Lode Gold Upsizes Private Placement to $9M; Closes First Tranche $8M
Lode Gold secures $8m to fund drilling at its Fremont project and advance its preliminary feasibility study.
Lode Gold Resources Inc. has closed the first tranche of an upsized private placement, raising approximately $8.06 million in gross proceeds. The company issued 29,845,074 units at a price of US$0.27 per unit. Each unit includes one common share purchase warrant exercisable at $0.45 per share, with a 36-month term.
Proceeds are designated for advancing technical work at the Fremont Gold Mine, specifically drilling for a Preliminary Feasibility Study (PFS), metallurgical and geotechnical studies, and general working capital. The second tranche, bringing the total offering to $9 million, is scheduled to close on or before July 31, 2026.
Insider shareholder Coast Capital participated in the transaction, taking 17% of the first tranche, or $1.4 million, to increase its stake to approximately 19.9%. All securities are subject to a statutory hold period per TSX Venture Exchange policies.
Lode Gold Resources Inc. (LOD) completed an $8 million financing, up from the $7 million placement announced on July 13/14. The accelerated closing provides the necessary runway to execute the announced 3,500-meter drilling program and initiate the Preliminary Feasibility Study (PFS).
The issuance price of $0.27 represents a slight discount to the recent trading range of $0.29-$0.30. The warrant terms include a $0.45 exercise price with a 36-month duration. An acceleration clause is triggered at $0.80.
Lode Gold Resources Inc. is a junior exploration and development company focused on the Fremont Gold Mine in Mariposa County, California. The project is a brownfield, previously producing mine that operated from 1859 to 1942, with 125,000 ounces historically produced. The company controls 3,351 acres of 100% privately owned patented land, designated as a federal Opportunity Zone.
The geological model has pivoted from open-pit to a 100% underground bulk mining scenario, utilizing sublevel stoping. The updated 2026 Mineral Resource Estimate (MRE) reports 1.15 million ounces in the Indicated category and 2.17 million ounces in the Inferred category at a 0.82 g/t Au cut-off. Only 20% of the 4-kilometer structural trend has been explored, leaving significant exploration upside.