Landore Resources Limited

Final Results

The Board of Landore Resources Limited is pleased to announce its audited results for the year to 31 December 2015.

Enquires:

Bill Humphries, Chief Executive Officer Tel: +44 (0) 7734 681 262

Richard Prickett, Finance Director Tel: +44 (0) 7775 651 421

Landore Resources Limited www.landore.com

Angela Hallett/James Spinney

Strand Hanson Limited

Nominated Adviser and Broker Tel: +44(0)20 7409 3494

Chief Executive Officer's statement

I am pleased to present the 2015 Annual Report for Landore Resources Limited ('Landore Resources' or the 'Group').

During the past year the Group has concentrated exploration efforts on the further exploration of its highly prospective Junior Lake Project culminating in the discovery of the BAM East Gold prospect.

Financial Results

In the year ended 31 December 2015, the Group incurred a loss, after tax, of £1,535,279 (2014: £5,733,760).

Operating expenses are in line with expectations and significant savings were made in respect of administrative expenses.

In November 2015, the Group raised gross proceeds of approximately £664,320 (C$1.325 million) through a subscription of 1,110,720,000 new ordinary shares of 1p each in the Company at a price of 0.6 pence per New Ordinary Share.

In recognition of the outstanding support from shareholders in the challenging environment for mining companies and the need to utilise available funds to increase asset value through operations, the Directors agreed, with effect from 1st July 2015 to reduce their overall remuneration from £270,000 pa to £137,500 pa. In addition, payment of these fees has been deferred with the exception of £40,000pa of operational charges.

The Group has no debt and will continue to raise further equity as needed to carry out its development plans. Shareholders have been very supportive of the Group's financing needs and the Directors are confident of raising further funds as required.

The Junior Lake Property:

The property is situated 235 kilometres northeast of Thunder Bay in the province of Ontario, and is highly prospective for numerous metals including nickel, copper, cobalt, platinum, palladium, gold and lithium.

BAM East Gold Prospect:Undoubtedly the exploration highlight for this past year has been the discovery of a significant gold prospect located just two kilometres to the east of our B4-7 Nickel-Copper deposit and one kilometre northwest of our VW Nickel deposit. Drilling has established the presence of a plus 30 metres wide gold mineralised zone, close to surface, with grades and widths improving with depth. The gold mineralisation remains open along strike to the east and west and down dip.

The exploration team is currently completing an intensive campaign of trenching and channel sampling along the 2.7 kilometre geophysical structure on which the BAM East Gold prospect is located. In addition plans for follow up drilling to expand the Gold prospect are in hand to commence in July, subject to funding.

Junior Lake Nickel Project: Landore Resources has been focusing its exploration efforts on the highly prospective Junior Lake nickel-copper-cobalt-PGEs project, with the aim of growing its resource base to plus 100,000 tons of nickel equivalent (NiEq), to ultimately sell the project to a third party or enter into a joint venture partnership to develop the project.

In July 2015, the Group engaged independent consultants to complete a Mineral Potential Review including Geophysics of the Junior Lake property. The results were highly encouraging and showed a good growth potential for the B4-7 nickel-copper-cobalt-PGEs resource in addition to identifying numerous prospective areas along the relatively unexplored greenstone belt which traverses Junior Lake for over 30 kilometres east to west.

Full details are set out in the Operations report.

For several years now, base metal prices have been severely depressed, weighed down by an overhang of stocks and the global slowdown. There is a general opinion in the mining market that prices will improve towards the end of 2016. The gold price, however, has remained strong at around the US$ 1,200 level.

The Group continues to enjoy excellent relationships with the local First Nations on whose traditional lands our Junior Lake Property is located.

On behalf of my fellow Directors I wish to thank our loyal shareholders for their continued support for Landore Resources and also to thank Michele Tuomi and her staff for their perseverance and dedication to the development of Landore's projects.

William Humphries

Chief Executive Officer, 12 May 2016

Operations report

INTRODUCTION:

Landore Resources Limited, through its 100 per cent. owned subsidiary Landore Resources Canada Inc. ('Landore'), is actively engaged in mineral exploration in Eastern Canada. Landore wholly owns or has the mineral rights to six properties in Eastern Canada, of which Mount Fronsac and Root Lake are optioned to third parties. Landore also owns a 30 per cent. interest in the West Graham property.

Landore through its 100 per cent. owned subsidiary Brancote US, owns or has the mineral rights to a further eight properties for 99 claims in the State of Nevada.

Landore's exploration focus is on the highly prospective Junior Lake property, located in Ontario, Canada.

Full details of the Group's projects, including maps, Canadian National Instrument 43-101 (NI 43-101) resource reports, geophysical surveys etc. can be viewed on the Group's website,www.landore.com.

JUNIOR LAKE PROPERTY:

The Junior Lake property, 100 per cent. owned by Landore, is located in the province of Ontario, Canada, approximately 235 kilometres north-northeast of Thunder Bay and is host to the B4-7 nickel-copper-cobalt-PGEs deposit, the Alpha zone and the Exploration Target located immediately west of the B4-7 deposit. Junior Lake also contains the VW Nickel deposit and numerous other highly prospective mineral occurrences including the BAM Gold zone and the newly discovered BAM East Gold prospect. The Junior Lake property extends for 36 kilometres and covers an area of 22,700 hectares.

During 2015 Landore's primary corporate focus was the growth of the Junior Lake nickel-copper-cobalt-PGEs project resource base to plus 100,000 tonnes of nickel equivalent (NiEq), with a view to ultimately selling the project to a third party or entering into a joint venture partnership to develop the project. To achieve this, in Q3 2015 Landore initiated a mineral potential investigation and a geophysics review on the Junior Lake property.

Results from both investigations were favourable, highlighting the significant prospectivity of the property especially along the Grassy Pond Sill, a favourable host rock for Ni-Cu-Co+PGE+Au mineralisation which can be traced for a total strike length of approximately 20 km of which the B4-7 deposit forms a portion.

Following recommendations from the geophysics review, Landore initiated a drill campaign in November-December 2015 to support a Borehole Transient Electromagnetic (TDEM, also known as Borehole EM or BHEM) survey program in the B4-7 deposit, B4-7 West and other exploration areas.

While drilling to test a geophysical target (maxmin anomaly MM-7) located 2 kilometres to the east of the B4-7 deposit, Landore intersected a wide zone of gold mineralisation close to surface. Follow up drilling in February/March 2016 has validated the initial discovery, identifying approximately 100 metres strike length and 100 metres down dip. This zone, currently delineated up to plus 30 metres in true thickness and open to the east and west as well as at depth, consists of low grade gold with periodic intervals of higher grade gold. This significant new discovery, named the BAM East Gold prospect, has potential for the initial development to be progressed as a low cost, bulk tonnage, open pit operation. More information on this new gold zone can be found below.

BAM East Gold Prospect:

This new gold prospect is located approximately midway along a 2.7 kilometre long, east-southeast to west-northwest trending maxmin geophysical anomaly (MM-7), at the western end of which is located the historical BAM Gold zone discovered by Landore in 2003. MM-7 has not previously been drill tested.

Drilling in December 2015 intersected a wide zone of gold mineralisation close to surface including 31.29 metres at 1.12 grams per tonne (g/t) in drill-hole 0415-517. Higher grade intersections within the zone include 3.70 metres 4.21g/t gold in drill-hole 0415-518. Results for drill holes 0415-517/518 include:

* Both holes were drilled north at 45 degrees into a lithological package dipping approximately 40 degrees to the south. The actual true thickness of mineralisation is estimated to represent between 90-95% of the intervals shown in the above table.

Following the positive results from the two holes 0415-517/8, Landore remobilised to site late February 2016 to carry out additional sampling on the above holes and to complete a follow-up drill program consisting of 5 NQ diamond drill-holes for a total of 564 metres (0416-519 to 523 with 521 abandoned) on lines 2450E, 2500E, and 2550E to test the east, west and down dip extension of the new gold zone. Results of the above drilling include:

* Holes were drilled north at 45 degrees into a lithological package dipping approximately 40 degrees to the south. The actual true thickness of mineralisation is estimated to represent between 90-95% of the intervals shown in the above table.

Drill hole 0416-519, drilled as a 50 metre step back to the discovery hole 0415-517, reported a marked improvement in width and grade over the overall mineralised gold reporting zone. In addition, the high grade intersections show that the mineralisation could be coalescing at depth.

Drill hole 0419-520, drilled as a 50 metre step to the east of 0415-517, reported similar width and grades to the discovery hole. Drill hole 0419-522, drilled as a 50 metre step to the west of 0415-517, and drill hole 0416-523 drilled as a 50 metre step to the west of drill hole 0415-518, also reported similar grades to the discovery hole.

The latest drilling has extended the BAM East Gold Prospect over 100 metres along strike and 100 metres down dip and remains open to the east and west along strike and at depth.

2016 Planned Works:

A trenching and channel sampling program will be carried out along the 2.7 kilometre, east-southeast to west-northwest trending maxmin geophysical anomaly (MM-7) in Q2. Further drilling will be planned in H2 to extend the new gold zone down dip and along strike to the east and west.

B4-7 NICKEL-COPPER-COBALT-PGEs DEPOSIT:

The B4-7 deposit is located in the centre of the lease area approximately 3 kilometres to the northwest of the VW deposit. The B4-7 deposit mineralisation is hosted within a sub-vertical massive sulphide vein with stringers, net-textured and disseminated sulphides in the immediate hanging wall. The deposit outcrops at surface with the upper 120 metres of the deposit being amenable to lower cost open pit mining. Below 120 metres, the grade improves sufficiently for underground mining.

B4-7 Nickel-Copper-Cobalt-PGEs Resource:

The B4-7 resource estimate and report, completed by RPA Inc. (RPA) independent engineers of Toronto, Canada in January 2013, is compliant with the requirements of NI 43-101. The resource, so far delineated over 650 metres of strike, remains open down plunge at depth and along strike to the west. There is further shallow mineralisation potential to the east.

The report also identified the Exploration Target located immediately west of the B4-7 deposit containing a potential 1.5 Mt to 2.0 Mt of sulphide mineralisation of similar grade range to that which has been outlined to date.

In Q3 2015, Landore retained RPA to review and report on the Mineral Potential of the Junior Lake Nickel-Copper-PGE Project. This investigation entailed an evaluation of drilling subsequent to the 2013 B4-7 resource estimate, including drilling that tested the down-plunge extension of the B4-7 Deposit. The resultant technical report is compliant with the requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).

As noted by RPA in its report, 'These down-plunge drilling programs have been successful in extending the limits of the B4-7 Deposit along the down-plunge direction by 250 m to 300 m from the previously known limits as of late 2012. The 2014 and 2015 drill holes could increase the B4-7 underground resource by approximately 15% to 20% and RPA is of the opinion that sufficient drill hole information is available to classify the newly outlined material in the Indicated Mineral Resource category.'

Drilling was conducted during November-December 2015 to support a Borehole Transient Electromagnetic (TDEM, also known as Borehole EM or BHEM) survey program in the B4-7 deposit and B4-7 West areas. Drilling successfully intersected B4-7 massive sulphide and Alpha zone disseminated sulphide mineralisation. Drill hole 0415-514 on line 700W intersected B4-7 style mineralisation at 491.30 metres down hole. The subsequent BHEM survey on this hole showed two large conductive plates directly beneath this intersection, along plane and down plunge to the existing B4-7 Resource which ends at 175W.

Drill hole 0415-513 on line 200E reported multiple Alpha zone intersections with elevated platinum and palladium grades.

Results of the drilling include:

*The actual true thickness of mineralisation is estimated to represent between 70-80% of the intervals shown in the above table.

In December 2015, Landore engaged WSP Canada Inc. for the completion of a geotechnical study to pre-feasibility standards for rock mechanics and open pit slope angles for the proposed B4-7 starter pit. Preliminary results of the study have given an inter-ramp angle of 59 degrees. This will allow the pit to be substantially deepened from the original 2013 design capturing far more of the ore whilst retaining the same stripping ratio.

Alpha Zone:

The Alpha zone, identified by drilling in 2001, consists of net-textured and disseminated sulphides containing significant palladium with elevated nickel, copper, cobalt, platinum and gold mineralisation and is found in both the open pit and the underground portions of the B4-7 deposit.

Alpha zone style disseminated sulphide mineralisation drilled to date has intersected moderate to high grade palladium with drill-hole 0414-503 on line 00 reporting 20.15 metres at 0.11 per cent. Ni, 1.54g/t Pd, and 0.64g/t Pt including 0.56 metres at 10.90g/t Pdand 11.50g/t Pt, and also including 0.72 metres at 12.85g/t Pdand 2.50g/t Pt. The platinum and the palladium results are among the highest reported on the Junior Lake property to-date, all of which are located within the B4-7 deposit.

The Alpha zone mineralisation was not included in the B4-7 NI 43-101 compliant resource published in 2013 due to insufficient drilling along strike. However, a review of Alpha style mineralisation intercepts in drilling completed since then has established that the Alpha zone is far more significant than previously determined. Subsequent drilling has been successful in further establishing the continuity of the PGE enriched Alpha zone for 700 metres from line 350W to 350E. The Alpha zone is open both up and down dip and to the west along strike.

As recommended by RPA in its mineral potential report, further work is warranted to evaluate the strike extensions of the Alpha zone deposit at shallow depths to test for the presence of additional mineralized areas that may be exploited by means of open pit mining methods.

Development of the Alpha zone could supply significant credits for the B4-7 deposit and form an integral part of the B4-7 resource.

Exploration Target:

The 2013 B4-7 compliant resource is defined to approximately line 175W. In addition to this resource, RPA Inc. (RPA) identified an 'Exploration Target' along strike and down plunge to the west to approximately line 500W.

Drilling to-date on the Exploration Target has intersected B4-7 massive sulphide mineralisation as well as Alpha zone style disseminated sulphide mineralisation thus reaffirming the significant potential along strike to the west of the B4-7 deposit. Upon review of the drilling conducted subsequent to the 2013 B4-7 resource estimate in the Exploration Target area, RPA concluded that these drill results could be incorporated into the resource, potentially increasing the B4-7 deposit resources by approximately 15% to 20%. Further drilling is warranted to bring additional strike length into the formal resource.

The B4-7 deposit together with the Alpha zone and Exploration Target are hosted in a distinctive geophysical magnetic anomaly which extends 500 metres to the east of the 00 base line of the B4-7 deposit and extends 1,000 metres to the west of line 00 where it is truncated by the Juno Lake shear, and curls north and then to the east around a prominent 150 metre diameter magnetic low. Exploration drilling has established that this anomaly hosts a collective potential massive sulphide mineralisation strike length of 1.5 kilometres.

In December 2015, Abitibi Geophysics Inc. of Thunder Bay, Canada was retained by Landore to complete borehole transient electromagnetic (TDEM) surveys on selected drill-holes on or near to the B4-7 deposit. Six drill holes were surveyed in the B4-7 nickel-copper-cobalt-PGE deposit area with one each in the VW West and BAM East areas. These surveys, commonly known as Borehole EM (BHEM), have identified excellent quality conductive targets which appear to represent the westerly and down plunge extension of the B4-7 deposit for a further 500+ metres past the existing defined resource.

2016 Planned Works:

Landore has retained RPA Inc. (RPA) of Toronto, Canada, to conduct a review of the borehole EM (BHEM) geophysical information and drilling results from the recently-completed exploration program on the B4-7 deposit area with the aim of ascertaining the works required to bring the newly identified potential B4-7 mineralisation into the formal resource. The results from this review are expected by the end of Q2.

Landore is currently seeking quotations for the completion of a pre-feasibility standard pit design. This study will incorporate pit design parameters received from WSP Canada Inc., and optimize the existing pit shell.

When results from the above works have been received, an updated resource estimate will be completed which will include portions of the Alpha zone and Exploration Target as well as various pit and processing optimisations.

VW NICKEL DEPOSIT:

The VW deposit, discovered by Landore in late 2005, is located at Ketchikan Lake in the central part of the Junior Lake property and is Landore's most advanced project. From 2005 to 2010, Landore has drilled 142 diamond NQ size holes for 35,339 metres on the VW deposit. The VW deposit outcrops at surface with the upper 150 metres of the deposit being amenable to lower cost open pit mining. Below 150 metres, the grade improves sufficiently on the main Katrina zone for underground mining.

VW Nickel Resource:

The VW resource estimate and report, completed by RPA Inc. (RPA) of Toronto, Canada in October 2009, is compliant with the requirements of NI 43-101. 84 per cent. of the resource is in the Indicated category. The resource remains open to the east and to the west as well as down dip.

Infrastructure:

The city of Thunder Bay is located on the northern shore of Lake Superior and is the main supply hub for the mining centres of northern Ontario including Red Lake, Pickle Lake, and the Musselwhite gold mine. It has extensive port facilities and an airport providing daily flights to major provincial cities, as well as a rail line that provides access to both eastern and western North American markets.

Access to Junior Lake from Thunder Bay is via a sealed highway for 235 kilometres to the town of Armstrong and then via a well maintained forest products unsealed road for 105 kilometres that runs to the property. The Canadian National Railway runs parallel to the Junior Lake property 13 kilometres to the south providing direct transport access to both the nickel smelting centre of Sudbury and the port facilities at Thunder Bay. In addition, Junior Lake has abundant water resources nearby and is just 10 kilometres from the planned hydro-electric power station on the Little Jackfish River.

Environmental Baseline Studies:

Golder Associates of Sudbury, Ontario, have continued with the Environmental Baseline Studies programme initiated on the mining leases containing the B4-7 and VW deposits in the winter of 2007. Water surface monitoring of lakes and drainage tributaries within the vicinity of the deposits have continued on at least a bi-annual basis since 2011. The area of influence has recently been expanded to include lakes and drainage further out from the leases. The environmental and baseline studies are all pre-requisite for permitting requirements for the development of the B4-7 and VW deposits.

Mining Leases:

A pre-requisite for the development of the B4-7 and VW deposits is to secure tenure over an area of land sufficiently large to provide for development, mining, processing, infrastructure and buffer zones around the mining areas and for future expansion. Landore has been granted three mining leases ('Mining Leases'), which include mining and surface rights, over an area encompassing the B4-7 and VW deposits. The mining leases cover 23 existing exploration claims for a total area of 3,676 hectares and have been granted for 21 years renewable for further terms of 21 years.

Within the Mining Leases, Landore has the right, subject to provisions of certain Acts and reservations, to:

• Sink shafts, excavations etc., for mining purposes.

• Construct dams, reservoirs, railways, etc., as needed.

• Erect buildings, machinery, furnaces, etc., as required and to treat ores.

MIMINISKA-KEEZHIK LAKE PROPERTIES

Miminiska Lake Property:

Landore's Miminiska Lake property, 100 per cent. owned by Landore, covers an area of 5,494 hectares and is located approximately 130 kilometres to the north of the Junior Lake property and 115 kilometres to the east of the Pickle Lake mining camp in the highly productive and prospective Uchi Belt. Landore completed four drilling campaigns between 2003 and 2005 on the Miminiska gold occurrence with 47 NQ diamond drill holes for 9,349 metres, focusing on two potential shoots within a known 800 metres strike length. Excellent results were received with grades reporting up to 131 g/t gold over 0.5 metres and 40.2 g/t gold over 2.3 metres.

An independent technical review was completed in 2009 on the Miminiska Lake property which established the presence of two exploration targets:

• Miminiska Lake - 232,000 tonnes at 5.62 g/t gold

• Frond Lake - 271,000 tonnes at 5.10 g/t gold

for a total of 503,000 tonnes at 5.34 g/t for 86,357 ounces of gold.

Both these exploration targets are open along strike and at depth and have good potential for expansion and upgrading to a mineral resource.

Keezhik Lake Property:

Landore holds 43 mining claim blocks, for 9,470 hectares, in the highly prospective Keezhik Lake area, located 20 kilometres north of Landore's Miminiska Lake property and 150 kilometres southeast of Goldcorp's Musselwhite Gold mine. Landore's land package spans over 20 kilometres across prime gold exploration targets.

The Keezhik Lake area is adjacent to the North-Caribou - Totogan Shear Zone that is also host to Goldcorp's Musselwhite Gold mine, located 150 kilometres to the northwest. The Musselwhite Gold mine has produced in excess of 2.5 million ounces with 2 million ounces of gold in mineral reserve. The Keezhik Lake claims are also located in the highly productive and prospective Uchi Belt.

During Q3 2011, a field reconnaissance, mapping and sampling campaign was carried out at Keezhik Lake. Field investigation of geophysical anomalies, prospective geological features, and historical gold showings revealed several areas of interest on the property warranting follow-up exploration work.

2016 Planned Works:

Field exploration together with a 1,500 metre drilling campaign to test prospective areas.

ROOT LAKE LITHIUM PROPERTY:

The Root Lake Lithium property, 100 per cent. owned by Landore, is located approximately 300 kilometres northwest of Thunder Bay, and consists of 33 patented and 3 staked claims for a total of 1,001 hectares. It is host to the McCombe Pegmatite.

The McCombe Pegmatite, comprising two main spodumene-bearing dykes, has been traced on surface for a strike length of 550 metres with widths up to 19 metres. Capital Lithium Mines Ltd. completed a diamond drilling programme on the Root Lake property in 1956, consisting of 55 drill holes for 10,442 metres, establishing a resource of 2.3 million tonnes grading 1.3 per cent. Lithium Oxide (Li2O) on the McCombe Pegmatite. (Mulligan1965). This resource is not compliant to NI 43-101.

Landore has entered into an option agreement with Ardiden Ltd ('Ardiden'), an Australian mineral exploration company, pursuant to which Ardiden has the right to purchase Landore's 100% interest in Root Lake.

OTHER PROPERTIES:

Landore has other non-core exploration properties which include grass roots exploration and defined drill targets.

SOCIAL AND ENVIRONMENTAL RESPONSIBILITY:

Landore believes that a successful project is best achieved through maintaining close working relationships with First Nations and other local communities. This social ideology is at the forefront of all of Landore's exploration initiatives by establishing and maintaining co-operative relationships with First Nations communities, hiring local personnel and using local contractors and suppliers.

Careful attention is given to ensure that all exploration activity is performed in an environmentally responsible manner and abides by all relevant mining and environmental acts. Landore takes a conscientious role in all of its operations, and is aware of its social responsibility and its environmental duty.

Michele Tuomi, P.Geo.

Director/VP Exploration, Landore Resources Canada Inc.

12 May 2016

Consolidated statement of comprehensive income

For the year ended 31 December 2015

The Group's operating loss relates to continuing operations.

Consolidated statement of financial position

As at 31 December 2015

These consolidated financial statements were approved and authorised for issue by the Board of Directors on 12 May 2016.

William Humphries Richard Prickett

Director Director

Consolidated statement of changes in equity

For the year ended 31 December 2015

Consolidated statement of cash flows

For the year ended 31 December 2015

Notes

1. Publication of non-statutory accounts

The financial information, for the year ended 31 December 2015, set out in this announcement does not constitute statutory accounts.

This information has been extracted from the Group's financial statements to that date upon which the auditors' opinion is unmodified but contains an emphasis of matter opinion on going concern.

2. Basis of preparation

The financial information, for the year ended 31 December 2015, set out in this announcement, has been:

· computed in accordance with International Financial Reporting Standards ('IFRSs'), however this preliminary announcement does not contain sufficient information to comply with IFRSs. The IFRS compliant Consolidated Financial Statements will be published in the Annual Report for the year ended 31 December 2015; and

· prepared on the basis of the accounting policies as stated in the Annual Report for the year ended 31 December 2015.

3. Going concern

The consolidated financial statements are prepared on a going concern basis with a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group's loss after tax for the year ended 31 December 2015 amounted to £1,535,279. The Group will need to raise more funds for the year 2016.

According to the cash flow forecast, the Group's total projected net expenditure for the year 2016 is £1.1m. As of year end the Group's bank balance amount was approximately £0.4m hence the Group still needs an additional £0.7m to fund the ongoing operations for 2016. The Directors are confident that these funds can be raised from existing and new investors.

These conditions indicate the existence of a material uncertainty which may cast a significant doubt about the Group's ability to continue as a going concern. The consolidated financial statements do not include adjustments that would result if the Group was unable to continue as a going concern.

4. Annual Report

The Annual Report for the year ended 31 December 2015, Notice of the Annual General Meeting and Form of Proxy will shortly be available on the Company's website at www.landore.comand are being posted to shareholders today.

The Annual General Meeting of Landore Resources Limited (the 'Company') will be held at La Tonnelle House, Les Banques , St Sampson, Guernsey , GY1 3HS on 21 June 2016 at 11.30 am.