Lac Gold (LAC) H2 2026 earnings summary

Executive summary

• Completed transformational merger, acquiring the Rouyn Gold Project in Québec and the historic Golden Patricia Gold Mine in Ontario, establishing a flagship asset and expanding the Canadian gold portfolio.

• Raised A$10 million through a placement to fund exploration and development, and adopted the new name reflecting the strategic shift.

• Initiated and completed a 15,000-metre maiden drilling program at Rouyn, confirming significant and high-grade gold mineralisation, and commenced a further 15,000-metre Phase 2 program.

• Integrated environmental, technical, and community engagement workstreams to support responsible project advancement.

Financial highlights

• Net loss after tax of A$4.19 million, up 204.8% year-over-year, reflecting increased exploration, merger costs, and interest on a C$20 million promissory note.

• Cash and cash equivalents increased to A$13.3 million, supported by the A$10 million capital raise.

• Net assets rose to A$66.9 million, up from A$30.5 million, driven by the acquisition of LG1.

• Issued 101,388,889 shares for the merger and 50,000,000 shares in the placement.

Outlook and guidance

• Phase 2 drilling at Rouyn to continue, focusing on expanding the mineralised footprint and refining the geological model.

• Ongoing environmental baseline studies, engineering, metallurgical test work, and permitting to reduce project risk and support future development decisions.

• At Pickle Lake, focus on digitising and integrating historical data to identify high-priority exploration targets.

• Continued disciplined capital allocation and stakeholder engagement to support long-term value creation.