Horizon Minerals Limited Gold Mining and Processing Update

Lode Gold Resources Inc. (TSXV: LOD) (OTCQB: LODFF) ("Lode Gold" or the "Company") is pleased to announce it has closed the second tranche of its non-brokered private placement offering.

Proceeds will be used to advance work at the Fremont Mine in Mariposa, California. This is an advanced-stage exploration and development asset, where recently an NI 43 -101 compliant mineral resource estimate (MRE 2025) was completed with a new geological model that separates vein mineralization from stockwork: 1.34 Moz at 4.4 g/t (3 g/t cut off, average true width: 16.8 m).¹

Table 1

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Fremont was previously mined at 10.7 g/t. Only 8% of the total mineral resource, filed at SEDAR+ (April 2025) has been extracted, mostly in the first 250 m. This is a structurally controlled orogenic deposit with excellent continuity. Exploration upside exists as it is open at depth and on strike. Three step-out holes at 1,300 m hit structure and were mineralized.

Upcoming 2025-2026 Catalysts:

• Rehabilitation of 2 km of the 23 km of underground workings
• Access to three of the adits, out of a total of 14
• Channel sampling to upgrade resources to M&I
• Metallurgy and Recovery Studies
• Geotechnical work and rock mechanics assessments
• Underground drilling 3,000 m (to initiate Pre-Feasibility Study) 
• Completion of Pre-Feasibility Study (underground bulk mining and other optimized methods will be evaluated)

"We had a busy year. We completed corporate restructuring, a joint venture, the creation of a spin-co, and advanced all three of our assets in Yukon, New Brunswick and California. Over the past 12 months, we delivered three technical reports. At Fremont, two pivotal findings stand out: first, mineralization in the stockworks—outside the veins—remains completely untouched when mining was suspended during World War II (1942), when gold was just $35/oz. Second, at a 1 g/t cut-off, we see an impressive average true width of 53 meters," comments Wendy T. Chan, CEO and Director of Lode Gold.

"The 2023 Preliminary Economic Assessment (PEA) indicates positive project economics at a gold price of USD $1,750, based on an annual production rate of 130,000 ounces. In the coming months, we will begin engineering work aimed to develop an optimized mine plan. Our evaluation will focus on: high-grading in early years to optimize economics; increase to produce more than 100,000 ounces per year; and the initiation of small-scale production in the near term to align with the March 2025 Executive Order, which prioritizes critical mineral extraction in the United States."

The Company has raised $390,802 through the issuance of 2,204,457 Units at a price of 18 cents per Unit. Each Unit shall consist of one common share and one common share purchase warrant. Each warrant shall entitle the holder to purchase one common share at an exercise price of 35 cents per common share for a period of three years following the date of closing. The Company may accelerate the expiry date if the shares trade at 65 cents or more for a period of 10 days, including days where no trading occurs. The shares issued are subject to a four-month and one-day hold period.

The Company closed the first tranche of $790,186 (4,389,922 Units) on April 15, 2025. The total amount raised was $1,180,988 (6,594,379 Units).

About Lode Gold

Lode Gold (TSXV: LOD) is an exploration and development company with projects in highly prospective and safe mining jurisdictions in Canada and the United States.

In Canada, its assets in Yukon sits on the southern portion of the prolific Tombstone Belt. It covers 99.5 km² across a 27 km strike. Over 4,500 m have been drilled with confirmed gold endowment and economic drill intercepts over 50 m. There are four reduced-intrusive targets (RIRGS), in addition to sedimentary-hosted orogenic exploration gold.

In New Brunswick, Lode Gold, through its subsidiary 1475039 B.C. Ltd. (soon to be spun out into Gold Orogen) has created one of the largest land packages with its Acadian Gold Joint Venture, consisting of an area that spans 445 km² with a 44 km strike. It has confirmed gold endowment with mineralized rhyolites.

In preparation for the spin-out, NI 43 101 technical reports have been prepared for all assets in Yukon and New Brunswick in 2024.

In the United States, the Company is focused on its advanced exploration and development asset, the Fremont Mine in Mariposa, California. According to the NI 43- 101 Compliant 2025 MRE, the asset contains 1.3 Moz at 4.4 g/t (3 g/t cut-off) with an average true width: 16.8 m.

Fremont was previously mined at 10.7 g/t. During gold mining prohibition in WWII, its mining license was suspended. Only 8% of the resource identified in the 2025 MRE has been extracted. This asset has exploration upside and is open at depth (three step-out holes at 1,300 m hit structure and were mineralized) and on strike. This is a brownfield project with over 43,000 m drilled, 23 km of underground workings and 14 adits. The project has excellent infrastructure and is close to electricity, water, roads, railhead and port.

Recently, the Company completed an internal scoping study, with a strategic pivot to 100% underground mining. Previously, in March 2023, the Company completed an NI 43-101 Preliminary Economic Assessment ("PEA") with an open pit and underground combination mine. The NI 43-101 technical reports are available on the Company's profile on SEDAR+ (www.sedarplus.ca) and the Company's website (www.lode-gold.com). 

ON BEHALF OF THE COMPANY,
Wendy T. Chan 
CEO & Director

Information Contact:

Cautionary Note Related to this News Release and Figures

This news release contains information about adjacent properties on which the Company has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company's properties.

Cautionary Statement Regarding Forward-Looking Information

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the use of proceeds, advancement and completion of resource calculation, feasibility studies, and exploration plans and targets. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof.

Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which the Company operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. These include assumptions regarding, among other things: the status of community relations and the security situation on site; general business and economic conditions; the availability of additional exploration and mineral project financing; the supply and demand for, inventories of, and the level and volatility of the prices of metals; relationships with strategic partners; the timing and receipt of governmental permits and approvals; the timing and receipt of community and landowner approvals; changes in regulations; political factors; the accuracy of the Company's interpretation of drill results; the geology, grade and continuity of the Company's mineral deposits; the availability of equipment, skilled labour and services needed for the exploration and development of mineral properties; currency fluctuations; and impact of the COVID-19 pandemic.

There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include a deterioration of security on site or actions by the local community that inhibits access and/or the ability to productively work on site, actual exploration results, interpretation of metallurgical characteristics of the mineralization, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, unknown impact related to potential business disruptions stemming from the COVID-19 outbreak, or another infectious illness, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators, including those described under the heading "Risks and Uncertainties" in the Company's most recently filed MD&A. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law.