Landore Resources Limited
Landore Resources Limited is a Guernsey-incorporated, AIM-listed (LND.L) mineral exploration company whose principal activity, conducted mainly through its Canadian subsidiary Landore Resources Canada Inc., is the identification, acquisition and development of mineral properties in Northern Ontario and Quebec, Canada. Its flagship asset is the BAM Gold Project within the wider Junior Lake property, a district-scale greenstone belt also prospective for nickel, copper, platinum group metals, iron and lithium. The Group is pre-revenue, funding exploration and corporate costs through equity placings, warrant exercises and disposal/option proceeds from non-core properties.
FY2025 in sixty seconds
year to 31 Dec 2025 · approved 2 Jun 2026 · 53 pages · Company website
Landore Resources Limited explores for gold and other metals in Ontario and Quebec, Canada, and its main asset is the BAM Gold Project. It has no sales yet. In the year to 31 December 2025 its loss after tax widened to £2.8m, from £2.5m the year before.
The report points to higher costs, including a sharp rise in the cost of share awards given as pay, and spending on a drilling programme of about 3,500 metres at BAM. Two items made the loss smaller than it would otherwise have been: a gain in the value of shares it holds in other mining companies, and payments from a buyer under an option to purchase one of its non-core properties.
Cash fell to £909k from £2.1m. Landore has no borrowings, raised £1.7m from shareholders (against £4.6m a year earlier) and paid no dividend. Management expects an updated estimate of the gold at BAM and is considering partnerships or sales of non-core assets. The auditor flagged a material uncertainty, meaning significant doubt over whether the company can keep going without raising more money, though the audit opinion itself was not qualified.
Administrative expenses as % of total assets KPI deteriorated to 110% (2024: 89%)
Board-monitored KPI; administrative expenses rose and total assets context shrank relative to costs
page 5Landore now operates with a sharper focus, a revitalised leadership team and a disciplined approach to capital allocation; the Board's core objective is to crystallise the inherent value of the BAM Gold Project while systematically advancing the broader Junior Lake and wider portfolios.
page 4No dividend recommended for FY2025 (2024: Nil); no stated dividend policy given pre-revenue, loss-making status.
page 9Tighter cost controls and more agile organisational framework implemented during the year
Chairman's statement: 'Operationally, Landore continued to strengthen its corporate foundation, implementing tighter cost controls and establishing a more agile organisational framework.'
page 411 years on one page · FY2015–FY2025
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
Nothing restated
Every figure is read again from the following year’s report: 246 confirmed, 7 differ.
No figure has been restated: every figure a later report printed again, it printed the same.