Lode Gold Completed Internal Scoping Study at Fremont, Mariposa; Initiates Process to Seek Joint Venture Partner

Executive Summary

• Lode Gold completed an internal scoping study evaluating a full‑underground bulk‑mining scenario for its Fremont gold project in California, targeting a pilot plant/test mining phase in early 2028 and full ramp‑up by 2030.
• The company has retained EAS Advisors (NY) and Red Cloud Securities to identify a joint‑venture partner and secure investment for the underground pivot.
• The study proposes scaling the Preliminary Economic Assessment (PEA) from 4,000 tpd to up to 6,000 tpd, eliminating open‑pit mining, cyanide use, and reducing surface footprint; it also outlines a portable mill (300–500 tpd) for Phase 1 pilot operations.

Key Details

• Scope of Study: 36‑month evaluation with Final Investment Decision (FID) scheduled for 2028.
• Mining Plan Highlights:
• Use only 20 % of the 3,351‑acre owned land (surface + mineral rights).
• 100 % underground mining; no open pit.
• No cyanide processing – surface oxides (0–60 m) will not be processed on site.
• Portable mill sized at 300–500 tpd for Phase 1 pilot plant/test mining (first three years).
• Production Targets:
• Current PEA (2023) at 4,000 tpd underground predicts 136,000 oz Au per year based on 1 M oz Measured & Indicated and 2 M oz Inferred resources.
• Potential scale‑up to 6,000 tpd pending rock‑mechanics and engineering studies.
• Resource Context:
• Updated 2025 Mineral Resource Estimate (MRE) separates veins and stockwork domains; half of the gold resides in unmined stockwork.
• Average true width: 53 m at 1 g/t cut‑off; 17 m at 3 g/t cut‑off.
• Strategic Partnerships: EAS Advisors (New York) and Red Cloud Securities engaged to source a JV partner and investment capital for the underground pivot and pilot plant.
• Infrastructure & Access: Existing 23 km of underground workings, 14 adits, and proximity to electricity, water, roads, railhead, and port support rapid development.
• Regulatory & Environmental Benefits: Elimination of cyanide use and reduced surface disturbance align with U.S. government goals for domestic gold production.

Notable Quotes

“This internal scoping study underpins a strategy to re‑engineer and restart a past producing high‑grade gold mine at Fremont. This provides a significantly important near‑term production base supporting the United States government's stated aim of supporting domestic gold production.” – Jonathan Hill, Director and Technical Committee Chair

All forward‑looking statements are subject to risks and uncertainties detailed in the company’s filings.