.
CONSOLIDATED STATEMENT OF CASH FLOW
For the year ended 31 December 2025
|
|
|
Group |
|
|
|
|
Note |
Year ended 31 December 2025 £ |
Year ended 31 December 2024 £ |
|
|
Cash flows from operating activities |
|
|
|
|
|
Loss before income tax |
|
(2,825,577) |
(2,615,917) |
|
|
Adjustments for: |
|
|
|
|
|
Other income and gains |
|
- |
76,630 |
|
|
Depreciation |
6 |
9,498 |
10,331 |
|
|
Non-controlling interest |
23 |
6,344 |
- |
|
|
Share options and warrants |
17,18 |
463,651 |
167,920 |
|
|
Foreign exchange |
|
(11,045) |
46,507 |
|
|
Fair value loss/(gain) on financial assets |
8 |
(231,486) |
215,079 |
|
|
Changes in working capital: |
|
|
|
|
|
(Increase) in trade and other receivables |
|
(27,918) |
(14,464) |
|
|
Increase/(decrease) in trade and other payables |
|
(35,028) |
(573,827) |
|
|
Net cash used in operating activities |
|
(2,651,561) |
(2,687,741) |
|
|
Cash flows from investing activities |
|
|
|
|
|
Cash paid for investments |
8 |
(149,108) |
(138,779) |
|
|
Proceeds from sale of investments |
8 |
- |
56,871 |
|
|
Purchase of property, plant and equipment |
6 |
(8,673) |
- |
|
|
Net cash used in investing activities |
|
(157,781) |
(81,908) |
|
|
Cash flows from financing activities |
|
|
|
|
|
Finance income |
|
- |
39,350 |
|
|
Proceeds from issue of share capital |
16 |
1,707,177 |
4,579,285 |
|
|
Transaction costs of share issue |
16 |
(87,900) |
(275,864) |
|
|
Net cash generated from financing activities |
|
1,619,277 |
4,342,771 |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
(1,190,065) |
1,573,122 |
|
|
Cash and cash equivalents at beginning of year |
|
2,104,565 |
564,682 |
|
|
Exchange loss on cash and cash equivalents |
|
(5,081) |
(33,239) |
|
|
Cash and cash equivalents at end of year |
11 |
909,419 |
2,104,565 |
|
*Major non-cash transactions - On 26 March 2025, the Company's subsidiary, Landore Resources Canada Inc., acquired a series of mineral claims adjacent to the existing BAM Gold Project for consideration comprising the issue of 13,000,000 new ordinary shares in the capital of Landore at an attributed issue price of 3.05 pence per share. The total value of the consideration was £396,500.
The above Consolidated and Company Statement of Cash Flows should be read in conjunction with the accompanying notes set out in the full 2025 Annual Report.
Basis of preparation of Financial Statements
The Financial Statements have been prepared in accordance with IFRS Accounting Standards adopted by the UK, which comprise standards and interpretations approved by the International Accounting Standards Board ("IASB").
The Financial Statements are presented in Pounds Sterling. The functional currency of the Company is Pounds Sterling.
The preparation of Financial Statements in accordance with the applicable financial reporting framework requires the use of certain critical accounting estimates. It also requires Management to exercise its judgement in the process of applying the accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the Financial Statements are disclosed in Note 4.
Going concern
The Group's business activities together with the factors likely to affect its future development, performance and position are set out in the Chairman's Statement on page 3. In addition, note 3 to the Group Financial Statements includes the Group's objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments and its exposure to market, credit and liquidity risk.
As at 31 December 2025, the Group had cash and cash equivalents of £909,419. During the year, the Group successfully raised approximately £1.7 million gross through equity placings, subscriptions and warrant exercises. Such proceeds from these various share issuances have been utilised for general working capital purposes and to progress the Group's strategy of focusing on the advancement of its flagship BAM Gold Project at the Junior Lake Property in Northwestern Ontario.
In addition, Landore has a pre-existing option agreement in place with Storm Exploration Inc. (a TSX-V company, formerly named Lithoquest Resources Inc.) ("Storm") in respect of the disposal of 100% of its Miminiska Lake and Keezhik Lake properties in the Thunder Bay Mining district, Northern Ontario. The Group received the final tranche of consideration from Storm on 13 February 2026 comprising a cash payment of C$525,000 and a convertible cash payment of C$787,500.
The Directors have a reasonable expectation that the Group have adequate resources to continue in operational existence for the foreseeable future and, therefore, continue to adopt the going concern basis.
The Directors are of the view that the Group will have sufficient funds during the next 12 months taking into consideration the points noted above, the ability to potentially dispose of part or all of its current quoted investments in Storm and based on its historic track record of successfully raising additional working capital when needed. In addition, the Group can generate additional income through the sale of surplus and non-core assets held such as the Lessard Property or Nevada Properties.
Notwithstanding this, the current conditions indicate the existence of a material uncertainty that may cast significant doubt regarding the applicability of the going concern assumption and the auditors have made reference to this in their audit report. The Directors, whilst they cannot be certain and can provide no guarantee, are confident in the Group's ability to realise additional funds as may be required within the next 12 months. The Group currently has no debt and its exploration and development work programmes can be adjusted based on the Group's ability to raise additional funds. Accordingly, the Directors have continued to adopt the going concern basis of accounting in preparing these Financial Statements.
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