Lac Gold (ASX:LAC) is an emerging gold developer, focused on Canada. Formerly known as Ardiden, Lac Gold’s primary project is the Rouyn Gold Project in Quebec which hosts a Resource of 1.66Moz @ 3.28g/t Au (JORC 2012) across multiple deposits within a continuous 7km mineralised corridor.

Rouyn has a Resource that is Majority Indicated

The majority of the resource (59%) is Indicated rather than Inferred due to the extensive exploration that has been undertaken. Indeed, since Rouyn’s acquisition, Lac Gold has drilled extensively with 64 holes for 24,730m completed to 31 August 2026. Recent intercepts (such as 5.65m @ 141.29g/t Au, 7m @ 16.1g/t Au) demonstrate strengthening continuity and the presence of high‑grade plunging shoots typical of major Abitibi systems. Parallel workstreams in metallurgy, geological modelling, environmental baseline studies and permitting are also laying the foundations for a future gold operation.

Drilling Onwards and Downwards

The next phase is already underway. Phase 2 drilling has commenced, with Phase 3 planned, targeting deeper extensions and multiple untested structural positions along the corridor. With two rigs active and AI‑assisted geological modelling in progress, Lac Gold is preparing for both a future Mineral Resource update and the early stages of development evaluation. The company also has a second gold asset in Canada, Pickle Lake, which adds long‑term optionality. Pickle Lake includes the historic Golden Patricia mine, formerly owned by Barrick.

We see upside to $0.57-0.77 per share

We value Lac Gold at $0.57 per share in our base case and $0.77 per share in an optimistic (or bull) case. We have used an EV/Resource methodology, we considered its 5 closest peers, the average EV/Resource (A$152.01/oz) and applied a discounted figure to Lac Gold, 50% in our base case ($76.01/oz) and 33% in our bull case ($101.85/oz), both of which contrast with its current EV/Resource of $54.33/oz. Please see page 25 for the key risks associated with our thesis