Ardiden Merges with Lac Gold, Boosts Cash to $20M for Quebec and Ontario Projects
Ardiden Ltd has completed its merger with Lac Gold, combining two premier Canadian gold projects and raising $10 million to fund upcoming drilling programs. The merger creates a stronger, cash-rich entity poised for growth in Quebec and Ontario.
- Merger completed with Ardiden acquiring 100% of Lac Gold shares
- Combined assets include Rouyn Gold Project (Québec) and Pickle Lake Gold Project (Ontario)
- Raised $10 million via placement to fund near-term drilling and exploration
- Reconstituted board led by Independent Chair Ian Hume
- Key leadership changes with former Chair and CEO stepping down but remaining in senior roles
Merger Completion and Strategic Rationale
Ardiden Ltd has officially completed its merger with Lac Gold Limited, marking a significant milestone in its evolution as a Canadian-focused gold exploration and development company. The transaction, approved by shareholders in late November 2025, sees Ardiden acquiring 100% of Lac Gold’s issued shares, effectively combining two high-quality gold projects located in Canada’s most prolific mining jurisdictions.
The merger unites the Rouyn Gold Project in Québec’s renowned Abitibi gold belt with the Pickle Lake Gold Project in north-west Ontario’s Uchi Geological Subprovince. Both regions boast a rich history of gold production and exploration success, offering Ardiden a balanced portfolio of development and exploration assets.
Financial Strength and Capital Raising
Alongside the merger, Ardiden successfully raised A$10 million through a placement of 50 million shares at $0.20 each, led by Blue Ocean Equities Pty Limited. This capital injection bolsters the company’s balance sheet, providing over $20 million in cash to support upcoming work programs. The funds are earmarked for a substantial 15,000-metre drilling campaign at Rouyn and a winter exploration program at Pickle Lake, signalling Ardiden’s commitment to advancing both projects aggressively.
Leadership and Governance Changes
The merger has also prompted a reconstitution of Ardiden’s board and executive team. Ian Hume steps in as Independent Non-Executive Chair, bringing seasoned oversight to the combined entity. Managing Director Andrew Stocks and Executive Director Matthew Keegan continue to lead operational efforts, with Keegan notably holding a significant 17.68% stake post-merger. Meanwhile, former Chair Michelle Roth and CEO Tara Robson have stepped down from their leadership roles but remain involved in senior capacities, ensuring continuity during the integration phase.
Integration and Future Outlook
Post-merger integration is underway, focusing on operational continuity and governance alignment across the combined Canadian portfolio. Ardiden is preparing for its first drilling program at Rouyn, aiming to unlock value from its large, high-grade mineral resource. Simultaneously, exploration at Pickle Lake is set to continue, leveraging the district-scale potential of this extensive portfolio.
Chair Ian Hume emphasised the strategic importance of the merger, highlighting the strengthened platform and financial position that will enable Ardiden to create long-term shareholder value. The company’s dual-asset approach offers a diversified exposure to gold exploration and development in two of Canada’s premier mining jurisdictions.
Bottom Line?
With a strengthened balance sheet and leadership, Ardiden is poised to deliver on its ambitious Canadian gold exploration plans.
Questions in the middle?
- How will Ardiden prioritise capital allocation between Rouyn and Pickle Lake projects?
- What are the expected timelines and milestones for the upcoming drilling programs?
- How will the integration of teams and operations impact project execution and costs?
