Lode Gold Announces $1,000,000 Financing

Lode Gold Resources Inc. (TSXV: LOD) (OTCQB: SBMIF) ("Lode Gold" or the "Company") has announced a $1,000,000 financing round, which is expected to provide the necessary capital to fund its exploration and development activities, acquisitions, and general and administrative costs. This financing round aligns with the company's strategic objectives and is a significant step towards achieving its growth and development goals.

The financing round involves the issuance of 28,571,429 units at 3.5 cents per unit and 1,128,750 flow-through units at four cents per unit. Each unit consists of one common share and one common share purchase warrant, while each flow-through unit consists of one flow-through common share and one-half of a whole flow-through common share purchase warrant. The warrants entitle the holder to purchase one common share at an exercise price of five cents per common share for a period of two years following the date of closing. The flow-through warrants entitle the holder to purchase one flow-through common share at an exercise price of six cents per common share for a period of two years following the date of closing.

Insiders of the company subscribed for 664,286 units and 250,000 flow-through units. The company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(a) of MI 61-101 in respect of such insider participation.

The proceeds from this financing round will be used for general and administrative costs, including transaction costs, and for the Company's Fremont property. The Fremont Gold project in California is Lode Gold's flagship operation, with a PEA (preliminary economic assessment) with an after-tax net present value of $217-million (U.S.), a 21-per-cent internal rate of return, and an 11-year life of mine, averaging 118,000 ounces per annum at $1,750 (U.S.) per ounce gold. A sensitivity to the March 31, 2023, PEA at $2,000 (U.S.) per ounce gold gives an after-tax NPV (discounted at 5 per cent) of $370-million (U.S.) and a 31-per-cent IRR over an 11-year LOM. The project hosts a National Instrument 43-101 resource of 1.16 million ounces at 1.90 grams per tonne gold within 19 million tonnes indicated and 2.02 million ounces at 2.22 grams per tonne gold within 28.3 million tonnes inferred.



The financing round is expected to provide Lode Gold with the necessary capital to continue its exploration and development efforts, advance its strategic alliances, and maintain its operations. The funds raised will be used to fund the Company's projects, including the Fremont Gold project, and for general and administrative costs. This financing round is a significant step towards achieving Lode Gold's strategic objectives and contributing to its overall growth and development.