Lode Gold Provides First Tranche Closing Update For Upsized $9 Million Non-Brokered Private Placement
Lode closes the first tranche of its $9 million financing to secure capital for the Fremont project pre-feasibility study.
Lode Gold Resources Inc. announced a closing update on its upsized non-brokered private placement, confirming that the first tranche closed on July 22, 2026. The company raised CAD$8,058,170 by issuing 29,845,073 units at a price of CAD$0.27 per unit. All securities issued are subject to a statutory hold period in accordance with TSXV Policies.
The offering was oversubscribed, and management expects to close the second and final tranche shortly. Proceeds are designated for advancing technical work at the Fremont Gold Mine, including drilling for a Preliminary Feasibility Study (PFS), strengthening the balance sheet, and general working capital. This release serves as a follow-up to the July 22 announcement regarding the upsizing of the offering from $7 million to $9 million.
Lode Gold Resources Inc. (LOD) has closed the first tranche of its previously announced capital raise, a move that confirms execution of the financing plan without introducing unexpected information. The market was already aware of the initial $7 million financing announcement made on July 13/14, 2026, and the subsequent upsizing to $9 million on July 22.
The financing materially improves liquidity, addressing the working capital deficiency reported at year-end 2025 and funding the upcoming 3,500-meter drill program and Preliminary Feasibility Study (PFS) engineering studies. While the capital raise is dilutive, it is necessary and aligns with management's stated roadmap to advance the Fremont project toward a PFS completion in 2027.
Lode Gold Resources Inc. is a junior exploration and development company focused on gold projects in North America. Its flagship asset is the Fremont Gold Mine Project, located in Mariposa County, California, on the southern extension of the 190-km Mother Lode Belt. The project sits on 3,351 acres of 100% privately owned patented land, simplifying jurisdictional oversight to Mariposa County.
Historically, the site was a past-producing mine that operated until 1942, mining at an average grade of 10.7 g/t Au. Only approximately 8% of the 2025 MRE resource has been extracted. Management has shifted from previous open-pit concepts to a 100% underground bulk mining scenario, utilizing existing brownfield infrastructure that includes 23 km of underground workings, 14 adits, and 2 shafts.
The 2026 MRE reports 1.15 million ounces of Indicated and 2.17 million ounces of Inferred resources at a 0.82 g/t Au cut-off. This resource base is based on only three of seven deposits and 20% of the structural corridor explored.
The company also holds the Dingman Gold Project in Ontario, which contains 376,000 oz of Measured and Indicated resources and 47,000 oz of Inferred resources. The project is currently undergoing geological re-evaluation for underground potential.