Lac Gold (LAC) H1 2025 earnings summary

Executive summary

• Focused on exploration and evaluation of mineral resources, primarily gold, with the Pickle Lake Gold Project in Ontario as the main asset.

• Limited exploration activity during the period, with a strategic review aligning objectives to market conditions and prioritizing cost-effective targets.

• The Eastern Hub, including Kasagiminnis, South Limb, West Pickle, and 250 North prospects, identified as the most prospective for near-term exploration.

• Maintained strong stakeholder engagement, including completion of a Technical Ecological Knowledge Study with First Nations.

Financial highlights

• Cash and cash equivalents at 31 December 2024: A$11.76 million, up 8.6% from 30 June 2024.

• Net assets: A$31.5 million, down 0.6% from 30 June 2024.

• Net loss after tax for the half-year: A$227,052, a significant improvement from a loss of A$6.95 million in the prior corresponding period.

• Interest income increased 40.8% year-over-year to A$286,370.

• Retained ~13 million shares in Green Technology Metals, valued at approximately A$650k as of March 2025.

Outlook and guidance

• Board remains cautious due to macroeconomic headwinds for junior explorers and is focused on disciplined exploration and strategic opportunities to enhance the resource base.

• No dividends declared or recommended.