Lode Gold Provides Year End Review - Upcoming Milestones and Key Catalysts on Fremont Gold Mine

Rhea-AI Summary

Lode Gold (OTC: LODFF) provided a year-end 2025 review for its Fremont Gold Project in Mariposa, California, and outlined 2026 catalysts.

Key facts: 2025 MRE at a 1.0 g/t cutoff: 35.93 Mt @ 2.73 g/t Au (3.16 Moz contained). Company cites the 2023 PEA DCF sensitivity showing a 7% post-tax NPV of $835.6M and an IRR of 64.4% at $3,000/oz Au. Fremont is now scoped as a 100% underground bulk mine with improved payable terms for flotation concentrate to 91.5%.

Near-term plans: 2026 infill/step-out drill program (8,500 m), underground channel sampling to upgrade resources, and a PFS targeted for end-2026/early-2027, with a pilot 300–500 tpd plant planned for 2028.

Positive

• 2025 MRE: 35.93 Mt @ 2.73 g/t Au (3.16 Moz contained)
• 2023 PEA (at $3,000/oz): 7% post-tax NPV $835.6M and IRR 64.4%
• Payable improvement: flotation concentrate payables increased to 91.5%
• Project footprint: 100% underground plan reduces surface disturbance to 200 acres

Negative

• Market valuation: ~48.6M shares outstanding and ~US$10.7M market cap versus multi‑hundred‑million NPV
• PFS timeline: PFS targeted only by end‑2026/early‑2027, delaying definitive economics
• Commercial scale data: pilot plant not planned until 2028, extending path to feasibility

News Market Reaction

-3.72%

1 alert

-3.72% News Effect

On the day this news was published, LODFF declined 3.72%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

NPV (7% DCF): $835.6M IRR: 64.4% Annual Free Cash Flow: $143.8M +5 more

8 metrics

NPV (7% DCF) $835.6M Post-tax NPV at $3,000/oz Au, 2023 PEA sensitivity

IRR 64.4% Internal rate of return at $3,000/oz Au, 2023 PEA sensitivity

Annual Free Cash Flow $143.8M Annual free cash flow at $3,000/oz Au, 2023 PEA sensitivity

Payables 91.5% Improved payables for flotation concentrate vs 82% in 2023 PEA

2025 MRE Tonnage 35.93 Mt 1 g/t cut-off, true width 53 m, Fremont 2025 MRE table

2025 MRE Grade 2.73 g/t Au 1 g/t cut-off, associated with 3.16 Moz contained gold

Contained Gold 3.16 Moz 1 g/t cut-off scenario from 2025 MRE table

Market Capitalization US$10.7M Stated company market cap with ~48.6M shares outstanding

Market Reality Check

Price: $0.4711 Vol: Volume 20,000 vs 20-day a...

low vol

$0.4711 Last Close

Volume Volume 20,000 vs 20-day average 96,026 (relative volume 0.21x) indicates subdued trading interest pre‑news. low

Technical Price 0.15825 is trading slightly above 200-day MA at 0.15, while sitting 29.82% below the 52-week high 0.2255 and 133.75% above the 52-week low 0.0677.

Peers on Argus

Peers show mixed moves: CSRNF -25.74%, PRRSF -4.6% versus GIGGF +5%, JORFF +2.35...

Peers show mixed moves: CSRNF -25.74%, PRRSF -4.6% versus GIGGF +5%, JORFF +2.35%, TMASF +1.2%. LODFF’s +3.31% pre‑news gain looks more stock-specific than a uniform sector trend.

Historical Context

5 past events · Latest: Dec 03 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 03	Year-end project update	Positive	-3.7%	Outlined 2025 MRE, PEA economics, and 2026 work program at Fremont.
Nov 26	Resource data upgrade	Positive	-3.7%	Added 5,728 historical samples and new 3D stope model for Fremont.
Oct 15	Leadership/option grants	Positive	-4.3%	Appointed Bill Fisher chair and issued 2,157,500 stock options at $0.21.
Oct 07	Exploration results	Positive	-3.5%	Reported up to 7 g/t Au samples and outlined drill plans at Gold Orogen.
Sep 05	Upsized financing	Positive	+16.8%	Closed $1.51M private placement with warrants and insider participation.

Pattern Detected

Recent news has often been followed by negative price reactions, except for the September private placement, which saw a strong positive move.

Recent Company History

This announcement continues a series of Fremont-focused updates. Prior releases in September–November 2025 covered an upsized $1.51M private placement with warrants, expanding the historical sample database to 8,593 records, and technical/organizational steps such as a new technical committee chair. Several updates highlighted high-grade historical production and growing datasets at Fremont and Gold Orogen. Despite largely constructive developments, four of the last five news events were followed by negative 24-hour price moves, underscoring market caution around execution and financing.

Market Pulse Summary

This announcement outlines a comprehensive year-end snapshot for Fremont, emphasizing the 2025 Miner...

Analysis

This announcement outlines a comprehensive year-end snapshot for Fremont, emphasizing the 2025 Mineral Resource Estimate, PEA sensitivity with post-tax NPV up to $835.6M and IRR of 64.4% at $3,000/oz, and improved payables of 91.5% for concentrate. It also details a 2026 work plan including 8,500 m of drilling, underground channel sampling and a PFS targeted for end-2026/early-2027. Investors may focus on execution of this plan, permitting milestones, and financing steps relative to the stated US$10.7M market cap.

Key Terms

discounted cash flow, npv, irr, payback period, +4 more

8 terms

discounted cash flow financial

"the 2023 PEA Discounted Cash Flow (DCF), provides an NPV of $USD 835M"

Discounted cash flow is a way to estimate what a business is worth by forecasting the money it will generate in the future and converting those future dollars into today’s terms, acknowledging that money now is worth more and future receipts are uncertain. Like comparing the value of an apple today versus a promised apple next year, it helps investors judge whether a stock’s market price is cheaper or pricier than the company’s estimated intrinsic value.

npv financial

"provides an NPV of $USD 835M, 64.4% of IRR and over $USD 140M"

Net Present Value (NPV) is a way to measure how much a future stream of money is worth today. It helps investors decide whether an investment is worthwhile by comparing the current value of expected earnings to its initial cost. A positive NPV suggests the investment could generate profit, making it a key tool for evaluating financial decisions.

irr financial

"provides an NPV of $USD 835M, 64.4% of IRR and over $USD 140M"

IRR (Internal Rate of Return) is the annualized percentage return an investment is expected to produce based on its projected series of cash outflows and inflows; mathematically, it’s the rate that makes the present value of those cash flows balance to zero. Investors use IRR to compare and rank projects or investments—similar to comparing the interest rates on savings accounts—to judge which offers the best return for the time and risk involved.

payback period financial

"Payback Period | 4.20 | 3.37 | 2.00 | 1.29 | 0.97 | 0.82"

The payback period is the amount of time it takes for an investment to return the original amount of money put into it through incoming cash, like the number of months or years until you’ve ‘paid yourself back’ on a purchase. Investors use it to judge how quickly they get their capital back and how much short-term risk or liquidity is involved, but it does not account for how the value of money changes over time or for profits that come after the payback point.

free cash flow financial

"over $USD 140M of free cash flow (Base case was at $1750/oz Au)"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

mineral resource estimate technical

"2025 Mineral Resource Estimate (MRE)"

A mineral resource estimate is a calculated approximation of how much metal or mineral material likely exists in a particular deposit and where it sits underground, similar to estimating how many cookies are in a jar by peeking at the layers. It matters to investors because it provides a data-based starting point for judging a project's potential value, future production and risks, while not guaranteeing recoverable or profitable amounts.

esg technical

"Permitting & ESG: Full underground shift, no open pit, no-cyanide"

ESG stands for Environmental, Social, and Governance, which are key factors investors consider when evaluating how sustainable and responsible a company is. It involves assessing how a company manages its impact on the environment, treats its employees and communities, and operates transparently and ethically. Investors use ESG criteria to identify businesses that align with their values and have the potential for long-term success.

ni 43 101 regulatory

"Advanced three assets and completed three NI 43 101's."

A Canadian regulatory standard that dictates how companies must report technical information about mineral exploration and mining projects to the public. It requires independent, credentialed experts to verify and present facts about a project's size, quality and risks, much like an independent inspector's report on a house; this helps investors compare projects reliably and reduces the chance of misleading or unverified claims.

AI-generated analysis. Not financial advice.

Vancouver, British Columbia--(Newsfile Corp. - December 3, 2025) - Lode Gold Resources Inc (TSXV: LOD) ("Lode Gold" or the "Company") is pleased to provide its year-end review and to highlight the major milestones achieved during 2025, as well as the key catalysts expected for 2026 at its flagship Fremont Gold Project ("Fremont"), located in Mariposa, California, along the prolific 190 km Mother Lode Gold Belt.

Fremont is a historic high-grade past-producing mine that averaged 10.7 g/t Au prior to its suspension in 1942 under War Production Order L-208. Today, the project represents one of the most continuous and laterally extensive underground gold systems in the belt. Lode Gold controls 3,351 acres of patented land, with 100% ownership of surface and mineral rights with road access, power, water, rail proximity and an airport 1.5 hours away.

With a price of gold at $3,000/oz, the 2023 PEA Discounted Cash Flow (DCF), provides an NPV of $USD 835M, 64.4% of IRR and over $USD 140M of free cash flow (Base case was at $1750/oz Au).

2023 PEA Sensitivity*

Gold Price	$1,750	$2,000	$2,500	$3,000	$3,500	$4,000	$4,500	$5,000
NPV DCF 5%, Post-Tax, USD M	217.1	370.2	676.2	982.3	1,288.4	1,594.5	1,900.5	2,206.6
NPV DCF 7%, Post-Tax, USD M	168.8	302.2	568.9	835.6	1,102.3	1,369.0	1,635.7	1,902.4
NPV DCF 10%, Post-Tax, USD M	112.4	221.9	441.1	660.3	879.4	1,098.6	1,317.7	1,536.9
IRR	21.4%	31.1%	48.5%	64.4%	79.2%	93.3%	106.8%	119.9%
Payback Period	4.20	3.37	2.00	1.29	0.97	0.82	0.71	0.63
Annual Free Cash Flow $M	35.7	69.9	106.8	143.8	180.7	217.7	254.6	291.5
Total Free Cash Flow $M	422.7	827.0	1,281.9	1,725.2	2,168.5	2,611.8	3,055.2	3,498.5

 

* Company's recalculation using P&E's DCF Model provided.

Key Milestones achieved in last 18 months and upcoming catalysts include:

• Geological Model Completed: The Company completed a comprehensive geological and structural model of the Pine Tree-Josephine system, confirming broad true widths of 53 m (1 g/t), 34.5 m (2 g/t), and 16.8 m (3 g/t).

2025 Mineral Resource Estimate (MRE)

Cut-off (g/t)	True Width (m)	Tonnage (Mt)	Grade (g/t Au)	Contained Gold (Moz)
1 g/t	53	35.93	2.73	3.16
2 g/t	34.5	20.86	3.49	2.34
3 g/t	16.8	9.44	4.42	1.34
4 g/t	8	3.03	5.67	0.55

 

• Internal Scoping Study (ISS 2025) Completed: The study optimizes Fremont as a 100% underground bulk mining operation, evaluating scale-up from 4,000 tpd to 6,000 tpd for the upcoming PFS in 2026.
• Economic Improvements Over 2023 PEA: Equivalent LOM but with better key economic indicators even if the mining cost is higher (due to the shift from open pit to underground bulk mining) but with better head grades in the first years.
• Exploration Progress: Nine new AI-defined drill targets. Exploration up-side at depth with three deep drillholes (up to 1,300 m) confirming mineralization continuity, and with limited drilling under 250 m.
• Permitting & ESG: Full underground shift, no open pit, no-cyanide operation, reduced disturbance to 200 acres, over 24 months of water studies completed.
• Registration with MSHA completed and Notice to County being prepared for underground access.
• Off take studies completed with Payables improved from 82% (2023 PEA) to 91.5% for flotation concentrate (Recent off-take offer).
• Capital structure strengthened: 10:1 share consolidation, new institutional shareholders, ~48.6M shares outstanding and ~US$10.7M market cap.
• Added two strategic shareholders, improved balance sheet.
• Butterfly transaction and spin-out of a subsidiary, an exploration pure play.
• Advanced three assets and completed three NI 43 101's.

2026:

• Identified drill plan (8,500 m) for 2026 to confirm of infill drilling and close step out drillholes and to initiate PFS study.
• Initiate underground Channel Sampling to further upgrade resources to M&I.
• 2026 PFS study to include: Metallurgy, Rock Mechanics and Geotechnical Work.
• PFS Completion targeted end of 2026/early 2027.
• Pilot Plant with 300-500 tpd mill (located on previous 1942 mill footprint, minimizing disturbance) in 2028, providing data for Feasibility Study.
• Initiate Feasibility Study in 2028.

Fremont Gold Mine (Fremont):

Fremont is an advanced exploration and early development brownfield project that was previously mined at 10.7 g/t Au. Gold production halted in 1942 during WW II when gold mining was prohibited.

There has never been a change of use, it has been a mine since 1849. It was the 2^nd project that started the California Gold rush in 1848 - 1855.

Fremont has 7 deposits on a 4km strike on the prolific190km mother lode belt – only 2 of the 7 has seen exploitation. Of the MRE 2025, only 8% has been exploited – 92% is left to be mined in the upcoming years. It has 43,000 m drilled, 8000 channel samples, 23 km of underground workings, 2 shafts and 14 adits. It sits on 3,351 acres of patented private land with 100% ownership of surface and mineral rights. It has road access, electricity and is close to rail and airport (1.5hours from Fresno, California).

Qualified Person

The technical information contained in this press release was reviewed and approved by Gary Wong, P.Eng., Vice President Exploration of Lode Gold Resources Inc., designated as a Qualified Person under National Instrument 43-101.

About Lode Gold

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 Lode Gold holds exploration properties in the Yukon and New Brunswick. Lode Gold's Yukon assets are located on the southern portion of the prolific Tombstone Belt and cover approximately 99.5 km² across a 27 km strike. Over 4,500 m have been drilled on the Yukon properties with confirmed gold endowment and economic drill intercepts over 50 metres. Four reduced-intrusive targets (RIRGS) and sedimentary-hosted orogenic gold mineralization have been identified on the Yukon properties.

In New Brunswick, Lode Gold, through its subsidiary 1475039 B.C. Ltd., has created one of the largest land packages in the province with its Acadian Gold joint venture Acadian Gold's holdings span 445 km² with 44 km of identified strike. It has confirmed gold endowment with mineralized rhyolites.

In the United States, the Company is focused on its advanced exploration and development asset, the Fremont Mine in Mariposa, California. It has a recent 2025 NI 43-101 report and mineral resource estimate ("MRE") that can be accessed here https://lode-gold.com/project/freemont-gold-usa/.

The Fremont Mine operated until a gold mining prohibition was enacted during WWII, when its mining license was suspended. This asset has exploration upside and is open at depth (three step-out holes at 1,300 metres hit structure and were mineralized) and on strike. This is a brownfield project with over 43,000 metres drilled, 23 kilometres of underground workings and 14 adits. The project has excellent infrastructure with close access to electricity, water, state highways, railheads and port.

The Company recently completed an internal scoping study evaluating the potential to resume operations at Fremont based on 100% underground mining. Previously, in March 2023, the Company completed a Preliminary Economic Assessment ("PEA") in accordance with NI 43-101 which evaluated a mix of open pit and underground mining. The PEA and other technical reports prepared on the Company's properties are available on the Company's profile on SEDAR+ (www.sedarplus.ca) and the Company's website (www.lode-gold.com).

ON BEHALF OF THE COMPANY

Wendy Chan
CEO
info@lode-gold.com
+1-(604)-977-GOLD (4653)

Kevin Shum
Investor Relations
kevin@lode-gold.com
+1 (604) -977-GOLD (4653)

Cautionary Statement Regarding Forward-Looking Information

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the use of proceeds, advancement and completion of resource calculation, feasibility studies, and exploration plans and targets. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof.

Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which the Company operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. These include assumptions regarding, among other things: the status of community relations and the security situation on site; general business and economic conditions; the availability of additional exploration and mineral project financing; the supply and demand for, inventories of, and the level and volatility of the prices of metals; relationships with strategic partners; the timing and receipt of governmental permits and approvals; the timing and receipt of community and landowner approvals; changes in regulations; political factors; the accuracy of the Company's interpretation of drill results; the geology, grade and continuity of the Company's mineral deposits; the availability of equipment, skilled labour and services needed for the exploration and development of mineral properties; and currency fluctuations.

There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include a deterioration of security on site or actions by the local community that inhibits access and/or the ability to productively work on site, actual exploration results, interpretation of metallurgical characteristics of the mineralization, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, business disruptions, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators, including those described under the heading "Risks and Uncertainties" in the Company's most recently filed MD&A. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276783

FAQ

What did Lode Gold (LODFF) report in its December 3, 2025 Fremont update?

Lode Gold summarized a 2025 MRE (1.0 g/t cutoff: 35.93 Mt @ 2.73 g/t, 3.16 Moz), 2023 PEA sensitivity (7% NPV $835.6M at $3,000/oz), and 2026 plans including an 8,500 m drill program and a PFS target of end‑2026/early‑2027.

How material is the 2025 mineral resource estimate for LODFF's Fremont project?

The 2025 MRE at a 1 g/t cutoff reports 35.93 Mt grading 2.73 g/t Au, containing 3.16 Moz of gold.

What are the near‑term catalysts and timeline for Fremont (LODFF) in 2026?

Near‑term catalysts include an 8,500 m drill program, underground channel sampling to upgrade resources, and a PFS targeted end‑2026/early‑2027.

What economic metrics did Lode Gold cite from the 2023 PEA sensitivity at $3,000/oz?

The company cites a 2023 PEA sensitivity showing a 7% post‑tax NPV of $835.6M and an IRR of 64.4% at $3,000/oz Au.

How has Lode Gold changed Fremont’s mining plan and environmental footprint?

Fremont has been re‑scoped to a 100% underground bulk mining operation with no open pit, no cyanide, and reduced surface disturbance to 200 acres.

What financing or capital structure details did Lode Gold disclose for LODFF?

The company noted a 10:1 share consolidation, roughly 48.6M shares outstanding, added institutional shareholders, and reported an approximate market cap of US$10.7M.