Completion of Storm Option Agreement
Landore Resources Limited has completed the sale of its interest in the Miminiska Project, receiving the final cash payment of C$1,312,500 from Storm Exploration Inc. This final tranche brings the total consideration received for the project to C$5,812,500, which was paid by European Electric Metals Inc. Landore Resources retains 1,978,385 common shares in Storm, and the company views this transaction as a positive step that bolsters its cash position and validates the value of its asset portfolio, enabling further investment in its BAM Gold Project.
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London, United Kingdom - 16 February 2026 - Landore Resources Limited (AIM: LND) ("Landore Resources" or the "Company") announces the completion of the Option Agreement (the "Option Agreement") between Storm Exploration Inc. (TSX-V: STRM) ("Storm") and its wholly-owned subsidiary, Landore Resources Canada Inc. ("Landore") (collectively, the "Transaction"), as amended, in respect of the disposal of its interest in the Miminiska Project further to the receipt of the final tranche cash payment of C$1,312,500 by Landore.
This follows Storm's exercise of its option to acquire the Miminiska Project located in northwestern Ontario, pursuant to the existing Option Agreement dated May 5, 2021, as amended, and the subsequent sale of its interest in the asset to European Electric Metals Inc. (TSXV: EVX) ("European Electric"), by way of a mineral property purchase agreement as announced on December 1, 2025.
The total consideration paid to Storm by European Electric for the Miminiska Project comprised cash and share payments totalling C$5,812,500 which was used to fund the final instalment of C$1,312,500 in cash due to Landore, thereby satisfying Storm's remaining payment commitment under the Option Agreement.
Following completion of the Transaction, Landore continues to hold 1,978,385 common shares in Storm.
Further information on the Transaction, as announced by Storm, can be found here: https://money.tmx.com/en/quote/STRM/news
Landore Resources' CEO, Alexander Shaw, commented:
"We are delighted to have successfully completed the divestment of the group's Miminiska Project further to the receipt of the final C$1.3m tranche of the total consideration in cash. This Transaction underscores the intrinsic value of our high-quality asset portfolio in Ontario and is highly encouraging as management looks to further monetise the inherent value of our mineral rich and diverse asset base at Junior Lake during 2026 and beyond.
"The receipt of the final tranche payment from Storm further bolsters our cash position as we look to build on the recent Mineral Resource Estimate (MRE) completed at our flagship BAM Gold Project and invest in further exploration and development works."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.