Ms. Wendy Chan reports

LODE GOLD ENTERS INTO EXCLUSIVE LOI WITH A MINING COMPANY TO ADVANCE FREMONT GOLD PROJECT AND REPAY DEBT

Following an extensive process to identify a joint venture partner for the advancement of the Fremont gold project in California, Lode Gold Resources Inc. has received multiple compelling proposals. After careful evaluation, Lode Gold has entered into an exclusive and confidential letter of intent with a mining company with seasoned executives, strong technical expertise, an excellent balance sheet and a proven record of advancing projects to production.

Under the terms of the LOI, the parties agreed to a 45-day exclusivity and standstill period up to Jan. 16, 2026. The contemplated arrangement is expected to bring substantial capital to accelerate the development of Fremont and repay the outstanding debt secured by the asset. This partnership would enable the company to continue advancing key milestones at Fremont and is anticipated to unlock material value for shareholders. Work to upgrade additional resources to the measured and indicated category would commence immediately, with initiation of a prefeasibility study targeted for early 2026. Targeted completion of the PFS is estimated to be spring 2027, where optimized scenarios of 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 PEA which is based on one million oz (M&I) and two million [oz] (inferred). During the upcoming PFS, we will evaluate underground bulk mining at various cut-off grades. We have impressive widths that potentially allow for a high tonnage underground operation that minimizes footprint. There will be no use of cyanide. At [a] one g/t cut-off, average truth width is 50 m. At [a] three g/t cut-off, average truth width is 17 m. The gram-metres range from a very healthy 74 to 143."

About Lode Gold Resources Inc.

Lode Gold has key assets in Canada and United States.

Fremont gold project (Fremont Gold Mining LLC) is a brownfield project in Mariposa, Calif., with 43,000 metres drilled, 8,000 channel samples, 14 adits and two shafts. Mining halted in 1942 due to the gold mining prohibition during the Second World War. It was mined at 10.7 grams per tonne when the price was gold was $35 per ounce. A preliminary economic assessment was completed in 2023. The PEA was based on one million ounces (M&I) and two million ounces (inferred). The mineral resource estimate was updated in 2025. Ninety-two per cent of the ounces were left unmined. Average true widths at one g/t cut off are 53 m. The project sits on greater than 3,000 acres of 100-per-cent-owned private and patented land, which is designated as OZ, Trump administration opportunity zone (special tax incentives).

Gold Orogen (1475039 B.C. Ltd.) is an early-stage exploration pure play with quality assets in the Yukon and New Brunswick, Canada. Optionality exists as assets are diversified on two mineral belts that are known to have prolific gold endowment.

A 19.9-per-cent strategic partner was brought in, and a joint venture was formed to create one of the largest land packages in New Brunswick with mineral rights spanning 445 square kilometres.

The New Brunswick assets, McIntyre Brook and Riley Brook sit on a highly prospective belt that has seen many exciting discoveries including Dalradian, New Found Gold and Calibre Mining. Kinross-Puma surrounds McIntyre Brook.

In the Yukon, Golden Culvert/Win sits on the southern end of the Tombstone belt, which in recent years has seen extensive exploration success. It has reduced intrusion (reduced intrusion-related gold systems) targets and sedimentary-hosted orogenic mineralization. Over 4,500 m has been drilled with 50-gram-metre intercepts.

The completion of Gold Orogen's spinout into a public company through a reverse takeover is imminent, presenting a unique and compelling opportunity to unlock shareholder value as two stand-alone public companies with clear trajectory for growth will be created.

The Dingman property is an orogenic deposit in Ontario, Canada, with over 22,000 m drilled, with a 2013 PEA and an MRE: 376,000 oz (M&I) and 47,000 oz (inferred).

Qualified person

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

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