Ardiden Quarterly Activities Report – Quarter Ending 30 September 2025

⦁ Transformational Merger: Ardiden has entered into a binding Share Sale Agreement with Lac Gold Limited (“Lac Gold”), owner of the advanced-stage Rouyn Gold Project in Québec, Canada.

⦁ Scale: The Rouyn Project contains a substantial JORC (2012) Mineral Resource of 15.8 Mt @ 3.28 g/t Au for 1.66 Moz (ASX 10 October 2025), and benefits from significant infrastructure advantages.

⦁ Quality: The merger combines Lac Gold’s Rouyn Gold Project with Ardiden’s Pickle Lake Gold Project, creating a balanced portfolio of advanced and growth-stage gold assets across two Tier-1 jurisdictions within Canada (Figure 1).

⦁ Timing: The transaction coincides with strong gold market conditions and increasing investor appetite for high-quality Canadian gold exposure.

⦁ Strong Funding Position: Ardiden has received firm commitments to raise A$10 million at $0.20 per share (a 18.6% premium to 30-day VWAP), alongside an existing A$11.0 million cash balance as at 30 September 2025.

⦁ Favourable Debt Terms Preserved: Lac Gold’s existing C$20 million facility (5% interest, secured only against the Rouyn project) remains in place, providing non-dilutive leverage to growth.

⦁ Next Steps: Ardiden shareholders to vote on the merger and placement at the AGM on 26 November 2025, with completion expected shortly thereafter.

⦁ Support: The Ardiden Board of Directors unanimously recommends the transaction. Ardiden’s two largest shareholders have also indicated their intention to vote in favour of the transaction.

⦁ Pickle Lake Gold Project: Planning commenced for winter exploration program at the South Limb prospect, paving the way for the first field program in the Eastern Hub since 2021.

Ardiden Chair, Michelle Roth, commented:

“This transformational merger represents a defining moment for Ardiden, bringing together two complementary Canadian gold portfolios under one well-funded and focused company. The combination of the Rouyn and Pickle Lake projects delivers both scale and optionality, an advanced, high-grade resource alongside district-scale discovery potential.

“With a strengthened balance sheet, a clear growth pathway and an experienced management team, Ardiden is well positioned to create long-term value for shareholders through disciplined exploration, resource expansion, and responsible development.”

Ardiden Limited (‘Ardiden’ or ‘the Company’) (ASX: ADV) is pleased to report on its Quarterly Activities.

TRANSFORMATIONAL MERGER

Subsequent to the end of the quarter, Ardiden announced a pivotal step in its growth trajectory, with the execution of a binding Share Sale Agreement with Lac Gold Limited (ASX Release 10 October 2025), owner of the Rouyn Gold Project. This transformational merger creates a dual-asset Canadian gold explorer and developer with scale, strategic balance and multiple growth pathways.

The merged company will be led by an experienced management team with a proven record of exploration success, mine development, and value creation. Ardiden’s existing exploration pipeline in Ontario is complemented by Lac Gold’s advanced Rouyn asset in Québec, providing a unique balance of growth and maturity.

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