Ms. Wendy Chan reports

LODE GOLD CONFIRMS GEOLOGY CONSISTENT TO ADJACENT PUMA/KINROSS IN NEW BRUNSWICK: GOLD MINERALIZED RHYOLITES

Lode Gold Resources Inc. has completed phase 1 of exploration in New Brunswick. The preliminary exploration results on its New Brunswick properties are held in its subsidiary, Gold Orogen (new Spinco). Lode Gold confirms gold endowment in mineralized rhyolites in McIntyre Brook; the geology is consistent with the surrounding Puma/Kinross JV (joint venture) property. Due to positive gold soil anomalies, Lode Gold expanded its land package to 445 square kilometres. Further analysis in drill targeting is in progress.

Lode Gold subsidiary, Gold Orogen (Spinco), holds key assets in Yukon and New Brunswick. In New Brunswick, Acadian Gold, its 50/50 JV company with Fancamp Exploration, has two assets: McIntyre Brook and Riley Brook.

Exploration highlights

• A heliborne heliTEM (helicopter time-domain electromagnetic) survey, by Xcalibur, was flown covering 419 square kilometres (km) of the joint venture land package, utilizing a 150-metre (m) line spacing totalling 3,247 line km. The survey collected magnetic, radiometric and electromagnetic (EM) data.
• Geophysics, prospecting and trenching at McIntyre Brook confirmed the presence of a gold bearing rhyolite horizon (refer to the attached table), with preliminary trench results that include 5.3 m of 1.19 grams per tonne (g/t) gold (Au). This is similar to the geology (rhyolite-hosted mineralization) of Puma Exploration's Williams Brook project under option to Kinross Gold Corp., adjacent to Lode Gold's property.
• Radiometric and conductive geophysics have revealed geophysical anomalies at both McIntyre Brook and Riley Brook.
• Drill testing is scheduled to commence after all results from 2024 have been received and the complete 2024 exploration data set has been analyzed. Prospective areas may require additional ground follow-up, before drilling.
• Orientation soil geochemical surveys were conducted over three grids covering approximately 10 per cent of the Riley Brook property. They revealed the presence of large soil Au-W-As-Sb (gold-tungsten-arsenic-antimony) geochemical anomalies positioned in the southern part of the property.
• Based on these results, the joint venture staked an additional 26 square km (new total JV area of 445 square km) at the southwestern edge of the Riley Brook property to cover the potential continuation of the soil geochemical anomaly and coincident conductivity anomaly.

McIntyre Brook

The trenching at the McIntyre Brook prospect has significantly increased the known surface expression of a mineralized rhyolite horizon initially revealed by Lode Gold's 2019 drill results (20 m at 1.2 g/t and 16 m at 0.84 g/t in two holes). The new work demonstrates a minimum strike extension of the mineralization of at least a 200-metre with the horizon measured up to nine m thick. The trench results report up to 5.3 m at 1.19 g/t Au. Multielement assays for pathfinder elements are awaited. This mineralization appears similar to mineralized lithological unit on the neighbouring Williams Brook project (Puma Exploration).

The trenching also allowed for a better definition of the strike and dip of the gold-bearing rhyolites at the McIntyre Brook prospect. Follow-up exploration drilling along the northeast and southwest mineralization trends can be better defined with this information.

These results are considered very encouraging, and work is planned at McIntyre Brook prospect to extend the strike and identify potential parallel structures and inflections.

The EM airborne data have revealed a distinctive anomaly in the east of the property. Soil samples were taken from this area; assay results are expected later this month.

Riley Brook

Recon soil sampling (only covering 10 per cent of the property) has revealed multiple gold anomalies of similar tenor evidenced at deposits on the Appalachian gold belt, such as at Puma Exploration's Williams Brook property (more than 20 parts per billion (ppb) Au in soils). These gold anomalies have coincident Antimony, with plus or minus arsenic and tungsten pathfinder elements. This association of elements are often linked to intrusive-related gold deposits; further work is required to confirm. The anomalies in the southern part of Riley Brook are also coincident with a prominent EM conductor. Based on these results, Gold Orogen staked more ground expanding the Riley Brook property (now totalling 445 square km) to the south to encapsulate the full extent of the anomaly.

Future work will consider ground geophysics to cover the gold geochemistry and EM anomaly. Further soil sampling and trenching is planned for spring, 2025.

"The first phase of exploration at the Acadian Gold joint venture has been successful at confirming gold-bearing rhyolitic mineralization at McIntyre Brook through the trenching and channel sampling, and at Riley Brook with coincident, geophysical and multielement geochemical anomalies," comments Francois Auclair, vice-president of exploration of Fancamp and Acadian Gold (subsidiary of Gold Orogen). "The results at both properties are highly encouraging considering the limited historical work recorded in the area, especially noting that our current soil sampling has covered less than 10 per cent of the Riley Brook property. We see a lot of potential for growth given the prolific region which hosts other gold-focused development projects."

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, its Golden Culvert and WIN projects in Yukon, covering 99.5 square km across a 27 km strike length, are situated in a district-scale, high-grade gold mineralized trend within the southern portion of the Tombstone gold belt. A total of four RIRGS (reduced intrusion-related gold system) targets have been confirmed on the property. A National Instrument 43-101 technical report was completed in May, 2024.

In New Brunswick, Lode Gold has created one of the largest land packages with its Acadian Gold JV Co., consisting of an area that spans 445 square km and a 44 km strike. McIntyre Brook covers 111 square km and a 17 km strike in the emerging Appalachian/Iapetus gold belt; it is hosted by orogenic rocks of similar age and structure as New Found Gold's Queensway project. Riley Brook is a 335 square km package covering a 26 km strike of Wapske formation with its numerous felsic units. An NI 43-101 technical report was completed in August, 2024.

In the United States, the company is advancing its Fremont gold project. This is a brownfield project with over 43,000 m drilled and 23 km of underground workings. It was previously mined at 10.7 g/t Au in the 1940s.

Mining was halted in 1942 due the gold prohibition in the Second World War just as it was ramping up production. Unlike typical brownfield projects that are mined out, only 11 per cent of the veins -- in two out of seven deposits -- have been exploited. The company is the first owner to investigate an underground high-grade mine potential at Fremont.

The project is located on 3,351 acres of private and patented land in Mariposa county. The asset is a four km strike on the prolific 190 km Mother Lode gold belt, California, that produced over 50 million ounces (oz) of gold and is instrumental in the creation of the towns, the businesses and infrastructure in the 1800s gold rush. It is 1.5 hours from Fresno, Calif. The property has year-round road access and is close to airports and rail.

Previously, in March, 2023, the company completed an NI 43 101 preliminary economic assessment (PEA). Project valuation has an after-tax NPV net present value (5 per cent) of $370-million (U.S.) at $2,000 per oz gold, an IRR (internal rate of return) of 31 per cent and an 11-year life of mine (LOM), averaging 118,000 oz per year. At $1,750 per oz gold, NPV (5 per cent) is $217-million. The project hosts an NI 43-101 resource of 1.16 million oz at 1.90 g/t Au within 19.0 million tonnes (t) indicated and 2.02 million oz at 2.22 g/t Au within 28.3 million t inferred. The mineral resource estimate (MRE) evaluates only 1.4 km of the four km strike of Fremont property. Three stepout holes at depth (up to 1,200 m) hit structure and were mineralized.

All NI 43-101 technical reports are available on the company's profile on SEDAR+ and the company's website.

Qualified person statement

The scientific and technical information contained in this news 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.

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