SYDNEY: Ardiden Limited (ASX:ADV) announced on Oct. 10, 2025, that it has entered into a binding agreement to acquire Lac Gold Limited, consolidating the two companies to create a leading Canadian gold exploration and development company.
The transformational merger will combine Ardiden’s Pickle Lake Gold Project in Ontario with Lac Gold’s advanced-stage Rouyn Gold Project in Québec. The combined entity will hold a mineral resource base of approximately 1.77 million ounces of gold.
Under the agreement, Ardiden will issue 101.8 million shares to Lac Gold shareholders. The merger remains subject to shareholder and regulatory approvals.
In conjunction with the transaction, Ardiden has received firm commitments to raise A$10 million through a share placement at A$0.20 per share. Directors of both companies intend to participate in the placement, contributing approximately A$1.73 million.
The merged company will be led by an experienced leadership team, including Non-Executive Chair Ian Hume and Managing Director Andrew Stocks, who have backgrounds in mine development, corporate strategy, and financing.
The Rouyn Project, located in the prolific Abitibi gold belt, hosts a high-grade resource of 15.8 million tonnes at 3.28 grams per tonne gold, for 1.66 million ounces. The Pickle Lake Project covers 675 square kilometers in Ontario’s Uchi subprovince and includes the Kasagiminnis deposit, with an inferred resource of 110,000 ounces.
Ardiden plans to use proceeds from the placement and existing cash to advance exploration at both projects, with an initial 15,000-meter drill program planned at Rouyn.
A shareholder vote is scheduled for Nov. 26, 2025, with completion expected in early December.