Investor Presentation
Released
Released
Announcement PDF
Investor Briefing | July 2026
Matthew Keegan – Executive Director
ASX : LAC
A high-grade gold system emerging at scale
Rouyn Gold Project, Québec | Pickle Lake District, Ontario
Astoria drilling, Rouyn Gold Project, Québec 2026
Disclaimer
This presentation is dated 21 July 2026 and has been prepared by Lac Gold Ltd (ACN 110 884 252) (LAC, Lac Gold or the Company). Please read this disclaimer carefully before reading or making any other
use of this presentation or any information contained in this presentation.
Summary information only: The information in this presentation is summary information only and is current as at the date of this presentation (unless otherwise indicated), and the information in this
presentation remains subject to change without notice. The information in this presentation is general in nature and does not purport to be accurate nor complete, nor does it contain all of the information
that an investor may require in evaluating a possible investment in Lac Gold, nor does it contain all the information which would be required in a disclosure document or prospectus prepared in accordance
with the requirements of the Corporations Act. This presentation has been prepared by Lac Gold with due care but no representation or warranty, express or implied, is provided in relation to the accuracy,
reliability, fairness or completeness of the information, opinions or conclusions in this presentation by Lac Gold or any other party involved in its preparation, except as required by law. Reliance should not
be placed on information or opinions contained in this presentation and, Lac Gold does not have any obligation to finalise, correct or update the contents of this presentation, except as required by law.
This presentation should be read in conjunction with Lac Gold's other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au.
Forward looking statements: This presentation contains “forward-looking statements” and “forward-looking information”, such as statements and forecasts which include (without limitation) financial
forecasts, exploration targets, industry and trend projections, statements about the feasibility of the Pickle Lake Gold Project and the Rouyn Gold Project (collectively the Projects) and its financial
outcomes, future strategies, results and outlook of Lac Gold and the opportunities available to Lac Gold. Often, but not always, forward-looking statements and information can be identified by the use of
words such as “plans”, “expects”, “is expected”, “is expecting”, “budget”, ‘outlook”, “scheduled”, "target", “estimates”, “forecasts”, “intends”, “anticipates”, or “believes”, or variations (including negative
variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might”, or “will” be taken, occur or be achieved. Such information is based on assumptions
and judgments of Lac Gold regarding future events and results. Readers are cautioned that forward-looking statements and information involve known and unknown risks, uncertainties and other factors
which may cause the actual results, targets, performance or achievements of Lac Gold to be materially different from any future results, targets, performance or achievements expressed or implied by the
forward-looking statements and information.
Forward-looking statements and information are not guarantees of future performance and involve known and unknown risks, uncertainties, sensitivities, contingencies, assumptions and other important
factors, many of which are beyond the control of Lac Gold and its directors and management. Past performance is not a guide to future performance. Key risk factors are detailed (non-exhaustively) in this
presentation and in previous ASX announcements. These and other factors (such as risk factors that are currently unknown) could cause actual results, targets, performance or achievements anticipated to
differ materially from those expressed in forward-looking statements and information. Forward-looking statements and information are based on the reasonable assumptions, estimates, analysis and
opinions of Lac Gold made in light of its perception of trends, current conditions and expected developments, as well as other factors that Lac Gold believes to be relevant and reasonable in the
circumstances at the date such statements are made, but which may prove to be incorrect. Although Lac Gold believes that the assumptions and expectations reflected in such forward-looking statements
and information (including as described throughout this presentation or in the ASX announcement which it accompanies) are reasonable, readers are cautioned that this is not exhaustive of all factors
which may impact on the forward-looking statements and information. Lac Gold does not undertake to update any forward-looking statements or information, except in accordance with applicable
securities laws.
Historical Production Disclosure: The historical production figures for Golden Patricia referenced in this announcement are historical in nature and have not been verified by the Company. A competent
person has not undertaken sufficient work to classify the historical estimates as mineral resources or ore reserves in accordance with the JORC Code (2012).
Not financial product advice: This presentation, and the information provided in it, does not constitute, and is not intended to constitute, financial product or investment advice, financial, legal, tax,
accounting or other advice, or a recommendation to acquire any securities of Lac Gold. It has been prepared without taking into account the objectives, financial or tax situation or particular needs of any
individual. Lac Gold is not licensed to provide financial product advice in respect of an investment in securities or otherwise. Each investor must make its own independent assessment of Lac Gold before
acquiring any securities in the Company.
Not an offer: This presentation is not a prospectus, product disclosure statement or other offering document under Australian law or any other law and will not be lodged with the Australian Securities and
Investments Commission. This presentation is for information purposes only and is not an invitation, offer or recommendation with respect to the subscription, purchase or sale of any security in Lac Gold,
or any other financial products or securities, in any place or jurisdiction. 2
This presentation has been prepared by Lac Gold Limited (ASX:ADV) (Company)
Disclaimer
JORC Code: This presentation contains estimates of the Mineral Resources estimated for the Projects and previously released 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 29 April, 4 June and 29 June 2026 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 assumption and
technical parameters underpinning the estimates in those announcements 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 materially modified from that announcement.
This information in this presentation that relates to those Mineral Resources for the Pickle Lake Gold Project has been extracted from Lac Gold's accompanying ASX announcement entitled “Maiden High-
Grade Gold Resource at Pickle Lake" dated 10 September 2019, a copy of which is available at www.asx.com.au. Lac Gold confirms that it is not aware of any new information or data that materially affects
the information included in that announcement and, in relation to the estimates of Mineral Resources, confirms that all material assumptions and technical parameters underpinning the estimates in that
announcement continue to apply and have not materially changed. Lac Gold confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified
from the announcement.
This information in this presentation that relates to those Mineral Resources for the Rouyn Gold Project has been extracted from Lac Gold’s accompanying ASX announcement entitled “Merger
Announcement” dated 10 October 2025, a copy of which is available at www.asx.com.au. Lac Gold confirms that it is not aware of any new information or assumptions and technical parameters
underpinning the estimates in that announcement continue to apply and have not materially changed. Lac Gold confirms that the form and context in which the Competent Persons’ findings are presented
have not been materially modified from the announcement.
Non-IFRS financial measures: This presentation may contain certain financial measures (such as Net Present Value (NPV) and Internal Rate of Return (IRR)) that are not recognised under International
Financial Reporting Standards (IFRS). Although the Company believes these measures provide useful information about the Company's financial forecasts, they should not be considered in isolation or as a
substitute for measures of performance or cash flow prepared in accordance with IFRS. As these measures are not based on IFRS, they do not have standardised definitions and the way the Company
calculates these measures may not be comparable to similarly titled measures used by other companies. Consequently, undue reliance should not be placed on these measures.
Past Performance: Any information regarding past performance included in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of Lac Gold’s
views, or that of any other party involved in its preparation, on Lac Gold’s future performance or condition or prospects.
No liability: The information contained in this presentation has been prepared in good faith by Lac Gold. However, no guarantee, representation or warranty expressed or implied is or will be made by any
person (such as Lac Gold and its affiliates, directors, officers, employees, associates, advisers and agents) as to the accuracy, reliability, correctness, completeness or adequacy of any statements, estimates,
options, conclusions or other information contained in this presentation, except as required by law.
To the maximum extent permitted by law, Lac Gold and its affiliates, directors, officers, employees, associates, advisers and agents each expressly disclaims any and all liability, including, without limitation,
any liability arising out of fault or negligence, for any loss arising from the use of or reliance on information contained in this presentation including representations or warranties or in relation to the
accuracy or completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for omissions from, this
presentation including, without limitation, any financial information, production targets, financial forecasts, estimates or projections and any other information derived therefrom. No responsibility or
liability is assumed by Lac Gold or any of its affiliates, directors, officers, employees, associates, advisers or agents for updating information in this presentation or to inform any recipient of any new or
more accurate information or any errors or omissions of which Lac Gold or any of its affiliates, directors, officers, employees, associates, advisers or agents may become aware, except as required by law.
Monetary values: Unless otherwise stated, all dollar values are in Australian dollars (A$). The information in this presentation remains subject to change without notice.
Market and Industry data: Certain market and industry data used in connection with or referenced in this presentation may have been obtained from public filings, research, surveys or studies made or
conducted by third parties, including as published in industry-specific or general publications. Neither the Company nor any of its advisers or their respective representatives have independently verified
any such market or industry data.
3
Corporate Snapshot
Well-funded with aligned leadership and a clear focus on Rouyn
LAC 214.9M A$0.31 ~A$66.6M A$16.2M
ASX ticker shares on issue share price 1 market cap 2 cash 3
Notes
1. Closing share price on 20 July 2026.
2. Undiluted market capitalisation. Fully diluted market capitalisation is ~A$72.8m based on the closing share price in note 1.
3. Cash at 31 March 2026; refer to ASX release dated 30 April 2026. The Company has a C$20 million vendor finance facility related to the Rouyn purchase; refer Appendix 3 (slide 24).
27%
38%
35%
Shareholders
Board
Top 20 (excl Board)
Board and Management
Ian Hume Chair Andrew Stocks Managing Director
Michelle Roth Non-Executive Matthew Keegan Executive Director
Jeremy Robinson Non-Executive Tara Robson Director & Co Sec
John Fitzgerald Chief Financial Officer
5
Portfolio Overview
Rouyn: A high-grade development asset | Pickle Lake: district-scale upside
Rouyn Gold Project
Mineral Resource Estimate, Apr 2025
15.8Mt @ 3.28g/t, 1,666,000oz Au†
Pickle Lake Gold Project
Historic Golden Patricia Mine &
Kasagiminnis Mineral Resource Estimate,
790,000t @ 4.3g/t, 110,000oz Au†
Rouyn Gold Project – Québec
• 1.66Moz @ 3.28g/t (JORC 2012)†
• Located on Cadillac–Larder Lake Break
• Extensive drilling (436,678 m)
• Mineral Resource remains open
• Exceptional infrastructure and access:
power, roads, processing plants, labour
Pickle Lake Gold Project – Ontario
• District-scale upside anchored by
Golden Patricia
• Golden Patricia production
620koz @16.48g/t*
• Kasagiminnis Resouce
110koz @4.3g/t (JORC 2012)†
* Refer ASX Announcement 28 April 2026
† Refer resource table at Appendix 2 (slide 22)
6
Rouyn –High-grade Resource inthe Abitibi
1.66Moz at 3.28 g/t Au on the Cadillac–Larder Lake Break
• Located in Québec, Canada
Tier 1 jurisdiction
• Positioned directly on the Cadillac–
Larder Lake Break
• The Abitibi region has produced
~200Moz gold
• Mineral Resource:
1.66Moz @ 3.28g/t Au (JORC 2012)*
• Established infrastructure and access
* Refer resource table at Appendix 2 (slide 22)
7
Rouyn –A Continuous 6km Gold Corridor
Multiple deposits and targets aligned along a single structural trend
• ~6km mineralised corridor along the
Cadillac Break
• Key zones:
Astoria, Cinderella, Gamble, Augmitto
• Hosted within a continuous structural
system (Piché Group)
• Multiple untested targets along strike
and at depth
• Further multiple targets on
secondary faults (e.g. historic
Stadacona Gold Mine, Wright-Rouyn)
8
High-grade System | Clear Growth Potential
Broad mineralised envelopes supporting high-grade shoots
• 1.66Moz high-grade gold resource (3.28g/t Au) in
Québec*
• Extensive mineralised envelopes (tens of metres wide)
• High-grade zones occur within broader alteration
‘halos’
• Systematic ‘vectoring’ toward high-grade plunging
shoots
• Typical of large, long-life Abitibi gold systems
• Demonstrates scale beyond isolated veins
• Accelerated activity with two drill rigs at Rouyn
Matthew Keegan inspecting Astoria core with Mathieu Charette (left) and regional structural expert and consulting geologist Martin
Demers (right)
* Refer resource table at Appendix 2 (slide 22)
9
Consistent WithLarge Abitibi Gold Systems
Geological characteristics aligned with long-life deposits
• Structurally controlled orogenic gold
system
• Hosted within Piché Group
ultramafics
• Geological setting consistent with
long-life Abitibi deposits
• Lapa and Kerr-Addison mines serve
as technical blueprints for Rouyn
• Recent ‘bonanza’ intercepts point to
the same high-tenor plunging shoot
systems that defined Lapa’s success
Regional Context Only: Data regarding third-party Abitibi deposits is provided for general discussion purposes. Mineralization at nearby properties is not necessarily indicative of mineralization on the Company’s tenements. These figures do not constitute
exploration results or resource estimates for the Rouyn Gold Project.
Image: Regional Deposit of the
SE Abatibi Gold Belt.
Source: Gold Candle Ltd.
10
Rouyn –Significant Scale and DepthPotential
Drilled to ~400–700m | Nearby mines at >1,000–3,000m
• Stage 1: 15,000m diamond drilling
program
• Completed, majority (60%) of assays
outstanding
• Stage 2: 15,000m commenced
• 110 Targets at Astoria
• 37 targets at Gamble
• Stage 3: 15,000m in planning phase
• Current drilling to expand known system.
Large volume of system remains untested
• Targeting high-grade shoots which
typically strengthen at depth. Depth
>700m represents a major growth
opportunity
Stage 1 – Astoria
Stage 2 – Astoria, Gamble
Stage 3 – Augmitto, Gamble
11
Drilling Confirms High-Grade Continuity
Strong intercepts support continuity beyond resource envelope
• AS-26-793
• 5.65m @ 141.29 g/t Au (from 148m)
incl. 0.5m @ 1,580 g/t Au
• AS-26-778
• 3.0m @ 11.4 g/t Au (from 68m)
incl. 1.0m @ 24.6 g/t Au
• AS-26-779
• 29.15m @ 4.96g/t Au (from 56.65m),
incl. 6.0m @ 20.78 g/t Au
• 7.0m @ 16.1 g/t Au (from 131m)
incl. 1.0m @ 78.7 g/t Au & 1m @ 27.0 g/t
• Consistent high-grade intercepts across multiple holes
• Results consistent with geological mode and extending beyond the current resource
Refer ASX announcements date 27 March 2026, 21 April 2026, 29 April & 4 June 2026
Image 2: Astoria Section E646060E looking West, highlighting
high-grade intercepts in drillhole AS-26-779 & 782
Image 1: Visible gold in quartz
veining, drill hole AS-26-793
(~152.05m), Astoria, Rouyn Gold
Project
12
Large Mineralised System
Mineralised envelopes indicate scale, high-grade shoots driving value
• Extensive mineralised envelopes (35m–89m widths)
observed at Astoria – act as the primary
geochemical marker for high-grade plunging shoots
• High-grade zones embedded within broader system
• Strong alteration and veining across multiple holes
• Consistent with large-scale hydrothermal system
• Supports potential for resource growth
• The presence of these envelopes confirms a large-
scale system rather than isolated, disconnected
veins
Image 2: Kerr-Addison Mine cross-section*
looking NE.
Source: Gold Candle Ltd.
Image 1: Astoria Section E646025 looking West, highlighting
drillhole AS-26-781 & wide mineralised envelopes
* Cautionary Statement: The Kerr-Addison cross-section is included for historical and conceptual discussion only. There has
been insufficient exploration to define a comparable mineral resource at Rouyn, and it is uncertain if further exploration will
result in the target being delineated.
13
Rouyn –Drilling Activity isAccelerating
Second rig added to increase testing and data generation
• Astoria is just the beginning – the
corridor includes Cinderella, Gamble and
Augmitto project areas
• Planning underway to systematically
apply the success at Astoria to the
remaining 5km of the Rouyn corridor
• Second diamond drill rig mobilised and
drilling
• Multiple targets being tested in parallel
• Stage 2 drilling commenced; ~30,000m
total drilling planned for 2026
14
Advancing Technical Workstreams
De-risking the project while expanding the resource base
• PhotonAssayTM trial underway – expected to improve grade
confidence while significantly reducing sample processing times
• Geological modelling and interpretation ongoing – advanced A.I.-
assisted tools being implemented to enhance target generation and
prioritisation
• Systematic re-sampling of historical core progressing – ~8,000
metres of historical drilling identified for reassessment
• Preliminary economic studies underway – being led by Norda Stello
to evaluate project development pathways and economics
• Environmental and permitting baseline work advancing –
supporting future regulatory approvals and project development
planning
15
Second High-grade District Position InOntario
Pickle Lake provides additional scale without diverting focus from Rouyn
• District-scale landholding (~675 km²)
• Golden Patricia:
historic high-grade underground
mine (~620koz @ ~16.5g/t)*
• Minimal upfront acquisition cost
(NSR structure)
• Multiple high-priority exploration
targets
• Kasagiminnis Deposit – Inferred
Resource of 110koz @ 4.3g/t Au†
(JORC 2012)
• Platform for longer-term discovery
* Refer ASX Announcement 28 April 2026
† Refer Resource table at Appendix 2 (slide 22)
16
Golden Patricia
A High-Grade Legacy Reawakened
• Zero-Cash Entry:
Acquired for $0 upfront capital; non-dilutionary; structured via
Net Smelter Return (NSR)
• High-Grade Legacy:
Historically produced 620koz Au at a grade of >16g/t (Barrick,
1988–1997)*
• Mining ceased operations in 1997 at ~US$300/oz
• Exploration Upside:
Majority of mining to 500m depth (750m max); resource
remains open
Image 1: Historical
Golden Patricia
specimen on
display in Barrick’s
corporate office,
Toronto
Image 2: Golden
Patricia Gold Mine.
Active operations in
foreground looking
east, circa 1996
* 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
17
Golden Patricia Growth Catalyst
2026 Strategy – Technology Meets Scarcity
• Preparing to digitise 10+ years of hand-drawn Barrick maps and paper drill logs.
• Permits visualisation of ‘shadow zones’ – high-grade pockets missed by 1990’s technology
• Low-Cost Exploration Path:
• Phase 1: AI-enhanced geophysical re-interpretation of the Golden Patricia Shear Zone
• Phase 2: Targeted drilling of the down-plunge extensions and parallel splays
Image 1*: Historical long-section showing grade contours &
mining blocks at the end of active operations, Golden
Patricia Mine, February 1997
* The historical production figures referenced in this announcement are historical in nature and have not been verified by the Company. A competent person has not undertaken sufficient work to classify the historical estimates as mineral
resources or ore reserves in accordance with the JORC Code (2012).
Image 2:
Golden Patricia
Gold Mine looking
North, May 2026
18
Ongoing Drilling &Steady News Flow
Continued drilling and results expected to drive re-rating
• Assay results pending from current drilling program
• Ongoing drilling across multiple targets at Rouyn
• Second rig accelerating data generation
• Core resampling program
• Updated Mineral Resource Estimate following drilling
• Progression toward economic and development
studies
Drilling at the Astoria project area, Rouyn Gold Project, Québec
19
AHigh-Grade System WithClear Growth Potential
Established resource, emerging scale and expanding Canadian platform
High-grade resource base at Rouyn
Drilling confirming continuity and scale
Accelerating activity with third rig
Accelerating numerous technical studies
Additional district upside at Pickle Lake
Drilling at the Astoria project area, Rouyn Gold Project, Québec
Photo courtesy of local resident, M. Yvon Perrier
Appendices
20
1. Geological Background
2. Mineral Resource Estimates
3. Competent Person’s Statement
Logging drill core at Lac Gold’s Western Hub, Pickle Lake
21
1. Geological Background
Piché Group – Cadillac-Larder Lake Fault Zone
The Piché Group, a volcanic and ultramafic sequence in the Abitibi
Greenstone Belt, is one of the most important host rock groups along
the Cadillac-Larder Lake Fault Zone – also known as the Cadillac Break.
Several famous gold mines along this break are either hosted
in or structurally controlled by the Piché Group. These mines are
concentrated in the Val-d’Or to Rouyn-Noranda corridor in Québec.
Famous mines along the Cadillac Break hosted in the Piché Group:
1. LaRonde Mine – Agnico Eagle
P&P=2.74Moz, MI&I=2.76Moz, >3.0km mining depth
Ore: Gold, silver, zinc, copper, lead
Geology: Hosted in volcanic and volcaniclastic rocks of the Piché Group and adjacent units.
Gold is associated with massive sulphide lenses and vein systems, often within or near sheared
ultramafics.
Source: https://www.agnicoeagle.com/English/operations-and-projects/global-operations-and-
development-projects/laronde-complex/default.aspx
2. Lapa Mine (now closed) – Agnico Eagle
P&P=0.04Moz, MI&I=0.26Moz, ~1.4km mining depth
Ore: High-grade gold
Geology: Located directly on the Cadillac Break. Hosted in sericitized ultramafics and volcanics of
the Piché Group. Gold occurs in quartz-carbonate veins within tight shear zones.
Source: https://www.sec.gov/Archives/edgar/data/2809/000104746917002009/a2231316zex-
99_1.htm
3. Bousquet Mine Complex (includes Bousquet 1, 2 & 3, and LaRonde Zone 5) – Agnico Eagle
3.87Moz Historical Production, 1.25km depth
Ore: Gold with polymetallic components
Geology: Hosted in Piché Group mafic to ultramafic volcanics and tuffs.
Gold associated with pyrite and chalcopyrite in altered volcanic host rocks.
Source: https://www.mindat.org/loc-206837.html
4. Doyon-Westwood Complex – IAMGOLD
P&P=1.04Moz, MI&I=3.51Moz, 2.2km mining depth
Ore: High-grade gold
Geology: Partly hosted in rocks of the Piché Group, particularly altered ultramafics along the
Cadillac Break. Structurally controlled quartz veining in sheared volcanics.
Source: https://www.iamgold.com/English/operations/westwood/default.aspx
5. Augmitto-Astoria (Rouyn Gold Project) – Lac Gold
MI&I=1.66Moz, drilled to 400-600m depth
Ore: Gold
Geology: Hosted in ultramafic flows and tuffs of the Piché Group.
Alteration includes carbonate, sericite, fuchsite, and quartz veins along shears.
1 & 4
2
3
5
22
September 2023 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 3.27 353,657 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 Agillite
2. Augmitto-Cinderella assumes 96% recovery for Ultramafic and 90% recovery for Agillite
3. LAC Gamble assumes 96% recovery for Ultramafic and 80% recovery for Agillite
2.Mineral Resource Estimates (JORC 2012)
23
Kasagiminnis Mineral Resource
The information in this presentation that relates to JORC Mineral Resources for the Pickle Lake Gold Project has been extracted from Lac Gold's
accompanying ASX announcement entitled “Maiden High-Grade Gold Resource at Pickle Lake" dated 10 September 2019, a copy of which is available at
www.asx.com.au. Lac Gold confirms that it is not aware of any new information or data that materially affects the information included in that
announcement and, in relation to the estimates of Mineral Resources, confirms that all material assumptions and technical parameters underpinning the
estimates in that announcement continue to apply and have not materially changed. Lac Gold confirms that the form and context in which the
Competent Persons' findings are presented have not been materially modified from the announcement.
Rouyn Mineral Resource
The information in this announcement that relates to Mineral Resources for the Rouyn Gold Project has been extracted from the ASX announcement
titled “Lac Gold 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 Ltd. 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 Ltd also confirms that the form and context in which the Competent Person’s findings are presented have not
been materially modified from that announcement.
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,29 April, 4 June and 29 June 2026 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 assumption and technical parameters underpinning
the estimates in those announcements 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 materially modified from that announcement.
3.Competent Person’s Statement
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