Appointment of Nominated Adviser and Joint Broker

This is a routine adviser switch with no new value or operational progress disclosed.

Risk flags

• ●Operational risk is high, as there is no evidence of a defined development plan, permitting progress, or operational milestones for the BAM Gold Project. Without a clear path to production, the project remains speculative.
• ●Financial disclosure risk is acute: the announcement omits all financial statements, cash position, capital expenditure requirements, and funding plans. Investors have no visibility into the company’s financial health or runway.
• ●Forward-looking risk is material, with the majority of value claims based on aspirational language ('crystallise value') rather than binding agreements, timelines, or measurable targets. This pattern is typical of early-stage explorers and should be treated with caution.
• ●Timeline and execution risk is significant, as there is no stated schedule for advancing the BAM Gold Project or monetizing non-core assets. The lack of milestones makes it impossible to track progress or hold management accountable.
• ●Disclosure quality risk is present: while the resource estimate is detailed, the absence of comparative data, historical context, or operational updates limits an investor’s ability to assess momentum or deterioration.
• ●Geographic and jurisdictional risk exists, as the company’s assets span Canada and the USA, but there is no discussion of permitting, regulatory, or community relations challenges that could impact project advancement.
• ●Capital intensity risk is implied by the scale of the resource and the early-stage nature of the project, yet there is no mention of how future development will be funded or what capital requirements may be.
• ●Management signaling risk: while the appointment of new advisers may suggest a desire to improve market engagement, it does not in itself create value or reduce execution risk. No notable institutional investors or industry leaders are disclosed as participating, so there is no external validation of the company’s prospects.

Bottom line

For investors, this announcement is essentially a procedural update: Landore Resources has changed its nominated adviser and joint broker, but has not disclosed any new operational, financial, or strategic progress. The only substantive data is a restatement of the BAM Gold Project’s mineral resource estimate, which, while technically credible, does not represent a new discovery or development milestone. The company’s narrative is credible only to the extent that it owns the asset and has a stated intent to create value, but there is no evidence of movement toward production, monetization, or even a defined development plan. The absence of financial disclosure, operational milestones, or concrete timelines means that investors are being asked to take management’s aspirations on faith. No notable institutional figures or industry leaders are involved in this announcement, so there is no external validation or implied deal flow. To change this assessment, the company would need to disclose binding agreements, financing, permitting progress, or operational milestones that demonstrate tangible advancement toward value realization. Investors should watch for future updates that include specific development timelines, funding arrangements, or measurable progress on the BAM Gold Project or other assets. At present, this announcement is not a signal to act, but rather one to monitor for future developments; it does not move the investment case forward. The single most important takeaway is that, despite the positive tone and resource size, there is no new evidence of progress—this is a status quo update, not a catalyst.

Announcement summary

Landore Resources Limited (AIM: LND) announced the appointment of SP Angel Corporate Finance LLP as its Nominated Adviser and Joint Broker with immediate effect. Hannam & Partners will continue as the Company's Joint Broker. Landore Resources is the 100% owner of the BAM Gold Project in Northwestern Ontario, Canada, which has an inside pit shell MRE comprising 622.3 koz from 19.1 Mt @ 1.01 g/t Au of Indicated Resource and 33.7 koz from 1.1 Mt @ 0.96 g/t Au of Inferred Resource. The company's strategic objective is to crystallise value from its BAM Gold Project and generate additional value from its non-core portfolio of precious and battery metals projects in eastern Canada and the USA. This announcement is relevant to investors as it signals changes in the company's advisory and brokerage arrangements and provides updated resource figures for its key project.

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