Lode Gold Secures Exclusive LOI to Propel Fremont Gold Project

Lode Gold Resources Inc (TSXV: LOD) has taken significant steps forward in the advancement of its Fremont Gold Project located in California. On December 9, 2025, the company announced it has signed an exclusive and confidential Letter of Intent (LOI) with a mining company recognized for its seasoned executives and strong technical expertise. This partnership aims to enhance the project’s development while addressing outstanding debt.

The LOI establishes a 45-day exclusivity and standstill period, lasting until January 16, 2026. During this time, both parties will explore the potential for a strategic partnership that promises to inject substantial capital into the Fremont Gold Project. This infusion of resources is expected to facilitate the achievement of key milestones and ultimately unlock significant value for shareholders.

Development Plans and Future Outlook

Immediate plans include upgrading additional resources to the Measured & Indicated (M&I) category, with the initiation of a Pre-Feasibility Study (PFS) slated for early 2026. The completion of this study is projected for Spring 2027, during which various optimized scenarios for underground bulk mining will be evaluated.

Jon Hill, Chair of the Technical Committee, stated, “Without question, this is a robust project. We plan to further optimize the project economics of the 2023 Preliminary Economic Assessment (PEA), which is based on 1 million ounces in the M&I category and 2 million ounces inferred.” Hill emphasized the potential of the project, highlighting impressive widths that could support a high-tonnage underground operation, while ensuring minimal environmental footprint, as there will be no use of cyanide.

The project has an average true width of 50 meters at a 1 g/t cut-off and 17 meters at a 3 g/t cut-off, with gram-meter values ranging from a strong 74 to 143.

Fremont Gold Project Overview

The Fremont Gold Project, managed by Fremont Gold Mining LLC, is a brownfield site located in Mariposa, California. Mining activities were halted in 1942 due to wartime regulations, but the site previously yielded an impressive average grade of 10.7 g/t when gold was priced at $35 per ounce.

The project spans over 3,000 acres of fully owned private and patented land, designated as an Opportunity Zone, which offers special tax incentives. Recent estimates indicate that 92% of the ounces remain unmined, underscoring the significant potential for future exploration.

In addition to the Fremont Gold Project, Lode Gold also holds key assets across Canada and the United States. Its affiliate, Gold Orogen, is engaged in early-stage exploration in the Yukon and New Brunswick, where it has formed a joint venture to create one of the largest land packages in New Brunswick, covering 445 square kilometers.

Gary Wong, P.Eng., Vice President of Exploration at Lode Gold, reviewed and approved the technical information in this announcement, ensuring compliance with National Instrument 43-101 standards.

As Lode Gold navigates this exciting partnership opportunity, the company is poised to enhance its operational capabilities and deliver on its promises to shareholders, paving the way for a stronger future in the mining sector.

For further inquiries, Lode Gold can be reached through CEO Wendy Chan at [email protected] or Investor Relations representative Kevin Shum at [email protected].