Lode Gold Extends Construction Loan Agreement Until 2028

• Event: Amendment to construction loan agreement with Romspen Investment Corporation.
• Action: Maturity date extended from October 31, 2026, to May 1, 2028.
• Cost: Extension fee of 2% of the original principal.
• Incentive: Rebate of half the extension fee if loan is repaid on or before May 1, 2027.
• Context: This follows previous extensions in early 2026 (to Oct 31, 2026) and late 2025 (to Oct 31, 2025).
• Purpose: Provides financial stability for the continued advancement of the Fremont Gold mine over the next two years.

• Liquidity Stability: The extension removes immediate refinancing risk associated with the October 2026 maturity date, which was a significant near-term pressure point given the company's cash burn rate.
• Execution Risk Mitigation: By securing funding until May 2028, management gains breathing room to complete the Pre-Feasibility Study (PFS) targeted for Spring 2027 without the threat of default or forced equity dilution in late 2026.
• Cost of Capital: The 2% extension fee adds to the cost of debt but is negligible compared to the potential dilution of a distressed financing round.
• Market Perception: While positive for solvency, repeated loan extensions (Jan 2025 -> Oct 2025 -> Oct 2026 -> May 2028) signal reliance on debt rather than operational cash flow or equity markets to fund development. This is a standard maintenance move for junior miners in the exploration phase.
• Verdict: The news is positive but expected given the company's history of refinancing. It prevents a crisis but does not fundamentally alter the project economics or valuation trajectory significantly enough to be classified as "Material - Positive" in terms of share price appreciation potential relative to the risk profile.

• Company: Lode Gold Resources Inc. (TSX-V: LOD).
• Flagship Project: Fremont Gold Mine, Mariposa County, California.
• Project Type: Brownfield underground gold mine development.
• Status: Pre-Feasibility Study phase (Target completion Spring 2027).
• Resource Estimate: 3.16 Moz Au at 2.73 g/t (1 g/t cut-off) as of late 2025 MRE.
• Strategy: Shift from open-pit to 100% underground bulk mining to minimize surface footprint and eliminate cyanide use.
• Infrastructure: 43,000m drilled, 23km underground workings, 100% owned patented land (3,351 acres).
• Subsidiary Assets: Gold Orogen Resources (OROG) spun out in February 2026 to hold Yukon and New Brunswick exploration assets.