Ms. Wendy Chan reports

LODE GOLD UPDATES RESOURCES: OVER 1 MOZ AU, 4 G/T WITH 16.8 M AVERAGE TRUE WIDTH

Lode Gold Resources Inc. has released positive results of its new 2025 mineral resource estimation (MRE) at its Fremont gold project in Mariposa county, California: 1,198,000 ounces at 3.97 grams per tonne of recoverable gold (1,297,000 oz at 4.37 g/t content gold) at a three g/t cut-off with an average true width of 16.8 m.

* This is contained within the mineral resource published-2023 MRE: 1.16 Moz at 1.90 g/t Au within 19.0 MT (million tonnes) indicated, and 2.02 Moz at 2.22 g/t Au inferred.

The effective date of this MRE is March 5, 2025, and a National Instrument 43-101 technical report will be filed on the company's website and SEDAR+ within 45 days of this disclosure. For additional maps and figures of the project, please view the company's website.

This revised MRE is a new geological block model that is based on 43,000 metres of drilling and 23 kilometres of underground workings that includes veins and disseminated mineralized bodies contained in two separate domains, predicated on the structural controls of the higher-grade mineralization. A detailed analysis of cut-off grades has been reviewed to evaluate various mining methods to optimize project economics.

The project is situated on 100-per-cent privately owned patented land spanning 3,351 acres. It is located approximately 120 km from Fresno and approximately 250 km from Sacramento with road, hydro and railhead access. This area was the site of the original California Gold Rush in the 1800s. Of note, Mariposa county is one of the Trump Administration's dedicated opportunity zones, designated for expedited investments and tax credits.

Highlights:

• 2025 MRE: 1.2 Moz Au at 3.97 g/t (cut-off three g/t), average true width of 16.8 m;
• Half of the mineralization is in the veins; the other half is in the stockworks -- outside the veins;
• Consistency in grade is evidenced within and outside the veins in the dissemination mineralization;
• The upcoming exploration program** includes systematic underground channel sampling and assaying to convert half of the current inferred resources into the measured and indicated categories.

** Budget: $500,000. Lead time: six months; cost-effective and expeditious method of resource upgrade.

Historical context:

• Four-kilometre mineralization on the prolific 190 km Mother Lode belt (800 m of visible oxides at surface, first 60 m);
• In 1942, during World War Two, the mining licence was suspended as production was ramping up;
• Previously mined grade: 10.7 g/t Au, 43,000 m drilled (diamond drill cores preserved);
• Exploitation had been mostly in the first 250 m, open on strike and at depth;
• Only a small portion has been mined out: 115,000 oz (8 per cent of current MRE);
• Underground bulk mining cost was defined in 2023 preliminary economic assessment (PEA) at $63.6 per tonne.

The extraordinary average true width of the mineralized structure is ideal for the potential implementation of a large-scale underground mining plan similar to what was outlined in the 2023 PEA.

"We are pleased with the newly updated mineral resource estimate (MRE) results, which builds on the project's proven resource base. The professionally modelled and estimated mineral resource now provides added optionality and leverage. This creates an ideal platform for comparing and contrasting various development, mining, and production scenarios from technical, capital intensity, and market optics perspectives," comments Jon Hill, a director of the board and chair of the technical committee.

"The updated mineral resource model highlights thick (greater than 15 m) gold mineralization, which supports the vital grade x thickness and ounces per vertical metre metrics. These metrics are fundamental requirements in any mining scenario for underpinning strong project economics. We look forward to progressing the necessary exploration and development work over the next months as we advance the project's development."

The project was mined between 1859 and 1942 with a production of 115,000 oz of gold at an average grade of 10.7 g/t Au (1942, Pacific Mining Co.). That historical production is roughly equivalent to 8 per cent of the current MRE at three g/t cut-off. The mine was ramping up production from 90 to 180 tonnes per day when the mining licence was suspended during the gold mining prohibition of the Second World War.

Extraction was mostly in the first 250 m, except for the Pine Tree vein where production was up to 500 m in depth, following down plunge of just one ore shoot.

In the Josephine vein, the mined stopes were only in the first 250 m. As such, the resource left behind unmined is larger than what is at the Pine Tree vein.

The 2025 mineral resource estimation took into consideration two different domains: (i) within the veins and (ii) disseminated gold around the veins. The hypothesis was that gold in the veins had a much higher grade than in the disseminated body. Surprisingly, the 2025 MRE shows that both domains have the same grades at the same cut-offs.

Mineral resources

The current mineral resource was based on a new geological block model that has been derived from 43,000 m of drilling and the technical information from the 2023 PEA.

The 2025 MRE and resource modelling was prepared under National Instrument 43-101 standards. Independent and qualified person (QP) Patrick J. Hollenbeck has reviewed, validated and approved the Fremont MRE as well as the technical disclosure in this release.

Upon completion of the assessment of the underground workings, access to adits will be made available. With further systematic underground channel sampling, a large portion of the current inferred resources from the 2025 MRE (approximately 50 per cent) could be upgraded to measured and indicated categories. This upgrade would be achieved by converting the extensive historical information at the company's disposal (23 km of underground workings with samples; 43,000 m of drilling with drill cores preserved), ensuring full compliance.

The current resource is derived from the upper 250 m to 500 m and covers only about 20 per cent of the four km structure. Opportunity exists to expand resources; mineralization is open on strike and at depth.

Underground optionality exists to optimize project economics

This study confirms that the project, with an average mining true width of 16.8 m at three g/t of Au cut-off (between 0.6 m and 81 m), is conducive to an underground operation. Mining can be optimized at a higher production rate via long hole stoping underground bulk mining, possibly 200,000/oz annually. This method enables a higher rate of extraction than selective high-grade vein mining at lower costs. Based on the 2023 PEA, the underground bulk mining cost is $65/t. As such, a low cut-off grade of 1.15 g/t (at $2,000/oz Au) could be considered using those numbers.

These results from the new 2025 MRE are crucial in transitioning the project from a combined open pit and underground mining scenario to a fully underground operation, aligning with the new management team's vision and Carlos Saban's work as technical adviser.

Choosing an underground project instead of an open pit can provide various advantages. Firstly, it can be easier to obtain permitting for underground operations as they typically have less social and environmental impact compared with open pit mining. This can lead to smoother regulatory processes and fewer delays in getting the project up and running. Additionally, underground projects require less infrastructure and equipment to be built and maintained. This could result in cost savings for the company and potentially higher returns on investment. Furthermore, underground mining can be a more cost-effective option for accessing mineralization at depth (greater than 250 m).

Fremont gold project mineralization

The project deposits represent a precious metal-rich ophiolitic orogenic deposit with listwaenitic alteration, hosted in the serpentinites of the Smartville complex. Mineralization is contained in several veins, disseminated and stock work vein zones that display a variety of textural and mineralogical characteristics.

The veins are white quartz veins with free gold and electrum or relatively sulphide rich (greater than 1 per cent S) with gold as inclusions in the pyrite, chalcopyrite and gersdorffite. Disseminated and stockwork mineralization is mainly composed as quartz veinlets with free gold in them. Alteration is listwaenitic (carbonate alteration of serpentinites) with the formation of ankerite, fuchsite, magnesite and locally talc.

Before a financial investment decision (FID), the company will be conducting various aspects of evaluation, including the upcoming milestones.

Upcoming catalysts

• Complete an internal scoping study to optimize NPV (net present value);
• Publish a new NI 43-101 technical report (45 days following the filing of this news release);
• Revise and update the March, 2023, PEA;
• Conduct underground channel sampling to potentially upgrade approximately 50 per cent of current inferred resources from the 2025 MRE to higher-confidence measured and indicated categories;
• Expand resources; 3,000 m underground drilling will be focused on low information areas next to the 2025 MRE.

"This transition from an open-pit and underground project to a fully underground operation is exciting. Likely, this translates to a lower capex and less environmental footprint and with only 8 per cent of the current resource (greater than 1.2 Moz at four g/t) having been exploited, we essentially have 92 per cent left to mine," comments Wendy T. Chan, chief executive officer and director of Lode Gold.

"The new finding that mineralization in and outside the veins are the same grades is compelling. With this study, we are reassured that this is not your typical brownfield mined-out project; rather there was gold there when the mining license was suspended in 1942 (gold mining prohibition during WW II). Without question, the project has been frozen in time, the gold left behind has essentially been 'forgotten' until now."

Over the next 12 to 24 months, Lode Gold will dedicate resources to assess the potential reactivation of the mine at the project site, with an FID targeted for 2027. If the decision is to pursue reactivation of the mine, it could create 200 jobs for both men and women, with training programs set to begin 12 to 18 months before production commences. Additionally, the company is exploring the possibility of constructing affordable housing on site to support the work force. Lode Gold is also considering the feasibility of implementing renewable electricity generated on site to operate a sustainable mine.

Fremont mineral resource estimate notes

Mineral resources were estimated in conformity with generally accepted CIM Estimation of Mineral Resource and Mineral Reserve Best Practices guidelines. Mineral resources are not mineral reserves and do not have demonstrated economic viability. The mineral resources may be affected by subsequent assessment of mining, environmental, processing, permitting, taxation, socioeconomic and other factors.

Mineral reserves can only be estimated based on the results of an economic evaluation as part of a preliminary feasibility study or feasibility study. As such, no mineral reserves have been estimated by the QP. There is no certainty that all or any part of the mineral resources will be converted into a mineral reserve.

Inferred mineral resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It is safe to assume that the majority of the inferred mineral resources could be upgraded to a higher category with additional exploration. Mineral resources that are not mineral reserves have no demonstrated economic viability.

Resources are reported in situ and undiluted for underground scenarios and are considered to have reasonable prospects for economic extraction. Metallurgical recoveries of 90 per cent Au were utilized in the determination of the recoverable gold.

Mineralization occurring within the historical underground drifts and stopes is not included in this MRE.

The calculated underground cut-off was determined to be 1.45 g/t Au in the 2023 PEA. Cut-off grades must be re-evaluated considering prevailing market conditions (including gold prices, exchange rates and costs). At the request of the company, the underground resources are reported at a cut-off grade of three g/t Au.

Block tonnage was estimated from volumes using a bulk density of 2.76, the same that was used in the 2023 PEA.

Nine mineralization domains were created to constrain the estimate -- seven vein constrained domains and two disseminated underground domains.

Each individual vein was defined by individual wireframes created in Leapfrog Geo (Seequent) software using geologically realistic solids using geological underground map plans, transversal sections and gold assays (with grades that were above four g/t). Each domain was modified or reassessed individually to consider presiding mineralization features.

High-grade capping was set on a vein-by-vein basis depending on the grade distributions in each mineralized and non-mineralized domain within a given vein. Caps were set on the composited values in all cases where composites were used. Lognormal probability plots and histogram distributions were examined to look for breaks or peaks in the data, which in turn would suggest a cap value.

Search orientations were created using the variable anisotropy function in Leapfrog EDGE software using a combination of crossing faults and an overarching vein orientation, which facilitated the creation of chutes where the faults crossed the veins and allowed apertures of mineralization to form.

Three estimation methods were utilized to generate the Pine Tree/Josephine resource: ordinary krige (OK), inverse distance (ID) and nearest neighbour (NN). The Queen Specimen had too few samples for variography and was only estimated with ID and NN.

Resources were estimated using Leapfrog EDGE software from drill hole sampling in an Octree-style block model with 20 by 20 by 20 m parent blocks, which are sub-blocked by a factor of 32 down to a minimum size of 0.625 by 0.625 by 0.625 m blocks.

Indicated resources were categorized using the following criteria, which varied per vein based on the available drilling data:

• A minimum distance to the nearest modern drilling sample used in the block estimation;
• The Kriged slope of regression value in a given block;
• A minimum number of drill holes or channels used for the block estimation.

All blocks not categorized as indicated were assigned an inferred category. Additionally, all blocks in the Queen Specimen area were categorized as inferred.

Estimates use metric units (metres, tonnes and g/t). Metal contents are presented in troy ounces (metric tonne by grade divided by 31.10348).

Neither the company, nor the QP, is aware of any known environmental, permitting, legal, title-related, taxation, sociopolitical, marketing or other relevant issue that could materially affect this mineral resource estimate.

The quantity and grade of reported inferred mineral resources in this estimation are uncertain in nature and there has been insufficient exploration to redefine these inferred mineral resources as indicated mineral resources.

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 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. A total of four 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 company, consisting of an area that spans 445 square kilometres and a 44-kilometre strike. McIntyre Brook covers 111 square kilometres and a 17-kilometre 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 kilometre package covering a 26-kilometre 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 metres drilled and 23 km of underground workings. It was previously mined at 10.7 g/t Au in the 1930s.

Mining was halted in 1942 due to the gold mining prohibition in the Second World War just as it was ramping up production. Unlike typical brownfield projects that are mined out, only 8 per cent of the veins 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 has a four-kilometre strike on the prolific 190-kilometre Mother Lode gold belt, California, that produced over 50 million ounces 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. A sensitivity to the March 31, 2023, PEA at $2,000 (U.S.) per ounce gold gives an after-tax net present value of $370-million (U.S.) and a 31-per-cent internal rate of return over an 11-year life of mine. At $1,750 (U.S.) per oz gold, NPV (5 per cent) is $217-million (U.S.). The project hosts an NI 43-101 resource of 1.16 million ounces at 1.90 grams per tonne gold within 19.0 million tonnes indicated, and 2.02 Moz at 2.22 g/t Au within 28.3 MT inferred. The mineral resource estimate evaluates only 1.4 km of the four-kilometre strike of the Fremont property. Three stepout holes at depth (up to 1,200 metres) 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 independent and qualified person for the Fremont MRE is Patrick J. Hollenbeck, PGeo. He has reviewed, completed, validated and approved the Fremont MRE as well as the technical disclosure in this release. In accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, this qualified person for the company has validated and approved the technical and scientific content of this news release. The company strictly adheres to CIM Best Practices guidelines in conducting, documenting and reporting its activities on its various exploration projects.

We seek Safe Harbor.