Ms. Wendy Chan reports

LODE GOLD PROVIDES YEAR END REVIEW - UPCOMING MILESTONES AND KEY CATALYSTS ON FREMONT GOLD MINE

Lode Gold Resources Inc. has provided its year-end review to highlight the major milestones achieved during 2025, as well as the key catalysts expected for 2026 at its flagship Fremont gold project, located in Mariposa, Calif., along the prolific 190-kilometre (km) Mother Lode gold belt.

Fremont is a historic high-grade past-producing mine that averaged 10.7 grams per tonne (g/t) gold (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-per-cent 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 per ounce (oz), the 2023 PEA (preliminary economic assessment) discounted cash flow (DCF) provides an NPV (net present value) of $835-million (U.S.), 64.4 per cent of IRR (internal rate of return) and over $140-million (U.S.) of free cash flow (base case was at $1,750 per oz Au).

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 (one g/t), 34.5 m (two g/t) and 16.8 m (three g/t);
• Internal scoping study (ISS 2025) completed: The study optimizes Fremont as a 100-per-cent-underground bulk mining operation, evaluating scale-up from 4,000 tonnes per day (tpd) to 6,000 tpd for the upcoming PFS (prefeasibility study) 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 (artificial intelligence) drill targets. Exploration upside at depth with three deep drill holes (up to 1,300 m) confirming mineralization continuity and with limited drilling under 250 m;
• Permitting and ESG (environmental, social and governance): 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;
• Offtake studies completed with payables improved from 82 per cent (2023 PEA) to 91.5 per cent for flotation concentrate (recent offtake offer);
• Capital structure strengthened: 1:10 share consolidation, new institutional shareholders, approximately 48.6 million shares outstanding and approximately $10.7-million (U.S.) market cap;
• Added two strategic shareholders, improved balance sheet;
• Butterfly transaction and spinout of a subsidiary, an exploration pure play;
• Advanced three assets and completed three National Instrument 43-101s.

2026:

• Identified drill plan (8,500 m) for 2026 to confirm of infill drilling and close stepout drill holes and to initiate PFS study;
• Initiate underground channel sampling to further upgrade resources to M&I (measured and indicated);
• 2026 PFS study to include: metallurgy, rock mechanics and geotechnical work;
• PFS completion targeted end of 2026/early 2027;
• Pilot plant with 300 to 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 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 the Second World War, when gold mining was prohibited.

There has never been a change of use; it has been a mine since 1849. It was the second project that started the California gold rush in 1848 to 1855.

Fremont has seven deposits on a four-kilometre (km) strike on the prolific 190 km Mother Lode belt -- only two of the seven has seen exploitation. Of the MRE (mineral resource estimate) 2025, only 8 per cent has been exploited -- 92 per cent is left to be mined in the upcoming years. It has 43,000 m drilled, 8,000 channel samples, 23 km of underground workings, two shafts and 14 adits. It sits on 3,351 acres of patented private land with a 100-per-cent ownership of surface and mineral rights. It has road access and electricity, and is close to rail and airport (1.5 hours from Fresno, Calif.).

Qualified person

The technical information contained in this news release was reviewed and approved by Gary Wong, PEng, vice-president of exploration of Lode Gold Resources, designated as a qualified person under National Instrument 43-101.

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, Lode Gold holds exploration properties in 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 square km 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 m. 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 square km 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, Calif. It has a recent 2025 NI 43-101 report and mineral resource estimate that can be accessed on the company's website.

The Fremont mine operated until a gold mining prohibition was enacted during the Second World War, when its mining licence was suspended. 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 km 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 per cent underground mining. Previously, in March, 2023, the company completed a 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+ and the company's website.

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