Ardiden’s Bold Merger with Lac Gold Sets Stage for Canadian Gold Growth

Transformational Merger Expands Ardiden’s Gold Footprint

Ardiden Limited has taken a decisive step to reshape its future by entering into a binding Share Sale Agreement with Lac Gold Limited, owner of the advanced-stage Rouyn Gold Project in Québec, Canada. This merger is set to create a dual-asset gold exploration and development company with a robust portfolio spanning two of Canada’s most respected mining jurisdictions, Québec and Ontario.

The Rouyn Gold Project boasts a substantial JORC-compliant Mineral Resource of 15.8 million tonnes at 3.28 grams per tonne gold, equating to approximately 1.66 million ounces. This complements Ardiden’s existing Pickle Lake Gold Project in Ontario, known for its district-scale discovery potential. Together, these assets provide a strategic balance of advanced-stage resources and exploration upside.

Strong Financial Position and Strategic Funding

Financially, Ardiden is well positioned to capitalize on this merger. The company has secured firm commitments to raise A$10 million through a placement priced at $0.20 per share, representing an 18.6% premium to the recent volume-weighted average price. Combined with an existing cash balance of A$11 million as of 30 September 2025, Ardiden will have over A$21 million in available funds to advance exploration and development activities.

Importantly, the merger preserves Lac Gold’s existing C$20 million debt facility, which carries a modest 5% interest rate and is secured solely against the Rouyn project. This non-dilutive leverage offers Ardiden additional financial flexibility to pursue growth without immediate equity dilution.

Experienced Leadership and Operational Synergies

The combined company will be led by a seasoned management team and board, blending expertise in exploration success, mine development, and corporate transactions. Notable figures include Ian Hume, a founding partner of a US$2.5 billion global resources fund, and Andrew Stocks, a mining engineer with over 35 years of leadership experience.

Operational synergies are expected through shared geological expertise, integrated technical data, and logistical cooperation across the two projects. Ardiden’s winter exploration program is already planned for the South Limb prospect at Pickle Lake, marking the first fieldwork in the Eastern Hub since 2021.

Next Steps and Market Context

The merger remains subject to shareholder approval at Ardiden’s Annual General Meeting scheduled for 26 November 2025. The board unanimously recommends the transaction, with Ardiden’s two largest shareholders indicating their support. Completion is anticipated shortly after the vote, setting the stage for an accelerated growth phase.

This strategic move comes amid strong gold market conditions and growing investor appetite for high-quality Canadian gold exposure. By combining two complementary assets in Tier-1 jurisdictions, Ardiden aims to enhance its market presence and unlock significant value for shareholders.