Lode Gold completes scoping study at Fremont

Ms. Wendy Chan reports LODE GOLD COMPLETED INTERNAL SCOPING STUDY AT FREMONT, MARIPOSA; INITIATES PROCESS TO SEEK JOINT VENTURE PARTNER Lode Gold Resources Inc. has completed an internal scoping study for a pivot to evaluate a 100-per-cent underground bulk mining scenario at its Fremont gold project in California, United States. EAS Advisors in New York and Red Cloud Securities have been retained to seek a joint venture partner for investment and to evaluate the potential for a gold pour (pilot plant/test mining) in early 2028 with a full ramp-up by 2030. The evaluation will take 36 months, and the final investment decision will be in 2028. There are plans to optimize the preliminary economic assessment completed in 2023 and possibly a scale-up from 4,000 to 6,000 tonnes per day, pending rock mechanic analysis and engineering studies. At 4,000 tonnes per day, the PEA cited gold production of 136,000 ounces gold per year. The 2023 PEA was based on one million ounces measured and indicated and two million ounces inferred. Evaluation to be conducted include: A mine plan that will only use 20 per cent of the 3,351 acres of 100-per-cent-owned patented land (surface and mineral rights), thereby minimizing footprint and disturbance; No open pit, 100-per-cent underground with crushing to be done underground; Elimination of the use of cyanide; the oxides at surface (zero to 60 metres) will not be processed on site; Utilization of a portable mill, estimated to be 300 to 500 tpd initially for the phase 1 pilot plant/test mining for the first three years; Rehabilitation of part of the 23 kilometres of underground workings for phase 1 operations; Access to be from the hangingwall with metamorphic rocks, instead of the footwall with friable sedimentary rocks. The mineral resource estimate, updated recently, separated two mineralization domains (veins and stockwork) to enable the evaluation to pivot the project to full underground mining. The PEA is based on 2,000 tpd open pit (oxides and sulphides) and 4,000 tpd underground (sulphides). The strategy pivot to 100-per-cent underground mining eliminated the use of CN, minimizing disturbance and footprint, and is based on the key findings in the 2025 MRE (filed April, 2025): Half of the gold is in the stockwork outside of the veins (completely unmined); Average true width taking into account both veins and stockwork: 53 metres for one-gram-per-tonne cut-off and 17 m for three-gram-per-tonne cut-off. Jonathan Hill, director and technical committee chair, said: "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." About Lode Gold Resources Inc. Lode Gold is an exploration and development company with projects in highly prospective and safe mining jurisdictions in Canada and the United States. In Canada, its Golden Culvert and Win projects in Yukon, covering 99.5 square kilometres across a 27-kilometre strike length, are situated in a district-scale, high-grade gold mineralized trend within the southern portion of the Tombstone gold belt. A total of four reduced intrusion-related gold system targets have been confirmed on the property. A National Instrument 43-101 technical report was completed in May, 2024. In New Brunswick, Lode Gold has created one of the largest land packages with its Acadian Gold JV Co., consisting of an area that spans 445 square kilometres (about half the area of San Antonio, Tex.) and a 44-kilometre strike. McIntyre Brook covers 111 square kilometres and a 17-kilometre strike in the emerging Appalachian/Iapetus gold belt. It is hosted by orogenic rocks of similar age and structure as New Found Gold's Queensway project. Riley Brook is a 335-square-kilometre package covering a 26-kilometre strike of Wapske formation with its numerous felsic units. An NI 43-101 technical report was completed in August, 2024. In the United States, the company is focused on its advanced exploration and development asset, the Fremont mine in Mariposa, Calif. It has a recent 2025 NI 43-101 report and compliant MRE that can be accessed at the company's website. Fremont was previously mined during the gold rush until gold mining prohibition in the Second World War, when its mining licence was suspended. Only 8 per cent of the resource identified in the 2025 MRE has been extracted. This asset has exploration upside and is open at depth (three stepout holes at 1,300 m hit structure and were mineralized) and on strike. This is a brownfield project with over 43,000 m drilled, 23 kilometres of underground workings and 14 adits. The project has excellent infrastructure, and is close to electricity, water, roads, railhead and port. Recently, the company completed an internal scoping study, with a strategic pivot to 100-per-cent underground mining. Previously, in March, 2023, the company completed an NI 43-101 preliminary economic assessment with an open-pit and underground combination mine. We seek Safe Harbor.