Announcement PDF 10 October 2025 ASX:ADV Transformational Merger ADV + LAC Ardiden and Lac Gold to Create a Leading Canadian Gold Exploration and Development Company Augmitto surface facilities, Rouyn Gold Project, Québec Disclaimer Disclaimers:The following notices and disclaimers apply to this presentation and you are therefore advised to read this carefully before reading or making any other use of this presentation or any information contained in this presentation. This presentation is dated 10 October 2025 and has been prepared by the Board and management of Ardiden Ltd (ACN 110 884 252) (ADV, Ardiden or the Company). Ardiden will be conducting an equity raising of new fully paid ordinary shares (New Shares) in the Company (Placement). New Shares will be issued under the Placement and will rank equally with existing fully paid shares in the Company (Shares). Refer to the summary of the Placement in Ardiden's ASX announcement dated 10 October 2025 for further details on the Placement. Summary information only: The information in this presentation is summary information only and is current as at 10 October 2025 (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 Ardiden, 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. It has been prepared by Ardiden 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 Ardiden 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, Ardiden 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 Ardiden'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 Ardiden and the opportunities available to Ardiden. 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 Ardiden 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 Ardiden 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 Ardiden and its directors and management. Past performance is not a guide to future performance. Key risk factors are detailed (non-exhaustively) in this presentation (including in Ardiden's ASX announcement dated 22 September 2025 (or 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 (including Ardiden’s belief that it has a reasonable basis to expect it will be able to s of the Projects for its estimated life of mine) are (further to the above) based on the reasonable assumptions, estimates, analysis and opinions of Ardiden made in light of its perception of trends, current conditions and expected developments, as well as other factors that Ardiden believes to be relevant and reasonable in the circumstances at the date such statements are made, but which may prove to be incorrect. This presentation has been prepared by Ardiden Limited (ASX:ADV) (Company) 2 Disclaimer Although Ardiden 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. Ardiden does not undertake to update any forward-looking statements or information, except in accordance with applicable securities laws. Investors should note that there is no certainty that the Projects will be feasible and there can be no assurance of whether it will be developed, constructed and commence operations, or whether Ardiden will be able to raise funding when it is required (nor any certainty as to the form such capital raising may take, such as equity, debt, hybrid and/or other capital raising). It is also possible that such funding may only be available on terms that dilute or otherwise affect the value of Ardiden’s shares. It is also possible that Ardiden could pursue other ‘value realisation’ strategies such as sale, partial sale, or joint venture of the Projects. Risk factors which are set out (non-exhaustively) in this presentation, or in Ardiden's previous ASX announcements, highlight key factors identified by Ardiden which may have material detrimental impacts on Ardiden and its business. Mineral Resource estimates are necessarily imprecise and depend on interpretations and geological assumptions, minerals prices, cost assumptions and statistical inferences (and assumptions concerning other factors, including mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors) which may ultimately prove to be incorrect or unreliable. Mineral Resource estimates are regularly revised based on actual exploration or new information and could therefore be subject to change. In addition, there are risks associated with such estimates, including (among other risks) that minerals mined may be of a different grade or tonnage from those in the estimates and the ability to economically extract and process the minerals may become compromised or not eventuate. Ardiden’s plans, including its mine and infrastructure plans, and timing, for the Projects, are also subject to change. Accordingly, no assurances can be given that the exploration targets, financial forecasts or other forecasts or other forward-looking statements or information will be achieved. Investors are advised that the assumptions and inputs to the financial model may require review as the Projects development progress. While the Company considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the exploration targets will be achieved. 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. This presentation has been prepared by Ardiden Limited (ASX:ADV) (Company) 3 Disclaimer JORC Code: It is a requirement for Ardiden to report Exploration Results and Mineral Resources in compliance with the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). This presentation contains estimates of the Mineral Resources estimated for the Projects. This information in this presentation that relates to those Mineral Resources for the Pickle Lake Gold Project has been extracted from Ardiden'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. Ardiden 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. Ardiden 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 Ardiden’s accompanying ASX announcement entitled “Merger Announcement” dated 10 October 2025, a copy of which is available at www.asx.com.au. Ardiden 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. Ardiden confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the announcement. The information in this presentation that relates to the Company's Exploration Results has been extracted from the Company's previous ASX announcements including, ASX Announcement, “Market Update – Ardiden to Recommence Exploration" dated 8 September 2025. A copy of this announcement is available at www.asx.com.au. Ardiden confirms that it is not aware of any new information or data that materially affects the information included in the announcement and that the form and context in which the Competent Person's findings are presented have not been materially modified from the announcement. 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 Ardiden. It has been prepared without taking into account the objectives, financial or tax situation or particular needs of any individual. Ardiden is not licensed to provide financial product advice in respect of an investment in securities or otherwise. Cooling off rights do not apply to the acquisition of New Shares. Each investor must make its own independent assessment of Ardiden before acquiring any securities in the Company. 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 Ardiden’s views, or that of any other party involved in its preparation, on Ardiden’s future performance or condition or prospects. 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 Ardiden, or any other financial products or securities, in any place or jurisdiction. This presentation has been prepared by Ardiden Limited (ASX:ADV) (Company) 4 Disclaimer Any offer in the Placement (Offer) will only be made available to eligible investors. Determination of eligibility of investors for the purposes of the Offer is determined by reference to a number of matters, including legal requirements and the discretion of Ardiden and the Lead Manager (as defined below within this Disclaimer). To the maximum extent permitted by law, Ardiden and the Lead Manager each disclaim any liability in respect of the exercise of that discretion or otherwise. The distribution of this Presentation in jurisdictions outside of Australia may be restricted by law and any such restriction should be observed. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. This Presentation has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This Presentation does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction where it would be illegal. The New Shares have not been, and will not be, registered under the US Securities Act of 1933 (US Securities Act) and may not be sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. The distribution of this Presentation in the United States and elsewhere outside Australia may be restricted by law. Persons who come into possession of this Presentation should observe any such restrictions as any non-compliance could contravene applicable securities laws. No liability: The information contained in this presentation has been prepared in good faith by Ardiden. However, no guarantee, representation or warranty expressed or implied is or will be made by any person (such as Ardiden 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, Ardiden 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. Statements in this presentation are made only as of the 10 October 2025, this presentation unless otherwise stated and the information in this presentation remains subject to change without notice. No responsibility or liability is assumed by Ardiden 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 Ardiden or any of its affiliates, directors, officers, employees, associates, advisers or agents may become aware, except as required by law. 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 underpinning the estimates in those announcements continue to apply and 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. 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. This presentation has been prepared by Ardiden Limited (ASX:ADV) (Company) 5 6 LAC GOLD Transaction Highlights A transformational merger for ADV shareholders Agreement Terms Binding Agreement to acquire all the Shares in Lac Gold Limited (LAC) Subject to the usual conditions, such as shareholder and regulatory approvals Rouyn Gold Project, Québec Large high-grade Mineral Resource (JORC 2012)* 1.666 million ounces 15.8Mt @ 3.28g/t Robust geological confidence – 436km of diamond drilling Poised for Success Drill programs planned at Rouyn targeting resource expansion Pipeline of targets identified at Pickle Lake Project Excellent infrastructure and local skilled workforce World-Class Jurisdictions Two wholly owned projects in tier 1 jurisdictions Abitibi gold belt Québec ~200Moz historical production Uchi region of Ontario ~32Moz historical production New Leadership Team Highly regarded team with track record of high-quality acquisition, and advancement from discovery to production Strongly aligned with shareholder outcomes A step change in scale, anchored in Canada’s premier gold belts * Refer resource table at Appendix 2 (slide 26) 6 7 Transaction Summary Strong foundation positions ADV for immediate work programs LAC GOLD Overview Ardiden Limited (‘Ardiden’ or the ‘Company’) has entered into a binding Share Sale Agreements (‘Agreement’) with Lac Gold Limited (‘Lac Gold’ or ‘LAC’) and certain key shareholders of Lac Gold, owner of the advanced-stage Rouyn Gold Project (‘Rouyn Project’ or ‘Project’) within the tier 1 Abitibi gold belt, Québec, Canada (the ‘Transaction’). This merger of equals consolidates a high- grade asset with the potential to unlock future synergies at Ardiden’s Pickle Lake Gold Project (‘Pickle Lake'), while providing a clear pathway to development. As part of the Transaction, Ardiden will issue LAC shareholders with 101,388,889 Ardiden shares as consideration for the Transaction (“Consideration Shares”). The Company will seek shareholder approval for the issue of the Consideration Shares in connection with the Transaction for the purposes for ASX Listing Rule 7.1 at the upcoming Annual General Meeting (‘AGM’). In conjunction with the Transaction, Ardiden Limited has received firm commitments to raise approximately A$10.0 million through the issue of 50.0 million shares at $0.20 per New Share (“New Shares”) via a conditional share placement (“Placement” or the “Offer”). The Placement and associated director participation in the Placement will be conditional on shareholder approval at the AGM. Further details relating to the Transaction and Placement can be found in the ASX Announcement dated 10 October 2025. Director Participation Directors of Ardiden and LAC have indicated their intention to participate in the Placement for a total of approximately A$1.73 million. The respective participation of Ardiden Directors will be subject to shareholder approval. Sources and Use of Funds Funds raised through the Placement in conjunction with the Company’s existing cash balance of A$11.4M will be utilised to fund the exploration and development of LAC’s Rouyn Project as well as the Company’s existing Pickle Lake Gold Project. The Company will also repay the first tranche of the LAC Promissory Note. The use of funds table above is a statement of current intentions as of the date of this presentation and the allocation of funds may change depending on various intervening events and new circumstances, including the outcome of exploration and development activities, regulatory developments and market and general economic conditions. Promissory Note LAC has a finance facility with the original vendor of the Rouyn Project on highly favourable terms – C$20M secured against the Rouyn Project, 5% interest rate payable annually, with three staged repayments commencing in December 2026 through to December 2028. The Company will use a component of the Placement proceeds / existing cash to pay the first instalment early. The Promissory Note is non-dilutive and have no conversion rights. Source of Funds Max Raise $10 million Ardiden existing cash 11,400,000 Placement proceeds 10,000,000 TOTAL 21,400,000 Use of funds Pickle Lake Gold Project - Exploration and development 3,000,000 Rouyn Project - Exploration and development 6,100,000 LAC Promissory Notes - First repayment (early) 7,400,000 Costs of the Offer 600,000 General administration and working capital 4,300,000 TOTAL 21,400,000 8 Pro-Forma Capital Structure Strong foundation positions ADV for immediate work programs LAC GOLD Pro-Forma Capital Structure Post A$10M Placement at $0.20 Existing Ardiden Shares on Issue M 62.5 Consideration Shares Issued Pursuant to Transaction M 101.4 New Placement Shares M 50.0 Undiluted Securities on Issue at Completion M 213.9 Undiluted Market Capitalisation (A$0.20) A$M 42.8 Existing Ardiden Options M 4.3 New Performance Rights to be Issued M 20.0 Fully Diluted Securities on Issue M 238.2 Fully Diluted Market Capitalisation (A$0.20) A$M 47.6 Cash Post Completion of the Placement A$M 21.4 Promissory Note (Rouyn vendor finance) 1 A$M 21.7 Undiluted Enterprise Value (A$0.20) A$M 43.1 Fully Diluted Enterprise Value (A$0.20) A$M 47.9 Combined Contained Gold at average grade of 3.34g/t Au (Indicated + Inferred) 2 M ounces 1.776 Undiluted Enterprise Value per Mineral Resource Ounce A$/oz 24.3 Fully Diluted Enterprise Value per Mineral Resource Ounce A$/oz 27.0 1 – Refer to slide 7 for details 2 – Refer to slides 26 and 27 for details LAC GOLD 9 Transaction Rationale Establishing a leading Canadian gold explorer with scale Rouyn Gold Project Mineral Resource Estimate, April 2025 15.8Mt@3.28g/t, 1,666,000oz gold * Pickle Lake Gold Project Mineral Resource Estimate, September 2019 790,000t @ 4.3 g/t, 110,000oz gold * Significant resource base Rouyn + Pickle Lake with identified expansion targets Balanced portfolio Advanced-stage Rouyn complemented by district-scale potential at Pickle Lake Strong jurisdictions Ontario and Québec consistently global top 10 mining regions Operational efficiencies Shared facilities, integrated technical teams Depth of expertise Leadership with track record of mine development and driving shareholder value * Refer resource table at Appendix 2 (slide 26) 10 Inthe Heart ofthe Abitibi Gold Belt Where gold giants are born LAC GOLD The Rouyn Gold Project is located in one of the world’s richest gold belts, with 200M ounces mined in the last 100 years. 4km south of Rouyn-Noranda Site connection to hydro-power and major infrastructure Quebec – A Tier 1 mining jurisdiction Multiple large-scale mines within 100km radius 11 Rouyn Gold Project Advanced-stage, high-grade gold asset LAC GOLD Rouyn is a high-grade gold project, located 4km south of Rouyn-Noranda along the world-renowned Cadillac-Larder Lake Break in Québec. • Significant Mineral Resource 15.8Mt @ 3.28g/t Au = 1.66Moz (JORC 2012)* 59% Indicated, 41% Inferred • Extensively drilled: 2,428 holes for 436,678m, provides robust geological understanding • Four project areas along the Cadillac–Larder Lake Break • Open at depth – strong potential to grow resources beyond current 400–600m depth • Infrastructure advantage: close to multiple gold processing plants, grid power, roads, skilled labour • Historical mining facilities at Rouyn provide operational base * Refer resource table at Appendix 2 (slide 26) 12 Rouyn Gold Project A 6km mineralised corridor with scale and depth potential LAC GOLD Rouyn combines strike length, grade and location – positioned for resource growth in Québec’s premier gold belt. • Mineral Resource Estimate (Sep 2023 , JORC 2012)* Indicated 9.19Mt @ 3.30g/t Au for 976k oz Inferred 6.62Mt @ 3.24g/t Au for 690k oz Total 15.8Mt @ 3.28g/t Au for 1,666k oz • Four project areas defined along the Cadillac–Larder Lake Break • Open along strike and at depth • Multiple ‘down-plunge’ targets identified through extensive drilling and knowledge database • Close to world-class mining operations, such as LaRonde-Bousquet, and Westwood • Excellent infrastructure access supports cost-effective drilling programs * Refer resource table at Appendix 2 (slide 26) 13 Rouyn Gold Project A 6km mineralised corridor with multiple high-grade targets LAC GOLD Rouyn combines strike length, grade and location – positioned for resource growth in Québec’s premier gold belt. • Significant drilling to date: 2,428 holes / 436,678m • Current drilling to circa 400-700m depth – much shallower than nearby mines: LaRonde: 3,000m Westwood: 2,000m mining, 2400m resources Bousquet: 1,250m Lapa: 1,400m (closed) • 15,000 metre diamond drilling program planned to test resource extensions and in-fill targets Independent validation (ERM, April 2025) “In ERM’s opinion, given the geological setting and depth of mineralisation at nearby mines (LaRonde) on the Cadillac Fault, there is considerable likelihood that mineralisation will be present below 700 m depth, the current average level of drilling on the Augmitto-Cinderella, Lac Gamble and Astoria blocks.” Stage 1 – Astoria Stage 2 – Astoria, Gamble Stage 3 – Augmitto, Gamble 14 Pickle Lake Gold Project A Pipeline of Projects LAC GOLD Pickle Lake is a large greenfields project with numerous prospective targets within Ontario’s highly prospective Uchi Subprovince. • Substantial greenfields project (675 km²) • Surrounded by major producers – Newmont, Kinross, Barrick, Evolution • High-priority drill targets identified over 100km • Planning underway for winter exploration program at South Limb • Long standing relationships and MOU in place with Cat Lake, Mishkeegogamang, and Slate Falls First Nations • Substantial assessment credits available to maintain good standing to 2029 15 Pickle Lake Gold Project A Pipeline of Projects LAC GOLD A systematic approach to a large land holding with abundant targets. • Kasagiminnis (Kas) Deposit Inferred JORC Resource: 110,000 oz @ 4.3 g/t Au* Open at depth and along strike • Dorothy-Dobie Zone 10 km+ of mineralized strike length Multiple historical drill intercepts, high-priority target area • South Limb Prospect 9 km strike; multiple drill-ready targets Close to past-producing Dona Lake Mine • Exploration Upside 20+ brownfield/greenfield targets across large tenure * Refer resource table at Appendix 2 (slide 26) Ardiden’s Pickle Lake project, Ontario 16 Growth Pathways Dual Track Value Generation Strategy Capital will be deployed into high-impact programs designed to expand resources and unlock growth across both projects. Rouyn (Québec): • Initial 15,000 diamond drill program, across three areas – step-out and infill drilling targeting Mineral Resource expansion and upgrading MRE categories • New Mineral Resource Estimate incorporating stricter grade threshold while maintaining continuity of mineralisation • Validate excellent metallurgical recovery rates using local processing plant feed assumptions Pickle Lake (Ontario): • Systematic exploration to build a district-scale gold position • Potential to define multiple new deposits • Engage modern geophysics targeting next discovery (AI assisted data review, airborne surveys) • Drill untested high-priority zones (e.g. Dorothy, Dobie, South Limb • Test Kasagiminnis beyond current modest Mineral Resource Lac Gold’s drill core logging station at Rouyn Gold Project, Québec 17 Leadership Proven track record to deliver world class projects Tara Robson Finance Director An experienced finance and governance executive with over 30 years extensive expertise in equity and project financing, JVs and risk management across several jurisdictions. Ian Hume Non-Executive Chair Veteran resources executive with proven track record in markets, project development and strategic leadership. Founding partner of the Sentient Group, leading natural resources private equity firm. Jeremy Robinson Non-Executive Director Experienced resources executive with 20+ years in the industry. Founding principal of Churchill Strategic Investments Group a leading corporate advisory firm specializing in M&A. Michelle Roth Non-Executive Director Veteran entrepreneur and business leader who successfully built a global investor relations business through multiple investment cycles. Andrew Stocks Managing Director Experienced mining executive with over 35 years of leadership in resource development