Annual report
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ANNUAL REPORT 20 26 ABN 82 110 884 252
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Corporate Directory DIRECTORS Ian Hume (Independent Non-Executive Chair) Andrew Stocks (Managing Director) Matthew Keegan (Executive Director) Tara Robson (Executive Director) Jeremy Robinson (Non-Executive Director) Michelle Roth (Independent Non-Executive Director) CHIEF FINANCIAL OFFICER John Fitzgerald COMP ANY SECRET ARY Tara Robson REGISTERED AND PRINCIP AL OFFICE Level 3, 1183 Hay Street West Perth WA 6005 Postal Address PO Box 611 West Perth WA 6872 Telephone: (08) 6184 5938 Website: www.lacgold.com PROJECT OFFICE 4039 Rang Hull Rouyn-Noranda, QC J9Y 1 B4 Canada SHARE REGISTRY Computershare Investors Services Pty Limited Level 17, 221 St Georges Tce Perth WA 6000, Australia Telephone: 1300 850 505 (within Australia) Telephone: +61 3 9415 4000 (outside Australia) Facsimile: +61 3 9473 2500 AUDITORS Horizon Nexus (WA) Audit Pty Ltd (formerly Nexia Perth Audit Services Pty Ltd) Level 4, 88 William Street Perth WA 6000 AUSTRALIAN SECURITIES EXCHANGE Lac Gold Limited shares (LAC) are listed on the Australian Securities Exchange. CORPORA TE STRUCTURE Lac Gold Limited is a limited liability company that is incorporated and domiciled in Australia. Lac Gold Limited has prepared a consolidated financial report incorporating the entities that it controlled during the financial year (collectively the “Group”) as follows: Lac Gold Limited Parent Entity Ardiden Canada Ltd 100% owned and controlled entity Lac Gold Holdings Pty Ltd 100% owned and controlled entity (effective 4 December 2025) Lac Gold (Rouyn) Inc 100% owned and controlled entity (effective 4 December 2025) 1 ANNUAL REPORT 2026 LAC GOLD LIMITED
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Contents Corporate Directory 1 Chairman’s Letter 3 Operating Review 6 Summary of Financial Review 23 Directors’ Report 26 Auditor’s Independence Declaration 40 Financial Statements 42 Consolidated Statement of Profit or Loss and Other Comprehensive Income 43 Consolidated Statement of Financial Position 44 Consolidated Statement of Changes in Equity 45 Consolidated Statement of Cash Flows 46 Notes to the Financial Statements 47 Consolidated Entity Disclosure Statement 72 Directors’ Declaration 73 Independent Auditor’s Report 74 Shareholder Information 81 LAC GOLD LIMITED 2
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Chairman’s Letter DEAR SHAREHOLDERS, On behalf of the Board, I am pleased to present the Annual Report of Lac Gold Limited for the year ended 30 June 2026. The year was transformational for the Company. The completion of the merger with Lac Gold Limited established the Rouyn Gold Project in Québec as our flagship asset, while the acquisition of the historic Golden Patricia Gold Mine strengthened our longer-term exploration position in Ontario. Following shareholder approval, the Company adopted the name Lac Gold Limited, reflecting both its new asset base and its strategic focus on building a Canadian gold exploration and development company. These milestones fundamentally changed the scale, quality and direction of the Company. Lac Gold now holds a portfolio of assets across two established Canadian mining jurisdictions, combining an advanced Mineral Resource and project-evaluation platform at Rouyn with district-scale exploration and discovery opportunities at Pickle Lake. Our strategy is founded on disciplined acquisition, rigorous technical evaluation and responsible project advancement. The Board’s decision to support the acquisition of Rouyn was not based solely on its established Mineral Resource of 1.66 million ounces1. It reflected our belief that the Project represented a broader gold system whose scale, continuity and geological controls had not been fully understood through historical exploration. The work completed since the merger has strengthened confidence in that investment thesis. During the year, the Company completed its maiden 15,000-metre drilling program at Rouyn. The program progressively confirmed the presence of significant gold mineralisation, encountered visible and exceptionally high-grade gold, and increased confidence in the continuity of mineralisation along strike and at depth. The importance of the program lies not only in the grades intersected, but in the improvement in geological understanding. Each stage of drilling provided information that refined the geological interpretation and informed subsequent work. While considerable drilling and evaluation remain, the results obtained during the year support the view that the Rouyn mineralised system is more coherent and potentially more extensive than historical interpretations had suggested. The confidence gained from Phase 1 supported the immediate commencement of a further 15,000-metre Phase 2 drilling program. This program is designed to continue testing the mineralised footprint at Astoria, evaluate additional targets along the broader Cadillac–Larder Lake Break corridor and provide further geological and assay information for consideration in the next Mineral Resource update. The Company’s work at Rouyn has extended well beyond drilling. Environmental baseline planning, technical and development gap analysis, geological modelling, permitting activities and engagement with First Nations, local communities and government stakeholders have progressed alongside exploration. The Board regards these activities as essential elements of responsible project advancement. Geological success alone is not sufficient; long-term value also requires environmental knowledge, sound engineering, regulatory discipline and trusted relationships with the people and communities connected with the Project. During the year, the Company continued to strengthen its relationship with the Abitibiwinni First Nation, engaged with the City of Rouyn-Noranda and local stakeholders, held a public information session in Granada and established a Comité de suivi to provide an ongoing forum for community dialogue. These initiatives reflect our commitment to early, transparent and respectful engagement. 1 Full details of the Mineral Resource Estimate are found on page 22. ANNUAL REPORT 2026 LAC GOLD LIMITED 3
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Ian Hume | Independent, Non-Executive Chairman “ well positioned to continue the systematic and responsible advancement of its Canadian gold assets” The acquisition of the historic Golden Patricia Gold Mine added a second important dimension to the Company’s portfolio. Golden Patricia is a historically high-grade gold mine situated within Lac Gold’s broader Pickle Lake tenure. The acquisition was completed without upfront cash consideration and provided access not only to the historic mine and surrounding prospective tenure, but also to an extensive body of geological, mining and operational information. The Company has commenced the work required to preserve, digitise and integrate that information. The objective is to rebuild the geological and operational memory of Golden Patricia and apply modern geological modelling and analytical techniques to identify future exploration opportunities. While Rouyn remains our immediate operational priority, Pickle Lake provides an important longer-term discovery platform. The Board has maintained a strong focus on disciplined capital allocation throughout this period of transformation. The Company entered its expanded exploration program with a sound financial position following the capital raising completed in conjunction with the merger. Management’s investment decisions continue to be guided by technical merit, strategic value and the need to preserve financial flexibility while advancing the assets that offer the greatest potential to create long-term shareholder value. As we enter the 2027 financial year, our priorities are clear. At Rouyn, the Company will continue Phase 2 drilling, refine the geological model and advance the environmental and technical work required to evaluate future development pathways. At Pickle Lake, the immediate focus will be the systematic integration of historical information and the prioritisation of future exploration opportunities. Across both jurisdictions, we will continue to build relationships with First Nations, communities, government and regional stakeholders. The Board recognises that mineral exploration and project development involve uncertainty and that considerable work remains. Nevertheless, the progress achieved during the year has established a substantially stronger company, improved our understanding of the Rouyn Gold System and provided a disciplined platform for the next phase of Lac Gold’s growth. On behalf of the Board, I thank our shareholders for their support and confidence. I also acknowledge the contribution of our employees, contractors, consultants and advisers, together with the First Nations, communities and government representatives who have engaged with us throughout the year. We believe Lac Gold is well positioned to continue the systematic and responsible advancement of its Canadian gold assets, and we look forward to reporting on the Company’s progress during the year ahead. Yours sincerely, OPERA TING REVIEW LAC GOLD LIMITED 4
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2025-2026 at a Glance ANNUAL REPORT 2026 OCT NOV JAN MAR M AY DEC FEB APR JUN 2025 2026 Merger announced Merger completed and A$10 million placement Golden Patricia acquisition completed Shareholder approval Maiden drilling commenced at Rouyn Company renamed Lac Gold Limited Phase 2 drilling underway (Subsequent to year end) Drilling strengthens understanding of the gold system 5 LAC GOLD LIMITED
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Operating Review TRANSFORMING LAC GOLD Lac Gold Limited (ASX: LAC) (“Lac Gold” or the “Company”), formerly Ardiden Limited, is an ASX-listed Canadian-focused gold exploration and development company with a portfolio of projects located within two of Canada’s premier gold districts. The financial year ended 30 June 2026 was a transformational period in the Company’s evolution. During the year, the Company completed its merger with Lac Gold Ltd, commenced its maiden drilling program at the Rouyn Gold Project in Québec, acquired the historic Golden Patricia Gold Mine in Ontario and, following shareholder approval, adopted the name Lac Gold Limited to reflect its new strategic direction. While these milestones were significant individually, together they marked a fundamental change in the Company’s strategy and asset base. The merger established Rouyn as the Company’s flagship asset, providing ownership of an advanced-stage gold project containing a Mineral Resource reported in accordance with the JORC Code (2012) of 1.66 million ounces2, together with an extensive historical drilling and mining database and core library. However, the Company’s investment thesis extended beyond the acquisition of an established Mineral Resource. While the existing 1.66 million ounce Mineral Resource provided a strong foundation, the Company also recognised the opportunity to systematically unlock the potential of a much larger gold system. A better understanding of the Rouyn Gold System has the potential to support future Mineral Resource growth, improve mine planning, reduce technical risk and enhance the long-term value of the Project. This philosophy has guided every major technical decision undertaken by the Company since completion of the merger. LAC GOLD LIMITED 2 Full details of the Mineral Resource Estimate are found on page 22. Figure 1 – Surface infrastructure at the Rouyn Gold Project, Rouyn-Noranda, Québec OPERA TING REVIEW LAC GOLD LIMITED 6
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Review of Operations MINERAL RESOURCE 15.8 Mt @ 3.28 g/t Au for 1.66Moz Au HISTORIC REGIONAL PRODUCTION ~200M Ounces BEST RESULT TO DA TE 5.65m @141.3 g/t Au Highlights The historical exploration of Rouyn successfully identified significant gold mineralisation but did not fully define the scale, continuity or structural controls of the broader mineralised system. Accordingly, the Company’s immediate focus has been on improving its geological understanding through modern exploration techniques, systematic drilling, three- dimensional geological modelling and the integration of historical and newly generated datasets. The Company’s maiden drilling program commenced in January 2026 and progressively strengthened confidence in the emerging geological interpretation. Initial drilling confirmed the presence of gold mineralisation before demonstrating the occurrence of visible gold and exceptionally high-grade mineralisation, broad mineralised halos surrounding higher-grade cores, and encouraging continuity both along strike and at depth. Collectively, these results support management’s view that the mineralised system is more continuous than previously interpreted and modelled, and provides a strong foundation for future Mineral Resource growth. Beyond exploration, the Company also commenced technical and economic evaluations, permitting activities and stakeholder engagement programs. Together, these workstreams are systematically reducing geological, technical, environmental and development risk while advancing Rouyn towards the next stage of evaluation. The acquisition of the historic high-grade Golden Patricia Gold Mine during the year further strengthened the Company’s long-term growth pipeline by consolidating its position within the Pickle Lake Gold District of Ontario. Alongside the Company’s existing Pickle Lake tenure, Golden Patricia provides an additional district-scale exploration opportunity capable of delivering future discoveries and creating long-term shareholder value. As the Company enters the 2027 financial year, it does so with an active drilling program, an expanding geological understanding of the Rouyn Gold Project, advancing technical studies and a clear strategy focused on responsibly developing high-quality Canadian gold assets through disciplined technical work, strong community relationships and prudent capital management. CORE GOLD ASSET Its flagship Rouyn Gold Project in Québec holds 1.66 million ounces of gold and benefits from existing infrastructure TWO KEY CANADIAN GOLD BELTS Portfolio spans top-tier gold mining districts in Québec (Rouyn Project) and Ontario (Pickle Lake Project, including historic Golden Patricia Mine). ANNUAL REPORT 2026 LAC GOLD LIMITED 7
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CORPORA TE TRANSFORMA TION Acquisition of Lac Gold Ltd On 10 October 2025, the Company announced a transformational merger with Lac Gold Ltd (“LG1”), the owner of the advanced-stage Rouyn Gold Project located within the Abitibi Greenstone Belt of Québec, Canada. The transaction was implemented through a Share Sale Agreement under which the Company acquired 100% of the issued share capital of LG1. Shareholders approved the transaction at the Company’s Annual General Meeting on 26 November 2025, with the merger completing in December 2025. As consideration for the acquisition, the Company issued 101,388,889 fully paid ordinary shares to the shareholders of LG1. Concurrently, the Company completed a strongly supported A$10 million capital raising through the placement of 50,000,000 new shares at A$0.20 per share, providing funding for the commencement of exploration and development activities at the Rouyn Gold Project. The merger fundamentally reshaped the Company, transforming it from an early-stage explorer into a Canadian-focused gold exploration and development company centred on one of the world’s premier gold districts. The transaction added the advanced-stage Rouyn Gold Project to the Company’s existing Pickle Lake Gold Project, creating a balanced portfolio comprising both an established Mineral Resource and district-scale exploration opportunities across Québec and Ontario. In May 2026, shareholders approved the change of the Company’s name from Ardiden Limited to Lac Gold Limited, reflecting both the significance of the Rouyn Gold Project within the Company’s portfolio and its long-term strategic direction. 8 LAC GOLD LIMITED Figure 2 – Lac Gold Limited Project Locations — Rouyn Gold Project (Québec) and Pickle Lake Gold Project (Ontario), Canada. PICKLE LAKE GOLD PROJECT Future pipeline Historic Golden Patricia Mine & Kasagiminnis Mineral Resource Estimate, 790,000t @ 4.3g/t, 110,000oz Au ROUYN GOLD PROJECT Near-term value Mineral Resource Estimate, Apr 2025 15.8Mt @ 3.28g/t, 1,666,000oz Au OPERA TING REVIEW LAC GOLD LIMITED 8
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STRA TEGIC RA TIONALE The acquisition of Lac Gold Ltd was driven by a clear strategic objective: To establish a high-quality Canadian gold company with assets capable of delivering long-term growth. The Board considered the transaction compelling for several reasons. Established Mining Jurisdictions The Rouyn Gold Project in Québec and the Pickle Lake Gold Project in Ontario are located within two of the world’s most established mining jurisdictions, characterised by mature regulatory frameworks, skilled workforces, excellent infrastructure and long histories of successful mine development. Portfolio Balance The combination of Rouyn and Pickle Lake provides both near-term resource growth opportunities and longer-term district-scale exploration potential. Together, the assets create multiple pathways for value creation while reducing reliance on any single exploration target. 3 Full details of the Mineral Resource Estimate are found on page 22. Advanced Asset with District-Scale Upside The Rouyn Gold Project contributed an established JORC (2012) Mineral Resource of 1.66 million ounces3 of gold while also providing exposure to a much larger mineralised system extending over approximately 12 kilometres of strike along the Cadillac-Larder Lake Break. Management believes the project offers significant opportunities for resource growth through improved geological understanding and continued drilling. Experienced Leadership The reconstituted Board and management team combine extensive experience in mineral exploration, mine development, operations, capital markets and corporate transactions. Their collective experience provides the technical, operational and commercial capability required to advance the Company’s Canadian assets. ANNUAL REPORT 2026 LAC GOLD LIMITED 9
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BOARD AND MANAGEMENT Following completion of the merger, the Board was reconstituted to provide the experience and governance appropriate for the Company’s next phase of growth. The Board comprises: • Ian Hume – Non-Executive Chairman • Andrew Stocks – Managing Director • Matthew Keegan – Executive Director • Tara Robson – Finance Director • Michelle Roth – Non-Executive Director • Jeremy Robinson – Non-Executive Director Mr John Fitzgerald was appointed Chief Financial Officer in January 2026, strengthening the executive team as the Company transitioned to an active exploration and development business. Figure 3 – Regional Location Map, Rouyn Gold Project within the Abitibi Gold Belt, SE Québec, showing proximity to major producing operations along the Cadillac–Larder Lake Break. Figure 4 – Members of the Lac Gold Board and management team, Rouyn Gold Project, May 2026 OPERA TING REVIEW LAC GOLD LIMITED 10
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ROUYN GOLD PROJECT (QUÉBEC, CANADA) Understanding the Rouyn Gold System The Rouyn Gold Project is the Company’s flagship asset and is located approximately four kilometres south of the city of Rouyn- Noranda within Québec’s Abitibi Greenstone Belt, one of the world’s premier gold provinces. The Project is situated along the Cadillac-Larder Lake Break, a regional-scale structure that has hosted many of Canada’s largest and most profitable gold mines and continues to attract significant exploration and development investment. The Project extends over approximately twelve kilometres of strike and comprises 73 contiguous mining claims and one mining concession. It contains four defined project areas – Astoria, Lac Gamble, Cinderella and Augmitto – and benefits from substantial existing infrastructure, including exploration facilities, grid power and long-term surface rights. Its location adjacent to the regional mining centre of Rouyn-Noranda provides access to skilled labour, established mining services and major transport infrastructure. At the time of acquisition, the Rouyn Gold Project contained a JORC (2012) Mineral Resource of 1.66 million ounces of gold grading 3.28 g/t Au4. Historical mining had occurred within the Augmitto and Astoria project areas, while the Project tenure also includes the historic Stadacona Gold Mine, located away from the principal mineralised trend, which reportedly produced approximately 494,000 ounces of gold at 5.49 g/t Au5. While the established Mineral Resource, historic mining and existing infrastructure provided a strong foundation, management also recognised an opportunity to substantially improve the geological understanding of the Project. The Company’s objective was not only to define additional ounces, but also to better understand the geological controls on mineralisation, the evolution of the gold system and where further mineralisation may occur. Figure 5 – Geology of the Rouyn Gold Project along the Cadillac-Larder Lake Break 4 Full details of the Mineral Resource Estimate are found on page 22. 5 https://gq.mines.gouv.qc.ca/documents/examine/GM40069/GM40069.pdf ANNUAL REPORT 2026 LAC GOLD LIMITED 11
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The Company’s investment thesis was founded on the belief that Rouyn represents a much larger mineralised system than had previously been recognised. Historical exploration successfully identified significant gold mineralisation and delineated substantial Mineral Resources; however, much of that work had been undertaken over several decades using different geological models, exploration techniques and data standards. Management believed that integrating these historical datasets with modern geological interpretation, systematic drilling and three-dimensional modelling would significantly improve understanding of the controls on mineralisation and reveal new opportunities for resource growth. Accordingly, the Company’s strategy has not been simply to expand an existing Mineral Resource, but to progressively build a comprehensive understanding of the broader Rouyn Gold System. This approach combines modern geological interpretation, systematic diamond drilling, three-dimensional geological modelling, environmental and engineering studies, together with the integration of historical and newly generated datasets. Collectively, these workstreams are designed to reduce geological and technical risk while advancing the Project toward future development. The initial focus of this work has been the Astoria area, where the Company’s maiden drilling program commenced shortly after completion of the merger. Astoria was selected because it provided the opportunity to test both the continuity of known mineralisation and the broader geological interpretation underpinning the Project. The results obtained during the year have strengthened management’s confidence in its geological interpretation. Drilling has progressively demonstrated that higher-grade mineralisation occurs within broader mineralised envelopes, that mineralisation displays encouraging continuity both along strike and at depth, and that the geological model has become increasingly robust as new information has been incorporated. Building a Modern Geological Understanding Following completion of the merger, the Company undertook a comprehensive review of the geological information available for the Rouyn Gold Project. This included the integration of historical drilling, underground development records, geological mapping, geophysical information and modern exploration data into a single digital geological framework. This work has enabled the Company to reinterpret the structural controls on mineralisation using contemporary geological techniques and three- dimensional modelling. As new drilling information has become available, the geological interpretation has continued to evolve, providing increasing confidence in both the continuity of mineralisation and the controls responsible for concentrating higher-grade gold mineralisation. Experience from major deposits along the Cadillac- Larder Lake Break demonstrates that significant value is often created through improved geological understanding rather than simply increased drilling density. Modern reinterpretation of historical datasets has contributed to resource growth and new discoveries at numerous deposits throughout the corridor. As is characteristic of major deposits elsewhere along the Cadillac-Larder Lake Break, gold is concentrated within favourable structural settings rather than being uniformly distributed throughout the broader fault corridor. The Company’s technical approach combines detailed evaluation of known mineralisation with regional-scale geological interpretation, allowing geological understanding to continually evolve as new information becomes available. This philosophy is reflected in the Company’s integration of historical information with modern geological interpretation, systematic drilling and three-dimensional modelling to progressively improve its understanding of the controls on mineralisation and the broader Rouyn Gold System. Figure 6 – Core from the Rouyn Gold Project, Québec being examined and logged, 2026. OPERA TING REVIEW LAC GOLD LIMITED 12
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Maiden Diamond Drilling Program Following completion of the merger in December 2025, the Company immediately commenced a 15,000-metre Phase 1 diamond drilling program at the Astoria deposit. The program represented the first drilling undertaken by Lac Gold and was designed to achieve significantly more than simply adding Mineral Resource ounces. The Phase 1 drilling program was designed to: • improve understanding of the geological and structural controls on mineralisation; • test the continuity of mineralisation along strike and at depth; • support future Mineral Resource growth through infill and extension drilling; • provide geological information for future Mineral Resource estimation; and • strengthen the geological model underpinning future exploration and technical studies. The drilling program formed the first stage of a broader strategy to systematically improve understanding of the Rouyn Gold System. Rather than relying solely on historical drilling, the Company sought to integrate new geological observations, structural measurements, analytical results and three-dimensional modelling into a single evolving geological interpretation. The results obtained during the financial year progressively strengthened confidence in that interpretation, and each stage of the program answered important questions and informed the planning of subsequent drilling. Confirming the Presence of Gold The initial drilling successfully confirmed the presence of gold mineralisation within the targeted structures at Astoria and demonstrated strong correlation with historical drilling while providing significantly improved geological information through modern drilling and logging techniques. Early results confirmed that mineralisation remained open and that the structural framework used to guide drilling provided an effective basis for targeting the system. These initial successes provided confidence to continue testing both the known mineralised zones and their potential extensions. Confirming High-Grade Gold Mineralisation Subsequent drilling demonstrated that the Rouyn Gold System contains exceptionally high-grade gold mineralisation consistent with an Abitibi orogenic gold setting. Results released during the period included numerous high-grade intersections, culminating in drill hole AS-26-793, which intersected 5.65 metres grading 141.29 g/t gold, including 0.50 metres grading 1,580 g/t gold, accompanied by abundant visible gold6. These results demonstrated that the system is capable of hosting exceptionally high-grade shoots and further strengthened management’s confidence in the geological model being developed through the drilling program. Figure 7 – Visible gold in quartz veining, drill hole AS-26-793, reported 4 June 2026 (~152.05m down hole), Rouyn Gold Project, Québec. 6 Refer ASX Release 4 June 2026. ANNUAL REPORT 2026 LAC GOLD LIMITED1313
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Figure 8 – Astoria Cross Section illustrating higher-grade shoots within broad mineralised envelopes; selected higher-grade examples are shown in the upper panel and the broader mineralised zones in the lower panel High Grade Within Broad Mineralised Envelopes Importantly, the drilling program demonstrated that the exceptionally high-grade mineralisation is not occurring in isolation. Rather, the high-grade shoots are typically hosted within substantially broader zones of lower-grade gold mineralisation. Mineralisation occurs within broad mineralised envelopes, remains open along strike and at depth, and is consistent with the Company’s evolving geological model for the Rouyn gold system. This relationship became increasingly apparent as drilling progressed, with several holes intersecting broad mineralised envelopes containing narrower, higher-grade cores. This style of mineralisation is characteristic of many significant orogenic gold systems and has important implications for future Mineral Resource growth and potential mining scenarios. While the high-grade shoots are an important feature of the system, the broader mineralised halos indicate that the scale of the mineralised system is larger than the individual high-grade intersections alone might suggest. This evolving understanding represented an important step in the Company’s geological interpretation. Improving Confidence in Continuity The Phase 1 drilling program, completed during May 2026, increased confidence in the continuity of mineralisation and materially strengthened the Company’s evolving geological model. Deep drilling demonstrated that mineralisation continues well below the depths tested by much of the historical exploration and remains open down plunge. Significant intersections from holes such as AS- 26-787 and AS-26-788 demonstrated that broad mineralised zones persist at depth while maintaining geological characteristics consistent with the upper portions of the system. Collectively, the drilling suggests that continuity within the Astoria system is stronger than previously understood and supports management’s view that historical interpretations may have underestimated the scale and coherence of the broader mineralised system. OPERA TING REVIEW LAC GOLD LIMITED 14
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Table 1 - Selected Significant Drill Results Reported During FY 2026 Hole ID Interval Including AS-26-778 3.0m @ 11.4 g/t Au (from 68m) 1.0m @ 24.6 g/t Au AS-26-779 29.15m @ 4.96g/t Au (from 56.65m) 6.0m @ 20.78g/t Au AS-26-779 7.0m @ 16.1g/t Au (from 131m) 1.0m @ 78.7g/t Au, and 1.0m @ 27.0g/t Au AS-26-779 11.0m @ 2.6g/t Au (from 149m) AS-26-782 11.85m @ 2.64g/t Au (from 99.55m) 4.45m @ 4.44g/t Au AS-26-784 5.95m @ 3.46g/t Au (from 3.80m) AS-26-785 5.40m @ 5.09g/t Au (from 18.00m) AS-26-787 97.50m @ 1.04g/t Au (from 554.65m) 17.00m @ 3.58g/t Au AS-26-788 49.95m @ 1.12g/t Au (from 623.15m) 3.75m @ 7.00g/t Au, and 14.60m @ 2.11g/t Au, and 1.00m @ 12.78g/t Au AS-26-792 9.10m @ 6.31g/t Au (from 123.40m) 4.00m @ 10.41g/t Au AS-26-793 5.65m @ 141.29g/t Au (from 148.15m) 0.5m @ 1,580g/t Au AS-26-794 9.50m @ 2.25g/t Au (from 178.00m) 3.00m @ 6.72g/t Au Notes to Table 1 1. Results for AS-26-778 and AS-26-779 were reported in the Company’s ASX announcement dated 27 March 2026. 2. Results for AS-26-779, AS-26-782, AS-26-784 and AS-26-785 were reported on 21 April 2026. 3. Results for AS-26-787, AS-26-788, AS-26-792, AS-26-793 and AS-26-794 were reported on 4 June 2026. Historical understanding Known Resource Gold confirmed High-grade shoots confirmed Continuity demonstrated Phase 2 drilling Engineering and economic evaluation Lac Gold Phase 1 drilling Visible gold confirmed Broad mineralised halos recognised Geological model strengthened Future Mineral Resource update PROGRESSIVE IMPROVEMENT IN GEOLOGICAL UNDERST ANDING Figure 9 – Lac Gold Board and management in a geology briefing, Val d’Or Québec Although considerable drilling remains, the results obtained during the year materially strengthened confidence in the Company’s geological interpretation and provide encouragement for future Mineral Resource growth. The results also support the potential for further down-plunge extensions of the Astoria mineralised system, providing encouraging scope for continued resource growth through future drilling. These drilling results progressively strengthened confidence in the Company’s geological interpretation. While individual high-grade intersections demonstrate the tenor of the system, equally important has been the recognition that these shoots occur within broader mineralised envelopes displaying encouraging continuity both along strike and at depth. ANNUAL REPORT 2026 LAC GOLD LIMITED 15
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PROGRESSIVE IMPROVEMENT IN GEOLOGICAL UNDERST ANDING From Resource to Gold System Perhaps the most important outcome of the Company’s maiden drilling program was not any individual drill intersection, but the progressive improvement in geological understanding. Each successive stage of drilling added another layer of evidence supporting the emerging interpretation of the Rouyn Gold Project as an increasingly coherent orogenic gold system with significant potential for further evaluation. The sequence of results demonstrated: • the presence of significant gold mineralisation; • the occurrence of visible gold and exceptionally high-grade shoots; • broad mineralised halos surrounding the higher- grade cores; • encouraging continuity along strike and down plunge at depth; and • an increasingly robust geological model capable of guiding future exploration. This growing understanding has reinforced management’s original investment thesis that Rouyn represents substantially more than an established Mineral Resource, with the results indicating a broader gold system with significant scope for further resource definition and technical advancement. Phase 2 Diamond Drilling Program The success of the Phase 1 drilling program provided sufficient confidence for the Company to immediately commence a second 15,000-metre diamond drilling program. The decision to move directly into Phase 2 reflected management’s increasing confidence in both the emerging geological model and the broader potential of the Rouyn Gold System. Where the initial program was principally directed towards testing and refining the geological interpretation and confirming continuity of mineralisation, Phase 2 is designed to expand the mineralised footprint at Astoria through systematic step-out drilling while progressively evaluating additional targets distributed along the broader Cadillac - Larder Lake Break corridor. This expansion reflects management’s growing confidence that the geological opportunity extends well beyond the currently defined Mineral Resource. The program is intended to provide additional geological and assay information for consideration in the next Mineral Resource update while continuing to refine the geological model that will underpin future engineering studies and project development. Systematically Reducing Project Risk Drilling was the Company’s principal operational activity during the year; however, significant progress was also made across environmental, engineering, permitting and stakeholder engagement workstreams. Collectively, these activities are designed to progressively reduce the technical and non-technical risks associated with the Rouyn Gold Project and establish the foundations required for future project development. The Company recognises that successful project development extends well beyond defining a Mineral Resource. Environmental stewardship, engineering, permitting and community engagement are integral components of responsible project advancement and have therefore progressed in parallel with exploration activities. These workstreams address different elements of project risk, including geological confidence, environmental knowledge, engineering definition, regulatory approvals and community relationships. Permitting and Regulatory The Company held the authorisations required for the exploration activities undertaken during the year. During the year, the Québec Government granted an Authorisation to Intervene, expanding the areas in which the Company may undertake approved exploration activities and providing access to additional priority targets. The Company will continue to work closely with provincial regulators to ensure exploration activities are undertaken in accordance with Québec’s high Figure 10 – Diamond drill rig set-up at the Rouyn Gold Project, Astoria project area, Québec, January 2026. OPERA TING REVIEW LAC GOLD LIMITED 16
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environmental and operational standards. Environmental and Engineering Studies During the year, the Company commenced planning for a comprehensive environmental work program to establish the baseline information required to support future project evaluation and permitting. A two-year environmental baseline program was planned in partnership with GCM Enviro Synergies. The program includes groundwater monitoring, hydrological investigations, surface water quality assessment, flora and fauna studies and the collection of seasonal environmental information. These studies will establish a comprehensive environmental dataset to support future engineering studies, permitting activities and project design. Norda Stelo was engaged to undertake a technical and development gap analysis for the Rouyn Gold Project. The study identified the geological, mining, metallurgical, infrastructure, environmental and permitting workstreams required to support future technical studies and project decision- making. It also provides a structured framework for prioritising technical investigations while ensuring environmental, community and regulatory considerations are incorporated into project planning from an early stage. Building on this work, Norda Stelo has commenced preliminary engineering and development studies to evaluate potential pathways for the future advancement of the Project. The objective is not to prematurely define a preferred development scenario, but to establish a disciplined program of work capable of supporting future mine design, processing assessments, infrastructure planning, cost estimation and economic evaluation as the geological model and Mineral Resource continue to evolve. Management continues to assess a range of potential development pathways, recognising that the Rouyn Gold Project is located within one of Canada’s most established gold mining districts. The presence of existing regional gold processing infrastructure provides flexibility to evaluate multiple development scenarios, including both standalone development and potential third-party processing opportunities as technical studies progress. Building the Technical Foundation One of the less visible, but equally important, achievements during the year has been the establishment of the technical framework that will underpin future project development. As drilling has progressed, geological observations, assay results, structural interpretations and historical information have been progressively incorporated into an integrated three-dimensional geological model. This evolving model provides an increasingly sophisticated understanding of the geometry and continuity of mineralisation while supporting future Figure 11 - (l to r) John Fitzgerald, Michelle Roth, Tara Robson, Martin Demers discuss the findings of Rouyn core logging ANNUAL REPORT 2026 LAC GOLD LIMITED 17
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Mineral Resource estimation, engineering studies and exploration targeting. The Company has also commenced evaluating the application of advanced digital technologies, including artificial intelligence, to assist with the integration and interrogation of historical exploration datasets. These technologies are intended to complement, not replace, the expertise of the Company’s geological team by accelerating data integration, identifying geological and spatial relationships and supporting target generation across the broader Rouyn Gold Project. Management believes the integration of modern geological techniques with the Project’s extensive historical dataset has the potential to materially enhance exploration efficiency and improve understanding of the broader gold system. Community and First Nations Engagement The Company believes that responsible project development is founded on open communication, mutual respect and the development of long-term relationships with First Nations, local communities and regional stakeholders. Throughout the year, the Company continued to strengthen these relationships as exploration activities commenced at the Rouyn Gold Project. Key initiatives included: • appointment of Ethos Stratégie to support stakeholder engagement and community relations across Québec; • ongoing engagement with the City of Rouyn- Noranda, including meetings with municipal representatives, local businesses and regional organisations; • continued engagement with the Abitibiwinni First Nation; • a public information session held in Granada prior to commencement of drilling; and • establishment of the Comité de suivi, with its inaugural meeting held in April 2026 to provide an ongoing forum for dialogue between the Company and community representatives. Management believes that early, transparent and respectful engagement is fundamental to responsible project development. By establishing strong relationships from the outset, the Company aims to build trust, encourage open communication and ensure local perspectives continue to inform the advancement of the Rouyn Gold Project. RESPECTFUL RELA TIONSHIPS Managing Director Andrew Stocks and Executive Director Matthew Keegan meeting with Sylvester Trapper of the Abitibiwinni First Nation as part of the Company’s ongoing engagement with First Nations communities COMMUNITY ENGAGEMENT Community information session held in Rouyn-Noranda, January 2026 ONGOING TRANSP ARENCY Community information meeting held in Granada, August 2026, subsequent to the end of the financial year the Company aims to build trust, encourage open communication OPERA TING REVIEW LAC GOLD LIMITED 18
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Figure 12 - Golden Patricia property integrated into the existing Pickle Lake Gold Project tenure, Ontario, Canada PICKLE LAKE GOLD PROJECT (ONT ARIO, CANADA) Building a Second Growth Platform Unlike Rouyn, where the immediate focus is systematic project advancement, Pickle Lake represents the Company’s longer-term discovery platform. Located within the Uchi Geological Subprovince of north- west Ontario, the Project comprises ~700 square kilometres of prospective greenstone terrane and hosts the Kasagiminnis JORC (2012) Inferred Mineral Resource of 790,000 tonnes at 4.3 g/t Au for 110,000 ounces, together with numerous advanced and early-stage exploration targets. Together, Rouyn and Pickle Lake provide a balanced portfolio comprising an advanced Mineral Resource and project-evaluation platform in Québec, supported by district-scale exploration and discovery opportunities in Ontario. Acquisition of the Golden Patricia Gold Mine A significant milestone during the year was the completion of the acquisition of the historic Golden Patricia Gold Mine from Lac Properties Inc., a subsidiary of Barrick Mining Corporation. The acquisition secured 100% ownership of the Golden Patricia Property and consolidated the Company’s position within the Pickle Lake Gold District through the addition of one of the region’s most significant historical gold mines. The transaction was completed without upfront cash consideration and comprised: • a 2% Net Smelter Return royalty in favour of Barrick Mining Corporation; and • the assumption of specified environmental obligations associated with the property. Management considers the acquisition highly complementary to the Company’s existing Pickle Lake landholding, providing immediate access to a substantial historical mining database, underground development information and a proven high-grade gold system. ANNUAL REPORT 2026 LAC GOLD LIMITED 19
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A Proven History of High-Grade Gold Production Golden Patricia operated between 1988 and 1997 and produced approximately 644,000 ounces of gold at an average head grade of 16.48 g/t Au 7. Operations ceased in 1997 during a period of low gold prices. The property encompasses the historic Golden Patricia vein, a quartz-sulphide vein system extending over at least 3.3 kilometres of strike. By consolidating ownership of the historic mine and surrounding tenure, the Company now controls contiguous tenure covering the historic mine and the surrounding prospective corridor that offers significant opportunities for modern exploration. Management believes the combination of historical production, extensive geological information and underexplored strike potential provides an attractive platform for future discovery. Unlocking Historical Knowledge One of the Company’s immediate priorities following completion of the acquisition has been preserving and unlocking the substantial body of historical geological and mining information associated with the Golden Patricia Mine. The Company sees considerable value in rebuilding the geological understanding accumulated over decades of exploration and mining. The objective is not simply to digitise historical records. It is to rebuild the geological and operational memory of the Golden Patricia Gold Mine by integrating decades of geological observations, underground mapping, mine planning and operational knowledge into a modern digital geological framework. Planning and work commenced on the systematic digitisation and integration of historical geological plans, drilling records, underground mapping, production information and technical reports into a comprehensive digital geological database. This work will enable historical information to be integrated with modern geological and mining software, three-dimensional modelling and emerging artificial intelligence tools, creating a technical foundation capable of supporting future exploration and target generation across the broader district. Management considers this historical knowledge base an important component of the value assets acquired through the transaction. Future Exploration Strategy Future work at Pickle Lake will focus on systematically integrating historical and modern geological information to identify high-priority exploration opportunities across the district. Planned activities include: • integration of historical geological, geophysical and mining datasets into a unified digital geological framework; • evaluation of advanced analytical and artificial intelligence tools to accelerate target generation; • assessment of down-plunge and along-strike extensions to the historic Golden Patricia vein system; • evaluation of parallel structures and regional exploration opportunities across the consolidated landholding; and • prioritisation of drill targets capable of supporting future exploration campaigns. Although Rouyn remains the Company’s immediate operational priority, management believes the Pickle Lake Gold Project provides an important long- term growth platform capable of generating future discoveries and enhancing shareholder value. Figure 13 – Matthew Keegan, Executive Director, at the Golden Patricia gold project, May 2026. 7 Ontario Geological Survey, Open File Report 5970. Report of Activities, 1997 Resident Geologist Program, Thunder Bay North Regional Resident Geologist’s Report: Thunder Bay North-Sioux Lookout Districts, 1998, p.30. Available at: https://prd-0420-geoontario-0000-blob-cge0eud7azhvfsf7.z01.azurefd.net/lrc- geology-documents/publication/OFR5970/OFR5970.pdf OPERA TING REVIEW LAC GOLD LIMITED 20
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First Nations and Community Relationships The Company is committed to developing respectful, transparent and enduring relationships with the First Nations communities connected with the Pickle Lake Gold Project. As exploration activities advance, Lac Gold will continue to engage with the Cat Lake First Nation, Slate Falls Nation and Mishkeegogamang Ojibway Nation while maintaining open dialogue with regional stakeholders throughout the district. The Company recognises that responsible exploration extends beyond technical success and is committed to building partnerships that support the long-term and sustainable development of its projects. OUTLOOK A Disciplined Path Forward The 2026 financial year established the foundations of Lac Gold as a Canadian-focused gold exploration and development company. During the year, the Company transformed its asset base through the acquisition of the Rouyn Gold Project, strengthened its long-term growth pipeline through the acquisition of the Golden Patricia Gold Mine, commenced systematic exploration at Rouyn and initiated the environmental, engineering and stakeholder engagement workstreams required to support future project evaluation and advancement. As the Company enters the 2027 financial year, these activities continue to build momentum. At the Rouyn Gold Project, the immediate priority remains the systematic advancement of the Project through continued drilling and technical evaluation. Phase 2 diamond drilling is well underway and will continue to test extensions to known mineralisation while improving the Company’s understanding of the broader gold system. As additional drilling information becomes available, the geological model will continue to evolve, supporting future Mineral Resource updates and providing an increasingly robust technical foundation for engineering and economic studies. In parallel with exploration, the Company will continue to advance environmental baseline studies, engineering investigations, metallurgical test work and permitting activities. These workstreams are intended to progressively reduce project risk and provide the technical information necessary to evaluate future development alternatives. At the Pickle Lake Gold Project, work will focus on integrating historical exploration and mining information, advancing the digitisation of the Golden Patricia geological archive and identifying high-priority exploration opportunities across the Company’s district-scale landholding. While Rouyn remains the Company’s primary operational focus, management believes Pickle Lake represents an important long- term growth platform capable of delivering future discoveries. The Company will also continue to strengthen relationships with First Nations, local communities, government agencies and regional stakeholders. Responsible project development requires open communication, transparency and trust, and management remains committed to ensuring these principles continue to guide the Company’s activities. Throughout the coming year, the Company will maintain a disciplined approach to capital allocation. Investment decisions will continue to be guided by technical merit, strategic value and the objective of creating long- term shareholder value through responsible project advancement. The Board recognises that creating long-term shareholder value requires more than exploration success alone. It requires disciplined technical work, prudent capital management, responsible environmental stewardship and the development of trusted relationships with the communities in which the Company operates. These principles have guided the Company’s activities throughout the year and will continue to shape its decision-making as it advances both the Rouyn and Pickle Lake Gold Projects. Lac Gold is building a company designed to create enduring value through the systematic advancement of high-quality Canadian gold assets. The Board believes the progress made during the year has established a strong foundation for the next phase of that journey. Figure 14 – Community information session held in Rouyn-Noranda, January 2026 ANNUAL REPORT 2026 LAC GOLD LIMITED 21
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Competent Person’s Statement Rouyn Gold Project MRE The information in this report that relates to Mineral Resources for the Rouyn Gold Project has been extracted from the ASX announcement titled “Ardiden and Lac Gold to Create a Leading Canadian Gold Exploration and Development Company” released on 10 October 2025 and available at www.asx.com.au. Lac Gold Limited confirms that it is not aware of any new information or data that materially affects the information included in that announcement, and that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed. Lac Gold Limited also confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from that announcement. Competent Person’s Statement Pickle Lake Project MRE The information in this report that relates to the mineral resources of Lac Gold Limited has been extracted from the ASX announcement titled “Maiden High-Grade Gold Resource at Pickle Lake” released on 10 September 2019 and available at www.asx.com.au. Lac Gold Limited confirms that it is not aware of any new information or data that materially affects the information included in that announcement, and that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed. Lac Gold Limited also confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from that announcement. Competent Person’s Statement - Exploration Results The information in this report that relates to Exploration Results for the Rouyn Gold Project has been extracted from the ASX announcements released on 27 March, 21 April, 29 April, 4 June and 29 June 2026 and which are available at www.asx.com.au. Lac Gold Limited confirms that it is not aware of any new information or data that materially affects the information included in those announcements, and that all material assumptions and technical parameters underpinning the estimates in those announcements continue to apply and have not been materially modified. Lac Gold Limited also confirms that the form and context in which the Competent Person’s findings are presented have not materially modified from that announcement. Historical Production Disclosure The historical production information in this report is historical in nature and has not been independently verified by the Company. It does not constitute a Mineral Resource or Ore Reserve reported in accordance with the JORC Code (2012), and should not be relied upon as such. MINERAL RESOURCE ESTIMA TES (JORC 2012) Table 2 – Rouyn Gold Project Mineral Resource Estimate (JORC 2012) April 2025 Indicated Inferred Total Astoria1 Tonnage (Mt) Grade (g/t) Gold Ounces (koz) Tonnage (Mt) Grade (g/t) Gold Ounces (koz) Tonnage (Mt) Grade (g/t) Gold Ounces (koz) Ultramafic 2.9 3.16 293 3.7 3.28 386 6.5 3.23 679 Argillite 0.5 3.88 60 0.4 4.56 51 0.8 4.17 112 Sub-Total 3.4 3.27 353 4.0 3.40 437 7. 4 3.34 791 Augmitto-Cinderella2 Tonnes Grade (g/t) Ounces Tonnes Grade (g/t) Ounces Tonnes Grade (g/t) Ounces Ultramafic 1.9 3.54 214 1.0 2.94 94 2.9 3.33 308 Argillite 0.1 2.62 10 0.4 3.73 43 0.5 3.45 53 Sub-Total 2.0 3.48 224 1.4 3.15 137 3.4 3.35 361 LAC Gamble3 Tonnes Grade (g/t) Ounces Tonnes Grade (g/t) Ounces Tonnes Grade (g/t) Ounces Ultramafic 3.7 3.27 391 1.0 2.73 84 4.7 3.16 475 Argillite 0.1 2.31 8 0.3 3.22 31 0.4 2.98 39 Sub-Total 3.8 3.24 398 1.3 2.85 116 5.1 3.14 514 Rouyn Gold Project Total 9.2 3.30 976 6.6 3.24 690 15.8 3.28 1,666 Kasagiminnis (Pickle Lake) - - - 0.8 4.3 110 0.8 4.3 110 Notes: Due to the effects of rounding, totals may not represent the sum of all components. Refer to Appendix 1 (JORC Table 1) of the accompanying company announcement for further details on the Mineral Resource Estimates Rouyn Gold Project Compiled from 1,460 drill holes for a total of 190,622m. Resource estimated by ERM using US$2,200 gold price and various crown pillar assumptions. Cut-off grades – Ultramafic: 1.72g/t, Argillite: 2.07g/t Rouyn Gold Project Recovery Assumptions 1 Astoria assumes 96% recovery for Ultramafic and 80% recovery for Argillite 2 Augmitto-Cinderella assumes 96% recovery for Ultramafic and 90% recovery for Argillite 3 LAC Gamble assumes 96% recovery for Ultramafic and 80% recovery for Argillite OPERA TING REVIEW LAC GOLD LIMITED 22
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The financial results of the Group for the financial year ended 30 June 2026 are set out below. Comparative figures are for the year ended 30 June 2025 (Ardiden Limited, pre-merger). The year ended 30 June 2026 includes the consolidated results of Lac Gold Holdings Pty Ltd (LG1), as a wholly-owned subsidiary from 4 December 2025 onwards; results are therefore not directly comparable to the prior year. 30 June 2026 30 June 2025 % Change Net loss after tax (A$) (4,186,463) (1,373,582) 204.8% Loss per share (cents) (0.028) (0.02) 40.1% Cash and cash equivalents (A$) 13,341,910 11,436,941 16.7% Net Assets (A$) 66,879,567 30,489,005 119.4% The net loss for the year reflects the transition of the Company from a single asset, early-stage exploration company to an active Canadian gold exploration and evaluation group, with costs associated with the Rouyn drilling program, merger transaction costs, expanded corporate overheads, and interest on the Lac Gold C$20 million promissory note. The Company held cash and cash equivalents of $13.3M up from A$11.4M as a result of the $10M placement completed in conjunction with the merger with LG1 in December. The net assets increased for the year by $36M reflecting the acquisition of LG1. Acquisition of LG1 The Company issued 101,388,889 shares as consideration to shareholders in LG1 (0.891 fully paid share for every 1 LG1 share held). In conjunction with the merger, the Company successfully completed a placement of 50,000,000 shares at A$0.20 per share. The acquisition of LG1 included a vendor financing arrangement, structured as a C$20 million Promissory Note dated 10 December 2024. The note carries an annual interest rate of 5%, payable in arrears, and is secured against the Rouyn Gold Project. Principal repayments are scheduled in three equal instalments of approximately C$6.67 million, due 24, 36, and 48 months from the issue date—falling in December 2026, 2027, and 2028, respectively. The arrangement was retained as part of the merged group’s capital structure, providing non- dilutive leverage and preserving capital for near-term exploration and development initiatives. CHANGES IN EQUITY Shares During the year, 101,388,889 shares were issued as consideration to LG1 shareholders on completion of the merger, and 50,000,000 shares were issued at A$0.20 per share under the placement completed in December 2025. A further 1,000,000 shares were issued pursuant to the exercise of options. Options and Performance Rights 20,000,000 performance rights were issued to directors and key management pursuant to shareholder approval at the AGM on 26 November 2025. A number of legacy options remained on issue at the beginning of the financial year, with 1,047,092 options expiring without exercise during the year in accordance with their terms. Summary of Financial Performance ANNUAL REPORT 2026 LAC GOLD LIMITED 23
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The issued capital and securities on issue at the date of this report are as follows: Class Code Holder Description Quantity ORD Ordinary Fully Paid Shares 214,906,395 ADVAI Employees Options expiring 13-Jun-2027 ex $0.43 174,418 ADVAJ Consultant Options expiring 14-Jun-2027 ex $0.301 46,511 ADVAK Directors Option expiring 26-Mar-2029 ex $0.20 2,000,000 ADVAL Directors Performance Rights Various 20,000,000 Forward-Looking Statements: This report contains forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance and achievements to differ materially from those expressed or implied by such statements. Forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied. No assurance can be given that future studies or evaluations will support development of the Rouyn or Pickle Lake Gold Projects or that anticipated outcomes will be achieved. Readers are cautioned not to place undue reliance on forward-looking statements. F ACTORS AND RISKS AFFECTING FUTURE PERFORMANCE LIKEL Y DEVELOPMENTS AND EXPECTED RESULTS Lac Gold will continue the exploration and evaluation activities described in the Review of Operations, with its principal focus on drilling, geological interpretation, environmental baseline studies and technical evaluation at the Rouyn Gold Project. The Group will also continue to integrate and evaluate historical geological and mining information across the Pickle Lake Gold Project, including the Golden Patricia Property. The material business risks faced by the Group that are likely to impact the financial prospects of the Group, are: Exploration Risk Mineral exploration and development are high-risk undertakings, and there is no assurance that exploration of the tenements will result in the discovery of an economic deposit. Even if an apparently viable deposit is identified there is no guarantee that it can be economically exploited. Lac Gold’s future exploration activities may be affected by a range of factors including geological conditions, limitations on activities due to permitting requirements, availability of appropriate exploration equipment, exploration costs, seasonal weather patterns, unanticipated operational and technical difficulties, industrial and environmental accidents, and many other factors beyond the control of the Company. Certain parts of the Group’s Ontario portfolio are located in remote areas and may present logistical, seasonal and workforce challenges. The Rouyn Gold Project is located close to established infrastructure and services, although its activities remain exposed to normal exploration, operational, environmental and permitting risks. Tenure Lac Gold’s mining claims are subject to periodic renewal. The renewal of the claims is subject to compliance with the applicable mining acts and regulations of Québec and Ontario. Renewal conditions may include application of previous assessment credits, increased expenditure and/or work commitments. The imposition of new conditions or the inability to meet those conditions may adversely affect the operations, financial position and/or performance of the Company. SUMMARY OF FINANCIAL PERFORMANCE LAC GOLD LIMITED 24
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First Nations and Indigenous Claims Lac Gold’s projects may now or in the future be the subject of First Nations or indigenous land claims, treaty land entitlement selections, or claims for breach or infringement of Treaty or Aboriginal rights. The project areas are within lands covered by Numbered Treaties between Canada and various First Nations. Other Indigenous groups, such as Métis may also have land claims and claims for breach of Aboriginal rights. First Nations and Métis groups may assert Crown consultation obligations prior to approvals being granted and that free prior and informed consent is required, prior to mining occurring. Such consultation, as well as other rights of Aboriginal people, may require that certain accommodations, including with respect to employment, and impact and benefit agreements may be agreed in future periods. This may affect the ability to acquire effective mineral titles in these jurisdictions within a reasonable timeframe, and may affect the development schedule and costs of mineral properties. The legal nature of First Nations and Métis land claims and Indigenous rights is a matter of considerable complexity. Future capital needs Further funding will be required by the Group to support its ongoing activities and operations. There can be no assurance that such funding will be available on satisfactory terms or at all. As an exploration entity, the Company is reliant on raising funds from investors in order to continue to fund its operations and to scale growth. Although the Directors believe that additional capital can be obtained, no assurances can be made that appropriate capital or funding, if and when needed, will be available on terms favourable to the Company or at all. If the Company is unable to obtain additional financing as needed, the Company may be required to reduce the scope of its activities, which could have a material adverse effect on the Company’s activities and could affect the Company’s ability to continue as a going concern. The Company may also undertake additional offerings of securities in the future which may have a depressive effect on the price of the Company’s shares and the voting power of the Company’s existing shareholders will be diluted. General market risks The Company is exposed to general market and economic condition risks including adverse changes in levels of economic activity, inflation, exchange rates, interest rates, commodity prices, government policies, employment rates and industrial disruption. The Company’s asset values and share price can be affected by these factors, and in particular exchange rate movements. ANNUAL REPORT 2026 LAC GOLD LIMITED 25
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Directors’ Report Your Directors present their report for Lac Gold Limited, formerly Ardiden Ltd (“Lac Gold”, or the “Company”) and its controlled entities (‘Consolidated Entity’ or ‘Group’) for the financial year ended 30 June 2026. The Operating and Financial Review is incorporated by reference and can be found on pages 5-25 of this Annual Report. BOARD OF DIRECTORS The names of the Directors of the Company in office during the financial year and up to the date of this report are as follows. Directors were in office for the entire period unless otherwise stated. Directors Position Ian Hume Independent Non-Executive Chair (Appointed 4 December 2025) Andrew Stocks Managing Director (Appointed 4 December 2025) Matthew Keegan Executive Director (Appointed 4 December 2025) Tara Robson Executive Director (Appointed 4 December 2025) Michelle Roth Independent Non-Executive Director (Chair until 4 December 2025) Jeremy Robinson Non-Executive Director Douglas Jendry Independent Non-Executive Director (Resigned 4 December 2025) QUALIFICA TIONS, EXPERIENCE AND SPECIAL RESPONSIBILITIES Ian Hume (Independent Non-Executive Chair) (Appointed 4 December 2025) Mr Ian Hume has decades of experience in the resources industry, with expertise in managed fund investments, capital raising, and project development. He was a Founding Partner of The Sentient Group, a private equity manager focused on global natural resource investments and previously consulted to AMP’s Private Capital Division. Mr Hume was also a director of Andean Resources prior to its US$3.5 billion acquisition by Goldcorp. Other directorships in listed companies in the last 3 years: • Non-executive Director – Iron Road Limited (ASX:IRD) (27/2/09 - present) Andrew Stocks (Managing Director) BE, Grad Dip Bus (Appointed 4 December 2025) Mr Stocks is a mining engineer with over 35 years’ experience in mining operations, project development and corporate leadership across the gold and iron ore sectors. He has held senior operational and executive roles, including Vice President of Operations at Crew Gold Corporation, where he oversaw the development of the Nalunaq gold mine in Greenland. He was a founder and Managing Director of Lac Gold Holdings Pty Limited (LGH) prior to its merger with the Company. Other directorships in listed companies in the last 3 years: Nil Matthew Keegan (Executive Director) BAppSci, Geology (Appointed 4 December 2025) Mr Keegan is a geologist with more than 30 years of experience across operational, corporate and investment roles in the resources sector. He has held senior positions with Rio Tinto, Barrick and Western Mining Corporation, and previously worked as a senior mining analyst at AME Mineral Economics. Mr Keegan was the founder and Executive Chairman of CoalMont Pty Ltd, a founding director of Iron Road Ltd (ASX:IRD), and an Investment Manager at The Sentient Group. He was also a co-founder and director of Lac Gold Holdings prior to its merger with the Company. Other directorships in listed companies in the last 3 years: Nil DIRECTORS’ REPORT LAC GOLD LIMITED 26
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Tara Robson (Executive Director/Secretary), GAICD, FGIA, BA Accounting, CPA (USA, Inactive) (Appointed 4 December 2025) Ms Robson brings more than 30 years of experience across the listed small- to mid-cap resources sector, having held senior leadership roles with Sipa Resources, Brockman Resources and Anvil Mining Limited. She has deep expertise in equity and project financing, strategic joint ventures, royalty structures, and the acquisition and divestment of mineral assets. Her career spans a broad range of commodities and jurisdictions, supported by direct listing and compliance experience on the ASX, TSX and HKEX. Ms Robson served as CEO of the Company prior to its merger with Lac Gold Holdings Pty Ltd, providing continuity of leadership and governance through the transaction. Other directorships in listed companies in the last 3 years: Nil Michelle Roth (Independent Non-Executive Director) MBA Finance, BA Hons (Appointed 10 January 2022) Ms Roth is an entrepreneur and business leader who founded New-York headquartered Roth Investor Relations in 1987. She successfully expanded this global consulting business through multiple investment cycles by formulating comprehensive shareholder engagement solutions for a worldwide client base. Her mining clients have operated mines or explored in North America, Australia, Africa, Europe and South America for gold, silver, platinum, copper, nickel, and diamonds. Ms. Roth had served as Mayor, Deputy Mayor and Planning Board Chairperson of Manalapan Township, New Jersey. She earned her MBA in Finance from Fordham University and her BA Cum Laude in Political Science with a minor in Economics from the State University of New York at Albany. Other directorships in listed companies in the last 3 years: • Non-executive Chair, & Audit Committee Chair - Maple Gold Mines (TSX.V: MGM) (10/11/20 – 31/8/25) • Non-executive Director – Velocity Minerals Ltd (TSX.V: VLC) (2/10/23 – present) Jeremy Robinson (Non-Executive Director) BCom Mr Robinson has 20 years of experience across the resources sector, including executive leadership and business development roles. He is the principal of Churchill Strategic Investments Group and holds a number of board and executive positions within the listed resources sector. Other directorships in listed companies in the last 3 years: • Non-executive Chair – RareX Limited (27/9/19 – present) • Executive Chair – Cosmos Exploration Limited (22/3/21 – present) • Non-executive Director – BBX Minerals Limited (24/8/23 – present) • Non-executive Chair - Brazilian Critical Minerals (24/8/23 – present) • Non-executive Director – Mont Royal Resources (8/11/23 – present) • Non-executive Director – Kincora Limited (14/12/23 – 18/11/25) Doug Jendry (Non-Executive Director) (Resigned 4 December 2025) Mr Jendry has over 30 years of international experience in mining and capital markets. He has been involved as an executive and non-executive director for several mining companies with particular focus on companies listed in Australia and London, including past chair of Capricorn Metals and Talon Energy. He is a technical consultant to the Nero Resource Fund, a Perth based emerging small resource fund investing in companies listed on Australian, UK and Canadian exchanges. Other directorships in listed companies in the last 3 years: • Non-executive Chair – Emperor Energy (22/4/25 – present) • Non-executive Director - IPB Petroleum (20/3/24 – 1/8/25) ANNUAL REPORT 2026 LAC GOLD LIMITED 27
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EXECUTIVE MANAGEMENT John Fitzgerald (CFO) MBA, GradDipBus, FFA (UK) (Appointed 5 January 2026) Mr Fitzgerald is a finance executive with over 20 years of experience in the resources sector, with deep expertise in financial management, capital allocation, and corporate strategy. He has held senior finance and commercial roles with Indiana Resources Limited (ASX: IDA) and Saracen Mineral Holdings (ASX 100), as well as serving as Chief Financial Officer of a privately owned resource investment company. Mr Fitzgerald has extensive experience across capital raisings, debt financing, and cross-border financial and tax management, and has worked with complex insurance and contractual frameworks supporting international operations. INTEREST IN SHARES, RIGHTS AND OPTIONS As at the date of this report, the interests of the directors in the shares, performance rights and options of Lac Gold Limited were as follows: Number of Ordinary Shares Number of Options over Ordinary Shares Number of Performance Rights over Ordinary Shares I Hume 1,940,939 - 2,000,000 A Stocks 9,159,393 - 6,000,000 M Keegan 38,000,000 - 6,000,000 T Robson 79,484 174,418 2,000,000 M Roth 145,894 1,000,000 2,000,000 J Robinson 9,000,000 1,000,000 2,000,000 MEETINGS OF DIRECTORS The number of meetings of directors held during the year and the number of meetings attended by each director were as follows: Full meetings of directors attended/ eligible to attend Number of meetings 7 I Hume 3/4 A Stocks 4/4 M Keegan 4/4 T Robson 4/4 M Roth 7/7 J Robinson 5/7 D Jendry 3/3 CORPORA TE STRUCTURE Lac Gold Limited is a limited liability company that is incorporated and domiciled in Australia. Lac Gold Limited has prepared a consolidated financial report incorporating the entities that it controlled during the financial year (the “Group”) as follows: Lac Gold Limited (formerly Ardiden) Parent Entity Ardiden Canada Ltd 100% owned and controlled entity Lac Gold Holdings Pty Ltd 100% owned and controlled entity (effective 4 December 2025) Lac Gold (Rouyn) Inc 100% owned and controlled entity (effective 4 December 2025) DIVIDENDS No dividends were declared or paid during the year and no recommendation is made as to dividends. DIRECTORS’ REPORT LAC GOLD LIMITED 28
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SIGNIFICANT CHANGES IN THE ST A TE OF AFF AIRS In the opinion of the Directors, there were no other significant changes in the state of affairs of the Consolidated Entity that occurred during the financial year under review not otherwise disclosed in this report or in the financial report. EVENTS SUBSEQUENT TO REPORTING DA TE No additional matters or circumstances have arisen, since the end of the financial year, which significantly affected, or may significantly affect, the operations of the Group, the results of those operations, or the state of affairs of the Group in subsequent financial years. REMUNERA TION REPORT (AUDITED) The information in this section of the Directors’ Report has been audited. This report outlines the remuneration arrangements in place for Key Management Personnel (KMP) of the Group in accordance with the requirements of the Corporations Act 2001 and its Regulations. For the purposes of this report, KMP of the Group includes Non-Executive Directors and those Executives with authority and responsibility for planning, directing, and controlling the major activities of the Group. The details of the KMP during the year are as follows: Directors Position Term as KMP Ian Hume Independent Non-Executive Chair 4 December 2025 - present Andrew Stocks Managing Director 4 December 2025 - present Matthew Keegan Executive Director 4 December 2025 - present Tara Robson CEO to 4 December 2025 Executive Director from 4 December 2025 Full financial year Michelle Roth Independent Non-Executive Director Full financial year Jeremy Robinson Non-Executive Director Full financial year Douglas Jendry Independent Non-Executive Director 1 July 2025 – 4 December 2025 REMUNERA TION AND NOMINA TION COMMITTEE The Board has determined that, given the size of the organisation, remuneration and nomination activities will be undertaken by the Board as a whole rather than by a dedicated committee. The Board reviews and determines remuneration policy annually and maintains the relevant committee charters to ensure all required activities are undertaken. Charters are available on the Company website. REMUNERA TION POLICY The Company ensures key management personnel are fairly compensated having regard to individual and business performance and comparable market remuneration. Independent external advice is sought when required; none was obtained in the current financial year. Executive and non-executive director remuneration structures are separate and distinct, as summarised below. ANNUAL REPORT 2026 LAC GOLD LIMITED 29
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EXECUTIVE REMUNERA TION Objective The Executive Remuneration Policy aims to: • align executive and shareholder interests; • motivate executives to pursue the Company’s strategic objectives; • drive performance through both short term and longer-term objectives; • ensure simplicity, transparency and reasonableness; and • support appropriate attraction and retention of executives. Fixed Remuneration Fixed remuneration comprises base salary plus superannuation, reviewed annually by the Board having regard to Company and individual performance. Market comparisons are made periodically through salary surveys, recruitment activity and may engage external consultants when required. No external review was undertaken during the year. Short Term Incentives (STI) STIs align eligible employees’ interests with shareholders. Performance measures include financial and non- financial criteria, assessed annually. STIs may be paid in cash or securities at the Board’s discretion. An STI of $97,500 was paid to T Robson during the year, reflecting the strategic achievement for the merger with Lac Gold Holdings Pty Ltd, and ESG objectives determined in the previous financial year. Long Term Incentives (LTI) The Company’s LTI plan is designed to support retention and encourage long term value creation for key employees. LTIs granted to executives are delivered in the form of performance rights (Incentives). These Incentives are issued with performance conditions that include financial and non-financial measures. The measures and quantum are determined by the Board at the time of issue and generally vest over a selected period with vesting also tied to the performance conditions. The quantum of LTI granted is dependent on the Company’s recent share price performance, the seniority of the Executive and responsibilities the Executive assumes in the Company. LTIs issued to related parties require shareholder approval. DIRECTORS’ REPORT LAC GOLD LIMITED 30
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In conjunction with the merger, performance rights were issued to all directors. Performance rights issued to Non-Executive Directors are subject to share price hurdles only reflecting their non-executive roles. The following performance rights were issued during the year: Tranche Performance Condition Expiry Number Holder A The Company announcing a mineral resource (in the inferred, indicated and/or measured categories) on the Rouyn Project in excess of 2.0 million ounces of Gold at a grade of no less than 3.0 g/t. 22 Jan 2027 1,000,000 A Stocks 1,000,000 M Keegan B The Company announcing a mineral resource (in the inferred, indicated and/or measured categories) on the Rouyn Project in excess of 2.5 million ounces of Gold at a grade of no less than 3.0 g/t. 22 Jan 2028 1,000,000 A Stocks 1,000,000 M Keegan C The Company announcing a scoping study, which has been verified by an independent third party, showing a positive net present value in respect of one or more of the projects owned by the Company. 22 Jan 2028 600,000 A Stocks 600,000 M Keegan D The Company’s shares achieving a volume weighted average price (VWAP) per share of $0.50 or more calculated over any 30 consecutive trading days on which trades in the shares are recorded on ASX. 22 Jan 2027 1,000,000 A Stocks 1,000,000 M Keegan 1,000,000 I Hume 1,000,000 T Robson 1,000,000 M Roth 1,000,000 J Robinson E The Company’s shares achieving a VWAP per share of $0.75 or more calculated over any 30 consecutive trading days on which trades in the shares are recorded on ASX. 22 Jan 2029 1,200,000 A Stocks 1,200,000 M Keegan 1,000,000 I Hume 1,000,000 T Robson 1,000,000 M Roth 1,000,000 J Robinson F The Board approving a final investment decision to commence mining operations and the Company being granted a mining lease in respect of one or more of the projects owned by the Company. 22 Jan 2029 1,200,000 A Stocks 1,200,000 M Keegan Assessing performance and claw-back of remuneration The Board is responsible for assessing performance against KPIs and determining STI and LTI outcomes, supported by detailed reports from management and/or external parties based on independently verifiable data including financial measures, market data and survey results. In the event of serious misconduct or a material misstatement in the Company’s financial statements, the Board may cancel, defer or claw back performance-based remuneration, including amounts paid in prior financial years. ANNUAL REPORT 2026 LAC GOLD LIMITED 31
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Link between remuneration and performance The relationship between remuneration and performance is outlined in each remuneration element above. As illustrated below, share price movement is not directly correlated with net profit or loss: As at 30 June 2026 2025 2024 2023 2022 Net (loss)/profit per year ended (4,186,463) (1,373,582) ($10,194,062) $15,749,330 $2,866,236 Earnings/(Loss) per share (cents) (0.028) (0.02) (0.163) 0.59 0.12 Share price (cents per share) $0.34 $0.145 $0.125 $0.007 $0.007 NON-EXECUTIVE DIRECTOR REMUNERA TION Objective Non-Executive Directors are remunerated at market rates commensurate with their responsibilities, with the aim of retaining a high-quality Board with the skills mix to optimise Company performance. The Non-Executive Director remuneration policy aims to: • attract and retain appropriately qualified and experienced directors; • remunerate directors fairly having regard to their responsibilities and leadership role; • drive long-term strategy and alignment with shareholders; and • promote independence and impartial decision-making by not linking fees directly to Company results. Structure Non-executive director fees comprise fixed base fees at market rates. There are no separate committee fees or retirement benefits. Base fees are reviewed regularly by the Board having regard to comparable remuneration levels and an aggregate fee pool approved by shareholders. The current pool limit is $350,000, as approved by members on 29 November 2022. During the year, $209,261 of the pool was utilised. The base fees, inclusive of superannuation, for the year are as follows: Base fees $ Chair 75,000 per annum Non-Executive Director 65,000 per annum Base fees are not linked to Company results. However, to conserve cash, the Board may from time to time supplement fees with equity-based incentives, subject to shareholder approval in accordance with ASX Listing Rules. During the current year, each Non-Executive Director received 2,000,000 Performance Rights on this basis. DIRECTORS’ REPORT LAC GOLD LIMITED 32
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Employment contracts with key management personnel Contract with Andrew Stocks, Managing Director Salary: Mr Stocks is entitled to $412,000 per annum fixed remuneration, plus $30,000 superannuation and leave entitlements. STI: The Executive may be entitled to a STIP to be determined by the Board at a future date. LTI: 6,000,000 performance rights with terms and conditions as outlined in the table on page 36. Term: Ongoing until terminated. Termination: The Agreement may be terminated by the Company providing 6 months written notice. The Agreement may be terminated by A Stocks by providing 3 months written notice. The Company may choose to make a payment in lieu of such notice calculated on the base salary. The Company may terminate the Agreement without notice if Mr Stocks commits a serious breach of the Agreement or otherwise engages in conduct that would justify a decision to terminate this agreement without notice. Contract with Matthew Keegan, Executive Director Salary: Mr Keegan is entitled to $412,000 per annum fixed remuneration, plus $30,000 superannuation and leave entitlements. STI: The Executive may be entitled to a STIP to be determined by the Board at a future date. LTI: 6,000,000 performance rights with terms and conditions as outlined in the table on page 36 Term: Ongoing until terminated. Termination: The Agreement may be terminated by the Company providing 6 months written notice. The Agreement may be terminated by M Keegan by providing 3 months written notice. The Company may choose to make a payment in lieu of such notice calculated on the base salary. The Company may terminate the Agreement without notice if Mr Keegan commits a serious breach of the Agreement or otherwise engages in conduct that would justify a decision to terminate this agreement without notice. Contract with Tara Robson, Executive Director and Company Secretary Salary: Ms Robson is entitled to $260,000 per annum fixed remuneration, plus superannuation and leave entitlements. STI: Up to 34% of the fixed remuneration per each completed financial year. LTI: Annual grant of long term incentives as approved by the Board satisfied by the issuance of 2,000,000 performance rights with terms and conditions as outlined in the table on page 36 Term: Ongoing until terminated. Termination: The Agreement may be terminated by either party by providing 3 months written notice to the other party. The Company may choose to make a payment in lieu of such notice. The Company may terminate the Agreement without notice if Ms Robson commits a serious breach of the Agreement or otherwise engages in conduct that would justify a decision to terminate this agreement without notice. ANNUAL REPORT 2026 LAC GOLD LIMITED 33
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Contract with John Fitzgerald, Chief Financial Officer Salary: Mr Fitzgerald is entitled to $300,000 per annum fixed remuneration, plus $30,000 superannuation and leave entitlements. STI: The Executive may be entitled to a STIP to be determined by the Board at a future date. LTI: The Executive may be entitled to a LTIP to be determined by the Board at a future date. Term: Ongoing until terminated. Termination: The Agreement may be terminated by either party by providing 3 months written notice to the other party. The Company may choose to make a payment in lieu of such notice. The Company may terminate the Agreement without notice if Mr Fitzgerald commits a serious breach of the Agreement or otherwise engages in conduct that would justify a decision to terminate this agreement without notice. Remuneration Details of the remuneration of each key management personnel of the Company, including their personally related entities, during the year are as follows: Short-term employee benefits Termi- nation benefits Long- term employee benefits Post- employ- ment benefits Share based payments Total $ Percentage of remu- neration consisting of options for the year % Salary & fees $ Non- Monetary Benefits $ Annual leave $ Short Term Incentives $ LSL $ Super- annuation $ Options & rights $ 30-Jun-26 Non-Executive Directors I Hume(i) 38,522 - - - - - 4,623 110,758 153,903 72.0% M Roth 73,333 - - - - 110,758 184,091 60.2% J Robinson 58,036 - - - - - 6,964 110,758 175,758 63.0% D Jendry(ii) 24,806 - - - 2,977 - 27,783 0.0% Executives A Stocks(i) 237,011 - 25,889 - - 2,485 18,000 449,307 732,692 61.3% M Keegan(i) 237,011 - 25,889 - - 2,485 18,000 449,307 732,692 61.3% T Robson 260,000 - (794) 97,500 - 6,239 31,200 123,558 517,703 23.9% J Fitzgerald(iii) 144,219 - 8,079 - - 1,531 17,306 - 171,135 0.0% Total 1,072,938 - 59,063 97 ,500 - 12,740 99,070 1,354,446 2,695,757 30-Jun-25 Non-Executive Directors M Roth 85,000 - - - - - - 43,000 128,000 33.6% J Robinson 58,296 - - - - - 6,704 43,000 108,000 39.8% D Jendry 58,296 - - - - - 6,704 43,000 108,000 39.8% Executives T Robson 260,000 - (996) 59,596 - 5,317 36,754 27,383 388,054 7.06% Total 461,592 - (996) 59,596 - 5,317 50,162 156,383 732,054 (i) Appointed 4 December 2025. (ii) Resigned 4 December 2025. (iii) Appointed 5 January 2026. DIRECTORS’ REPORT LAC GOLD LIMITED 34
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Performance based remuneration granted and forfeited during the year The following tables shows for each KMP how much of their STI bonus was awarded and how much was forfeited. It also shows the value of options that were granted, exercised, and forfeited during the year. Total STI bonus (Cash) LTI Options Total Opportunity $ Awarded $ Value Granted(i) $ Forfeited $ Value Exercised $ 30-Jun-26 Non-Executives I Hume - - 110,758 - - M Roth - - 110,758 - - J Robinson - - 110,758 - - D Jendry(ii) - - - - 43,000 Executives A Stocks - - 449,307 - - M Keegan - - 449,307 - - T Robson 97,500 97,500 123,558 (54,979) - Total 97 ,500 97 ,500 1,354,446 (54,979) 43,000 30-Jun-25 Non-Executives M Roth - - 43,000 - - J Robinson - - 43,000 - - D Jendry - - 43,000 - - Executives T Robson 66,450 66,450 27,383 - - Total 66,450 66,450 156,383 - - (i) The value granted includes share based payment expense incurred in the current year. (ii) Resigned 4 December 2025. Terms and conditions of the share-based payment arrangements The terms and conditions of each grant of options and performance rights affecting remuneration in the current or a future reporting period are as follows: Grant Date Vesting Date Exercise Date Expiry Price Exercise Price Value per option at grant date Performance achieved Vested % 14/6/23 Options 14/6/26 N/A 14/6/27 $0.43 $0.2150 N/A 100% 4/12/25 Tranche A See below N/A 22/1/27 NIL $0.295 N/A 0% 4/12/25 Tranche B See below N/A 22/1/28 NIL $0.295 N/A 0% 4/12/25 Tranche C See below N/A 22/1/28 NIL $0.295 N/A 0% 4/12/25 Tranche D See below N/A 22/1/27 NIL $0.149 N/A 0% 4/12/25 Tranche E See below N/A 22/1/29 NIL $0.186 N/A 0% 4/12/25 Tranche F See below N/A 22/1/29 NIL $0.295 N/A 0% ANNUAL REPORT 2026 LAC GOLD LIMITED 35
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On 26 November 2025, as part of the merger with LGH, shareholders approved the issue of the following performance rights to directors of the company. The rights were issued at completion of the merger. They were valued as follows: Performance Rights Tranche A Tranche B Tranche C Tranche D Tranche E Tranche F Methodology Black Scholes Black Scholes Black Scholes Monte Carlo Monte Carlo Black Scholes Grant date 4/12/25 4/12/25 4/12/25 4/12/25 4/12/25 4/12/25 Number 2,000,000 2,000,000 1,200,000 6,000,000 6,400,000 2,400,000 Expiry date 22/1/27 22/1/28 22/1/28 22/1/27 22/1/29 22/1/29 Volatility 70% 70% 70% 70% 70% 70% Risk-free interest rate 3.91% 3.91% 3.91% 3.91% 3.973% 3.973% Exercise price Nil Nil Nil Nil Nil Nil Price of shares on grant date $0.295 $0.295 $0.295 $0.295 $0.295 $0.295 Value per right $0.295 $0.295 $0.295 $0.1486 $0.1863 $0.295 The terms and conditions of the performance rights are as follows: Tranche Performance Condition Expiry Number Holder A The Company announcing a mineral resource (in the inferred, indicated and/or measured categories) on the Rouyn Project in excess of 2.0 million ounces of Gold at a grade of no less than 3.0 g/t. 22 Jan 2027 1,000,000 A Stocks 1,000,000 M Keegan B The Company announcing a mineral resource (in the inferred, indicated and/or measured categories) on the Rouyn Project in excess of 2.5 million ounces of Gold at a grade of no less than 3.0 g/t. 22 Jan 2028 1,000,000 A Stocks 1,000,000 M Keegan C The Company announcing a scoping study, which has been verified by an independent third party, showing a positive net present value in respect of one or more of the projects owned by the Company. 22 Jan 2028 600,000 A Stocks 600,000 M Keegan D The Company’s shares achieving a volume weighted average price (VWAP) per share of $0.50 or more calculated over any 30 consecutive trading days on which trades in the shares are recorded on ASX. 22 Jan 2027 1,000,000 A Stocks 1,000,000 M Keegan 1,000,000 I Hume 1,000,000 T Robson 1,000,000 M Roth 1,000,000 J Robinson E The Company’s shares achieving a VWAP per share of $0.75 or more calculated over any 30 consecutive trading days on which trades in the shares are recorded on ASX. 22 Jan 2029 1,200,000 A Stocks 1,200,000 M Keegan 1,000,000 I Hume 1,000,000 T Robson 1,000,000 M Roth 1,000,000 J Robinson F The Board approving a final investment decision to commence mining operations and the Company being granted a mining lease in respect of one or more of the projects owned by the Company. 22 Jan 2029 1,200,000 A Stocks 1,200,000 M Keegan DIRECTORS’ REPORT LAC GOLD LIMITED 36
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Options and Performance Rights held by KMP The movement during the reporting period in the number of options and performance rights over ordinary shares held directly, indirectly, or beneficially, by each key management person, including related parties, is as follows: 30 June 2026 Opening Balance Granted as Remuneration Exercise of Options Expired/ forfeited Closing Balance Vested and Exercisable I Hume - 2,000,000 - - 2,000,000 NIL M Roth 1,000,000 2,000,000 - - 3,000,000 1,000,000 J Robinson 1,000,000 2,000,000 - - 3,000,000 1,000,000 D Jendry(i) 1,000,000 - (1,000,000) - - - A Stocks - 6,000,000 - - 6,000,000 NIL M Keegan - 6,000,000 - - 6,000,000 NIL T Robson 290,697 2,000,000 - (116,279) 2,174,418 174,418 J Fitzgerald - - - - - - Total 3,290,697 20,000,000 (1,000,000) (116,279) 22,174,418 2,174,418 (i) Resigned 4 December 2025. Shareholdings of Key Management Personnel The movement during the reporting period in the number of shares in Lac Gold Limited held directly, indirectly, or beneficially, by each key management person, including related parties, is as follows: 30 June 2026 Opening Balance Granted as Remuneration Exercise of Options Consideration Shares Acquisition/ (Disposal) Closing Balance I Hume - - - 890,939 1,050,000 1,940,939 M Roth 145,894 - - - - 145,894 J Robinson 4,000,000 - - - 5,000,000 9,000,000 D Jendry(i) - - 1,000,000 - - - A Stocks - - - 8,909,393 250,000 9,159,393 M Keegan - - - 35,637,567 2,362,433 38,000,000 T Robson 29,534 - - - 49,950 79,484 J Fitzgerald - - - - 125,000 125,000 Total 4,175,428 - 1,000,000 45,437 ,899 8,837 ,383 58,450,710 (i) D Jendry resigned 4 December 2025 with 1,000,000 shares as per his final director’s interest notice. (ii) Consideration shares were shares issued to former Lac Gold Holdings Pty Ltd (LG1) shareholders in exchange for their LG1 shares. Refer Note 3. Other related party transactions An amount of $30,000 was paid to Jeremy Robinson, director, for executive services during the merger with LGH. There were no other amounts paid to related parties during the year, except for fees paid to Directors for services as a Director. AGM The 2025 remuneration report was passed at the Annual General Meeting held 26 November 2025 on a poll with 96.25% of votes recorded in favour. All other resolutions put to shareholders were approved by a poll. REMUNERA TION REPORT – END ANNUAL REPORT 2026 LAC GOLD LIMITED 37
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INDEMNIFICA TION OF DIRECTORS AND OFFICERS By way of Deed, the Company has agreed to indemnify each of the directors and officers from liabilities incurred while acting as a director and officer and to grant certain rights and privileges to the director and executive officers to the extent permitted by law. The Company has not, during or since the end of the financial year, in respect of any person who is or has been an officer of the Company or a related body corporate incurred any expense in relation to the indemnification. The Company has also paid premiums to insure each of the directors and officers against liabilities for costs and expenses incurred by them in defending any legal proceedings arising out of their conduct while acting in the capacity of director or officer of the Company or a controlled entity in the Group, other than conduct involving a wilful breach of duty in relation to the Group. The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium. INDEMNIFICA TION OF AUDITORS To the extent permitted by law, the Company has agreed to indemnify its auditors, Horizon Nexus (WA) Audit Pty Ltd (formerly Nexia Perth Audit Services Pty Ltd), as part of the terms of its audit engagement agreement, against claims by third parties arising from the audit (for an unspecified amount). No payment has been made to indemnify Horizon Nexus (WA) Audit Pty Ltd during or since the financial year. SHARE OPTIONS AND PERFORMANCE RIGHTS At the date of this report, the unissued ordinary shares of Lac Gold Limited under option including performance rights are as follows: Grant/Issue Date Date of Expiry Exercise Price Number under Option 14 June 2023 13 June 2027 $0.43 174,418 14 June 2023 13 June 2027 $0.301 46,511 27 March 2025 26 March 2029 $0.20 2,000,000 4 December 2025 22 January 2027 $0.00 8,000,000 4 December 2025 22 January 2028 $0.00 3,200,000 4 December 2025 22 January 2029 $0.00 8,800,000 TOTAL 22,220,929 No person entitled to exercise these options had or has any right, by virtue of the option, to participate in any share issue of any other body corporate. ENVIRONMENT AL REGULA TIONS There have been no recorded incidents of non-compliance with any applicable international, national, or local declarations, treaties, conventions, or regulations associated with environmental issues during the reporting period. There have not been any known significant breaches of any environmental regulations during the year under review and up until the date of this report. PROCEEDINGS ON BEHALF OF COMP ANY No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Company, and no proceedings have been brought or intervened in on behalf of the Company with leave of the Court under section 237. CORPORA TE GOVERNANCE In recognising the need for the highest standards of corporate behaviour and accountability, the directors of Lac Gold Limited support and have adhered to the principles of corporate governance and have established a set of policies and manuals for the purpose of managing corporate governance. The Company’s detailed Corporate Governance Statement is lodged with ASX and available on the Company’s website at www.lacgold.com. DIRECTORS’ REPORT LAC GOLD LIMITED 38
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ROUNDING OF AMOUNTS The company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and Investments Commission, relating to ‘rounding-off’. Amounts in this report have been rounded off in accordance with that Corporations Instrument to the nearest thousand dollars, or in certain cases, the nearest dollar. AUDITOR INDEPENDENCE AND NON-AUDIT SERVICES The auditor’s independence declaration for the year ended 30 June 2026, as required under section 307C of the Corporations Act 2001, has been received and is included within the financial report. There were no amounts paid or payable to the auditor for non-audit services provided during the year. Signed in accordance with a resolution of directors. Andrew Stocks | Managing Director Perth, Western Australia Dated: 24 September 2026 ANNUAL REPORT 2026 LAC GOLD LIMITED 39
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DIRECTORS’ REPORT LAC GOLD LIMITED 40
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Independent Auditor’s Declaration 41 Liability Limited by a scheme approved under Professional Standards Legislation Horizon Nexus Partners Horizon Nexus (WA) Audit Pty Ltd (ACN 145 447 105) Level 4, 88 William Street, Perth WA 6000 | GPO Box 2570, Perth WA 6001 horizonnp.com.au To the Board of Directors of Lac Gold Limited Auditor’s Independence Declaration under section 307C of the Corporations Act 2001 As lead auditor for the audit of the consolidated financial statements of Lac Gold Limited for the financial year ended 30 June 2026, I declare that to the best of my knowledge and belief, there have been no contraventions of: (a) the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and (b) any applicable code of professional conduct in relation to the audit. Horizon Nexus (WA) Audit Pty Ltd Justin Mulhair Director Perth, Western Australia Date: 24 September 2026 ANNUAL REPORT 2026 LAC GOLD LIMITED 41
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Financial Statements DIRECTORS’ REPORT LAC GOLD LIMITED 42
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43 ANNUAL REPORT 2026 LAC GOLD LIMITED Notes 30 June 2026 $ 30 June 2025 $ Interest income 4 534,123 512,504 Fair value adjustment 11 - (756,872) Gain/(loss) on disposal of property, plant & equipment - 18,432 Expenses Administration, consulting and other expenses 4 (988,009) (507,296) Employee benefits expense 5 (1,347,695) (576,833) Share-based payments expenses 22 (1,354,446) (156,383) Foreign exchange (losses)/gains (434,088) 114,150 Interest expense 13 (596,348) Impairment of exploration and evaluation assets - (21,284) (Loss)/profit before income tax expense (4,186,463) (1,373,582) Income tax expense 7 - - Net (loss)/profit for the year (4,186,463) (1,373,582) Other comprehensive income Foreign currency gain/(loss) (424,205) 18,230 Total other comprehensive (loss)/income for the year (4,610,668) (1,355,352) Loss per share attributed to the ordinary equity holders of the Company Basic loss per share from continuing operations (cents) 8 (0.028) (0.02) Diluted loss per share from continuing operations (cents) 8 (0.028) (0.02) The accompanying notes form part of these financial statements. Consolidated Statement of Profit or Loss and Other Comprehensive Income FOR THE YEAR ENDED 30 JUNE 2026
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44 FINANCIAL ST A TEMENTS LAC GOLD LIMITED Notes 30 June 2026 $ 30 June 2025 $ ASSETS Current assets Cash and cash equivalents 9 13,341,910 11,436,941 Prepayments 381,972 41,277 Trade and other receivables 10 695,634 110,808 Financial assets 11 247,941 247,941 Total Current Assets 14,667 ,457 11,836,967 Non-current assets Financial assets 12 48,000 - Exploration and evaluation expenditure 13 71,394,193 18,665,788 Right of use assets 258,267 - Property, plant and equipment 14 362,526 113,310 Total Non-Current Assets 72,062,986 18,779,098 TOTAL ASSETS 86,730,443 30,616,065 LIABILITIES Current Liabilities Trade and other payables 16 1,646,914 88,103 Provisions 17 79,344 20,281 Lease liabilities 15 63,182 - Borrowings 18 6,439,600 - Total current liabilities 8,229,040 108,384 Non-current liabilities Provisions 17 31,416 18,676 Lease liabilities 15 198,455 - Borrowings 18 11,391,965 - Total Non-Current Liabilities 11,621,836 18,676 TOTAL LIABILITIES 19,850,876 127 ,060 Net assets 66,879,567 30,489,005 EQUITY Issued Capital 19 98,958,789 59,269,005 Reserves 20 1,181,410 784,261 Accumulated losses (33,260,632) (29,564,261) TOTAL EQUITY 66,879,567 30,489,005 The accompanying notes form part of these financial statements. Consolidated Statement of Financial Position AS AT 30 JUNE 2026
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45 ANNUAL REPORT 2026 LAC GOLD LIMITED Consolidated Statement of Changes in Equity FOR THE YEAR ENDED 30 JUNE 2026 Issued Capital $ Rights & Options Reserve Foreign currency translation reserve $ Accumulated Losses $ Total Equity $ Balance at 30 June 2024 59,269,005 737 ,788 108,204 (28,427 ,023) 31,687 ,974 COMPREHENSIVE INCOME: Loss for the year - - - (1,373,582) (1,373,582) Other comprehensive profit - - 18,230 - 18,230 Total comprehensive loss for the year - - 18,230 (1,373,582) (1,355,352) Transactions with owners in their capacity as owners: Options expired - (236,344) - 236,344 - Options vesting expense for the period - 156,383 - - 156,383 Capital raising costs - - - - - Total equity transactions - (79,961) - 236,344 156,383 Balance at 30 June 2025 59,269,005 657 ,827 126,434 (29,564,261) 30,489,005 COMPREHENSIVE INCOME: Loss for the year - - - (4,186,463) (4,186,463) Other comprehensive profit - - (424,205) - (424,205) Total comprehensive loss for the year - - (424,205) (4,186,463) (4,610,668) Transactions with owners in their capacity as owners: Shares issued 39,909,722 - - - 39,909,722 Options exercised 243,000 (43,000) 200,000 Options expired - (490,092) - 490,092 - Options vesting expense for the period - 1,354,446 - - 1,354,446 Capital raising costs (462,938) - - - (462,938) Total equity transactions 39,689,784 821,354 - 490,092 41,001,230 Balance at 30 June 2026 98,958,789 1,479,181 (297 ,771)(33,260,632) 66,879,567 The accompanying notes form part of these financial statements.
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46 FINANCIAL ST A TEMENTS LAC GOLD LIMITED Notes 30 June 2026 $ 30 June 2025 $ CASH FLOWS FROM OPERA TING ACTIVITIES Payments to suppliers and employees (3,431,757) (1,170,748) Withholding tax refunded - 1,216,713 Interest received 503,303 507,609 Other - 85,892 Net cash flows (used in)/ from operating activities (2,928,454) 639,466 CASH FLOWS USED IN INVESTING ACTIVITIES Payments for exploration expenditure (3,463,483) (191,313) Investment in security deposit (48,000) - Cash received on acquisition of Lac Gold (LG1) 16,934 - Proceeds from sale of plant and equipment - 39,186 Payments for plant and equipment 14 (20,355) (3,935) Net cash flows used in investing activities (3,514,904) (156,062) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of shares and exercise of options 10,200,000 - Payment of capital raising costs (462,938) - Interest repayments (1,024,336) - Net cash flows from financial activities 8,712,726 - Net increase in cash and cash equivalents 2,269,368 483,404 Cash and cash equivalents at the beginning of the financial year 11,436,941 10,834,903 Effects of exchange rate changes on cash and cash equivalents (364,399) 118,634 Cash and cash equivalents at the end of the financial year 9 13,341,910 11,436,941 The accompanying notes form part of these financial statements. Consolidated Statement of Cash Flows FOR THE YEAR ENDED 30 JUNE 2026
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47 ANNUAL REPORT 2026 LAC GOLD LIMITED 1. CORPORA TE INFORMA TION The consolidated financial report for Lac Gold Limited, formerly Ardiden Ltd, (the “Company” or the “Parent”) and its subsidiaries (together referred to as the “Group” and individually as “Group entities”) for the year ended 30 June 2026 were authorised for issue in accordance with a resolution of the Board of Directors on 24 September 2026. The Company is a for profit company limited by shares incorporated and domiciled in Australia whose shares are publicly traded on the Australian Securities Exchange. The nature of the operations and principal activities of the Group are described in the Directors’ Report. The presentation currency of the Group is Australian dollar ($). 2. MA TERIAL ACCOUNTING POLICY INFORMA TION The accounting policies that are material to the Group are set out below. The accounting policies adopted are consistent with those of the previous financial year, unless otherwise noted. 2.1. New, revised or amending Accounting Standards and Interpretations adopted The Group has adopted all Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (‘AASB’) that are mandatory for the current reporting period. At 30 June 2026, a number of accounting standards and amendments had been issued but were not yet mandatory for the Group. Management has not early adopted these standards. The most significant forthcoming change is AASB 18 Presentation and Disclosure in Financial Statements, which will modify the presentation of the statement of profit or loss and introduce additional disclosure requirements relating to management-defined performance measures and the aggregation/disaggregation of information. Management is currently assessing the potential impact on the Group’s financial statements and related reporting processes. Based on the assessment performed to date, no other issued but not yet effective standards a re expected to have a material impact on the Group’s financial position or results of operations. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. 2.2. Basis Of Preparation The financial report is a general-purpose financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards, and other authoritative pronouncements of the Australian Accounting Standards Board. The financial report also complies with IFRS as issued by the International Accounting Standards Board. The financial report has been prepared on a historical cost basis, except for financial assets that have been measured at fair value. 2.3. Going Concern The financial statements have been prepared on the basis of accounting principles applicable to a going concern, which assumes the commercial realisation of the future potential of the Company’s and Group’s assets and the discharge of their liabilities in the normal course of business. As disclosed in the financial report, the Group recorded an operating loss of $4,186,463 and a cash outflow from operating activities and cash outflow from investing activities of $2,928,454 (2025: inflow $639,466) and $3,514,904 (2025: $156,062) respectively for the year ended 30 June 2026. At reporting date the Group had a working capital surplus of $6,438,417 (2025: $11,728,583) and held cash of $13,341,910 (2025: 11,436,941). This working capital surplus accounts for the requirement to repay the first instalment of the promissory note. The ability of the Group to continue as a going concern is principally dependent upon the ability of the Group to continue to secure funds by raising capital from equity markets, and managing cash flows in line with available funds. Should the Group be unsuccessful in securing additional funds, there is a material uncertainty that may cast significant doubt about the Group’s ability to continue as a going concern, however, notwithstanding this, the accounts have been prepared on a going concern basis. Notes to the Financial Statements FOR THE YEAR ENDED 30 JUNE 2026
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48 FINANCIAL ST A TEMENTS LAC GOLD LIMITED The directors are satisfied that at the date of signing of the financial report, there are reasonable grounds to believe that the Group will be able to continue to meet its debts as and when they fall due and that it is appropriate for the financial statements to be prepared on a going concern basis. The directors have based this on the following pertinent matters: • The Directors believe that future funding will be available to meet the Group’s objectives and debts as and when they fall due, including through raising additional capital through equity placements to existing or new investors. The Group has demonstrated a consistent history of success in this regard as demonstrated by the $10m raising completed in December 2025. • The Company has approved capacity to issue additional equity under the Corporation Act 2001 and ASX Listing Rules 7.1 and 7.1(a) or otherwise; • The Company’s commitment to exploration expenditure is discretionary and actual expenditure requirements are minimal; • The Group has the capacity, if necessary, to reduce its operating cost structure in order to minimise its working capital requirements; and • Subject to future capital raising, the cash flow forecast for the period to 30 September 2027 indicates sufficient cash available for planned activities and operations. The financial report does not include adjustments relating to the recoverability or classification of the recorded assets nor to the amounts or classification of liabilities that might be necessary should the Group not be able to continue as a going concern. Should the Group be unable to continue as a going concern, it may be required to realise its assets and extinguish its liabilities other than in the normal course of business and at the amounts stated in the financial report. The financial report does not include any adjustments relating to the recoverability and classification of recorded asset amounts or to the amounts and classification of liabilities that might be necessary should the Group not continue as a going concern. 2.4. Principles of Consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at 30 June each year. Subsidiaries are all those entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and can affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. Intercompany transactions, balances, and unrealised gains on transactions between entities in the Group are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity attributable to the parent. Non-controlling interest in the results and equity of subsidiaries are shown separately in the statement of profit or loss and other comprehensive income, statement of financial position and statement of changes in equity of the Group. Losses incurred by the Group are attributed to the non-controlling interest in full, even if that results in a deficit balance. Where the Group loses control over a subsidiary, it derecognises the assets including goodwill, liabilities, and non-controlling interest in the subsidiary together with any cumulative translation differences recognised in equity. The Group recognises the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss.
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49 ANNUAL REPORT 2026 LAC GOLD LIMITED 2.5. Current versus non-current classification Assets and liabilities are presented in the statement of financial position based on current and non-current classification. An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed within 12 months after the reporting period; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current. A liability is classified as current when: it is either expected to be settled in the group’s normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities. 2.6. Investments and other financial assets Investments and other financial assets are initially measured at fair value. Transaction costs are included as part of the initial measurement, except for financial assets at fair value through profit or loss. Such assets are subsequently measured at either amortised cost or fair value depending on their classification. Classification is determined based on both the business model within which such assets are held and the contractual cash flow characteristics of the financial asset unless an accounting mismatch is being avoided. Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. When there is no reasonable expectation of recovering part or all of a financial asset, it’s carrying value is written off. Financial assets at fair value through profit or loss Financial assets not measured at amortised cost or at fair value through other comprehensive income are classified as financial assets at fair value through profit or loss. Typically, such financial assets will be either: (i) held for trading, where they are acquired for the purpose of selling in the short-term with an intention of making a profit, or a derivative; or (ii) designated as such upon initial recognition where permitted. Fair value movements are recognised in profit or loss. Impairment of financial assets The Group recognises a loss allowance for expected credit losses on financial assets which are either measured at amortised cost or fair value through other comprehensive income. The measurement of the loss allowance depends upon the Group’s assessment at the end of each reporting period as to whether the financial instrument’s credit risk has increased significantly since initial recognition, based on reasonable and supportable information that is available, without undue cost or effort to obtain. Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12-month expected credit loss allowance is estimated. This represents a portion of the asset’s lifetime expected credit losses that is attributable to a default event that is possible within the next 12 months. Where a financial asset has become credit impaired or where it is determined that credit risk has increased significantly, the loss allowance is based on the asset’s lifetime expected credit losses. The amount of expected credit loss recognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls over the life of the instrument discounted at the original effective interest rate. For financial assets mandatorily measured at fair value through other comprehensive income, the loss allowance is recognised in other comprehensive income with a corresponding expense through profit or loss. In all other cases, the loss allowance reduces the asset’s carrying value with a corresponding expense through profit or loss. 2.7 . Fair value measurement When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market.
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50 FINANCIAL ST A TEMENTS LAC GOLD LIMITED Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interests. For non-financial assets, the fair value measurement is based on its highest and best use. Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, are used, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. Assets and liabilities measured at fair value are classified into three levels, using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. Classifications are reviewed at each reporting date and transfers between levels are determined based on a reassessment of the lowest level of input that is significant to the fair value measurement. For recurring and non-recurring fair value measurements, external valuers may be used when internal expertise is either not available or when the valuation is deemed to be significant. External valuers are selected based on market knowledge and reputation. Where there is a significant change in fair value of an asset or liability from one period to another, an analysis is undertaken, which includes a verification of the major inputs applied in the latest valuation and a comparison, where applicable, with external sources of data. 2.8. Critical Accounting Judgments, Estimates and Assumptions The preparation of the Group’s consolidated financial statement requires management to make judgments in the process of applying the Group’s accounting policies and estimates that effect the reported amounts of revenue, expenses, assets, and liabilities. Judgements and estimates which are material to the financial report are as follows: Share-based Payment Transactions The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined taking into account the terms and conditions upon which the instruments were granted. The accounting estimates and assumptions relating to equity-settled share-based payments transactions would have no impact on the carrying amounts of assets or liabilities within the next annual reporting period but may impact profit or loss or equity. Refer to Note 22 for further details. Carrying Value of Exploration and Evaluation Costs The ultimate recoupment of the value of exploration and evaluation assets is dependent on the successful development and commercial exploitation, or alternatively, sale, of the exploration and evaluation assets. Impairment tests are carried out on a regular basis to identify whether the asset carrying values exceed their recoverable amounts. There is significant estimation and judgement in determining the inputs and assumptions used in determining the recoverable amounts. The key areas of judgement and estimation include: • Accounting treatment for the acquisition of LGH; • Recent exploration and evaluation results and resource estimates; • Environmental issues that may impact on the underlying tenements; • Deferred tax; and • Fundamental economic factors that have an impact on the operations and carrying values of assets and liabilities. 2.9. Functional and Presentation Currency The consolidated financial statements are presented in Australian dollars, which is the Company’s functional currency. Both the functional and presentation currency of Lac Gold Limited is Australian dollars. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. The functional currency of the foreign operations, Ardiden Canada Ltd and Lac Gold (Rouyn) is Canadian dollars (“CAD”).
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51 ANNUAL REPORT 2026 LAC GOLD LIMITED Transactions in foreign currencies are initially recorded in the functional currency by applying the exchange rates ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the reporting date. All exchange differences in the consolidated financial statements are taken to profit or loss with the exception of differences on foreign currency borrowings that provide a hedge against a net investment in a foreign entity. These are taken directly to equity until the disposal of the net investment, at which time they are recognised in profit or loss. Tax charges and credits attributable to exchange differences on those borrowings are also recognised in equity. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate as at the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. As at the reporting date the assets and liabilities of these subsidiaries are translated into the presentation currency of Lac Gold Limited at the rate of exchange ruling at the reporting date and income and expense items are translated at the average exchange rate for the period, unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions are used. The exchange differences arising on the translation are taken directly to a separate component of equity, being recognised in the foreign currency translation reserve. 3. ACQUISITION OF LAC GOLD HOLDINGS PTY LTD (FORMERL Y LAC GOLD LIMITED) Background and Nature of Transaction On 10 October 2025, the Company entered into a Share Sale Agreement (‘Agreement’) with Lac Gold Holdings Pty Ltd (‘LG1’), owner of the Rouyn Gold Project, and each of certain key shareholders of LG1 – Andrew Stocks, Matthew Keegan and Victoria Road Holdings Pty Ltd, a company associated with Matthew Keegan (collectively the ‘Major Sellers’). Under the terms of the Agreements, Ardiden acquired 100% of LAC’s shares through the issue of 101,388,889 Company shares. Each LG1 shareholder received approximately 0.891 fully paid shares of the Company for every 1 LG1 share held at closing. Settlement occurred on 4 December 2025. The Directors determined that the acquired assets do not constitute a business under AASB 3 Business Combination (“AASB 3”). The transaction has been accounted for as an asset acquisition. The Rouyn Gold project comprises 73 contiguous mining claims and one mining concession with substantial fixed building infrastructure and a 29 year lease over surface rights across key parts of the project area. Consideration Transferred The total consideration for the acquisition comprised the following: Component $ 101,388,889 Ordinary shares issued @ $0.295 (ASX closing price on 3 December 2025) 29,909,722 Total cost of acquisition 29,909,722 Allocation of Cost to Assets and Liabilities Acquired As there is no goodwill in an asset acquisition, the total cost is allocated to the individual identifiable assets acquired and liabilities assumed based on their relative fair values at acquisition date:
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52 FINANCIAL ST A TEMENTS LAC GOLD LIMITED Allocation of Purchase Price AUD1 Asset price consideration (29,909,722) Cash 16,934 Trade and other receivables 25,924 Real property interest (land) 269,496 Exploration and Evaluation expenditure 22,311,571 Trade and other payables (788,977) Short-term borrowings (509,901) Promissory note2 (17,997,478) Allocation to exploration and evaluation assets 26,582,153 - 1) Management assessed whether the acquisition of Lac Gold Limited met the definition of a business combination under AASB 3 Business Combinations. In performing this assessment, management considered whether the acquired set of assets included substantive processes. As no substantive processes were identified, the acquisition did not meet the definition of a business under AASB 3 and was therefore accounted for as an asset acquisition. Accordingly, no goodwill was recognised and transactions costs were capitalised. 1 Converted using the CAD/AUD exchange rate of 0.9197 (source: ofx.com/en-au/forex-news/historical-exchange-rates) 2 Lac Gold (Rouyn) Inc entered the promissory note to pay Yorbeau Resources Inc the balance of CAD 20 million, being the balance of the sale amount of the Rouyn project, together with an interest. The interest is incurred from 1 January 2025 at the rate of 5% per annum on the unpaid and outstanding balance of the sale amount. The nominal value of the promissory note of CAD20 million and unpaid and accrued interest shall be repaid by 10 December 2028. Management determined the promissory note liability value by reference to a fair value of the financial instrument at the date of the transaction. The fair value is measured by using a discounting rate of 11.75%. 4. REVENUE AND EXPENSES 30 June 2026 $ 30 June 2025 $ Interest income 534,123 512,504 534,123 512,504 Administration, consulting and other expenses Accounting 108,676 38,306 ASX, ASIC and registry fees 158,671 85,354 Audit fees 57,115 49,872 Advisory 54,788 131,849 Short-term lease payments 33,599 37,324 Depreciation and amortisation 37,828 14,344 Insurance fees 50,432 42,479 Legal fees 162,097 43,250 Tax advice fees 76,844 22,281 Travel and accommodation fees 124,586 15,686 Marketing fees 9,536 - Conferences and seminars 19,932 - Subscriptions 36,223 Other expenses 57,682 26,551 Total administration, consulting and other expenses 988,009 507 ,296
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53 ANNUAL REPORT 2026 LAC GOLD LIMITED Interest income Interest income is recognised as the interest accrues (using the effective interest method, which is the method that exactly discounts estimated future cash receipts through the life of the financial asset) to the net carrying amount of the financial asset. 5. EMPLOYEE BENEFITS EXPENSE 30 June 2026 $ 30 June 2025 $ Salaries (including leave provisions) 1,053,928 325,080 Superannuation 99,070 50,161 Fees paid to directors 194,697 201,592 Total employee benefits expense 1,347 ,695 576,833 An employee benefits expense is recognised when the Group consumes the economic benefit arising from services provided by an employee in exchange for employee benefits. The Group’s employee benefits comprise wages, salaries, superannuation, annual leave expense and long service leave expense. Liabilities for wages and salaries, including non-monetary benefits, and annual leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the statement of financial position. See note 15 for the Group’s provisions balances. 6. AUDITOR’S REMUNERA TION 30 June 2026 $ 30 June 2025 $ Amounts received or due and receivable for: (i) An audit or review of the financial report of the Group - Horizon Nexus (WA) Audit Pty Ltd (formerly Nexia Perth Audit Services Pty Ltd 57,115 49,872 Total auditor remuneration 57 ,115 49,872
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54 FINANCIAL ST A TEMENTS LAC GOLD LIMITED 7 . INCOME T AX EXPENSE 30 June 2026 $ 30 June 2025 $ The component of tax expense comprise: Current tax - - Deferred tax - - - - The income tax expense for the year differs from the prima facie tax as follows: Loss before income tax expense (4,186,463) (1,373,582) Prima facie income tax benefit at 30% (2025: 30%) (1,255,939) (412,075) Add/(Less): tax effect of: Non-deductible items 674,086 66,680 Non-assessable items - 227,062 Adjustments recognised in the current year in relation to the current tax of previous years 27,133 329,735 Deferred tax assets (recognised) not recognised 554,720 (211,402) Total income tax expenditure - - The following deferred tax balances have not been recognised: Deferred Tax Assets at 30% Carry forward revenue losses 4,821,231 4,232,611 Employee benefits 33,228 12,770 Other future deductions 116,381 31,858 4,970,840 4,277 ,239 The tax benefit of the above Deferred Tax Assets will only be obtained if: (a) The Company derives future assessable income of a nature and of an amount sufficient to enable the benefits to be utilised; (b) The Company complies with the conditions for deductibility imposed by law; and (c) No changes in income tax legislation adversely affect the Company in utilising the benefits. Deferred tax assets and liabilities are required to be measured at the tax rate that is expected to apply in the future income year when the asset is realised, or the liability is settled. The Directors have determined that the deferred tax balances be measured at the tax rates stated. Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the balance date. Deferred income tax is provided on all temporary differences at the statement of financial position date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry-forward of unused tax credits and unused tax losses can be utilised, except: • when the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; or • when the deductible temporary difference is associated with investments in subsidiaries, associates, or interests in joint ventures, in which case a deferred tax asset is only recognised to the extent that it is probable that the temporary difference will reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilised.
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55 ANNUAL REPORT 2026 LAC GOLD LIMITED The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. Unrecognised deferred income tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Income taxes relating to items recognised directly in equity are recognised in equity and not in profit or loss. Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and liabilities relate to the same taxable entity and the same taxation authority. Other taxes Revenues, expenses, and assets are recognised net of the amount of GST/HST except: • when the GST/HST incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the GST/HST is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and • receivables and payables, which are stated with the amount of GST/HST included. The net amount of GST/HST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position. Cash flows are included in the Consolidated Statement of Cash Flows on a gross basis and the GST/HST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority is classified as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST/HST recoverable from, or payable to, the taxation authority. 8. EARNINGS PER SHARE 30 June 2026 30 June 2025 Basic loss per share from continuing operations (cents) (0.028) (0.02) Diluted loss per share from continuing operations (cents) (0.028) (0.02) Net loss from continuing operations attributable to ordinary equity holders of the Company ($) (4,186,463) (1,373,582) Weighted average number of ordinary shares used in calculating basic earnings per share (No.) 149,407,613 62,517,506 Weighted average number of ordinary shares used in calculating diluted earnings per share (No.) 149,407,613 62,517,506 Basic loss per share is calculated as net profit or loss attributable to members of the Parent, adjusted to exclude any costs of servicing equity (other than dividends) and preference share dividends, divided by the weighted average number of ordinary shares, adjusted for any bonus element. Diluted loss per share is calculated as net profit or loss attributable to members of the Parent, adjusted for: • costs of servicing equity (other than dividends) and preference share dividends; • the after-tax effect of dividends and interest associated with dilutive potential ordinary shares that have been recognised as expenses; and • other non-discretionary changes in revenues or expenses during the period that would result from the dilution of potential ordinary shares; divided by the weighted average number of ordinary shares and dilutive potential ordinary shares, adjusted for any bonus element.
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56 FINANCIAL ST A TEMENTS LAC GOLD LIMITED 9. CASH AND CASH EQUIV ALENTS 30 June 2026 $ 30 June 2025 $ Cash at bank and on hand 936,484 314,624 Cash on deposit 12,405,426 11,122,317 13,341,910 11,436,941 Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short- term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. For the purpose of the Consolidated Statement of Cash Flows, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. 10. TRADE AND OTHER RECEIV ABLES 30 June 2026 $ 30 June 2025 $ Current Accrued interest 112,358 81,537 Other receivables 583,276 29,271 695,634 110,808 Accrued interest is on deposits held with reputable financial institutions. Other receivables consists of GST and HST receivable from government authorities. They are non-interest bearing and generally due in 30 days. They are neither past due nor impaired. The amount is fully collectible. Due to the short-term nature of these receivables, their carrying value is assumed to approximate their fair value. 11. FINANCIAL ASSETS - CURRENT 30 June 2026 $ 30 June 2025 $ Listed Shares in Green Technology Metals (GT1) 247,941 247,941 247,941 247,941 Number $ Listed shares in Green Technology Metals Balance at 30 June 2025 13,049,520 247,941 Fair value increase/(decrease) - - As at 30 June 2026 13,049,520 24 7, 9 41 Listed shares are revalued at fair value through the profit and loss using the closing price at the end of the reporting period ($0.019 per share). They are considered to be Level 1 as they are quoted prices in active markets.
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57 ANNUAL REPORT 2026 LAC GOLD LIMITED 12. FINANCIAL ASSETS – NON-CURRENT 30 June 2026 $ 30 June 2025 $ Deposits at bank held as security 48,000 - 48,000 - 13. EXPLORA TION AND EV ALUA TION EXPENDITURE 30 June 2026 $ 30 June 2025 $ Expenditure brought forward 18,665,788 18,500,046 Expenditure incurred(i) 4,040,216 175,600 Acquisition of Rouyn Gold Project 48,893,724 - Amortisation of discounted borrowing costs 1,354,001 - Effect of exchange rate on opening balance (1,559,536) 11,426 Impairment expense - (21,284) Expenditure carried forward 71,394,193 18,665,788 (i) Capitalised costs of $3,463,483 (2025: $175,600) have been included in cash flows used in investing activities in the consolidated statement of cash flows for the Group. The recoupment of exploration and evaluation carried forward is dependent on the successful development and commercial exploitation or sale of the respective areas. Exploration and evaluation expenditures in relation to each separate area of interest are recognised as an exploration and evaluation asset in the year in which they are incurred where the rights of tenure are current, and the following conditions are satisfied: • the exploration and evaluation expenditures are expected to be recouped through successful development and exploitation of the area of interest, or alternatively, by its sale; or • exploration and evaluation activities in the area of interest have not reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves, and active and significant operations in, or in relation to, the area of interest are continuing. Costs include acquisition of rights to explore, studies, exploratory drilling, trenching, assaying, sampling and associated activities and an allocation of depreciation and amortised of assets used in exploration and evaluation activities. General and administrative costs are only included in the measurement of exploration and evaluation costs where they are related directly to exploration activities in a particular area of interest. A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest. Where carried forward expenditure does not satisfy the policy stated above it is written off to the statement of profit or loss and other comprehensive income in the period in which the decision is made to write off. Accumulated costs in relation to an abandoned area are written off to the statement of profit or loss and other comprehensive income in the period in which the decision to abandon the area is made. Where a decision has been made to proceed with development in respect of a particular area of interest, the relevant exploration and evaluation asset is tested for impairment and the balance is then reclassified to development. Government grants relating to the acquisition of assets are deducted from the carrying amount of the asset in the year in which the grant was received.
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58 FINANCIAL ST A TEMENTS LAC GOLD LIMITED 14. PLANT AND EQUIPMENT 30 June 2026 $ 30 June 2025 $ Opening net book amount 113,310 141,529 Additions 20,355 3,935 Additions of land through merger (Note 3) 269,496 - Depreciation and amortisation expense (14,349) (14,344) Disposal - (20,754) Effect of exchange rate on opening balance (26,286) 2,944 Closing net book amount 362,526 113,310 - Cost 433,838 174,598 Accumulated depreciation (71,312) (61,288) Net book amount 362,526 113,310 Capitalised costs amounting to $20,355 (2025: $3,935) have been included in cash flows from investing activities in the consolidated statement of cash flows for the Group. Plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is calculated over the estimated useful life of the assets as follows: • Plant and equipment – over 5 to 15 years (straight-line value) • Computer equipment – 3 years (straight-line value) • Leasehold improvements – 3 years (life of lease) The assets’ residual values, useful lives and amortisation methods are reviewed, and adjusted if appropriate, at each reporting date. For an asset that does not generate largely independent cash inflows, recoverable amount is determined for the cash-generating unit to which the asset belongs, unless the asset’s value in use can be estimated to be close to its fair value. An impairment exists when the carrying value of an asset or cash-generating units exceeds its estimated recoverable amount. The asset or cash-generating unit is then written down to its recoverable amount with the impairment loss recognised in the statement of profit or loss and other comprehensive income. Derecognition and disposal An item of plant and equipment is derecognised upon disposal or when no further future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the year the asset is derecognised.
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59 ANNUAL REPORT 2026 LAC GOLD LIMITED 15. RIGHT OF USE ASSETS AND LEASE LIABILITIES 30 June 2026 $ 30 June 2025 $ Amounts recognised in the statement of financial position relating to leases: Right of Use Assets- Buildings 258,267 - Opening net book amount - - Additions 281,746 - Depreciation expense (23,479) - Closing net book amount 258,267 - Cost 281,746 - Accumulated depreciation (23,479) - Net book amount 258,267 - Lease Liabilities Current 63,182 - Non-current 198,455 - 261,637 Principal payments on lease liabilities 24,213 - Interest payments on lease liabilities 4,103 - Right-of-use assets The Company has a lease over its office space, which it entered into in March 2026. A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the commencement date net of any lease incentives received, any initial direct costs incurred, and an estimate of costs expected to be incurred for dismantling and removing the underlying asset, and restoring the site or asset. Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful life of the asset, whichever is the shorter. Where the Group expects to obtain ownership of the leased asset at the end of the lease term, the depreciation is over its estimated useful life. Right-of use assets are subject to impairment or adjusted for any re-measurement of lease liabilities. The Group has elected not to recognise a right-of-use asset and corresponding lease liability for short-term leases with terms of 12 months or less and leases of low-value assets. Lease payments on those assets are expensed to profit or loss as incurred. Lease liabilities A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present value of the lease payments to be made over the term of the lease, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate (4.59%). Lease payments comprise of fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts expected to be paid under residual value guarantees, exercise price of a purchase option when the exercise of the option is reasonably certain to occur, and any anticipated termination penalties. The variable lease payments that do not depend on an index or a rate are expensed in the period in which they are incurred. Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured if there is a change in the following: future lease payments arising from a change in an index, or a rate used; residual guarantee; lease term; certainty of a purchase option and termination penalties. When a lease liability is remeasured, an adjustment is made to the corresponding right-of use asset, or to profit or loss if the carrying amount of the right-of-use asset is fully written down.
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60 FINANCIAL ST A TEMENTS LAC GOLD LIMITED 16. TRADE AND OTHER P A Y ABLES 30 June 2026 $ 30 June 2025 $ Current Trade payables(i) 1,576,550 57,485 Other payables 70,364 30,618 1,646,914 88,103 (i) Trade payables are non-interest bearing and are normally settled on 30-day terms. Trade and other payables are carried at amortised cost and represent liabilities for goods and services provided to the Group prior to the end of the financial year that are unpaid and arise when the Group becomes obliged to make future payments in respect of the purchase of these goods and services. Trade and other payables are presented as current liabilities unless payment is not due within 12 months. 17 . PROVISIONS 30 June 2026 $ 30 June 2025 $ Current Annual leave provisions 79,344 20,281 79,344 20,281 Non-current Long service leave provisions 31,416 18,676 31,416 18,676 The provision for employee benefits represents vested annual leave entitlements and long service leave accrued. See Note 5 for the accounting policy in relation to employee benefits.
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61 ANNUAL REPORT 2026 LAC GOLD LIMITED 18. BORROWINGS 30 June 2026 $ 30 June 2025 $ Promissory note – Yorbeau Inc(1) 20,360,900 - Promissory note – borrowing costs (unamortised)(2) (3,095,535) - Promissory note – accrued interest (3) 566,200 - 17 ,831,565 Disclosed as: Current 6,439,600 - Non-current 11,391,965 - 17 ,831,565 - (1) Lac Gold (Rouyn) Inc entered the promissory note to pay Yorbeau Resources Inc CAD 20,000,000, being the balance of the purchase amount of the Rouyn project, together with interest. The interest is incurred from 1 January 2025 at the rate of 5% per annum on the unpaid and outstanding balance of the sale amount. The repayment schedule of the outstanding amount is as follows: • CAD 6,666,666 is payable 11 December 2026 • CAD 6,666,666 is payable 11 December 2027 • CAD 6,666,668 is payable 11 December 2028 (2) The promissory note was recognised at its fair value of the liability payable. The discount rate of 11.75% was applied. (3) Interest is payable annually on 11 December. Measurement and recognition Borrowings are presented as current liabilities unless the Group has an unconditional right to defer settlement for at least 12 months after the reporting date. Borrowings are initially recognised at fair value (net of transaction costs) and subsequently carried at amortised cost. Any differences between the proceeds (net of transaction costs) and the redemption value are recognised in profit or loss over the period of the borrowings using the effective interest method. Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. The ultimate recoupment of the mining tenements and exploration and evaluation expenditures carried forward is dependent upon the successful development and commercial exploitation and/or sale of the relevant areas of interest, at amounts at least equal to book value. A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest. Where carried forward expenditure does not satisfy the policy it is written off to the statement of profit or loss and other comprehensive income in the Period in which the decision is made to write off. 19. ISSUED CAPIT AL 30 June 2026 30 June 2025 # $ # $ (a) Fully paid ordinary shares 214,906,395 98,958,789 62,517 ,506 59,269,005
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62 FINANCIAL ST A TEMENTS LAC GOLD LIMITED # $ (b) Movement in fully paid ordinary shares Balance as at 30 June 2025 62,517 ,506 59,269,005 Shares issued pursuant to option exercise(i) 1,000,000 243,000 Consideration shares to Lac Gold shareholders(ii) 101,388,889 29,909,722 Placement(iii) 50,000,000 10,000,000 Share issue costs - (462,938) Balance as at 30 June 2026 214,906,395 98,958,789 (i) On 6 November 2025, the Company issued 1,000,000 ordinary shares pursuant to the exercise of 1,000,000 unlisted options with an exercise price of $0.20 and expiry date of 26 March 2029. Upon exercise, $43,000 previously recognised in share-based payment reserve is transferred to issued capital. (ii) On 4 December 2025, the Company issued 101,388,889 consideration shares to Lac Gold Limited shareholders pursuant to the terms of the Share Sale Agreement (ASX: 10 October 2025). (iii) In conjunction with the merger with LGH, the Company issued 50,000,000 ordinary shares at $0.20 each to raise total proceeds before costs of $10,000,000. (c) Terms and conditions of ordinary shares Ordinary shares have the right to receive dividends as declared and, in the event of winding up the Company, to participate in proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held. These shares have no par value. The Company has no externally imposed capital requirements. Ordinary shares entitle their holder to one vote, either in person or by proxy, at a meeting of the Company. (d) Capital risk management The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern to maintain a strong capital base sufficient to maintain future exploration and development of its projects. In order to maintain or adjust the capital structure, the Group may return capital to shareholders, issue new shares or sell assets to increase cash. The Group’s focus has been to raise enough funds through equity to fund exploration and evaluation activities. The Group monitors capital on the basis of net working capital. The Group manages working capital as capital in light of changes in economic conditions and the requirements of the business with respect to exploration commitments, approved programs, and net working capital. There were no changes in the Group’s approach to capital management during the year. Risk management policies and procedures are established with regular monitoring and reporting. There were no changes in the Group’s approach to capital management during the year. Neither the Company nor its subsidiaries is subject to externally imposed capital requirements. 30 June 2026 $ 30 June 2025 $ Capital Risk Management Cash and cash equivalents 13,341,910 11,436,941 Trade and other receivables 695,634 110,808 Less: trade and other payables (1,646,914) (88,103) Net working capital position 12,390,630 11,459,646 Total equity 66,879,567 30,489,005
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63 ANNUAL REPORT 2026 LAC GOLD LIMITED 20. RESERVES 30 June 2026 $ 30 June 2025 $ Option and rights reserve 1,479,181 657,827 Foreign currency translation reserve (297,771) 126,434 1,181,410 784,261 30 June 2026 30 June 2025 $ No. $ No. (a) Movement in option and rights reserve Balance at beginning of year 657,827 4,268,021 737,788 1,608,136 Options and rights issued during the year - 20,000,000 - 3,000,000 Options exercised during the period (43,000) (1,000,000) - - Options vesting expense during the year 1,354,446 - 156,383 - Options expired during the year (490,092) (1,047,092) (236,344) (340,115) 1,479,181 22,220,929 657 ,827 4,268,021 Options Reserve: This reserve is used to record the value of equity benefits provided to employees and directors as part of their remuneration. Effective date No. Weighted average exercise price Movement in rights & options Balance as of 30 June 2024 1,608,136 ($0.77) Options issued 27/3/25 3,000,000 $0.20 Forfeiture of options 31/8/24 (340,115) $0.774 Balance as of 30 June 2025 4,268,021 ($0.37) Options exercise 6/11/25 (1,000,000) $0.20 Performance Rights 4/12/25 20,000,000 - Expired without exercise 31/8/24 (1,047,092) $0.774 Balance as at 30 June 2026 22,220,929 $0.02 The weighted average life of the options as at 30 June 2026 is 1.7 years (2025: 2.93 years). Refer Note 22 for details in relation to share-based payments. Foreign Currency Translation Reserve Foreign currency translation reserve records exchange differences arising on translation of the subsidiaries’ functional currency (Canadian Dollars) into presentation currency at the reporting date.
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64 FINANCIAL ST A TEMENTS LAC GOLD LIMITED 21. RELA TED P ARTY DISCLOSURE The consolidated financial statements include the financial statements of Lac Gold Limited and the subsidiaries listed in the following table. Country of Incorporation Equity Interest Investment at Cost 30 June 2026 % 30 June 2025 % 30 June 2026 $ 30 June 2025 $ Lac Gold Holdings Pty Ltd Australia 100% - 29,909,722 - Ardiden Canada Ltd Canada 100% 100% 1 1 Lac Gold (Rouyn) Inc Canada 100% - 108 - Lac Gold Limited is the ultimate Australian parent entity and ultimate parent of the Group. Refer to Note 27 for further detail. Other related party transactions An amount of $30,000 was paid to Jeremy Robinson, director, for executive services during the merger with Lac Gold. There were no other amounts paid to related parties during the year, except for fees paid to Directors for services as a Director. 22. SHARE-BASED P A YMENTS 30 June 2026 $ 30 June 2025 $ Options and rights granted to directors and employees 1,354,446 156,383 See Note 20 for details in relation to the share-based payments arising from shares granted employee benefit costs. The Group provides benefits to employees and directors of the Group in the form of share-based payments, whereby employees render services in exchange for shares or rights over shares (‘equity-settled transactions’). Equity-settled transactions with employees and directors may be administered through the Employee Incentive Plan (EIP) which was approved by shareholders or under terms approved by shareholders in general meeting. The cost of these equity-settled transactions with participants is measured by reference to the fair value of the equity instruments at the date at which they are granted using an appropriate valuation model, as outlined below. The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award (‘vesting date’). The cumulative expense recognised for equity-settled transactions at each reporting date until vesting date reflects (i) the extent to which the vesting period has expired and (ii) the Group’s best estimate of the number of equity instruments that will ultimately vest. The income statement charge or credit for a period represents the movement in cumulative expense recognised at the beginning and end of that period. No expense is recognised for awards that do not ultimately vest, except for awards where vesting is only conditional upon a market condition. If the terms of an equity-settled award are modified, as a minimum an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any modification that increases the total fair value of the share-based payment arrangement or is otherwise beneficial to the employee, as measured at the date of modification. If an equity-settled award is cancelled (other than for reason of forfeiture), it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled award, and designated as a replacement award on the date that it is granted, the cancelled and new award are treated as if they were a modification of the original award, as described in the previous paragraph. The dilutive effect, if any, of outstanding options is reflected as additional share dilution in the computation of loss per share.
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65 ANNUAL REPORT 2026 LAC GOLD LIMITED During the year, share-based payment expense was recognised in the Consolidated Statement of Profit or Loss and Other Comprehensive Income for the following option and performance rights. Grant Date Vesting Date Expiry Date Exercise Price Number Value per option at grant date Performance achieved Vested % 14/6/23 Options 14/6/26 14/6/27 $0.43 174,418 $0.215 N/A 100% 4/12/25 Tranche A See below 22/1/27 NIL 2,000,000 $0.295 No 0% 4/12/25 Tranche B See below 22/1/27 NIL 2,000,000 $0.295 No 0% 4/12/25 Tranche C See below 22/1/28 NIL 1,200,000 $0.295 No 0% 4/12/25 Tranche D See below 22/1/27 NIL 6,000,000 $0.149 No 0% 4/12/25 Tranche E See below 22/1/29 NIL 6,400,000 $0.186 No 0% 4/12/25 Tranche F See below 22/1/29 NIL 2,400,000 $0.295 No 0% Balance as at 30 June 2026 20,174,418 Terms of the share-based payments on issue, and which recognised expense in the current and future periods, are as follows: (i) On 14 June 2023, Unlisted Employee Options. These options have an exercise price of $0.43 per option, and an expiry date of 14 June 2027. They vest on 13 June 2026. (ii) On 26 November 2025, as part of the merger with LGH, shareholders approved the issue of the following performance rights to directors of the company. The rights were issued at completion of the merger. They were valued as follows: Performance Rights Tranche A Tranche B Tranche C Tranche D Tranche E Tranche F Methodology Black Scholes Black Scholes Black Scholes Monte Carlo Monte Carlo Black Scholes Grant date 4/12/25 4/12/25 4/12/25 4/12/25 4/12/25 4/12/25 Number 2,000,000 2,000,000 1,200,000 6,000,000 6,400,000 2,400,000 Expiry date 22/1/27 22/1/27 22/1/28 22/1/27 22/1/29 22/1/29 Volatility 70% 70% 70% 70% 70% 70% Risk-free interest rate 3.91% 3.91% 3.91% 3.91% 3.973% 3.973% Exercise price Nil Nil Nil Nil Nil Nil Price of shares on grant date $0.295 $0.295 $0.295 $0.295 $0.295 $0.295 Value per option $0.295 $0.295 $0.295 $0.1486 $0.1863 $0.295 23. KEY MANAGEMENT PERSONNEL DISCLOSURES The details of the KMP during the year are as follows: Directors Position Term as KMP Ian Hume Independent Non-Executive Chair 4 December 2025 - present Andrew Stocks Managing Director 4 December 2025 - present Matthew Keegan Executive Director 4 December 2025 - present Tara Robson CEO to 4 December 2025 Executive Director from 4 December 2025 Full financial year Michelle Roth Independent Non-Executive Director Full financial year Jeremy Robinson Non-Executive Director Full financial year Douglas Jendry Independent Non-Executive Director 1 July 2025 – 4 December 2025
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66 FINANCIAL ST A TEMENTS LAC GOLD LIMITED 30 June 2026 $ 30 June 2025 $ Compensation by Category - KMP Short-term employee benefits 1,229,501 520,192 Other long-term benefits 12,740 5,317 Post-employment benefits 99,070 50,162 Share-based payments 1,354,446 156,383 2,695,757 732,054 There were no loans or other transactions with key management personnel or their related entities during the financial year. 24. FINANCIAL REPORTING BY SEGMENTS Operating segments are identified based on the internal reports that are reviewed by the executive management team (chief decision makers) for the purpose of allocating resources and assessing performance. As of 1 July 2025, the Company has determined that it operates within a single operating segment, being gold exploration in Canada. Non-current assets Geographical Information 30 June 2026 $ 30 June 2025 $ Canada 71,394,193 18,665,788 25. RECONCILIA TION OF LOSS TO NET CASH FLOWS FROM OPERA TIONS 30 June 2026 $ 30 June 2025 $ (i) Reconciliation of net loss after income tax to net cash flows used in operating activities: Net loss after income tax (4,186,463) (1,373,582) Adjustments for: Loss/(Gain) on disposal of property, plant and equipment - (18,432) Fair value decrease in investments - 756,872 Share-based payments 1,354,446 156,383 Amortisation & Depreciation 37,828 14,344 Impairment - 21,284 Foreign exchange loss/(gain) 434,088 (114,150) Changes in assets and liabilities: (Increase)/decrease in trade and other receivables, and prepayments 48,939 (45,839) Decrease in receivables held in trust - 1,216,713 Increase/(decrease) in trade and other payables (i) (689,095) 21,552 Increase/(decrease) in provisions 71,803 4,321 Net cash flows from operating activities (2,928,454) 639,466 Note (i): These movements exclude amounts relating to exploration and evaluation expenses allocated as investing activities.
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67 ANNUAL REPORT 2026 LAC GOLD LIMITED 26. RECONCILIA TION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES Promissory Note $ Lease Liabilities $ Total $ Balance at 30 June 2025 - - - Cash flows: Interest paid (1,024,336) - (1,024,336) Lease payments (24,213) (24,213) Non-cash changes: New leases - 281,746 281,746 Acquisition of LGH (Note 3) 17,997,478 - 17,997,478 Interest accrual 582,984 4,103 587,087 Foreign exchange adjustment (1,078,563) - (1,078,563) Amortisation of the discount 1,354,002 - 1,354,002 Balance at 30 June 2026 17 ,831,565 261,636 18,093,201 27 . P ARENT ENTITY DISCLOSURES 30 June 2026 $ 30 June 2025 $ Statement of Financial Position Total current assets 13,301,790 11,763,926 Total non-current assets 54,059,510 18,797,024 Total assets 67 ,361,300 30,560,950 Total current liabilities 251,862 83,270 Total non-current liabilities 229,871 18,676 Total liabilities 481,733 101,946 Contributed equity 98,958,789 59,269,005 Option reserve 1,479,181 657,827 Accumulated losses (33,558,403) (29,437,827) Total Equity 66,879,567 30,489,005 Statement of Profit or Loss and Other Comprehensive Income Loss after income tax of the parent entity (3,475,512) (1,403,433) Total comprehensive loss of the parent entity (3,475,512) (1,403,433) (a) Contingent liabilities As at 30 June 2026 and 2025, the Company had no contingent liabilities. (b) Contractual Commitments As at 30 June 2026 and 2025, the Company had no contractual commitments except those outlined in Note 30.
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68 FINANCIAL ST A TEMENTS LAC GOLD LIMITED (c) Guarantees entered into by parent entity As at 30 June 2026 and 2025, the Company has no bank guarantees. The financial information for the parent entity, Lac Gold Limited, has been prepared on the same basis as the consolidated financial statements, except as set out below. Investments in subsidiaries, associates, and joint venture entities Investments in subsidiaries, associates and joint venture entities are accounted for at cost in the parent entity’s financial statements. Dividends received from associates are recognised in the parent entity’s profit or loss, rather than being deducted from the carrying amount of these investments. Share-based payments The grant by the Company of options over its equity instruments to the employees of subsidiary undertakings in the Group is treated as a capital contribution to that subsidiary undertaking. The fair value of employee services received, measured by reference to the grant date fair value, is recognised over the vesting period as an increase to investment in subsidiary undertakings, with a corresponding credit to equity. 28. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The Group’s principal financial instruments comprise receivables, payables, cash and short-term deposits. The Group also holds investments in equity instruments. The Group manages its exposure to key financial risks in accordance with the Group’s financial risk management policy. The objective of the policy is to support the delivery of the Group’s financial targets while protecting future financial security. The main risks arising from the Group’s financial instruments are credit risk, equity market risk, foreign exchange risk, interest rate risk, and liquidity risk. The Group uses different methods to measure and manage different types of risks to which it is exposed. These include monitoring levels of exposure to equity prices, interest rates and assessments of market forecasts for interest rates. Ageing analysis of and monitoring of receivables are undertaken to manage credit risk, liquidity risk is monitored through the development of future rolling cash flow forecasts. The Board reviews and agrees policies for managing each of these risks. Primary responsibility for identification and control of financial risks rests with the Board. The Board reviews and agrees policies for managing each of the risks identified below, including for interest rate risk, credit allowances and cash flow forecast projections. Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised, in respect of each class of financial asset and financial liability are disclosed, respectively, in notes 9, 10, 11, and 16 to the financial statements. Risk Exposures and Responses Market risk Market risk is the risk that the fair value or future cash flows of a financial instruments will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include cash term deposits and equity investments. Equity price risk The Group’s listed equity investments (Note 11) are susceptible to market price risk arising from uncertainties about future values of the investment securities. The Group’s Board of Directors is responsible for all investment decisions regarding this investment. At the reporting date, the exposure to equity investments at fair value was $247,941. Given that the changes in fair values of the equity investments held are strongly positively correlated with changes in the lithium market, the Solactive Global Lithium EUR Index has been considered. The Group has determined that an increase/(decrease) of 29% on the market index could have an impact of approximately $71,903 increase/(decrease) on the income and equity attributable to the Group.
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69 ANNUAL REPORT 2026 LAC GOLD LIMITED Foreign exchange risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group’s exposure to the risk of changes in foreign exchange rates relates primarily to the Group’s exploration activities (when exploration and administration expense is denominated in a foreign currency, namely Canadian Dollars (CAD), the groups exposure to net foreign currency denominated net assets, and the Group’s net investments in foreign subsidiaries. The risk is measured using sensitivity analysis and cash flow forecasting. The Group had net assets denominated in foreign currencies of $16,699,996 as at 30 June 2026. The actual foreign exchange loss for the year ended 30 June 2026 was $434,088. The Board has performed a sensitivity analysis on a 3% increase/(decrease) on its foreign currency net assets as a reasonably possible basis on short term historical movements. A change of 3% increase/(decrease) at reporting date would have increased/(decreased) equity and profit or loss by the amounts shown below: Consolidated +3% Increase -3% Decrease Profit $ Equity $ Profit $ Equity $ Net foreign currency demoninated assets (501,000) (501,000) 501,000 501,000 Interest Rate Risk The Group is exposed to interest rate risk (primarily on its cash and cash equivalents), which is the risk that a financial instrument’s value will fluctuate as a result of changes in the market interest rates on interest-bearing financial instruments. The Group does not use derivatives to mitigate these exposures. The Group’s borrowings are subject to fixed interest rates and therefore do not expose the Group to cash flow interest rate risk; however, they do expose the Group to fair value interest rate risk (not recognised in the financial statements as borrowings are carried at amortised cost). At reporting date, the Group had the following financial assets exposed to variable interest rates that are not designated in cash flow hedges: 30 June 2026 30 June 2025 Interest bearing $ Non-interest bearing $ Interest bearing $ Non-interest bearing $ Financial Assets Cash and cash equivalents 11,368,927 68,014 11,368,927 68,014 Net exposure 11,368,927 68,014 11,368,927 68,014 The following sensitivity analysis is based on the interest rate risk exposures in existence at the reporting date. The 1.0% (2025: 1.0%) sensitivity is based on reasonably possible changes, over a financial year, using an observed range projected movements.
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70 FINANCIAL ST A TEMENTS LAC GOLD LIMITED At 30 June 2026, if interest rates had moved, as illustrated in the table below, with all other variables held constant, post-tax profit and equity relating to financial assets of the Group would have been affected as follows: 30 June 2026 $ 30 June 2025 $ Judgements of reasonably possible movements Post tax profit – higher/(lower) Increase 1.0% (2025:1.0%) 133,064 113,689 Decrease 1.0% (2025:1.0%) (133,064) (113,689) Equity – higher/(lower) Increase 1.0% (2025:1.0%) 133,064 113,689 Decrease 1.0% (2025:1.0%) (133,064) (113,689) Liquidity Risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group’s reputation. Typically, the Group ensures that it has sufficient cash on demand to meet expected operational expenses for a period of 60 days, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. The Group has no access to credit standby facilities or arrangements for further funding or borrowings in place. The financial liabilities the Group had at reporting date were trade payables incurred in the normal course of the business and an amount owing pursuant to a contract of sale. Trade payables were non-interest bearing and were due within the normal 30-60 days terms of creditor payments. Maturities of financial liabilities The table below analyses the Group’s financial liabilities into relevant maturity groupings based on the remaining period at the reporting date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Less than 1 month $ 1-3 months $ 3 months – 1 year $ 1-5 years $ 5+ years $ Total contractual cash flows $ Carrying amount of liabilities $ 30 June 2026 Trade and other payables 1,646,914 - - - - 1,646,914 1,646,914 Lease liabilities 6,053 18,159 49,394 210,634 - 284,240 261,637 Promissory Note - - 6,786,965 13,573,935 20,360,900 17,831,564 1,652,967 - 7 ,854,40515,820,658 - 25,346,189 19,740,115 30 June 2025 Trade and other payables 88,103 - - 13,573,934 - 88,103 88,103 88,103 - - - - 88,103 88,103
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71 ANNUAL REPORT 2026 LAC GOLD LIMITED Credit risk Credit risk arises from the financial assets of the Group, which comprise deposits with banks and trade and other receivables. The Group’s exposure to credit risk arises from potential default of the counter party, with the maximum exposure equal to the carrying amount of these instruments. The carrying amount of financial assets included in the statement of financial position represents the Group’s maximum exposure to credit risk in relation to those assets. The Group does not hold any credit derivatives to offset its credit exposure. Except for the above mentioned, the Group trades only with recognised, credit worthy third parties and as such collateral is not requested nor is it the Group’s policy to securitise its cash, trade and other receivables. The cash is held with, ANZ Limited, and Royal Bank of Canada, both rated a AA- by Standard & Poors. 29. EVENTS SUBSEQUENT TO REPORTING DA TE No additional matters or circumstances have arisen, since the end of the financial year, which significantly affected, or may significantly affect, the operations of the Group, the results of those operations, or the state of affairs of the Group in subsequent financial years. 30. COMMITMENTS Exploration Commitments Amounts below relate to minimum tenement expenditure required on tenements held by the Company. <12 months $ 1-5 Y ears $ Total $ Exploration commitments 669,261 895,807 1,565,068 669,261 895,807 1,565,068 The above represents the minimum statutory commitments as conditions of tenure of certain mining tenements with the Ontario Ministry of Northern Development, Mines, Natural Resources and Forestry (MND) and Ministère des Ressources naturelles et des Forêts (MRNF). However, the commitments may be met through the application of historical assessment work credits. These credits can be assigned to a mining claim and allow you to satisfy the annual units of assessment work that must be performed or reported on a mining claim therefore reducing the expenditure requirement of future periods if certain conditions are met. The Company has assessment credits of $27,723,587 at year end. 31. CONTINGENT ASSETS AND LIABILITIES There are no contingent assets and liabilities as at 30 June 2026 (30 June 2025: Nil). 32. DIVIDENDS There were no dividends paid or declared during the financial year.
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Consolidated Entity Disclosure Statement AS AT 30 JUNE 2026 Entity Name Entity Type Country of Incorporation Ownership Interests Australia Resident Foreign Jurisdiction Lac Gold Limited Corporation Australia 100% Yes - Lac Gold Holdings P/L Corporation Australia 100% Yes - Ardiden Canada Ltd Corporation Canada 100% Yes Canada Lac Gold (Rouyn) Inc Corporation Canada 100% Yes Canada BASIS OF PREP ARA TION This Consolidated Entity Disclosure Statement (CEDS) has been prepared in accordance with the Corporations Act 2001, reflecting the amendments to section 295(3A)(vi) and (vii) which clarify the definition of foreign resident as being an entity that is treated as a resident of a foreign country under the tax laws of that foreign country. The CEDS includes certain information for each entity that was part of the consolidated entity at the end of the financial year in accordance with AASB 10 Consolidated Financial Statements. DETERMINA TION OF T AX RESIDENCY Section 295(3B)(a) of the Corporation Acts 2001 defines Australian resident as having the meaning in the Income Tax Assessment Act 1997. The determination of tax residency involves judgement as there are currently several different interpretations that could be adopted, and which could give rise to a different conclusion on residency. Section 295 (3A)(a)(vii) requires the determination of tax residency in a foreign jurisdiction to be based on the law of the foreign jurisdiction relating to foreign income tax. In determining tax residency, the consolidated entity has applied the following interpretations: • Australian tax residency The consolidated entity has applied current legislation and judicial precedent, including having regard to the Tax Commissioner’s public guidance in Tax Ruling TR 2018/5. • Foreign tax residency Where necessary, the consolidated entity has used independent tax advisers in foreign jurisdictions to assist in determining tax residency in those foreign jurisdictions and ensure compliance with applicable foreign tax legislation. SUMMARY OF FINANCIAL PERFORMANCE LAC GOLD LIMITED 72
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73 ANNUAL REPORT 2026 LAC GOLD LIMITED Directors’ Declaration 30 JUNE 2026 In the directors’ opinion: 1. the financial statements and accompanying notes set out on pages 20 to 45 are in accordance with the Corporations Act 2001 and: (a) comply with Accounting Standards and the Corporations Regulations 2001; and (b) give a true and fair view of the Group’s financial position as at 30 June 2026 and of its performance for the year ended on that date; 2. the financial statements and notes comply with International Financial Reporting Standards, as disclosed in Note 2 to the financial statements; 3. there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable. 4. The information disclosed in the attached consolidated entity disclosure statement is true and correct. The directors have been given the declarations by the chief executive officer required by section 295A. This declaration is made in accordance with a resolution of the Board of Directors. Andrew Stocks | Managing Director Perth, Western Australia Dated: 24 September 2026
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74 FINANCIAL ST A TEMENTS LAC GOLD LIMITED Liability Limited by a scheme approved under Professional Standards Legislation Horizon Nexus Partners Horizon Nexus (WA) Audit Pty Ltd (ACN 145 447 105) Level 4, 88 William Street, Perth WA 6000 | GPO Box 2570, Perth WA 6001 horizonnp.com.au INDEPENDENT AUDITOR’S REPORT To the Members of Lac Gold Limited Report on the Audit of the Financial Report Opinion We have audited the consolidated financial report of Lac Gold Limited (the “Company”) and its subsidiaries (the “Group”), which comprises the consolidated statement of financial position as at 30 June 2026, the consolidated statement of profit and loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including material accounting policy information, the consolidated entity disclosure statement and the directors’ declaration. In our opinion, the accompanying consolidated financial report of the Group, is in accordance with the Corporations Act 2001, including: (a) giving a true and fair view of the Group’s financial position as at 30 June 2026 and of its financial performance for the year then ended; and (b) complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for Opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the APES 110 Code of Ethics for Professional Accountants (including Independence Standards) issued by the Accounting Professional & Ethical Standards Board Limited (the “Code”) that are relevant to audits of the financial report of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Material Uncertainty Related to Going Concern We draw attention to Note 2.3 in the consolidated financial statements, which indicates that the Group recorded an operating loss of $4,186,463 (2025: $1,373,582) and a cash outflow from operating activities and cash outflow from investing activities of $2,928,454 (2025: inflow $639,466) and $3,514,904 (2025: $ 156,062) respectively for the year ended 30 June 2026. At reporting date, the Group had a working capital surplus of $6,438,417 (2025: $11,728,583) and held cash of $13,341,910 (2025: $11,436,941). As stated in Note 2.3, these events or conditions, along with other matters set forth in Note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter. Independent Auditor’s Report
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75 ANNUAL REPORT 2026 LAC GOLD LIMITED Independent Auditor’s Report 75 Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key Audit Matter Area of focus How our audit addressed the area of focus Accounting for Asset Acquisition Refer to Note 3 Accounting for Lac Gold Holdings Pty Ltd (formerly Lac Gold Limited) In December 2025, the Group acquired the assets of Lac Gold Holdings Pty Ltd (“LG1”). LG1 holds the Rouyn Gold Project in Québec. The Group acquired 100% of the issued capital of LG1 through the issue of 101,388,889 shares. The Group classified this acquisition as an asset acquisition after applying the substantive process test as set out in AASB 3 Business Combinations (“AASB 3”). The accounting for the asset acquisition is a key audit matter due to the significant value of the acquisition and the significant judgements and assumptions made by management. Including: • determining that the substantive process test was applied correctly; and • evaluating the fair value of the assets acquired and liabilities assumed as of the acquisition date. Our procedures included, amongst others: • obtaining a copy of the signed share sale agreements; • evaluating management’s substantive process test to the asset acquisition; • assessing how the Group estimated the fair value of assets acquired and liabilities assumed; • obtaining management’s assessment of the asset value; and • checking the appropriateness of the disclosures in consolidated financial report.
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76 INDEPENDENT AUDITOR’S REPORT LAC GOLD LIMITED Key Audit Matter Area of focus How our audit addressed the area of focus Capitalisation and Carrying value of Exploration and Evaluation assets Refer to Note 13 Exploration and Evaluation Expenditure As at 30 June 2026, the carrying value of capitalised exploration and evaluation expenditure was $71,394,193 (2025: $18,665,788). This is a key audit matter due to the fact that significant judgement is applied in determining whether: • the exploration and evaluation expenditure should be capitalised in accordance with AASB 6 Exploration for and Evaluation of Mineral Resources (“AASB 6”); and • facts and circumstances exist that suggest that the carrying amount of the exploration and evaluation expenditure may exceed their recoverable amount in accordance with AASB 6. Our procedures included, amongst others: ▪ checking that the rights of tenure to the areas of interest remained current at the reporting date; ▪ assessing whether the capitalisation of exploration and evaluation expenditure is in accordance with AASB 6; ▪ obtaining an understanding of the status of ongoing exploration programs for the areas of interest; ▪ obtaining evidence of the future intention for the areas of interest, including reviewing future budgeted expenditure; ▪ assessing management’s assessment of potential indicators of impairment; and ▪ checking the appropriateness of the disclosures in the consolidated financial report. Key Audit Matter Area of focus How our audit addressed the area of focus Share-based payments Refer to Note 22 Share-based Payments The Group has awarded its directors and key management personnel performance rights and options over shares to conserve cash, to provide long-term incentives and as part of the asset acquisition. The risk associated with these equity instruments is that they may not be valued, accounted for and disclosed in accordance with AASB 2 Share-based payment (“AASB 2”). This is a key audit matter as the valuation of share- based payments is complex and subject to significant management estimates and judgement. Our procedures included, amongst others: ▪ verifying the key terms of equity settled share-based payments in respect of the award of options over common shares for rendering services and satisfaction of other vesting conditions by key management personnel and directors to the underlying shareholder approval and award documents; ▪ evaluating the accuracy of the share -based payments amortisation over the vesting periods and recording of expense in the consolidated statement of profit or loss and other comprehensive income and increase to the share-based payments reserve; ▪ performing procedures to identify unrecorded share-based payments; and ▪ checking the appropriateness of the disclosures in the consolidated financial report.
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77 ANNUAL REPORT 2026 LAC GOLD LIMITED Independent Auditor’s Report 77 Other Information The directors are responsible for the other information. The other information comprises the information included in the Group’s annual report for the year ended 30 June 2026 but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Directors for the Consolidated Financial Report The directors of the Group are responsible for the preparation of: a) the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001; and b) the consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001, and for such internal control as the directors determine is necessary to enable the preparation of: i. the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and ii. the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error. In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or has no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Consolidated Financial Report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
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78 INDEPENDENT AUDITOR’S REPORT LAC GOLD LIMITED misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. • Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation. We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the financial report of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on the Remuneration Report Opinion on the Remuneration Report We have audited the Remuneration Report included in pages 29 to 37 of the directors’ report for the year ended 30 June 2026. In our opinion, the Remuneration Report of Lac Gold Limited, for the year ended 30 June 2026, complies with section 300A of the Corporations Act 2001.
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79 ANNUAL REPORT 2026 LAC GOLD LIMITED Independent Auditor’s Report 79 Responsibilities The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. Horizon Nexus (WA) Audit Pty Ltd Justin Mulhair Director Perth, Western Australia 24 September 2026
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80 INDEPENDENT AUDITOR’S REPORT LAC GOLD LIMITED
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81 ANNUAL REPORT 2026 LAC GOLD LIMITED Shareholder Information HOLDINGS AS A T 11 SEPTEMBER 2026: Range Total holders Number of shares % of total shares 1 - 1,000 568 279,580 0.13 1,001 - 5,000 1,049 2,727,315 1.27 5,001 - 10,000 398 2,906,218 1.35 10,001 - 100,000 578 17,702,082 8.24 100,001 Over 162 191,291,200 89.01 Total 2,755 214,906,395 100.00 Unmarketable Parcels Range Minimum Parcel Size Holders Units Minimum $500 parcel at 0.1750 1,429 774 526,796 Shareholders by Location No. of Holders Securities Australian holders 2,688 212,582,345 Overseas holders 67 2,324,050 Total Number of Holders 2,755 214,906,395 VOTING RIGHTS The Constitution of the Company makes the following provision for voting at general meetings: • On a show of hands, every member has one vote. • On a poll, every member present has: - one vote for each fully paid share held by the member and in respect of which the member is entitled to vote; and - for each partly paid share held by the member and in respect of which the member is entitled to vote, that fraction of a vote equivalent to the proportion that the amount paid (not credited) on the share bears to the total amounts paid and payable (excluding amounts credited) on the share. An amount paid on a share in advance of a call is to be ignored; RESTRICTED SECURITIES There are no restricted securities or securities subject to voluntary escrow. ON-MARKET BUY-BACK Currently there is no on-market buy-back of the Company’s securities. Substantial Shareholder Notices as at 11 September 20263 Shareholders by Location No. of Shares Held % Held Matthew Keegan 38,000,000 17.68% Seisun Capital Pty Ltd, Cedarose Pty Ltd 14,397,198 6.70% Jetosea Pty Ltd 12,134,472 5.65% 3 As per their substantial holder notices.
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82 SHAREHOLDER INFORMA TION LAC GOLD LIMITED 20 LARGEST HOLDERS OF SECURITIES AS A T 11 SEPTEMBER 2026: Rank Name Units % 1 MATTHEW JOSEPH KEEGAN 30,959,280 14.41 2 JETOSEA PTY LTD 12,175,890 5.67 3 BNP PARIBAS NOMS PTY LTD 9,511,790 4.43 4 ANDREW JAMES STOCKS 9,159,393 4.26 5 CHURCHILL STRATEGIC INVESTMENTS GROUP PTY LTD 9,000,000 4.19 6 TIMSTER PTY LIMITED <THE MCROD SUPER FUND A/C> 6,954,696 3.24 7 CITICORP NOMINEES PTY LIMITED 5,227,113 2.43 8 CEDAROSE PTY LTD <CEDAROSE SUPER FUND A/C> 5,000,000 2.33 9 EMERALD STREET PTY LTD 4,871,048 2.27 10 BNP PARIBAS NOMINEES PTY LTD <HUB24 CUSTODIAL SERV LTD> 4,730,819 2.20 11 RASK PTY LTD <GRANGER SUPER FUND A/C> 3,985,100 1.85 12 EYEON NO 2 PTY LTD 3,453,620 1.61 13 NETWEALTH INVESTMENTS LIMITED <WRAP SERVICES A/C> 3,394,063 1.58 14 ONMELL PTY LTD <ONM BPSF A/C> 3,357,208 1.56 15 WARADALE PTY LTD <THE NARVO FAMILY A/C> 3,227,348 1.50 16 ALL-STATES FINANCE PTY LIMITED 3,203,570 1.49 17 VICTORIA ROAD HOLDINGS PTY LTD 3,118,287 1.45 18 HSBC CUSTODY NOMINEES <AUSTRALIA> LIMITED 2,735,220 1.27 19 NORTHROCK CAPITAL PTY LTD <NORTHROCK CAPITAL UNIT A/ C> 2,498,620 1.16 20 VICTORIA ROAD HOLDINGS PTY LTD 2,362,433 1.10 Totals: Top 20 holders of ORDINARY FULLY PAID SHARES (Total) 128,925,498 59.99 Total Remaining Holders Balance 85,980,897 40.01 OPTION HOLDING AS A T 11 SEPTEMBER 2026 Class Date of Expiry Exercise Price Number under Option Unlisted Employee Incentive Options 13 June 2027 $0.43 174,418 Unlisted Incentive Options 14 June 2027 $0.301 46,511 Unlisted Director Incentive Options 26 March 2029 $0.20 2,000,000 TOTAL 2,220,929
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83 ANNUAL REPORT 2026 LAC GOLD LIMITED The following Option holders hold more than 20% of a particular class of the Company’s Unlisted Options. Holder Unlisted Employee Incentive Options; Expiry 13/6/27 Unlisted Incentive Options; Expiry 14/6/27 Unlisted Director Incentive Options; Expiry 26/3/29 Tara Robson 174,418/(100%) - - Eric Kallio - 46,511/(100%) - Michelle Roth 1,000,000/(50%) Jeremy Robinson 1,000,000/(50%) Total 174,418 46,511 2,000,000 Balance of Register - - - Total Number of Holders 1 1 2 Performance Rights Holding as at 11 September 2026 Tranche Performance Condition Expiry Number Holder A The Company announcing a mineral resource (in the inferred, indicated and/or measured categories) on the Rouyn Project in excess of 2.0 million ounces of Gold at a grade of no less than 3.0 g/t. 22 Jan 2027 1,000,000 A Stocks 1,000,000 M Keegan B The Company announcing a mineral resource (in the inferred, indicated and/or measured categories) on the Rouyn Project in excess of 2.5 million ounces of Gold at a grade of no less than 3.0 g/t. 22 Jan 2028 1,000,000 A Stocks 1,000,000 M Keegan C The Company announcing a scoping study, which has been verified by an independent third party, showing a positive net present value in respect of one or more of the projects owned by the Company. 22 Jan 2028 600,000 A Stocks 600,000 M Keegan D The Company’s shares achieving a volume weighted average price (VWAP) per share of $0.50 or more calculated over any 30 consecutive trading days on which trades in the shares are recorded on ASX. 22 Jan 2027 1,000,000 A Stocks 1,000,000 M Keegan 1,000,000 I Hume 1,000,000 T Robson 1,000,000 M Roth 1,000,000 J Robinson E The Company’s shares achieving a VWAP per share of $0.75 or more calculated over any 30 consecutive trading days on which trades in the shares are recorded on ASX. 22 Jan 2029 1,200,000 A Stocks 1,200,000 M Keegan 1,000,000 I Hume 1,000,000 T Robson 1,000,000 M Roth 1,000,000 J Robinson F The Board approving a final investment decision to commence mining operations and the Company being granted a mining lease in respect of one or more of the projects owned by the Company. 22 Jan 2029 1,200,000 A Stocks 1,200,000 M Keegan Total 20,000,000
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84 SHAREHOLDER INFORMA TION LAC GOLD LIMITED TENEMENTS The company wishes to provide the following information in relation to additional information required by Listing Rule 5.3.3 Mining tenements held 11 September 2026 and their location. All of the Company’s tenements are granted and located in Ontario, except for the Rouyn Gold Project which is located in Québec. Gold Project/ Location Tenement Number / Claim ID % Interest Pickle Lake – Connections Ontario 536230 536231 536232 536233 536234 536235 536236 536237 536238 100% 536239 536240 536241 536242 536243 536244 536245 536246 536247 536248 536249 541336 541337 541341 541344 541345 541346 541350 541355 541358 541359 541360 541361 541366 541367 541368 541369 541370 541371 541372 541373 541374 541376 541377 541378 541379 541380 541381 541382 541383 541384 541385 541387 541388 541389 541390 541391 541392 541393 541394 541395 541396 541397 541398 541399 541400 541401 566571 566572 566573 566574 566575 566576 566577 566578 566579 566580 566581 566582 566583 566584 566585 566586 566587 566588 566589 566590 566591 566592 566593 566594 566595 566596 566597 566598 566599 566600 566601 566602 566603 566604 566605 566606 566607 566608 566609 566610 566611 566612 566613 566614 566615 566616 566617 Pickle Lake - Dempster Lake Ontario 695376 704865 704866 704867 704868 704869 704870 704871 704872 100% 704873 704874 704875 704876 704877 704878 704879 704880 704881 704882 704883 704884 704885 704886 704887 704888 704889 704890 704891 704893 579770 579771 579772 579773 579774 579997 579998 580004 580005 580006 580007 580008 580009 580010 580015 580016 580017 580018 580019 580020 580021 580022 580023 580024 580025 580026 580027 580028 580029 580030 580031 580032 580033 580034 580035 580036 580037 580038 580039 580040 580041 580042 580043 580044 580045 580046 580047 580048 580049 580050 580051 580052 580053 580054 580055 580056 580057 580058 580059 580060 580061 580062 580063 580064 580065 580066 580067 580068 580069 580070 580071 580072 580073 580074 580075 580076 580077 580078 580079 580080 580081 580082 580083 580084 580085 580086 580087 580088 580089 580090 580091 580092 580093 580094 580095 580096 580097 580098 580099 580100 580101 580102 580103 580104 580105 580106 580107 580108 580109 580110 580111 580112 580113 580114 580115 580116 580117 580118 580119 580120 580121 580122 580123 580124 580125 580126 580127 580128 580129 580130 580131 580132 580133 580134 580135 580136 580137 580138 580139 580140 580141 580142 580151 580152 580153 580154 580155 580156 580189 580190 580295 580296 580297 580298 580299 580300 580301 580302 580303 580304 580305 580306 580307 580308 580309 580310 580311 580312 580313 580314 580315 580316 580317 580318 580319 580320 580321 580322 580323 580324 580325 580326 580327 580328 580329 580330 580331 580332 580333 580334 580335 580336 580337 580338 580339 580340 580341 580342 580343 580344 Pickle Lake - Dorothy Dobie Ontario 104984 105912 106176 106277 106701 108546 108547 110665 112086 100% 112889 112990 123364 124723 128625 129964 130012 130849 130944 130945 131221 133040 133429 134232 134448 134753 135762 136226 140102 140103 140104 141205 143008 143009 145694 146037 146857 146858 147714 149493 149494 150199 150524 150822 150823 154016 154661 155274 156088 159811 161295 161344 161961 162581 162582 163914 163956 166547 166548 168691 169333 169948 176602 176661 176770 176793 176991 178279 178630 178776 181433 183363 183657 183658 183659 183660 183661 183802 186059 186838 186839 186840 187792 187793 192633 193812 195459 195771 196502 200893 201767 205183 205184 205185 207317 207318 208735 208736 212985 213019 213020 214000 214531 215430 215446 215505 217414 221873 223229 225203 231209 233344 234028 234647 235998 236504 236505 236506 236858 242025 242026 242027 242865 242885 245369 246370 246778 248523 250184 250376 250377 250729 250918 250919 250920 251226 251227 252855 253832 253833 253834 254138 254139 254140 255485 255486 257816 261457 261968 262541 265913 265914 269312 269419 272648 273934 273935 277187 279407 279431 279432 282045 282178
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85 ANNUAL REPORT 2026 LAC GOLD LIMITED Gold Project/ Location Tenement Number / Claim ID % Interest Pickle Lake - Dorothy Dobie Ontario (continued) 282650 284007 287953 287954 289318 290701 292076 292077 292078 297909 297946 298040 299720 299721 300389 301466 302098 302509 302510 303780 308300 308702 308703 308704 310059 310268 310973 311804 316960 316961 316984 316985 317711 319530 319856 322018 323277 323278 323279 329251 329351 332358 333405 334448 336319 336320 337656 337657 337827 337828 338360 340200 340994 342957 343787 343788 566618 566619 566620 566621 566622 566623 566624 566625 566626 566627 566628 566629 566630 566631 566632 566633 566634 566635 566636 566637 566638 566639 566640 566641 566642 566643 566644 566645 566646 566647 566648 566649 566650 566651 566652 566653 566654 566655 566656 566657 566658 566659 566660 566661 566662 566663 566664 566935 566936 566937 566938 566939 566940 566941 566942 566943 566944 566945 566946 566947 566948 566949 566950 566951 566952 566953 566954 566955 566956 566957 566958 566959 566960 566961 566962 566963 566964 566965 566966 566967 566968 566969 566970 566971 566972 566973 566974 566975 566976 566977 566978 566979 566980 566981 566982 566983 566984 695378 834414 1033272 1036263 Pickle Lake - Dorothy Dobie North Ontario 695374 613951 613952 613953 613954 613955 613956 613957 613958 100% 613959 613960 613961 613962 613963 613964 613965 613966 613967 613968 613969 613970 613971 613972 613973 613974 613975 613976 613977 613978 613979 613980 613981 613982 613983 613984 613985 613986 613987 613988 613989 613990 613991 613992 613993 613994 613995 613996 613997 613998 613999 614000 614001 614002 614003 614004 614005 614006 614007 614008 614009 614010 614011 614012 614013 614014 614015 614016 614017 614018 614019 614020 614021 614022 614023 614024 614025 614026 614027 614028 614029 614030 614031 614032 614033 614034 614035 614036 614037 614038 614039 614040 614041 614042 614043 614044 614045 614046 614047 614048 614049 614050 614051 614052 614053 614054 614055 614056 614057 614058 614059 614060 614061 614062 614063 614064 614065 614066 614067 614068 614069 614070 614071 614072 614073 614074 614075 614076 614077 614078 614079 614080 614081 614082 614083 614084 614085 614086 614087 614088 614089 614090 614091 614092 614093 614094 614095 614096 614097 614098 614099 614100 614101 614102 614103 614104 614105 614106 614107 614108 614109 614110 614111 614112 614113 614114 614115 614116 614117 614118 614119 614120 614121 614122 614123 614124 614125 614126 614127 614128 614129 614130 614131 614132 614133 614134 614135 614136 614137 614138 614139 614140 614141 614142 614143 614144 614145 614146 614147 614148 614149 614150 614151 614152 614153 614154 614155 614156 614157 614158 614159 614160 614161 614162 614163 614164 614165 614166 614167 614168 614169 614170 614171 614172 614173 614174 614175 614176 614177 614178 614179 614180 614181 614182 614183 614184 614185 614186 614187 614188 614189 614190 614191 614192 614193 614194 614195 614196 614197 614198 614199 614200 614201 614202 614203 614204 614205 614206 614207 614208 614209 614210 614211 614212 614213 614214 614215 614216 614217 614218 614219 614220 614221 614222 614223 614224 614225 614226 614227 614228 614229 614230 614231 614232 Pickle Lake - Duffell Lake Ontario 695351 695352 579696 579697 579698 579699 579700 579701 579702 100% 579703 579704 579705 579706 579707 579708 579709 579710 579711 579712 579713 579714 579715 579716 579717 579718 579719 579720 579721 579722 579723 579724 579725 579726 579727 579728 579729 579730 579731 579732 579733 579734 579735 579736 579737 579738 579739 579740 579741 579742 579743 579744 579745 579746 579747 579748 579749 579750 579751 579752 579753 579754 579755 579756 579757 579758 579759 579760 579761 579762 579763 579764 579765 579766 579767 579768 579769 579993 579994 579995 579996 579999 580000 580001 580002 580003 580011 580012 580013 580014
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86 SHAREHOLDER INFORMA TION LAC GOLD LIMITED Gold Project/ Location Tenement Number / Claim ID % Interest Pickle Lake - Jean Lake Ontario 574692 574693 574694 574695 574696 574697 574698 574699 574700 100% 574701 574702 574703 574704 574705 574706 574707 574708 574709 574710 574711 574712 574713 574714 574715 574716 574717 574718 574719 574720 574721 574730 574734 574735 574736 574737 574738 574739 574740 574741 574792 574793 574794 574795 574796 574797 574798 574799 574800 574801 574802 574803 574804 574805 574806 574807 574808 574809 574810 574811 574812 574813 574814 574815 574816 574817 574818 574819 574820 574821 574822 574823 574824 574825 574826 574827 574828 574829 574830 574831 574832 574833 574834 574835 574836 574837 574838 574839 574840 574841 574864 574865 574866 574867 574868 574869 574870 Pickle Lake - Kasagiminnis Ontario 107775 110169 122183 124715 124717 136219 136220 136221 141049 100% 142242 181427 188198 200883 236849 254414 266397 281542 290905 301653 310311 310962 341763 803062 848611 919661 Pickle Lake - Kasagiminnis North Ontario 742484 742485 742486 742487 742488 742489 742490 742491 742492 100% 742493 742494 742495 742496 742497 742498 614233 614234 614235 614236 614237 614238 614239 614240 614241 614242 614243 614244 614245 614246 614247 614248 614249 614250 614251 614252 614253 614254 614255 614256 614257 614258 614259 614260 614261 614262 614263 614264 614265 614266 614267 614268 614269 614270 614271 614272 614273 614274 614275 614276 614277 614278 614279 614280 614281 614282 614283 614284 614285 614286 614287 614288 614289 614290 614291 614292 614293 614294 614295 614296 614297 614298 614299 614300 614301 614302 614303 614304 614305 614306 614307 614308 614309 614310 614311 614312 614313 614314 614315 614316 614317 614318 614319 614320 614321 614322 614323 614324 614325 614326 614327 614328 614329 614330 614331 614332 614333 614334 614335 614336 614337 614338 614339 614340 614341 614342 614343 614344 614345 614346 614347 614348 614349 614350 614351 614352 614353 614354 614355 614356 614357 614358 614359 614360 614361 614362 614363 614364 614365 614366 614367 614368 614369 614370 614371 614372 614373 614374 614375 614376 614377 614378 614379 614380 614381 614382 614383 614384 614385 614386 614387 614388 614389 614390 614391 614392 614393 614394 614395 614396 614397 614398 614399 614400 614401 614402 614403 614404 614405 614406 614407 614408 614409 614410 614411 614412 614413 614414 614415 614416 614417 614418 614419 614420 614421 614422 614423 614424 614425 614426 614427 614428 614429 614430 614431 614432 614433 614434 614435 614436 614437 614438 614439 614440 614441 614442 614443 614444 614445 614446 614447 614448 614449 614450 614451 614452 614453 614454 614455 614456 614457 614458 614459 614460 614461 614462 614463 614464 614465 614466 614467 614468 614469 614470 614471 614472 614473 614474 614475 614476 614477 614478 614479 614480 614481 614482 614483 614484 614485 614486 614487 614488 614489 614490 614491 614492 614493 614494 614495 614496 614497 614498 614499 614500 614501 614502 614503 614504 614505 614506 614507 614508 614509 614510 614511 614512 614513 614514 614515 614516 614517 614518 614519 614520 614521 614522 614523 614524 614525 614526 614527 614528 614529 614530 614531 614532 614533 614534 614535 614536 614537 614538 614539 614540 614541 614542 614543 614544 614545 614546 614547 614548 614549 614550 614551 614552 614553 614554 614555 614556 614557 614558 614559 614560 614561 614562 614563 614564 614565 614566 614567 614568 614569 614570 614571 614572 614573 614574 614575 614576 614577 614578 614579 614580 614581 614582 614583 614584 614585 614586 614587 614588 614589 614590 614591 614592 614593 614594 614595 614596 614597 614598 614599 614600 614601 614602 614603 614604 614605 614606 614607 614608 614609 614610
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87 ANNUAL REPORT 2026 LAC GOLD LIMITED Gold Project/ Location Tenement Number / Claim ID % Interest Pickle Lake - Kawashe Lake Ontario 574871 574872 574873 574874 574875 574876 574877 574878 574879 100% 574880 574881 574882 574883 574884 574885 574886 574887 574888 574889 574890 574891 574892 574893 574894 574895 574896 574897 574898 574899 574900 574901 574902 574903 574904 574905 574906 574907 574908 574909 574910 574911 574912 574913 574914 574915 574916 574917 574918 574919 574920 574921 574922 574923 574924 574925 574926 574927 574928 574929 574930 574931 574932 574933 574934 574935 574936 574937 574938 574939 574940 574941 574942 574943 574944 574945 574946 574947 574948 574949 574950 574951 574952 574953 574954 574955 574956 574957 574958 574959 574960 574961 574962 574963 574964 574965 574966 574967 574968 574969 574970 574971 574972 574973 574974 574975 574976 574977 574978 574979 574980 574981 574982 574983 574984 574985 574986 574987 574988 574989 574990 574991 574992 574993 574994 574995 574996 574997 574998 574999 575000 575001 575002 575003 575004 575005 575006 575007 575008 575009 575010 575011 575012 575013 575014 575015 575016 575017 575018 575019 575020 575021 575022 575023 575024 575025 575026 575027 575028 575029 575030 575031 575032 575033 575034 575035 575036 575037 575038 575039 575040 575041 575042 575043 575044 575045 575046 575047 575048 575049 575050 575051 575052 575053 575054 575055 575056 575057 575058 575059 575060 575061 575062 575063 575064 575065 575066 575067 575068 575069 575070 575071 575072 575073 575074 575075 575076 575077 575078 575079 575080 575081 575082 575083 575084 575085 575086 575087 575088 575089 575090 575091 575092 575093 575094 575095 575096 575097 575098 575099 575100 575101 575102 575103 575104 575105 575106 575107 575108 575109 575110 575111 575112 575113 575114 575115 575116 575117 575118 575119 575120 575121 575122 575123 575124 575125 575126 575127 575128 575129 575130 575131 575132 575133 575134 575135 575136 575137 575138 575139 575140 575141 575142 575143 575144 575145 575146 575147 575148 575149 575150 575151 575152 575153 575154 575155 575156 575157 575158 575159 575160 575161 575162 575163 575164 575165 575166 575167 575168 575169 575170 575171 575172 575173 575174 575175 575176 575177 575178 575179 575180 575181 575182 575183 575184 575185 575186 575187 575188 575189 575190 575191 575192 575193 575194 575195 575196 575197 575198 719921 Pickle Lake - Kawashe Lake North Ontario 625482 625483 625484 625485 625486 625487 625488 625489 625490 100% 625491 625492 625493 625494 625495 625496 625497 625498 625499 625500 625501 625502 625503 625504 625505 625506 625507 625508 625509 625510 625511 625512 625513 625514 625515 625516 625517 625518 625519 625520 625521 625522 625523 625524 625525 625526 625527 625528 625529 625530 625531 625532 625533 625534 625535 625536 625537 625538 625539 625540 625541 625542 625543 625544 625545 625546 Pickle Lake - Keating Lake Ontario 574492 574493 574494 574495 574496 574497 574498 574499 574500 100% 574501 574502 574503 574504 574505 574506 574507 574508 574509 574510 574511 574512 574513 574514 574515 574516 574517 574518 574519 574520 574521 574522 574523 574524 574525 574526 574527 574528 574529 574530 574531 574532 574533 574534 574535 574536 574537 574538 574539 574540 574541 574542 574543 574544 574545 574546 574547 574548 574549 574550 574551 574552 574553 574554 574555 574556 574557 574558 574559 574560 574561 574562 574563 574564 574565 574566 574567 574568 574569 574570 574571 574572 574573 574574 574575 574576 574577 574578 574579 574580 574581 574582 574583 574584 574585 574586 574587 574588 574589 574590 574591 574722 574723 574724 574725 574726 574727 574728 574729 574731 574732 574733 579929 579930 579931 579932 579933 579934 579935 579936 579937 579938 579939 579940 579941 579942 579943 579944 579945 579946 579947 579948 579949 579950 579951 579952 579953 579954 579955 579956 579957 579958 579959 579960 579961 579962 579963 579964 579965 579966 579967 579968 579969 579970 579971 579972 579973 579974 579975 579976 579977 579978
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88 SHAREHOLDER INFORMA TION LAC GOLD LIMITED Gold Project/ Location Tenement Number / Claim ID % Interest Pickle Lake - Kawashe Lake Ontario 574871 574872 574873 574874 574875 574876 574877 574878 574879 100% 574880 574881 574882 574883 574884 574885 574886 574887 574888 574889 574890 574891 574892 574893 574894 574895 574896 574897 574898 574899 574900 574901 574902 574903 574904 574905 574906 574907 574908 574909 574910 574911 574912 574913 574914 574915 574916 574917 574918 574919 574920 574921 574922 574923 574924 574925 574926 574927 574928 574929 574930 574931 574932 574933 574934 574935 574936 574937 574938 574939 574940 574941 574942 574943 574944 574945 574946 574947 574948 574949 574950 574951 574952 574953 574954 574955 574956 574957 574958 574959 574960 574961 574962 574963 574964 574965 574966 574967 574968 574969 574970 574971 574972 574973 574974 574975 574976 574977 574978 574979 574980 574981 574982 574983 574984 574985 574986 574987 574988 574989 574990 574991 574992 574993 574994 574995 574996 574997 574998 574999 575000 575001 575002 575003 575004 575005 575006 575007 575008 575009 575010 575011 575012 575013 575014 575015 575016 575017 575018 575019 575020 575021 575022 575023 575024 575025 575026 575027 575028 575029 575030 575031 575032 575033 575034 575035 575036 575037 575038 575039 575040 575041 575042 575043 575044 575045 575046 575047 575048 575049 575050 575051 575052 575053 575054 575055 575056 575057 575058 575059 575060 575061 575062 575063 575064 575065 575066 575067 575068 575069 575070 575071 575072 575073 575074 575075 575076 575077 575078 575079 575080 575081 575082 575083 575084 575085 575086 575087 575088 575089 575090 575091 575092 575093 575094 575095 575096 575097 575098 575099 575100 575101 575102 575103 575104 575105 575106 575107 575108 575109 575110 575111 575112 575113 575114 575115 575116 575117 575118 575119 575120 575121 575122 575123 575124 575125 575126 575127 575128 575129 575130 575131 575132 575133 575134 575135 575136 575137 575138 575139 575140 575141 575142 575143 575144 575145 575146 575147 575148 575149 575150 575151 575152 575153 575154 575155 575156 575157 575158 575159 575160 575161 575162 575163 575164 575165 575166 575167 575168 575169 575170 575171 575172 575173 575174 575175 575176 575177 575178 575179 575180 575181 575182 575183 575184 575185 575186 575187 575188 575189 575190 575191 575192 575193 575194 575195 575196 575197 575198 719921 Pickle Lake - Kawashe Lake North Ontario 625482 625483 625484 625485 625486 625487 625488 625489 625490 100% 625491 625492 625493 625494 625495 625496 625497 625498 625499 625500 625501 625502 625503 625504 625505 625506 625507 625508 625509 625510 625511 625512 625513 625514 625515 625516 625517 625518 625519 625520 625521 625522 625523 625524 625525 625526 625527 625528 625529 625530 625531 625532 625533 625534 625535 625536 625537 625538 625539 625540 625541 625542 625543 625544 625545 625546 Pickle Lake - Keating Lake Ontario 574492 574493 574494 574495 574496 574497 574498 574499 574500 100% 574501 574502 574503 574504 574505 574506 574507 574508 574509 574510 574511 574512 574513 574514 574515 574516 574517 574518 574519 574520 574521 574522 574523 574524 574525 574526 574527 574528 574529 574530 574531 574532 574533 574534 574535 574536 574537 574538 574539 574540 574541 574542 574543 574544 574545 574546 574547 574548 574549 574550 574551 574552 574553 574554 574555 574556 574557 574558 574559 574560 574561 574562 574563 574564 574565 574566 574567 574568 574569 574570 574571 574572 574573 574574 574575 574576 574577 574578 574579 574580 574581 574582 574583 574584 574585 574586 574587 574588 574589 574590 574591 574722 574723 574724 574725 574726 574727 574728 574729 574731 574732 574733 579929 579930 579931 579932 579933 579934 579935 579936 579937 579938 579939 579940 579941 579942 579943 579944 579945 579946 579947 579948 579949 579950 579951 579952 579953 579954 579955 579956 579957 579958 579959 579960 579961 579962 579963 579964 579965 579966 579967 579968 579969 579970 579971 579972 579973 579974 579975 579976 579977 579978 Gold Project/ Location Tenement Number / Claim ID % Interest Pickle Lake - New Patricia Ontario 131784 147868 147869 147870 147871 159805 184465 193806 196500 100% 211821 214522 214523 214524 240460 248517 248518 248519 251221 260527 300387 315010 315011 317709 329913 329914 329915 329916 335930 339299 500919 500920 500921 500922 500923 500924 500925 500926 500927 500928 500929 500930 500931 500932 500933 500934 500935 500936 500937 500938 500939 500940 500941 500942 500943 500944 500945 500946 500947 500948 500949 500950 500951 500952 500953 500954 500955 500956 500957 500958 500959 500960 500961 500962 500963 500964 500965 500966 500967 500968 500969 500970 500971 500972 500973 500974 500975 500976 500977 500978 500979 500980 500981 500982 500983 500984 500985 500986 500987 500988 500989 500990 500991 500992 500993 500994 500995 500996 500997 500998 500999 501000 501001 501002 501003 501004 501005 501006 501007 501008 501009 501010 501011 501012 501013 501014 501015 501016 501017 501018 501142 501143 501144 501145 501146 501147 501148 501149 501150 501151 501152 501153 501154 501155 501156 501157 501158 501159 501160 501161 501162 501163 501164 501165 501166 501167 501168 501169 501170 501171 501172 501173 501174 501175 501176 501177 501178 501179 501180 501181 501182 501183 501184 501185 501186 501187 501188 501189 501190 501191 501210 501211 501212 501213 501214 501215 501216 501217 501218 501219 501220 501221 501222 501223 501224 501225 501226 501227 501228 501229 501230 501231 501232 501233 501234 501235 501236 501237 501238 501239 501240 501241 501242 501243 501244 501245 501246 501247 501248 501249 501250 501251 501252 501253 501254 501255 501256 501257 501258 501259 501292 501293 501294 501295 501296 501297 501298 501299 501300 501301 501302 501303 501304 501305 501306 501307 501308 501309 501310 501311 501312 501313 501314 501315 501316 501317 501318 501319 501320 501321 501322 501323 501324 501325 501326 501327 501328 501329 501330 501331 501332 501333 501339 501340 501341 501342 501343 501344 501345 501346 501347 501348 501349 501350 501351 501352 501353 501354 501355 501356 501357 501358 501359 501360 501361 501362 501363 501364 501365 501366 501367 501368 501369 501370 501371 501372 501373 501374 501375 501376 501377 501378 501379 501380 501381 501382 501383 501384 501385 501386 501387 501388 501527 501528 501529 501530 501531 501532 501533 501534 501535 501536 501537 501538 501539 501540 501541 501542 501543 501544 501545 501546 501547 501548 501549 501550 501551 501552 501568 501569 501570 501571 501572 501573 501574 501575 501576 501577 501578 501579 501580 501581 501582 501583 501584 501585 501586 501587 501588 501589 501590 501591 501592 501593 501594 501595 501596 501597 501598 501599 501600 501601 501602 501603 501604 501605 501606 501607 501608 501609 501610 501611 501612 501613 501614 501615 501616 501617 501814 501815 501816 501817 501818 501819 501820 501821 501822 501823 501824 501825 501826 501827 501828 501829 501830 501831 501832 501833 501834 501835 501836 501837 501838 501839 501840 501841 501842 501843 501844 501845 501846 501847 501848 501849 501850 501851 501852 501853 501854 501855 501856 501857 501858 501859 501860 501861 501862 501863 502011 502012 502013 502014 502015 502016 502017 502018 502019 502020 502021 502022 502023 502024 502025 502026 502027 502028 502029 502030 502031 502032 502033 502034 502035 502036 502037 502038 502039 502040 502041 502042 502043 502044 502045 502046 502047 502048 502049 502050 502051 502052 502053 502054 502055 502056 502057 502058 502059 502060 502132 502133 502134 502135 502136 502137 502138 502139 502140 502141 502142 502143 502144 502145 502146 502147 502148 502149 502150 502151 502152 502153 502154 502155 502156 502157 502158 502159 502160 502161 502162 502163 502164 502165 502166 502167 502168 502169 502170 502171 502172 502173 502174 502175 502176 502177 502178 502179 502180 502181 502227 502229 502231 502232 502234 502236 502238 502240 502241 502243 502245 520337 520338 520339 520340 520935 520936 520937 520938 520939
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89 ANNUAL REPORT 2026 LAC GOLD LIMITED Gold Project/ Location Tenement Number / Claim ID % Interest Pickle Lake - New Patricia Ontario (continued) 520940 520941 520942 520943 520944 520945 520946 520947 520948 520949 520950 520951 520952 520953 520954 520955 520956 520957 520958 520959 520960 520961 520962 520963 520964 520965 520966 520967 520968 520969 520970 520971 520972 520973 520974 520975 520976 520977 520978 520979 520980 520981 520982 520983 520984 520985 520986 520987 520988 520989 520990 520991 520992 520993 520994 520995 520996 520997 520998 520999 521000 521001 521002 521003 521004 521005 521006 521007 521008 521009 521010 521011 521012 521013 521014 521015 521016 521017 521018 521019 521020 521021 521022 521023 521024 521025 521026 521027 521028 521029 521030 521031 521032 521033 521034 521035 521036 521037 521038 521039 521040 521041 521042 521043 521044 521045 521046 938847 Pickle Lake - Reylea Lake Ontario 580191 580192 580193 580194 580212 580213 580214 580215 580216 100% 580217 580218 580219 580220 580221 580222 580223 580226 580227 580228 580229 580230 580236 580260 580261 580262 580263 580264 580269 Pickle Lake - South Limb Ontario 562023 562024 562025 562026 535546 535547 535548 535549 535550 100% 535551 535552 535553 535554 535555 535556 535557 100831 101525 101526 102692 102906 118004 118221 121656 121657 125050 125053 125760 125761 125762 129676 160810 164956 166304 166305 169680 169681 173060 178291 178314 179657 189146 189147 189148 194210 194211 195563 218371 219081 224876 226523 226524 226525 227088 231687 260845 262197 262198 265588 266276 266277 266278 273549 273550 282260 282261 285637 285770 289638 289639 293068 293069 293146 293147 297669 297670 321676 321677 322315 328833 328834 328835 341207 341208 101396 116721 166176 178995 178996 178997 194187 194935 194936 194937 225586 225587 225588 232868 268320 268321 268322 281607 328186 551427 920025 Pickle Lake - Two Fifty Ontario 562623 562624 562625 562626 562627 562628 562629 562630 562631 100% 562632 562633 562634 562635 562637 562638 562639 562640 562641 562642 562643 562644 562645 562646 562647 541335 541338 541339 541340 541342 541343 541347 541348 541349 541351 541352 541353 541354 541356 541357 541362 541363 541364 541365 Pickle Lake - Two Fifty North Ontario 706353 706354 706355 706356 706357 706358 706359 706360 706361 100% 706362 706363 706364 706365 706366 706367 706368 706369 706370 706371 706372 706373 706374 706375 706376 706377 706378 706379 706380 706381 706382 706383 706384 706385 706386 614611 614612 614613 614614 614615 614616 614617 614618 614619 614620 614621 614622 614623 614624 614625 614626 614627 614628 614629 614630 614631 614632 614633 614634 614635 614636 614637 614638 614639 614640 614641 614642 614643 614644 614645 614646 614647 614648 614649 614650 614651 614652 614653 614654 614655 614656 614657 614658 614659 614660 614661 614662 614663 614664 614665 614666 614667 614668 614669 614670 614671 614672 614673 614674 614675 614676 614677 614678 614679 614680 614681 614682 614683 614684 614685 614686 614687 614688 614689 614690 614691 614692 614693 614694 614695 614696 614697 614698 614699 614700 614701 614702 614703 614704 614705 614706 614707 614708 614709 614710 614711 614712 614713 614714 614715 614716 614717 614718 614719 614720 614721 614722 614723 614724 614725 614726 614727 614728 614729 614730 614731 614732 614733 614734 614735 614736 614737 614738 614739 614740 614741 614742 614743 614744 614745 614746 614747 614748 614749 614750 614751 614752 614753 614754 614755 614756 614757 614758 614759 614760 614761 614762 614763 614764 614765 614766 614767 614768 614769 614770 614771 614772 614773 614774 614775 614776 614777 614778 614779 614780 614781 614782 614783 614784 614785 614786 614787 614788 614789 614790 614791 614792 614793 614794 614795 614796 614797 614798 614799 614800 614801 614802 614803 614804 614805 614806 614807 614808 614809 614810 614811 614812 614813 614814 614815 614816 614817 614818 614819 614820 614821 614822 614823 614824 614825 614826 614827 614828 614829 614830 614831 614832 614833 614834 614835 614836 614837
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SHAREHOLDER INFORMA TION LAC GOLD LIMITED Gold Project/ Location Tenement Number / Claim ID % Interest Pickle Lake - Two Fifty North Ontario (continued) 614838 614839 614840 614841 614842 614843 614844 614845 614846 614847 614848 614849 614850 614851 614852 614853 614854 614855 614856 614857 614858 614859 614860 614861 614862 614863 614864 614865 614866 614867 614868 614869 614870 614871 614872 614873 614874 614875 614876 614877 614878 614879 614880 614881 614882 614883 614884 614885 614886 614887 614888 614889 614890 614891 614892 614893 614894 614895 614896 614897 614898 614899 614900 614901 614902 614903 614904 614905 614906 614907 614908 614909 614910 614911 614912 614913 Pickle Lake - West Pickle Ontario 541375 541386 104760 104916 104917 104918 104919 104920 105656 100% 105657 120067 120068 126563 128549 128550 138039 139349 147534 147535 147536 155122 155325 165265 171104 171105 171106 171107 173237 173238 176769 184045 187800 191356 191357 199313 199314 199962 207329 227360 227361 236415 239988 248070 248771 248772 250862 256698 256699 266552 267218 267219 273313 285880 285881 287193 293994 295326 295992 300139 303169 306594 316767 316768 320515 323119 325091 325092 333749 333750 333751 335552 336241 336242 338336 345540 345541 345542 345543 Pickle Lake - Golden Patricia Mining lease LEA- 108254 Mining lease LEA- LEA-108255 Mining lease LEA- LEA-108256 Rouyn Gold Project Quebec 346 2687298 2687299 2687300 2687301 2687302 2687303 2687304 2687305 2687306 2177494 2177495 2177496 2177497 2177498 2177499 2177500 2177501 2177502 2696133 2696134 2696135 2696136 2696137 2696138 2696139 2696140 2696141 2696142 2696143 2696144 2696145 2696146 2696147 2696148 2696149 2696150 2696151 2696152 2696153 2696154 2696155 2696156 2696157 2696158 2696159 2696160 2696161 2696162 2696163 2696164 2696165 2696166 2696167 2696168 2696169 2696170 2696171 2696172 2696173 2696174 Graphite Projects Tenement Number / Claim ID Beneficial Percentage Interest Pickle Lake - Manitouwadge 106808 109041 110086 113625 113626 118723 120303 128662 131666 100% 131972 134369 148355 148356 148357 151037 160975 162102 162103 177448 178748 178749 184310 185993 185994 206507 206508 213679 214769 215274 216286 233311 233312 233313 242045 245488 246007 248870 251308 251595 251596 251597 251598 252658 252659 254326 262718 265818 265819 265820 270688 270689 270690 271714 271715 271716 271717 271718 271719 280111 280112 281804 281805 289867 298697 299651 300011 302379 302380 302381 317648 317649 317650 317651 318725 329071 330634 330635 332614 338507 338508 338509 751443 751444 751445 751446 751447 751448 751449 751450 Competent Person’s Statement The Company confirms that it is not aware of any other new information or data that materially affects the information included in the original market announcements referred to above, and that all material assumptions and technical parameters have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.
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