Lode Gold’s flagship asset, the 3,351-acre Fremont project, is located in California, USA. Outside of California, the Company’s portfolio included the Golden Culvert and WIN properties (22,240 acres) in Yukon Territory, Canada, as well as the McIntyre Brook and Riley Brook projects (109,962 acres) in New Brunswick, Canada, which have recently been spun out into a new company called Gold Orogen.
Investment Highlights
Lode Gold (“LOD”, or “Company”) is updating the mineral resource estimate (MRE) of its flagship Fremont asset in California, USA, and will initiate a pre-feasibility study during 2026. PFS completion is targeted for 2027, and initial gold pour for 2028.
An already resilient resource base: The latest MRE is based on an underground only operation and boasts a global resource of 8.53 million tons averaging 3.96 g/t recoverable gold with over 1 million ounces of contained gold. The planned update to the resource model will likely use an adjusted cut-off grade and should result in a larger overall resource.
Pilot production of 10–15 koz annually: The pilot plant, targeted for 2028, is expected to generate early cash flow (US$ 50 – 75 million) while delivering key metallurgical data to support full-scale development
Favorable macro backdrop: With gold near record highs, its U.S. critical mineral designation, and Fremont’s location in an Opportunity Zone, the project is well positioned to benefit from supportive macro environment as well as policy and tax incentives.
Proven management: An experienced leadership team with a strong development track record underpins execution and shareholder value creation.
Industry partnerships: LOD is assessing options for a suitable JV-partner for Fremont in light of significant price appreciation of gold.
We are maintaining a positive outlook for the company over the next 12-month period with a target price of $0.834
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