Author: Tim Wright, MSC, CFA June 26, 2026
PLEASE REVIEW THE DISCLAIMER ON PAGE 15
Lode Gold’s flagship Fremont asset is located in California, USA. The 3,351-acre project is rapidly advancing towards completion of a pre-feasibility study (PFS) by Q2/Q3 2027, with a clearly defined work plan already in place. The firm also holds the Dingman Property in Ontario, Canada, an orogenic gold deposit with an existing resource of 376 koz of gold in the M&I category and 47 koz in the inferred category. The company has recently spun out its other assets (Yukon Territory: Golden Culvert, WIN; New Brunswick: McIntyre Brook, Riley Brook) into Gold Orogen, which is now a publicly traded company.
Investment Highlights
- Lode Gold (“LOD”, or “Company”) has updated the mineral resource estimate (MRE) of its flagship Fremont asset in California, USA, and will initiate a pre-feasibility study (PFS) during 2026. PFS completion is targeted for Q2/ Q3 2027, with the first gold pour in 2028.
- Growing resource base: The latest MRE includes disseminated mineralization and an underground bulk mining approach. The global resource base has grown 184% from 1.087 Moz to 3.089 Moz of gold grading 1.85 g/t Au on average.
- Continuous derisking of Fremont: The firm plans further drilling for geological, geotechnical and metallurgical studies to enhance and derisk the project development approach and progress towards a PFS.
- Potential for near-term cash flow: LOD may elect to operate a 10-15 koz p.a. pilot plant during the development phase. It could generate meaningful cash flows (US$40-65 million) by 2028 and deliver invaluable data for project development.
- Favourable macro backdrop: The project is located on private land that benefits from easier permitting, is subject to potential tax incentives for investors and might enjoy government support due to gold being included in the U.S. critical minerals list.
- We are maintaining a positive outlook for the company over the next 12-month period with a target price of $1.08
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