AGM Presentation
Released
Released
Announcement PDF
26 November 2025
ASX: ADV
Annual General Meeting 2025
Ardiden limited + Lac Gold limited:
Building Canada’s Next Mid-Tier Gold Company
Tara Robson, Chief Executive Officer
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 26 November 2025 and has been prepared by the Board and management of Ardiden Ltd (ACN 110 884 252) (ADV, Ardiden or the Company).
Summary information only: The information in this presentation is summary information only and is current as at 26 November 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)
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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)
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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.
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)
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Disclaimer
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
26 November 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)
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2025: A Year ofReset and Renewal
A year of rebuilding, refocusing, and preparing for growth
• Defined Ardiden’s strategic direction
✓ Gold
✓ Tier 1 Jurisdiction
✓ Advanced resource
✓ Exceptional executive team
• Completed the work needed to pursue a
transformational merger
• Assessed multiple corporate opportunities
• Identified, executed, and closed the Lac Gold
merger
Our disciplined reset this year set the clarity
and foundation for this transformational deal. Ardiden’s Pickle Lake project, Ontario
Project team at Rouyn, Québec (L to R: Andrew Stocks, Paul Teniere, Matthew Keegan)
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Introducing Lac Gold
A strong and highly capable team
• Established track record across mining
development, operations, project studies and
capital markets
• Lac Gold has created a high-quality gold
opportunity through rigorous, disciplined
technical execution
• Strong cultural alignment and shared
commitment to robust governance and ESG
principles
• A deep commitment to responsible
development and long-term value creation
8
Why theMerger Makes Sense
A merger of equals with a clear strategic fit
8
• Combines two high-quality gold projects in
Canada’s top-tier mining jurisdictions
• Creates a balanced portfolio: an advanced
asset at Rouyn and a discovery pipeline at
Pickle Lake
• Strengthens technical and corporate capability
with a proven, high-calibre leadership team
• Enhances financial flexibility through stronger
capital structure and supportive vendor
financing
• Positions Ardiden for a value re-rating as
exploration success, resource growth and
project milestones are delivered
Surface facilities at Rouyn Gold Project, Québec
9
Why Ardiden +Lac Gold
A compelling value proposition for shareholders
9
• 1.8 Moz Combined Resource Base – high-grade
ounces anchored in world-class jurisdictions*
• Strong Growth Platform – depth extensions at
Rouyn plus district-scale upside at Pickle Lake
• Infrastructure Advantage – proximity to
operating mills and multiple established mining
hubs
• Strengthened Leadership & Capability –
incoming team with deep project, operational
and capital markets expertise
• Well Funded – A$20M cash plus flexible vendor
finance supporting disciplined, staged work
programs
Rouyn Gold Project, Québec
* Refer resource table at Appendix 2 (slide 24)
Growing Rouyn toward a
development decision
10
OurVision
A Canadian-Focused Gold Company With Scale & Growth
10
Driving district-scale
discovery at Pickle Lake
Delivering consistent
exploration and study
milestones
Creating value through
disciplined capital
allocation
11
TheJourney toRouyn
A disciplined search for a Tier-1 gold opportunity
11
• Lac Gold conducted a wide-ranging
evaluation of projects across Australia and
North America
• The Cadillac Break consistently ranked as a
world-class structural corridor
• Rouyn emerged as a standout opportunity:
• Extensive historical drilling (436 km)
• Proven mineralisation over 6 km
• Strong infrastructure: road access,
grid power and skilled local labour
• Clear depth and strike extension
potential
• The project aligned with Lac Gold’s criteria
for grade, growth potential and top-tier
jurisdiction quality
12
OurCombined Portfolio
Two high-quality projects in Tier-1 jurisdictions
Rouyn Gold Project
Mineral Resource Estimate, Apr 2025
15.8Mt@3.28g/t, 1,666,000oz gold *
Pickle Lake Gold Project
Mineral Resource Estimate, Sep 2019
790,000t @ 4.3 g/t, 110,000oz gold *
Rouyn Gold Project – Québec
• 1.66 Moz @ 3.28 g/t (JORC 2012)
• 2,428 drill holes (436,678 m)
• Four mineralised areas across 6km
• Open at depth; nearby mines operate
to >3km
• Exceptional infrastructure: power,
roads, mills, labour
Pickle Lake Gold Project – Ontario
• 110,000oz @ 4.3 g/t (JORC 2012)
• 675 km² district scale landholding
• 20+ high-priority targets
• Strong First Nations relationships
* Refer resource table at Appendix 2 (slide 24)
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Rouyn Gold Project
Multiple levers for near-term and long-term resource growth
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 approximately 400-700m
depth
– nearby mines operate at 1,250-3,000m depth
(LaRonde, Westwood, Bousquet)
• Strong potential for down plunge extensions
• Initial 15,000 metre diamond drilling program 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…”
Stage 1 – Astoria
Stage 2 – Astoria, Gamble
Stage 3 – Augmitto, Gamble
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Pickle Lake Gold Project
Driving the Next Generation of Discoveries
A large-scale, district-scale gold project surrounded by major producers.
• 675 km² district scale tenement package
• Kasagiminnis Deposit – Inferred Resource 110
koz @ 4.3 g/t Au* (JORC)
• 20+ brownfield and greenfield targets across
the belt
• Strong infrastructure and long-term First
Nations partnerships (Cat Lake,
Mishkeegogamang, Slate Falls)
• Winter exploration program planned for
South Limb
• Substantial assessment credits secure tenure
through 2029.
* Refer resource table at Appendix 2 (slide 24)
Ardiden’s Pickle Lake project, Ontario
Progression towards completion
of economic studies
Development pathway selection
Progress on permitting
Funding strategy and partnership
assessments
Ongoing resource expansion
drilling
Continue economic analysis
Advancement of environmental
baseline programs
Engagement with regional
processing facilities
Drilling at Pickle Lake high
priority targets
15,000m initial Rouyn drilling
Updated Mineral Resource
Preliminary economic analysis
Initiate environmental baseline
monitoring
Strategic review of Pickle Lake by
new technical team
Pickle Lake reconnaisance and
low impact field work
2026 2027 2028
15
TheRoadmap
Clear milestones that drive value
15
16
Why theMerger Delivers Value
A stronger, better-capitalised, more capable gold company
16
• Advancing a high-grade resource base across
Tier-1 mining regions
• Strong capacity for rapid resource growth through
drilling and depth extensions
• Strengthened balance sheet and financial flexibility
to drive studies and field programs
• Clear development optionality at Rouyn, with
multiple processing pathways
• Long-term discovery leverage at Pickle Lake
• A cohesive, high-capability team positioned to
execute and deliver
• Compelling re-rating potential as exploration,
study and permitting milestones are achieved
Rouyn Gold Project, looking towards Augmitto
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TheTeam
Continuity, capability, and balance
17
Post-merger leadership structure
• Ian Hume – Chair
• Andrew Stocks – Managing Director
• Matthew Keegan – Executive Director
• Tara Robson – Non-Executive Director
• Michelle Roth – Non-Executive Director
• Jeremy Robinson – Non-Executive Director
• John Fitzgerald – Chief Financial Officer
• Paul Teniere – GM, Canadian Operations
Governance priorities
• Strong technical oversight
• Responsible capital allocation
• Transparent reporting
• Community and ESG leadership
Tara Robson
Non-Executive
Director
Ian Hume
Non-Executive
Chair
Jeremy
Robinson
Non-Executive
Director
Michelle
Roth
Non-Executive
Director
Andrew
Stocks
Managing
Director
Matthew
Keegan
Executive
Director
John
Fitzgerald
Chief Financial
Officer
Paul Teniere
GM, Canadian
Ops
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Closing Remarks
A strong future
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• This merger positions Ardiden for the most
significant growth phase in its history
• Rouyn adds meaningful scale, high grade and
clear development potential
• Pickle Lake provides long-term discovery
leverage across a district-scale system
• The company has the capability and leadership
depth to deliver
Thank you, shareholders, for your support and
engagement
19
Questions &Discussion
We welcome your questions
For Further Information
Tara Robson, CEO
tara@ardiden.com.au
ardiden.com.au
Appendices
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1. Geological Background
2. Mineral Resource Estimates
3. Competent Person Statements
Logging drill core at Ardiden’s Western Hub, Pickle Lake
21
Geological Background
Value generation over the next three years
Value generation potential from testing resource extensions, economic studies based on the existing Mineral Resource and potentially
securing mining permits to reactivate underground mining
STUDIES
• Community and First Nations
engagement
• Economic studies based on the
existing Mineral Resource
• Investigate and planning for the
reactivation of underground
mining
• Environmental permits
anticipated to take 2-3 years due
to data collection requirements
EXPLORE OPPORTUNITIES
• Evaluation of nearby gold
deposits which share strategic
synergies
• Commence discussions with
major companies requiring
supplemental high-grade mill
feed within commercial trucking
distance
TESTING RESOURCE AND
EXPANSION TARGETS
• Commencing multiple programs
testing resource expansion
• Planning additional drilling
campaigns focused on west-
plunging high-grade structures
• New Mineral Resource Estimate
– incorporating stricter grade
threshold while maintaining
continuity of mineralised
structures
22
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
23
Geological Background
Extensional vein sets
• Drilling to test high grade
extensional vein sets
• Extensional veins contain
bonanza gold grades
which are difficult to
intersect conventionally
• Drilling down structure
has the potential to
identify and target ultra-
high ore grade zones
Vertical Section 8200mE
with Proposed Drill Hole
24
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
Mineral Resource Estimates (JORC 2012)
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Competent Person’s Statement
Kasagiminnis Mineral Resource
The information in this presentation that relates to JORC 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.
Competent Person’s Statement
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 “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
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