Ms. Wendy Chan reports

LODE GOLD SUBMITS APPLICATION FOR EXCHANGE APPROVAL TO FORM SPIN CO, GOLD OROGEN - A YUKON (TOMBSTONE BELT) & NEW BRUNSWICK EXPLORATION COMPANY

Lode Gold Resources Inc. has submitted application to the TSX Venture Exchange for approval of the spinout of Gold Orogen, as described on its Aug. 27, 2024, and Oct. 22, 2024, news release. The details regarding the Lode Gold shareholder's meeting that is expected to be held in early December, 2024, will follow with an information circular to be filed by early November, 2024. Lode Gold will seek the approval from shareholders on the plan of arrangement, and upon exchange approval, set the record date for distribution of the shares of the new company to shareholders of Lode Gold.

The company also announces that pursuant to a director resolution passed on July 26, 2024, and a special resolution passed by shareholders of the company on July 6, 2023, the company has consolidated its capital on a 1:10 basis. Postconsolidation, the company's capitalization composes of unlimited common shares with no par value, of which 38,032,970 shares are issued and outstanding.

Effective at the opening, Tuesday, Oct. 29, 2024, the common shares of Lode Gold Resources will commence trading on the TSX Venture Exchange on a consolidated basis. The company is classified as a mining company.

Name of company:  no change

Escrow shares:  none

Transfer agent:  Odyssey Trust Company

Trading symbol:  LOD (unchanged)

Cusip No.:  540196 20 1 (new)

"The company has been contemplating share consolidation for sometime. With significant milestones achieved in the last 12 months and more upcoming catalysts, it makes strategic sense now to execute the consolidation. A key catalyst upcoming in a few months is share distribution of Gold Orogen to shareholders of Lode Gold, a significant step in unlocking value.

"With a tight capital structure we can more effectively attract new investors. Of note, four shareholders hold over 60 per cent shares of 38 million postconsolidated shares," states Wendy T. Chan, chief executive officer and director of Lode Gold.

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.

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. Gold deposits and occurrences within the belt include Fort Knox, Pogo, Brewery Creek and Dublin Gulch, and Snowline Gold. A National Instrument 43-101 technical report entitled "Technical Report on the WIN-Golden Culvert Property for Lode Gold" with an effective date of May 15, 2024, summarizing the work to date on these properties, is available on the company's profile on SEDAR+ and on the company's website.

In New Brunswick, Lode Gold has created one of the largest land packages with a 42-kilometre strike within 420 square kilometres. Its McIntyre Brook project, New Brunswick, covering 111 square kilometres and a 17-kilometre strike length in the emerging Appalachian/Iapetus gold belt, is surrounded by Puma Exploration Inc.'s Williams Brook project (5.55 grams per tonne gold over 50 metres) (1) and is hosted by orogenic rocks of similar age and structure as New Found Gold's Queensway project. The Fancamp's Riley Brook is a 309-square-kilometre package covering a 25-kilometre strike of Wapske formation with its numerous felsic units. Previous exploration efforts have focused on just volanogenic massive sulphide style mineralization hosted in the felsic intrusions and mostly focused on the base metals. The company is the first to focus on and assay for gold. This transaction will close upon exchange's acceptance.

The company is also advancing its Fremont gold development project in the historic Mother Lode gold belt of California, where 50 million ounces of gold has been produced. Fremont, located 500 km north of Equinox Gold's Castle Mountain and Mesquite mines, has a preliminary economic assessment with an after-tax net present value (5 per cent) of $217-million (U.S.), a 21-per-cent internal rate of return and an 11-year life of mine, averaging 118,000 ounces per annum at $1,750 (U.S.) gold. A sensitivity to the March 31, 2023, PEA at $2,000-(U.S.)-per-ounce gold gives an after-tax NPV (5 per cent) of $370-million (U.S.) and a 31-per-cent IRR over an 11-year LOM. The project hosts an NI 43-101 resource of 1.16 million ounces at 1.90 g/t Au within 19.0 million tonnes indicated and 2.02 million ounces at 2.22 g/t Au within 28.3 million ounces inferred. The mineral resource estimate evaluates only 1.4 km of the four-kilometre strike length of the Fremont property, which features five gold-mineralized zones. Significantly, three stepout holes at depth hit the mineralized structure, typical of orogenic deposits that often occur at depth. Fremont is located on 3,351 acres of 100-per-cent-owned private land in Mariposa, the original Gold Rush county, and is 1.5 hours from Fresno, Calif. The property has year-round road access, and is close to airports and rail.

Please refer to the Fremont gold project NI 43-101 PEA technical report dated March 31, 2023, which is available on the company's profile on SEDAR+ and on the company's website. The PEA technical report has been reviewed and approved by independent qualified persons Eugene Puritch, PEng, FEC, CET, and Andrew Bradfield, PEng, both of P&E, and Travis Manning, PE, of KCA.

Qualified person statement

The scientific and technical information contained in this press release has been reviewed and approved by Jonathan Victor Hill, director, BSc (honours) (economic geology -- UCT), FAusIMM, who is a qualified person as defined by NI 43-101.

We seek Safe Harbor.