Announcement PDF ANNUAL REPORT 20 26 ABN 82 110 884 252 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 COMPANY SECRETARY Tara Robson REGISTERED AND PRINCIPAL 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. CORPORATE 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 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 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 Ian Hume | Independent, Non-Executive Chairman “ well positioned to continue the systematic and responsible advancement of its Canadian gold assets” TheacquisitionofthehistoricGoldenPatriciaGoldMine 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, OPERATING REVIEW LAC GOLD LIMITED 4 2025-2026 at a Glance ANNUAL REPORT 2026 OCT NOV JAN MAR MAY 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 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 OPERATING REVIEW LAC GOLD LIMITED 6 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 DATE 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 systemismorecontinuousthanpreviouslyinterpreted 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 LakeGoldDistrictofOntario.AlongsidetheCompany’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 CORPORATE TRANSFORMATION 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 OPERATING REVIEW LAC GOLD LIMITED 8 STRATEGIC RATIONALE 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 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 OPERATING REVIEW LAC GOLD LIMITED 10 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 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 decadesusingdifferentgeologicalmodels,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. OPERATING REVIEW LAC GOLD LIMITED 12 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 LIMITED 13 13 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 aretypicallyhostedwithinsubstantiallybroaderzones 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. Thisevolvingunderstandingrepresentedanimportant 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 consist