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IMARC | Sydney Matthew Keegan | 27 October 2026 ASX : LAC Unlocking the Rouyn Gold System An established resource, a much larger opportunity Image: Rouyn Gold Project, Québec 2026
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Disclaimer This presentation is dated 27 October 2026 and has been prepared by Lac Gold Ltd (ACN 110 884 252) (LAC, Lac Gold or the Company). Please read this disclaimer carefully before reading or making any other use of this presentation or any information contained in this presentation. Summary information only: The information in this presentation is summary information only and is current as at the date of this presentation (unless otherwise indicated), and the information in this presentation remains subject to change without notice. The information in this presentation is general in nature and does not purport to be accurate nor complete, nor does it contain all of the information that an investor may require in evaluating a possible investment in Lac Gold, nor does it contain all the information which would be required in a disclosure document or prospectus prepared in accordance with the re quirements of the Corporations Act. This presentation has been prepared by Lac Gold with due care but no representation or warranty, express or implied, is provided in relation to the accuracy, reliability, fairness or completeness of the information, opinions or conclusions in this presentation by Lac Gold or any other party involved in its preparation, except as required by law. Reliance should not be placed on information or opinions contained in this presentation and, Lac Gold does not have a ny obligation to finalise, correct or update the contents of this presentation, except as required by law. This presentation should be read in conjunction with Lac Gold's other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au. Forward looking statements: This presentation contains “forward-looking statements” and “forward-looking information”, such as statements and forecasts which include (without limitation) financial forecasts, exploration targets, industry and trend projections, statements about the feasibility of the Pickle Lake Gold Project and the Rouyn Gold Project (collectively the Projects) and its financial outcomes, future strategies, results and outlook of Lac Gold and the opportunities available to Lac Gold. Often, but not always, forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “is expected”, “is expecting”, “budget”, ‘outlook”, “scheduled”, "target", “estimates”, “forecasts”, “intends”, “anticipates”, or “believes”, or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might”, or “will” be taken, occur or be a chieved. Such information is based on assumptions and judgments of Lac Gold regarding future events and results. Readers are cautioned that forward-looking statements and information involve known and unknown risks, uncertainties and other factors which may cause the actual results, targets, performance or achievements of Lac Gold to be materially different from any future results, targets, performance or achievements expressed or implied by the forward-looking statements and information. Forward-looking statements and information are not guarantees of future performance and involve known and unknown risks, uncertainties, sensitivities, contingencies, assumptions and other important factors, many of which are beyond the control of Lac Gold and its directors and management. Past performance is not a guide to future performance. Key risk factors are detailed (non-exhaustively) in this presentation and in previous ASX announcements. These and other factors (such as risk factors that are currently unknown) could cause actual results, targets, performance or achievements anticipated to differ materially from those expressed in forward-looking statements and information. Forward-looking statements and information are based on the reasonable assumptions, estimates, analysis and opinions of Lac Gold made in light of its perception of trends, current conditions and expected developments, as well as other factors that Lac Gold believes to be relevant and reasonable in the circumstances at the date such statements are made, but which may prove to be incorrect. Although Lac Gold believes that the assumptions and expectations reflected in such forward-looking statements and information (including as described throughout this presentation or in the ASX announcement which it accompanies) are reasonable, readers are cautioned that this is not exhaustive of all factors which may impact on the forward-looking statements and information. Lac Gold does not undertake to update any forward-looking statements or information, except in accordance with applicable securities laws. . 2 This presentation has been prepared by Lac Gold Limited (ASX:LAC) (Company)
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Disclaimer Not financial product advice: This presentation, and the information provided in it, does not constitute, and is not intended to constitute, financial product or investment advice, financial, legal, tax, accounting or other advice, or a recommendation to acquire any securities of Lac Go ld. It has been prepared without taking into account the objectives, financial or tax situation or particular needs of any individual. Lac Gold is not licensed to pr ovide financial product advice in respect of an investment in securities or otherwise. Each investor must make its own independent assessment of Lac Gold before acquiring any securities in the Company. Not an offer: This presentation is not a prospectus, product disclosure statement or other offering document under Australian law or any other law and will not be lodged with the Australian Securities and Investments Commission. This presentation is for information purposes only and is n ot an invitation, offer or recommendation with respect to the subscription, purchase or sale of any security in Lac Gold, or any other financial products or securities, in any place or jurisdiction JORC Code: This presentation contains estimates of the Mineral Resources estimated for the Projects and Exploration Results. Competent Person’s findings statements are on page 21. Non-IFRS financial measures: This presentation may contain certain financial measures (such as Net Present Value (NPV) and Internal Rate of Return (IRR)) that are not recognised under International Financial Reporting Standards (IFRS). Although the Company believes these measures provide useful information about the Company's financial forecasts, they should not be considered in isolation or as a substitute for measures of performance or c ash flow prepared in accordance with IFRS. As these measures are not based on IFRS, they do not have standardised definitions and the way the Company calculates these measures may not be comparable to similarly titled measures used by other companies. Consequently, undue reliance should not be placed on these m easures. Past Performance: Any information regarding past performance included in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of Lac Gold’s views, or that of any other party involved in its preparation, on Lac Gold’s future performance or condition or prospects. No liability: The information contained in this presentation has been prepared in good faith by Lac Gold. However, no guarantee, representation or warranty expressed or implied is or will be made by any person (such as Lac Gold and its affiliates, directors, officers, employees, a ssociates, advisers and agents) as to the accuracy, reliability, correctness, completeness or adequacy of any statements, estimates, options, conclusions or other information contained in this presentation, except as required by law. To the maximum extent permitted by law, Lac Gold and its affiliates, directors, officers, employees, associates, advisers and agents each expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of or reliance on information contained in this presentation including representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for omissions from, this presentation inc luding, without limitation, any financial information, production targets, financial forecasts, estimates or projections and any other information derived therefrom. No responsibility or liability is assumed by Lac Gold or any of its affiliates, directors, officers, employees, associates, advisers or agents for updating information in this presentation or to inform any recipient of any new or more accurate information or any errors or omissions of which Lac Gold or any of its affiliates, directors, office rs, employees, associates, advisers or agents may become aware, except as required by law. Monetary values: Unless otherwise stated, all dollar values are in Australian dollars (A$). The information in this presentation remains subje ct to change without notice. Market and Industry data: Certain market and industry data used in connection with or referenced in this presentation may have been obtained from public filings, research, surveys or studies made or conducted by third parties, including as published in industry-specific or general publications. Neither the Company nor any of its advisers or their respective representatives have independently verified any such market or industry data. 3
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4 Lac Gold should be on your radar Eight reasons to own ASX:LAC 1 Tier 1 Jurisdictions Exposure to two of Canada’s premier gold regions: the Abitibi (Québec) and the Uchi Sub-province (Ontario) 3 High Grade Shoots Plunging high-grade shoots typical of long-life Abitibi deposits within significant broad intercepts 4 5 Experienced Management Team Strong operating, development and capital markets experience 6 7 Strong News Flow 45,000m program with two rigs turning 8 Re-Rating Potential Resource growth, exploration success and rising market visibility create a clear path to value creation *Mineral Resource: refer ‘Mineral Resource Estimates (JORC 2012)’ in the Appendices and the Competent Person’s Statement. 2 Resource Growth ~7km corridor open along strike & at depth High-Grade Foundation Rouyn gold Project: 1.66Moz @ 3.28g/t Au* Infrastructure Advantage 4km from Rouyn- Noranda with all mining services in place Amex Gold Mining Cadillac Mines Radisson Lac Gold Limited Cartier Resources MC per Resource Ounce — Lac Gold vs Selected Peers A$/oz | Total resource (M&I + Inferred) basis | 20 October 2026 | Average total MC/oz: A$166 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 A$39/Oz Peer Average A$166/Oz MC per Ounce
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5 One of the World's Great Gold Districts Over 200 Million Ounces Produced The Super Pit of the Kalgoorlie Goldfields The Canadian Malartic Complex of the Abitibi
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6 A Junior Among Giants Right in the Heart of the Abitibi Projects become mines because they are in places where they can be built Rouyn-Noranda – a mining city • 45,000 residents • Established mining workforce • Commercial airport, road, power Capital is Moving into the Abitibi • The major producers and investors are actively positioning themselves
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7 More Than a Resource An established resource with significant growth potential "We weren't looking for another exploration project, we were looking for the foundation of a Canadian gold company." 1.66Moz @ 3.28g/t Au ~60% Indicated
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8 A 7km Gold System Much more than the existing Mineral Resource ~7km mineralised corridor along the Cadillac Break Multiple deposits and historic mines Mineralisation open along strike and at depth Multiple untested targets across the broader structural system
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9 A New Way of Seeing Rouyn Integrating decades of data with new drilling and geological thinking • Decades of drilling provide an extensive geological dataset • Historic information is being integrated with our new drilling • Structural controls are becoming better understood • Broad mineralised envelopes host higher- grade shoots
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10 The Model Is Working Drilling is reinforcing our geological interpretation Broad Envelopes High-Grade Shoots Visible Gold Continuity
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11 The Gold System Reveals Itself Broad envelopes. High-grade shoots. Growing continuity. Refer ASX releases 27 March, 21 April, 4 June, 30 June and 31 August 2026 Testing the model Refining the interpretation Improving targeting Testing continuity Growing the resource
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12 Consistent With Large Abitibi Gold Systems Geological characteristics with well-established regional precedents • Structurally controlled orogenic gold system • Geological setting consistent with long-life Abitibi deposits • Immediate neighbours serve as technical blueprints for Rouyn • Lac Gold’s drilling points to the same high-tenor systems that has defined the district • New MRE work underway for delivery Q1 2027 Regional Context Only: Data regarding third-party Abitibi deposits is provided for general discussion purposes. Mineralization at nearby properties is not necessarily indicative of mineralization on the Company’s tenements. These figures do not constitute exploration results or resource estimates for the Rouyn Gold Project. Image: Regional Deposit of the SE Abitibi Gold Belt. Source: Cadillac Mines Corporation. Company / Project Location Total Au Endowment / Grade Agnico-Eagle (Malartic) ~40km East ~15 Moz+ IAMGOLD (Westwood) ~25km East ~5Moz+ Kerr-Addison (historic) ~50km West ~11Moz Agnico-Eagle (Lapa Mine) ~20km East 1.1Moz Lac Gold (Rouyn Project) Central Corridor 1.66Moz @ 3.28g/t
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13 Our Path From Gold System to Gold Mine Every great mine begins with understanding the system We believe Rouyn is now at that point Build the mine Understand the system Earn community trust Grow the resource Demonstrate the economics
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14 Two Ways to Create Value More ounces + greater value per ounce 1. Grow the Mineral Resource → More ounces 2. Close the valuation gap → Greater value attributed to each ounce More ounces × greater value per ounce ~7km
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15 Beyond Rouyn Building a second long-term growth platform Rouyn is our priority while Pickle Lake provides future district-scale growth
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16 Unlocking Golden Patricia Modern interpretation of a historic high-grade mine * The historical production figures referenced in this announcement are historical in nature and have not been verified by the Company. A competent person has not undertaken sufficient work to classify the historical estimates as mineral resources or ore reserves in accordance with the JORC Code (2012). • District-scale landholding (~675 km²) • Golden Patricia: historic high-grade underground mine (~620koz @ ~16.5g/t)* • Multiple high-priority exploration targets • Platform for longer-term discovery
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17 World-class jurisdiction Foundation asset New geological understanding Gold system emerging at scale The journey is just beginning We’re Only Beginning The best chapters of the Rouyn story are still to come Drilling at the Rouyn Gold Project, Québec Photo courtesy of local resident, M. Yvon Perrier lacgold.com | ASX:LAC
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Appendices 18 1. Geological Background 2. Mineral Resource Estimates 3. Competent Person’s Statement 4. Peer Comparison – Market Cap per Ounce Logging drill core at Lac Gold’s Western Hub, Pickle Lake
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19 1. Geological Background Piché Group – Cadillac-Larder Lake Fault Zone The Piché Group, a volcanic and ultramafic sequence in the Abitibi Greenstone Belt, is one of the most important host rock groups along the Cadillac-Larder Lake Fault Zone – also known as the Cadillac Break. Several famous gold mines along this break are either hosted in or structurally controlled by the Piché Group. These mines are concentrated in the Val-d’Or to Rouyn-Noranda corridor in Québec. Famous mines along the Cadillac Break hosted in the Piché Group: 1. LaRonde Mine – Agnico Eagle P&P=2.74Moz, MI&I=2.76Moz, >3.0km mining depth Ore: Gold, silver, zinc, copper, lead Geology: Hosted in volcanic and volcaniclastic rocks of the Piché Group and adjacent units. Gold is associated with massive sulphide lenses and vein systems, often within or near sheared ultramafics. Source: https://www.agnicoeagle.com/English/operations-and-projects/global-operations-and- development-projects/laronde-complex/default.aspx 2. Lapa Mine (now closed) – Agnico Eagle P&P=0.04Moz, MI&I=0.26Moz, ~1.4km mining depth Ore: High-grade gold Geology: Located directly on the Cadillac Break. Hosted in sericitized ultramafics and volcanics of the Piché Group. Gold occurs in quartz-carbonate veins within tight shear zones. Source: https://www.sec.gov/Archives/edgar/data/2809/000104746917002009/a2231316zex - 99_1.htm 3. Bousquet Mine Complex (includes Bousquet 1, 2 & 3, and LaRonde Zone 5) – Agnico Eagle 3.87Moz Historical Production, 1.25km depth Ore: Gold with polymetallic components Geology: Hosted in Piché Group mafic to ultramafic volcanics and tuffs. Gold associated with pyrite and chalcopyrite in altered volcanic host rocks. Source: https://www.mindat.org/loc-206837.html 4. Doyon-Westwood Complex – IAMGOLD P&P=1.04Moz, MI&I=3.51Moz, 2.2km mining depth Ore: High-grade gold Geology: Partly hosted in rocks of the Piché Group, particularly altered ultramafics along the Cadillac Break. Structurally controlled quartz veining in sheared volcanics. Source: https://www.iamgold.com/English/operations/westwood/default.aspx 5. Augmitto-Astoria (Rouyn Gold Project) – Lac Gold MI&I=1.66Moz, drilled to 400-600m depth Ore: Gold Geology: Hosted in ultramafic flows and tuffs of the Piché Group. Alteration includes carbonate, sericite, fuchsite, and quartz veins along shears. 1 & 4 2 3 5
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20 September 2023 Indicated Inferred Total Astoria1 Tonnage (Mt) Grade (g/t) Gold Ounces (koz) Tonnage (Mt) Grade (g/t) Gold Ounces (koz) Tonnage (Mt) Grade (g/t) Gold Ounces (koz) Ultramafic 2.9 3.16 293 3.7 3.28 386 6.5 3.23 679 Argillite 0.5 3.88 60 0.4 4.56 51 0.8 4.17 112 Sub-Total 3.4 3.27 353,657 4.0 3.40 437 7.4 3.34 791 Augmitto-Cinderella2 Tonnes Grade (g/t) Ounces Tonnes Grade (g/t) Ounces Tonnes Grade (g/t) Ounces Ultramafic 1.9 3.54 214 1.0 2.94 94 2.9 3.33 308 Argillite 0.1 2.62 10 0.4 3.73 43 0.5 3.45 53 Sub-Total 2.0 3.48 224 1.4 3.15 137 3.4 3.35 361 LAC Gamble3 Tonnes Grade (g/t) Ounces Tonnes Grade (g/t) Ounces Tonnes Grade (g/t) Ounces Ultramafic 3.7 3.27 391 1.0 2.73 84 4.7 3.16 475 Argillite 0.1 2.31 8 0.3 3.22 31 0.4 2.98 39 Sub-Total 3.8 3.24 398 1.3 2.85 116 5.1 3.14 514 Rouyn Gold Project Total 9.2 3.30 976 6.6 3.24 690 15.8 3.28 1,666 Kasagiminnis (Pickle Lake) - - - 0.8 4.3 110 0.8 4.3 110 Notes: Due to the effects of rounding, totals may not represent the sum of all components. “Refer to Appendix 1 (JORC Table 1) of the accompanying company announcement for further details on the Mineral Resource Estimates Rouyn Gold Project Compiled from 1,460 drill holes for a total of 190,622m. Resource estimated by ERM using US$2,200 gold price and various crown pillar assumptions. Cut-off grades – Ultramafic: 1.72g/t, Argillite: 2.07g/t Rouyn Gold Project Recovery Assumptions 1. Astoria assumes 96% recovery for Ultramafic and 80% recovery for Agillite 2. Augmitto-Cinderella assumes 96% recovery for Ultramafic and 90% recovery for Agillite 3. LAC Gamble assumes 96% recovery for Ultramafic and 80% recovery for Agillite 2. Mineral Resource Estimates (JORC 2012)
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21 Kasagiminnis Mineral Resource The information in this presentation that relates to JORC Mineral Resources for the Pickle Lake Gold Project has been extracted from Lac Gold's accompanying ASX announcement entitled “Maiden High-Grade Gold Resource at Pickle Lake" dated 10 September 2019, a copy of which is available at www.asx.com.au. Lac Gold confirms that it is not aware of any new information or data that materially affects the information included in that announcement and, in relation to the estimates of Mineral Resources, confirms that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed. Lac Gold confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the announcement. Rouyn Mineral Resource The information in this announcement that relates to Mineral Resources for the Rouyn Gold Project has been extracted from the ASX announcement titled “Lac Gold and Lac Gold to Create a Leading Canadian Gold Exploration and Development Company” released on 10 October 2025 and available at www.asx.com.au. Lac Gold Ltd. confirms that it is not aware of any new information or data that materially affects the information included in that announcement, and that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed. Lac Gold Ltd also confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from that announcement. Exploration Results The information in this report that relates to Exploration Results for the Rouyn Gold Project has been extracted from the ASX announcements released on 27 March, 21 April, 29 April, 4 June, 30 June and 31 August 2026 and available at www.asx.com.au. Lac Gold Limited confirms that it is not aware of any new information or data that materially affects the information included in that announcement, and that all material assumption and technical parameters underpinning the estimates in those announcements continue to apply and have not materially changed. Lac Gold Limited also confirms that the form and context in which the Competent Person’s findings are presented have not materially modified from that announcement. 3. Competent Person’s Statement
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22 Data Sources: RDS Presentation dated 3 Oct 2026 CADY Corporate Presentation 1 Sept 2026 ECR Investor Presentation and Fact Sheet Oct 2026 AMX Presentation dated Oct 2026 4. Peer Comparison As at 20 October 2026 Company Ticker Status Market Cap (C$m) Market Cap (A$m) Measured & Indicated Resource (Moz) Market Cap/oz ($A) Measured, Inidcated & Inferred Resource (Moz) Grade (g/t) Au Market Cap/oz ($A) Radisson Mining Resources TSXV:RDS Exploration 542.2 553 0.628 $880.64 2.32 5.21 $238.38 Cadillac Mines TSX:CADY Exploration 1360 1,387 3.4 $408.00 5.59 1.67 $248.16 Cartier Resources TSXV:ECR Exploration 116 118 0.77 $153.66 3.39 2.20 $34.90 Amex Gold Mining TSXV:AMX Development 609.4 622 1.615 $384.88 2.31 5.44 $268.74 Lac Gold Limited ASX:LAC 65.54 0.976 $67.15 1.66 3.28 $39.48 Peer Group Average $378.87 $165.93 FX AUD/CAD = 1.02 Company Deposit Category Tonnes Grade Ounces Stage Radisson Mining O'Brien M&I 3,493,000 5.59 627,771 PEA Inf 10,368,000 5.08 1,693,362 13,861,000 5.21 2,321,133 Cadillac Mines Kerr-Addison M&I 78,496,000 1.34 3,381,765 Resource Inf 25,864,000 2.66 2,211,915 104,360,000 1.67 5,593,679 Cartier Resources Cadillac M&I 9,953,000 2.4 767,991 PEA Inf 35,185,000 2.14 2,420,819 45,138,000 2.20 3,188,811 Amex Gold Mining Perron M&I 8,183,000 6.14 1,615,370 Feasibility Inf 5,044,000 4.31 698,946 13,227,000 5.44 2,314,316