L1 Gold Fund Limited · ASX:LGF
L1 Gold Fund — Investor Presentation (August 2026)
34 slides from L1 Gold Fund's investor presentation, Aug 24, 2026
Slide 1: Capital Raising – Placement and Entitlement Offer
ASX: LGF Capital Raising – Placement and Entitlement Offer L1 Gold Fund Limited August 2026 NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES
Slide 2: Important information and disclaimer
Important information and disclaimer This investor presentation (Presentation) is dated 24 August 2026 and has been prepared for L1 Gold Fund Limited NO FINANCIAL PRODUCT ADVICE (ACN 695 286 938) (the Company) by its investment manager, L1 Capital Pty Ltd (ABN 21 125 378 145) Australian Financial Se
Slide 3: Important information and disclaimer (continued)
Important information and disclaimer (continued) Investors should be aware that certain financial measures included in this Presentation may be “non-IFRS financial Investors are strongly cautioned not to place undue reliance on forward-looking statements, including in respect of the information” und
Slide 4: Important information and disclaimer (continued)
Important information and disclaimer (continued) NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES DISCLAIMER This Presentation may not be released or distributed in the United States. This Presentation does not constitute an To the maximum extent permitted by law, each of L1 Capital, the Company
Slide 5: International Selling Restrictions
International Selling Restrictions This document does not constitute an offer of New Shares in the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any jurisdiction outside
Slide 6: Key Details of the Placement and Entitlement Offer
1 Key Details of the Placement and Entitlement Offer 6
Slide 7: Key Details of the Offer
Key Details of the Offer • L1 Gold Fund Limited (ASX:LGF) (Offeror or the Company) is undertaking a non-underwritten placement (Placement) of up to approximately $160 million and a non-underwritten 1-for-3 non-renounceable entitlement offer (Entitlement Offer). • The price for shares in both the Pla
Slide 8: How to Participate in the Offer?
How to Participate in the Offer? How to participate in the Placement? Syndicate • New and existing wholesale investors can participate in the Placement by contacting their broker and bidding into the Placement. Joint Lead Arrangers and Joint Lead Managers How to participate in the Institutional Enti
Slide 9: Offer timetable
Offer timetable1 Event Date Announcement of the Placement and Entitlement Offer, and trading halt Monday, 24 August 2026 Entitlement Offer cleansing notice lodged with ASX Monday, 24 August 2026 Placement and Institutional Entitlement Offer bookbuild opening date Monday, 24 August 2026 Placement and
Slide 10: L1 Gold Fund Strategy
2 L1 Gold Fund Strategy 10
Slide 11: L1 Gold Fund Limited (ASX:LGF) | Strategy
L1 Gold Fund Limited (ASX:LGF) | Strategy High conviction portfolio of gold and precious metals miners, focused on the fragmented mid-cap space, where we continue to see compelling value Strategy Overview • Global focus on gold and • L1 Capital has been managing the LGF strategy since the predecesso
Slide 12: L1 Gold Fund Limited (ASX:LGF) | Performance
L1 Gold Fund Limited (ASX:LGF) | Performance Net returns since LGF listing (Apr 26) 15% 11% 10% 5% 0% -5% -10% (9)% (9)% -15% L1 Gold Fund USD Gold AUD GDX Source: L1 Capital as at 14 August 2026. GDX represent the US listed GDX price converted into AUD. Past performance is not a reliable indicator
Slide 13: Why invest in gold and precious metals equities now?
Why invest in gold and precious metals equities now? Compelling and enduring fundamentals to invest in gold equities Supportive Fundamental Large and An inflection Portfolio gold price valuations growing point diversification compelling opportunity set Despite volatility, Sector trading at Fragmente
Slide 14: Gold price environment remains supportive
Gold price environment remains supportive Support from central banks, geopolitics, fiscal Gold price | Last three years & monetary uncertainty and consumer demand Iran war Gold Price (US$/oz) $6,000 • Gold has been a top performing asset over the last three years, driven by: $5,000 • Accelerated buy
Slide 15: 2026 gold price impacted by Middle East war
2026 gold price impacted by Middle East war The sharp pullback in the gold price from March was largely a function of the Middle East conflict driving up interest rate expectations and from select forced central bank selling. Fed Hikes / Cuts Priced by Year End Turkey Reserve Gold Accumulation/selli
Slide 16: Central bank buying remains an important structural driver…
Central bank buying remains an important structural driver… Gold is regaining its share of central bank reserves, which has driven gold prices higher. Emerging markets beginning a structural shift towards gold. Central Banks’ Gold vs. U.S. Treasuries Gold % of Total International Reserves World Gold
Slide 17: …along with global fiscal and monetary policy instability
…along with global fiscal and monetary policy instability Public debt levels increasingly unsustainable Long-term yields at 20-year highs U.S. public debt outstanding U.S. 30-year T-Bond yield (%) 2036 70 ~64 6.0 5.25% 60 5.0 50 US Public Debt ($trn) 2026 4.0 40 ~40 Yield (%) 3.0 30 Highest yields s
Slide 18: Gold producer valuations remain very compelling
Gold producer valuations remain very compelling Gold producers trade at attractive multiples and are generating huge free cash flow relative to other miners and equity indexes Consensus Price / Earnings (CY27) Consensus Free Cash Flow Yield (CY27) 20x 19x 19x 14% 12% 16x 12% 15x 15x 10% 12x 8% 10x 6
Slide 19: Gold equities set for robust forward-looking cash flow margins
Gold equities set for robust forward-looking cash flow margins Potential higher gold price expected to deliver on ongoing cash flow inflection, despite cost inflation Cost per ounce over time vs. gold price Pre-tax cash margin per ounce has increased over $5,000 six-fold (CY23 to spot) Current spot
Slide 20: Industry consolidation an emerging thematic
Industry consolidation an emerging thematic Industry consolidation likely to become a growing thematic as producers look to increase market relevance, grow production and replace depleting reserves Announcement Date Target Acquirer US$bn Value Regional Synergies L1 Exposure February 2025 Calibre Equ
Slide 21: Example holding | K92 Mining (KNT:TSX)
Example holding | K92 Mining (KNT:TSX) • Large-scale, high grade, underground gold mine in PNG with K92 gold equivalent production (‘000s oz) a strong management team 600 • Has strong track record of delivery against production guidance over the last 24 months 500+ 500 • Produced c.174koz in 2025, w
Slide 22: Key risks
3 Key risks 22
Slide 23: Key Risks
Key Risks This section discusses some of the key risks associated with an investment in shares in the Company. The risks set out below are not necessarily listed in order of importance and do not constitute an exhaustive list of all risks involved with an investment in the Company. Before investing
Slide 24: Key Risks (continued)
Key Risks (continued) Manager risk The Company’s performance depends on the expertise and investment decisions of the Manager. Its opinion about the intrinsic worth of a company or Security or Other Eligible Investment may be incorrect, the Company’s investment objective may not be achieved and the
Slide 25: Key Risks (continued)
Key Risks (continued) Short Selling There are inherent risks associated with Short Selling. Short Selling involves borrowing Securities or Other Eligible Investments which are then sold. If the price of the Securities or Other Eligible Investments falls then risk the Company can buy those Securities
Slide 26: Key Risks (continued)
Key Risks (continued) Key risks relating to the Offer Not underwritten The Offer is not underwritten. This means that there is no certainty that the Company will raise the amount of capital which it is seeking. Non-renounceable Entitlements are non-renounceable and will not be tradeable on ASX or ot
Slide 27: Appendix I Fund Information
4 Appendix I Fund Information 27
Slide 28: Gold & Precious Metals Strategy
Gold & Precious Metals Strategy Strategy Characteristics 28
Slide 29: Gold & Precious Metals Strategy
Gold & Precious Metals Strategy Fund information as of 20 August 20261 Geographic exposure of assets Share price $2.41 NTA before tax $2.25 North America 35% NTA after tax $2.22 EMEA 25% APAC 30% Shares on issue 475,000,001 South America 10% Company market cap $1,145m Portfolio position and exposure
Slide 30: Appendix II Offer Management Agreement Summary
4 Appendix II Offer Management Agreement Summary 30
Slide 31: Offer Management Agreement Summary
Offer Management Agreement Summary The Company and L1 Capital have entered into an offer management agreement with Taylor Collison Limited (ACN 008 172 450), Morgans Financial Limited (ACN 010 669 726), Ord Minnett Limited (ACN 002 733 048), E&P Capital Pty Limited (ACN 137 980 520), Canaccord Genui
Slide 32: Offer Management Agreement Summary (continued)
Offer Management Agreement Summary (continued) • any of Raphael Lamm, Mark Landau or Julian Russell is removed from office or ceases involvement with the Company, the Manager, or the L1 Group; • there is a change in ownership of L1 Capital; • there is an event or occurrence, including any statute, o
Slide 33: Contact us
Contact us Head of Distribution Chris Clayton cclayton@L1.com.au +61 (0)3 9286 7021 Aman Kashyap akashyap@L1.com.au +61 477 341 403 Researchers Diarmuid Feeney dfeeney@L1.com.au +61 416 347 190 Advisers Allan Evans aevans@L1.com.au +61 400 993 597 For more Bryce Leyden bleyden@L1.com.au +61 407 876
Slide 34: Please contact us with any questions.
Please contact us with any questions. Level 45, 101 Collins Street, Melbourne VIC 3000 Phone +61 3 9286 7000 Web L1Gold.com.au ABN 21 125 378 145 | AFSL 314302