Lazarus Mining confirms Mt. Vernon ownership and stage-based development plan

Lazarus Mining LLC and River Resources LLC said River Resources still owns 100% of the Mt. Vernon mining claims in Sierra County, California, after a proposed 2024 transaction with North Bay Resources, Inc. was not completed. The companies said future work will move only as technical, permitting and financing milestones are cleared.

Why it matters: - River Resources’ confirmed title settles the current ownership picture for the Mt. Vernon Gold Mine in Sierra County, California. - The companies’ stage-based approach signals that any future development will depend on technical results, permits and financing rather than a fixed schedule. - Lazarus Mining’s broader Sierra County portfolio includes four gold projects, making Mt. Vernon part of a wider regional strategy.

What happened: - Lazarus Mining LLC and River Resources LLC confirmed the current ownership and project management structure for Mt. Vernon. - River Resources holds direct title to 100% of the undivided interests in the six unpatented placer mining claims that make up the property. - Lazarus Mining LLC holds a 51% controlling membership interest in River Resources. - A proposed 2024 transaction involving North Bay Resources, Inc. was not completed. - No ownership interest in the Mt. Vernon mining claims was transferred through that proposed transaction.

The details: - The current focus is to keep the property and its records in good standing. - The companies are organizing and evaluating historical and technical information tied to the property. - The next step is to identify priorities for staged technical advancement. - Any future work will be evaluated incrementally. - Future work remains subject to technical results, permitting requirements, available financing and other project considerations. - David Pennington, chief operating officer of Lazarus Mining, said Mt. Vernon remains an important part of the company’s Sierra County portfolio. - Pennington said the present objective is to maintain a clear ownership and project record while evaluating the property through a disciplined, stage-based process. - The Mt. Vernon property dates to California’s early Gold Rush period. - The property includes historic underground workings associated with Tertiary placer-channel mining. - Lazarus Mining’s broader Sierra County portfolio also includes controlling interests in three additional Sierra County gold properties.

Between the lines: - The announcement appears aimed at removing confusion around title after the earlier North Bay Resources transaction talk. - The emphasis on records, technical review and staged advancement suggests Lazarus Mining is preserving optionality while limiting near-term commitments. - The forward-looking language also reflects the typical constraints facing mining projects: geology, permitting and capital all have to align before development can move ahead.

What’s next: - Lazarus Mining and River Resources said they will share more information when specific technical programs, permitting activities, development plans or transactions are authorized and ready for public announcement. - Any future program at Mt. Vernon will be disclosed only after the companies clear internal and external milestones. - The companies also warned that no assurance can be given that any proposed program or development activity will proceed.

The bottom line: - Mt. Vernon remains under River Resources’ control, and Lazarus Mining is keeping the project in a holding pattern while it evaluates the mine’s next steps.