Lode Gold Adds 5,000 Historical Channel Samples to Upgrade Mineral Resource Estimate at Fremont Gold Mine, California

On November 26, 2025, Lode Gold Resources Inc. announced that it has successfully recovered over 5,000 historical underground channel samples from legacy geological maps and sections at its Fremont Gold mine in California. This significantly expands the validated sample database from 3,212 to 8,593 records. The company has also initiated analysis on additional historical data, including 665 daily assay reports from 1936-1941. Furthermore, a new 3D model, incorporating the actual location and size of historical stopes, has been completed to improve accuracy. The company states that this work better positions them to upgrade the current Mineral Resource Estimation (MRE) with increased certainty.

This news represents a positive, albeit routine, step in the ongoing technical de-risking and advancement of the Fremont Gold Mine. The successful recovery and integration of over 5,000 historical channel samples is a significant increase in the validated geological database, more than doubling it from 3,212 to 8,593 records. This enhancement of data, coupled with the new 3D stope model and analysis of historical assay reports, provides a more robust foundation for future resource estimation.

The material impact is primarily on the certainty and confidence in the upcoming Mineral Resource Estimation (MRE) update and subsequent Pre-Feasibility Study (PFS). The company's prior news (March 5, 2025) already provided a 2025 MRE of 1.19 Moz Au at 3.97 g/t (recoverable 1.297 Moz at 4.37 g/t) at a 3 g/t cut-off, pivoting to a 100% underground scenario. Subsequent news (October 1, 2025) identified 9 new exploration targets using AI, and projected M&I resource upgrades for "early 2026" and PFS completion for "December 2026", with test mining and gold pour in "early 2028".

While the recovery of additional data is positive for improving the robustness of the geological model, it does not, in itself, announce an increase in resources or an immediate material change to the project economics. It is a necessary technical step that confirms the ongoing methodical approach to the Fremont project. The previous MRE timeline ("within 45 days" of March 5th for a new NI 43-101 technical report) was not met, and this news suggests the full MRE upgrade to Measured and Indicated categories is still a future event. Therefore, this news is consistent with the company's stated plan to continually refine its understanding of the Fremont deposit but does not exceed prior expectations for a major announcement.

From a risk-averse perspective, while positive for de-risking, the lack of a definitive, updated MRE timeline or concrete economic projections attached to this new data point reduces its immediate market moving potential.

Lode Gold Resources Inc. (TSXV: LOD, OTCQB: LODFF) is a Canadian junior mining company primarily focused on gold exploration and development. The company has structured its assets into two entities:

1. Lode Gold (Parent Company): Retains ownership of the Fremont Gold Project in California, USA.

   • Flagship Project: The Fremont Gold Mine is a past-producing mine located in the Mother Lode Belt, Mariposa County, California. Historically, mining ceased in 1942 due to a WWII gold mining prohibition, leaving significant unmined mineralization.
   • Development Stage: Advanced-stage exploration and development.
   • Resources: A 2025 NI 43-101 compliant MRE (effective March 5, 2025) estimates 1.19 Moz Au at 3.97 g/t (recoverable 1.297 Moz at 4.37 g/t) at a 3 g/t cut-off. A previous 2023 PEA indicated 1 million Measured & Indicated ounces and 2 million Inferred ounces.
   • Strategy: The company has pivoted from a mixed open-pit and underground approach to a 100% underground bulk mining scenario, aiming for lower capital expenditure, reduced environmental footprint, and potentially higher returns.
   • Infrastructure: Benefits from excellent existing infrastructure including proximity to electricity, water, roads, railhead, and port.
   • Ownership: 100% owned, consisting of 3,351 acres of private and patented land.
   • Historical Context: Only about 8% of the identified resource has been historically extracted, primarily in the upper 250 meters. The mineralization remains open on strike and at depth. The project is situated in an "Opportunity Zone" and benefits from US government initiatives for domestic critical mineral extraction.

2. Gold Orogen (Spin-Co): A new entity in the process of being spun out, holding Lode Gold's Canadian assets.

   • Yukon Assets: Includes the Golden Culvert and Win projects in the prolific Tombstone Gold Belt (99.5 sq km, 27 km strike), targeting Reduced Intrusion-Related Gold Systems (RIRGS).
   • New Brunswick Assets: Through the Acadian Gold joint venture with Fancamp Exploration Ltd., Gold Orogen controls one of the largest land packages (445 sq km, 44 km strike) on the Iapetus suture belt, with confirmed gold endowment.

Lode Gold's overarching strategy involves creating two "pure-play" companies to unlock value for shareholders, leveraging advanced exploration projects in highly prospective regions.