Gold mining company Lode Gold successfully completes an upsized $1.51 million private funding round.
Lode Gold Resources Inc. Announces Private Placement and Updates on Fremont Mine
Lode Gold Resources Inc., an exploration and development company with projects in Canada and the United States, has announced the successful completion of a private placement offering for $1.0 million.
As part of the offering, the company issued Units, priced at $0.18 each. Each Unit consists of one common share and one common share purchase warrant. The proceeds from the Offering will go towards executing business plans for Lode Gold and its subsidiary, Gold Orogen.
The offering was in three tranches, raising total gross proceeds of $1,513,768. Insiders of the Company subscribed to 1,022,111 Units of the private placement. Each Warrant entitles the holder to purchase one common share at an exercise price of $0.35 per share for 36 months. The Company may accelerate the Warrant expiry date if its shares trade at $0.65 or more for 10 days.
The Company has also entered into an amending agreement with Romspen Investment Corporation to extend the maturity date of a construction loan agreement to October 31, 2025.
Lode Gold's focus remains on its projects, and significant updates have been made on the Fremont Mine in Mariposa, California. A Preliminary Economic Assessment ("PEA") was completed in March 2023 for the Fremont Mine, evaluating a mix of open pit and underground mining. The PEA highlights the potential for significant gold production from the Fremont Mine.
The Fremont Mine, a brownfield project with over 43,000 m drilled, 23 km of underground workings, and 14 adits, has exploration upside and is open at depth and on strike. It is located in an area with excellent infrastructure, with close access to electricity, water, state highways, railhead, and port. The mine, which was previously mined but its mining license was suspended during WWII, has a recent 2025 NI 43-101 report and compliant MRE.
Only 8% of the resource identified in the 2025 MRE has been extracted at the Fremont Mine. The mine's assets cover approximately 99.5 km² across a 27 km strike and have confirmed gold endowment and economic drill intercepts over 50 m.
The company's Yukon assets, spanning 445 km with a 44 km strike, also have a confirmed gold endowment. Lode Gold's Acadian Gold Joint Venture in New Brunswick covers one of the largest land packages in the region.
In other news, Winfield Ding has resigned as CFO with immediate effect, and Wayne Moorhouse has agreed to act as Acting CFO. No information about the person who replaced Wendy T. Chan as CEO and Director of Lode Gold is available at this time.
The technical reports prepared on the Company's properties are available on SEDAR+ and the Company's website for those interested in learning more about Lode Gold's projects and operations.
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