Announcement PDF ARDIDEN LIMITED ABN 82 110 884 252 CONDENSED CONSOLIDATED HALF-YEAR FINANCIAL REPORT 31 DECEMBER 2025 ARDIDEN LIMITED CORPORATE DIRECTORY FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 1 DIRECTORS Ian Hume (Independent Non-Executive Chair) Andrew Stock (Managing Director) Matthew Keegan (Executive Director) Tara Robson (Non-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.ardiden.com.au 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 Nexia Perth Audit Services Pty Ltd Level 4, 88 William Street Perth WA 6000 AUSTRALIAN SECURITIES EXCHANGE Ardiden Limited shares (ADV) are listed on the Australian Securities Exchange. CORPORATE STRUCTURE Ardiden Limited is a limited liability company that is incorporated and domiciled in Australia. Ardiden Limited has prepared a consolidated financial report incorporating the entities that it controlled during the financial year (collectively the “Group”) as follows: Ardiden Limited Parent Entity Ardiden Canada Ltd 100% owned and controlled entity Lac Gold Ltd 100% owned and controlled entity (effective 4 December 2025) Lac Gold (Rouyn) Inc 100% owned and controlled entity (effective 4 December 2025) ARDIDEN LIMITED DIRECTORS’ REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 2 Your Directors present their report for Ardiden Limited (‘Ardiden’ or the ‘Company’) and its controlled entities (‘Consolidated Entity’ or ‘Group’) for the half-year ended 31 December 2025 (‘Period’). Ardiden is a limited liability company incorporated and domiciled in Australia. The Company has prepared a consolidated financial report incorporating the entities it controlled during the Period as follows: Entity Description Ardiden Limited - Parent entity Ardiden Canada Ltd - 100% controlled entity Lac Gold Limited - 100% controlled entity (acquired 4 December 2025) Lac Gold (Rouyn) Inc - 100% controlled entity (acquired 4 December 2025) DIRECTORS The names of the Directors of the Company in office during the Period and up to the date of this report are as follows: 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 Non-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) Directors were in office from the beginning of the Period until the date of this report unless otherwise stated. NATURE OF OPERATIONS AND PRINCIPAL ACTIVITIES In December 2025, Ardiden Limited completed its merger with Lac Gold Limited (‘Lac Gold’). Under the terms of the Share Sale Agreement (refer announcement dated 10 October 2025), Ardiden has acquired 100% of the issued capital of Lac Gold through the issue of 101,388,889 Company shares. Lac Gold is now a wholly owned subsidiary of Ardiden and holds the Rouyn Gold Project in Québec. The merger provides the foundation for building a focused Canadian gold company capable of advancing high-quality assets through disciplined technical work, responsible stakeholder engagement and clear market communication. At the same time, Ardiden raised A$10.0 million (before costs) through the issuance of 50 million shares at $0.20 per share. Near-term priorities are centred on advancing the Rouyn Gold Project through drilling, technical studies, environmental baseline work and permitting, while maintaining Pickle Lake as a longer-term discovery and growth option. The Company’s strategy is to progress its assets in a staged and methodical manner, with decisions guided by technical data, capital discipline and risk management. ARDIDEN LIMITED DIRECTORS’ REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 3 REVIEW OF OPERATIONS ROUYN GOLD PROJECT, QUÉBEC The Rouyn Gold Project is located immediately south of the city of Rouyn-Noranda in Québec, Canada, a major mining centre with established infrastructure, skilled labour, and a strong mining culture (Figure 1). Québec is ranked as one of the world’s top mining jurisdictions, offering stable regulations, supportive communities, and access to clean, low-cost hydropower. The broader region is known for its rich mining history, having produced ~200 million ounces of gold over the past 100 years. The Rouyn Gold Project is located along the Cadillac–Larder Lake Break within the Abitibi gold belt of Québec. It covers approximately 12 kilometres of strike and hosts high-grade gold mineralization in close proximity to operating gold plants (e.g. Agnico-Eagle’s LaRonde, Malarctic, Goldex and Macassa Complexes, IAMGOLD’s Westwood operations, and Eldorado Gold’s Lamaque Complex). The Project is at an advanced stage and hosts a substantial JORC (2012) Mineral Resource of 15.8 Mt @ 3.28 g/t Au for 1.66 Moz (refer to ASX Announcement dated 10 October 2025 and Mineral Resource Estimate at Page 5). Figure 1 – Regional Location Map – Rouyn Gold Project, Abitibi Gold Belt, SE Quebec. The Rouyn Gold Project benefits from significant infrastructure advantages, including established surface facilities and strategic land holdings across key areas. Importantly, the current Resource has been defined from drilling at relatively shallow depths of approximately 400–700 metres. In comparison, neighbouring operations along the Cadillac Break are mining at depths approaching 3,000 metres, highlighting Rouyn’s potential for meaningful resource growth through systematic, deeper drilling along the Cadillac Break. Immediately post-merger, Ardiden commenced planning for its first major drilling campaign at Rouyn, comprising approximately 15,000 metres of diamond drilling which commenced in late January (ASX 27 Jan 2026). The program is designed to expand and refine the existing Mineral Resource, test depth and structural continuity, and support future technical and economic studies. ARDIDEN LIMITED DIRECTORS’ REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 4 Figure 2 –Drill rig set-up at the Rouyn Gold Project – Astoria Project Area, Québec. Planning included consultation with key stakeholders including the City de Rouyn-Noranda, the Abitibiwinni First Nation and other regional business and industry representatives, including the first community information session focused on establishing transparent, respectful relationships and supporting best-practice community and Indigenous engagement as the Rouyn Project advances. PICKLE LAKE GOLD PROJECT, ONTARIO The Pickle Lake Gold Project is a contiguous District-Scale landholding, located east of Red Lake in the well- endowed Uchi Geological sub-province of north-western Ontario, Canada. The Uchi Province is host to numerous producing gold mines at Red Lake and at Musselwhite, and is a highly active exploration area with Evolution, Newmont, Kinross, and numerous other development and exploration companies all actively pursuing gold exploration work in the area. During the Period, planning commenced for a comprehensive review of historical geological and geophysical datasets, target prioritisation and future exploration sequencing. The Company is also evaluating the application of advanced data analytics and artificial intelligence tools to support target generation and efficient exploration planning across the district-scale landholding. There were no substantive on-ground exploration activities at Pickle Lake during the Period. Figure 3 – Projects Location Map. 1 1 Refer Mineral Resource Estimate at Page 6 ARDIDEN LIMITED DIRECTORS’ REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 5 MINERAL RESOURCE ESTIMATES (JORC 2012) Note: Due to effects of rounding, totals may not represent the sum of all components. The Mineral Resource Estimate (MRE) for the Rouyn Gold Project, has been reported in accordance with the JORC Code (JORC, 2012) (Refer ASX 10 October 2025). The MRE is reported above a cut-off of 1.72 g/t Au for ultramafic material (96% recovery) and 2.07 g/t Au for Argillite material (80% recovery), inside Mineable Stope Optimisations (‘MSOs’), which include internal dilution, generated using a gold price of US$2,200/oz. The MRE has been appropriately depleted for previous mining voids. Competent Person’s Statement Pickle Lake Project The information in this announcement that relates to the mineral resources of Ardiden Ltd 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. Ardiden 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. Ardiden 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. Competent Person’s Statement Rouyn Gold Project The information in this announcement 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. Ardiden 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. Ardiden 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. ARDIDEN LIMITED DIRECTORS’ REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 6 CORPORATE Ardiden’s Annual General Meeting of Shareholders was held in West Perth on 26 November 2025 and all resolutions put to shareholders were approved by a poll. FINANCIAL POSITION & OPERATING RESULTS The Group had a strong cash balance at 31 December 2025 of A$18.26 million and total assets of $87.52M which is offset by $17.89M liabilities including the promissory note due to Yorbeau Resources Inc. Ardiden continues to retain ~13 million shares in Green Technology Metals (‘GTM’)(ASX: GT1), with a current value of the holding is ~$430k2. The financial results of the Group for the Period ended 31 December 2025 are: Period Ended 31-Dec-25 Year Ended 30-Jun-25 % Change Cash and cash equivalents ($) 18,262,110 11,436,941 59.7% Net assets ($) 69,625,820 30,489,005 128.4% Period Ended 31-Dec-25 Period Ended 31-Dec-24 % Change Interest income ($) 204,253 286,370 (28.7%) Net (loss)/profit after tax ($) (720,742) (227,052) 217.4% (Loss)/earnings per share (cents) (0.0084) (0.0036) 135.1% SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS 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 Period under review not otherwise disclosed in this report or in the financial report. EVENTS SUBSEQUENT TO REPORTING DATE There are no other matters or circumstances that have arisen since 31 December 2025 that have or may significantly affect the operations, results, or state of affairs of the Consolidated Entity in future financial years. 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 nearestSyntax Error: Unknown form type thousand dollars, or in certain cases, the nearest dollar. DIVIDENDS No dividends were declared or paid during the year and no recommendation is made as to dividends. ENVIRONMENTAL REGULATIONS 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 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. RISK MANAGEMENT There have been no material changes to the descriptions of the Group’s risk management framework as outlined in the annual financial report as at 30 June 2025. 2 As at closing price ($0.033) of GT1 on 10 March 2026 ARDIDEN LIMITED DIRECTORS’ REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 7 AUDITOR INDEPENDENCE We have received the independence declaration from the auditor of Ardiden Limited, Nexia Perth Audit Services Pty Ltd, a copy of which is attached to the Directors’ Report on page 8 of the financial report. This report is made in accordance with a resolution of the Directors. Andrew Stocks Managing Director Perth, Western Australia Dated: 11 March 2026 To the Board of Directors of Ardiden Limited Auditor’s Independence Declaration under section 307C of the Corporations Act 2001 As lead auditor for the review of the Condensed Consolidated Half-Year Financial Report of Ardiden Limited for the half-year ended 31 December 2025, 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 review; and (b) any applicable code of professional conduct in relation to the review. Yours sincerely Nexia Perth Audit Services Pty Ltd Justin Mulhair Director Perth, Western Australia 11 March 2026 8 ARDIDEN LIMITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 9 Notes 31-Dec-25 31-Dec-24 $ $ Fair value adjustment 2 287,090 (104,396) Interest income 204,252 286,370 Gain on sale of property, plant, and equipment - 18,236 Expenses Administration, consulting and other expenses (399,105) (208,522) Salaries and wages (426,493) (325,267) Share-based payments 6 (180,924) (16,006) Foreign exchange loss/ (gain) (103,636) 143,817 Interest expense (101,926) - Impairment of exploration and evaluation assets - (21,284) Loss before income tax expense (720,742) (227,052) Income tax expense - - Net loss for the Period (720,742) (227,052) Other comprehensive income Items that may be reclassified subsequently to profit or loss Exchange differences on translating foreign operations 29,849 22,994 Total other comprehensive loss for the Period (690,893) (204,058) Cents Cents Earnings per share attributable to the ordinary equity holders of the Company: Basic loss per share (0.0084) (0.0036) Diluted loss per share (0.0084) (0.0036) The accompanying condensed notes form part of these condensed consolidated financial statements. ARDIDEN LIMITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025 10 Notes 31-Dec-25 30-Jun-25 $ $ ASSETS Current Assets Cash and cash equivalents 18,262,110 11,436,941 Prepayments 291,810 41,277 Trade and other receivables 177,087 110,808 Financial assets 2 535,031 247,941 Total Current Assets 19,266,038 11,836,967 Non-Current Assets Exploration and evaluation expenditure 3 67,867,000 18,665,788 Plant and equipment 383,267 113,310 Total Non-Current Assets 68,250,267 18,779,098 TOTAL ASSETS 87,516,305 30,616,065 LIABILITIES Current Liabilities Trade and other payables 550,464 88,103 Provisions 23,494 20,281 Borrowings 4 6,525,100 - Total Current Liabilities 7,099,058 108,384 Non-Current Liabilities Provisions 22,631 18,676 Borrowings 4 10,768,796 Total Non-Current Liabilities 10,791,427 18,676 TOTAL LIABILITIES 17,890,485 127,060 NET ASSETS 69,625,820 30,489,005 EQUITY Issued capital 5 98,958,789 59,269,005 Reserves 6 952,034 784,261 Accumulated losses (30,285,003) (29,564,261) TOTAL EQUITY 69,625,820 30,489,005 The accompanying condensed notes form part of these condensed consolidated financial statements. ARDIDEN LIMITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 11 Issued Capital Option Reserves Foreign Currency Translation Reserve Accumulated Losses Total Equity $ $ $ $ $ At 1 July 2025 59,269,005 657,827 126,434 (29,564,261) 30,489,005 Comprehensive income Loss for the Period - - - (720,742) (720,742) Other comprehensive loss for the Period - - 29,849 - 29,849 Total comprehensive loss for the Period 29,849 (720,742) (690,893) Transactions with owners in their capacity as owners: Shares issued 39,909,722 - - - 39,909,722 Share-based payments - 180,924 - - 180,924 Options exercised 243,000 (43,000) - - 200,000 Capital raising costs (462,938) - - - (462,938) Total equity transactions 39,689,784- 137,924 - - 39,827,708 At 31 December 2025 98,958,789 795,751 156,283 (30,285,003) 69,625,820 At 1 July 2024 59,269,005 737,788 108,204 (28,427,023) 31,687,974 Comprehensive income Loss for the Period - - - (227,052) (227,052) Other comprehensive income for the Period - - 22,994 - 22,994 Total comprehensive loss for the Period 22,994 (227,052) (204,058) Transactions with owners in their capacity as owners: Share-based payments - 16,006 - - 16,006 Options expired during the Period - (236,344) - 236,344 - Total equity transactions - (220,338) - 236,344 16,006 At 31 December 2024 59,269,005 517,450 131,198 (28,417,731) 31,499,922 The accompanying condensed notes form part of these condensed consolidated financial statements. ARDIDEN LIMITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 12 Notes 31-Dec-25 31-Dec-24 $ $ Cash flows (used in)/ from in operating activities Payments to suppliers and employees (1,916,599) (542,322) Withholding tax received - 1,216,713 Interest received 163,450 199,553 Net cash flows (used in)/ from operating activities (1,753,149) 873,944 Cash flows used in investing activities (Payments for)/proceeds from sale of plant & equipment (7,329) 38,769 Payments for exploration expenditure (52,142) (132,750) Cash received on acquisition of Lac Gold Limited 16,934 - Net cash flows used in investing activities (42,537) (93,981) 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 financing activities 8,712,726 - Net increase in cash and cash equivalents 6,917,040 779,963 Cash and cash equivalents at the beginning of the Period 11,436,941 10,834,903 Effects of exchange rate changes on cash and cash equivalents (91,871) 149,058 Cash and cash equivalents at the end of the Period 18,262,110 11,763,924 The accompanying condensed notes form part of these condensed consolidated financial statements. ARDIDEN LIMITED CONDENSED NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 13 1. GENERAL INFORMATION Statement of Compliance The condensed consolidated financial report (the ‘half-year report’) is a general-purpose financial report prepared in accordance with the Corporations Act 2001 and Australian Accounting Standard AASB 134 Interim Financial Reporting (‘AASB134’), as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS34 Interim Financial Reporting. The half-year report does not include notes of the type normally included in an annual financial report and should be read in conjunction with the most recent annual financial report, and any public announcements made by the Company during the Period in accordance with the continuous disclosure requirements of the Corporations Act 2001. Basis of Preparation The condensed consolidated financial statements have been prepared on an historical cost basis, except for the revaluation of certain financial instruments. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are presented in Australian dollars, unless otherwise noted. Accounting Policies The accounting policies adopted in the current Period are consistent with those adopted and disclosed in the Group’s annual financial report for the year ended 30 June 2025. The accounting policies are consistent with Australian Accounting Standards and with International Financial Reporting Standards. Standards and Interpretations Applicable to Current Interim Period The Group has adopted all new and amended standards and interpretations applicable for the half-year current Period. The adoption of these standards and interpretations had no material impact on the half-year report or on the financial position or performance of the Group. Future Accounting Standards and Interpretations The Group has not elected to early adopted any other new standards or amendments that are issued but not yet effective. Critical Accounting Estimates and Judgement The critical estimates and judgements are consistent with those applied and disclosed in the June 2025 annual report. The key judgements and estimates applied in determining the accounting treatment for the acquisition of Lac Gold Limited is disclosed in Note 8. Rounding of Amounts The Group 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. Going Concern The half-year financial report has 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. In arriving at this position, the directors have had regard to the fact that based on their ability to manage discretionary expenditure in line with the Group’s cashflow and the strong cash reserves at the date of the half-year report, and has access to sufficient cash to fund administrative and other committed expenditure for a period of at least 12 months from date of signing the half-year report. ARDIDEN LIMITED CONDENSED NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 14 2. FINANCIAL ASSETS - CURRENT 31-Dec-25 30-Jun-25 $ $ Listed Shares in Green Technology Metals 535,031 247,941 535,031 247,941 Listed shares in Green Technology Metals Number $ Balance at 30 June 2025 13,049,520 247,941 Fair value increase - 287,090 As at 31 December 2025 13,049,520 535,031 Listed ASX quoted shares are revalued at fair value through the profit and loss using the closing price at the end of the reporting Period ($0.041 per share). 3. EXPLORATION AND EVALUATION EXPENDITURE 31-Dec-25 30-Jun-25 $ $ Expenditure brought forward 18,665,788 18,500,046 Expenditure incurred 70,004 175,600 Acquisition of Rouyn Gold Project (Note 8) 48,893,724 - Amortisation of discounted borrowing costs 115,812 - Effect of exchange rate 121,672 11,426 Impairment expense - (21,284) Expenditure carried forward 67,867,000 18,665,788 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. 4. BORROWINGS 31-Dec-25 30-Jun-25 $ $ Promissory note – Yorbeau Inc(1) 21,875,400 - Promissory note – borrowing costs (unamortised)(2) (4,665,462) - Promissory note – accrued interest (3) 83,958 - 17,293,896 - Disclosed as: Current 6,525,100 - Non-current 10,768,796 - 17,293,896 - (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. ARDIDEN LIMITED CONDENSED NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 15 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. 5. ISSUED CAPITAL 31-Dec-25 30-Jun-25 No $ No $ (a) Fully paid ordinary shares 214,906,395 98,958,789 62,517,506 59,269,005 (b) Movement Reconciliation No of shares $ Opening balance at 1 July 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 50,000,000 10,000,000 Share issue costs - (462,938) Closing balance at 31 December 2025 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 Lac Gold Limited, the Company issued 50,000,000 ordinary shares at $0.20 each to raise total proceeds before costs of $10,000,000. 6. RESERVES 31-Dec-25 30-Jun-25 $ $ Share based payments reserve(a) 795,751 657,827 Foreign currency translation reserve 156,283 126,434 952,034 784,261 31 December 2025 30 June 2025 (a) Movement in share based payments reserve No. $ No. $ Balance at beginning of year 4,268,021 657,827 1,608,136 737,788 Performance rights issued during the year 20,000,000 - 3,000,000 - Options/rights vesting expense during the year - 180,924 - 156,383 Options exercised and the value transferred to equity, during the period (1,000,000) (43,000) - - Options expired during the year - - (340,115) (236,344) 23,268,021 795,751 4,268,021 657,827 ARDIDEN LIMITED CONDENSED NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 16 The share based payments reserve is used to record the value of equity benefits provided to employees and directors as part of their remuneration. At the end of the Period, the following rights and options over unissued shares were outstanding: Tranche A performance rights expiring 22 January 2027 2,000,000 Tranche B performance rights expiring 22 January 2028 2,000,000 Tranche C performance rights expiring 22 January 2028 1,200,000 Tranche D performance rights expiring 22 January 2027 6,000,000 Tranche E performance rights expiring 22 January 2029 6,400,000 Tranche F performance rights expiring 22 January 2029 2,400,000 Unlisted employee options expiring 4 April 2026 at an exercise price of $0.946 per option 116,279 Unlisted broker options expiring 20 April 2026 at an exercise price of $0.8385 per option 930,813 Unlisted employee options expiring 13 June 2027 at an exercise price of $0.43 per option 174,418 Unlisted employee options expiring 14 June 2027 at an exercise price of $0.301 per option 46,511 Unlisted employee options expiring 26 March 2029 at an exercise price of $0.20 per option 2,000,000 Total 2