Wednesday, December 6th 2023

Landore Resources Ltd

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A Christmas gift for Landore Shareholders?


“…We’ve had a number of proposals. We’re very encouraged. It’s very positive and we’re confident that we’ll have an excellent outcome over the next few weeks or so…”


With its gold and critical battery raw materials of lithium, nickel, copper, cobalt, platinum and palladium, Landore Resources has it all.

The wealth of projects was becoming an embarrassment of riches, and the company embarked on quality think time in the form of a strategic review to consider sales, joint venture or strategic partnerships for its Canadian assets.

The first stage of the Strategic Review was anticipated at the end of September, but more think time is required and the review deadline has been extended to the end of the year.

Chief executive Bill Humphries says the company is not thinking.  It’s talking. “Right at this moment we’re talking to people and that’s why it was extended. We’ve continued talking to people for the last three or four months, mainly on the lithium side of things.”

The review, whilst a pragmatic decision, has its downsides.  The majors who have been talking to Landore for some time were, according to Humphries, set back by the review, but he’s confident they will return post review whatever the outcome.

Humphries says if the review is not a success then the prize BAM asset will be put into production. “BAM is such a good deposit. It’s got the potential to return huge dividends to shareholders very fast.”

Landore is not known for its speed, and the delay in the strategic review’s completion seems to reinforce this.  However there seems to be movement on the company’s lithium assets which the board deems non-core.

Finance Director Glenn Featherby reinforces that message.  “We’ve had a number of proposals. We’re very encouraged. It’s very positive and we’re confident that we’ll have an excellent outcome over the next few weeks or so.”  Humphries says it’s unlikely Landore will relinquish fully. “If that passes on we retain an interest in it probably a larger one than before, JV or something like that that will help fund us as well.”

The company has cash well into 2023 which according to Featherby will be very different year.  There’s talk of fresh management coming in for renewed vigour. And as Glenn summarises to Sarah Lowther “We’re going to have significant funding. We’re going to have one and a half million ounces still of gold. We’re going to have the base metal deposits. We’ve got the deal with Lithoquest bringing in cash in January, and stock, cash and stock in June next year. If the lithium deal happens we’re going to have an interest in that. Significant funding coming in. So the company is really in great shape to start afresh in the New Year.  But you know, if someone just came in cold and looked at the assets of the company, the financial position of the company in the new year, you’d say it’s really, really ready to go places.”

Watch Bill and Glenn present at the May 2022 Proactive 1-2-1 Investor forum

Read the accompanying Corporate Presentation

Follow the company on Twitter @landore_plc

Access the company’s Annual Report  

The author was remunerated but does not hold shares in the company