L1 Gold Fund Limited Chair Addresses 2026 AGM, Flags $375.4 Million Capital Raise and October NTA of $2.08 per Share

Shwetambri Chauhan

10 November 2026 12:56 PM AEDT

L1 Gold Fund Limited Chair Addresses 2026 AGM, Flags $375.4 Million Capital Raise and October NTA of $2.08 per Share

Image Source: Krish Capital Pty Ltd

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L1 Gold Fund Limited (ASX:LGF) delivered its Chair's address at the 2026 Annual General Meeting on 10 November 2026, disclosing that the company raised approximately $375.4 million through a capital raising in August 2026 and that pre-tax net tangible assets reached $2.08 per share as at 31 October 2026, 4% above the $2.00 IPO price.

Key Points

LGF commenced trading on the ASX on 24 April 2026, following an IPO that raised $950 million.
The LGF portfolio returned -10.9% net from inception in April 2026 to 30 June 2026.
Pre-tax NTA reached $2.08 per share at 31 October 2026, with the portfolio returning 21.8% net for the four months from 30 June 2026 to 31 October 2026.
Approximately $375.4 million raised through a placement, entitlement offer and shortfall offers, including a $42 million investment by L1 Group.
No dividends were paid or declared for FY2026.

Establishment, Listing and IPO Capital Raised

L1 Gold Fund Limited commenced trading on the ASX on 24 April 2026 following an initial public offering that raised $950 million. The company was established to provide shareholders with access to L1 Capital's actively managed gold and precious metals investment strategy. The Chair's address, delivered by Andrew Larke at the 2026 Annual General Meeting, noted that the company was launched into what it described as an exceptionally volatile market environment, with the gold price falling by approximately 17% between April and the end of June, attributed to conflict in the Middle East, higher interest rate expectations and sharp changes in investor positioning.

Portfolio Performance From Inception to 31 October 2026

From inception in April 2026 to 30 June 2026, the LGF portfolio returned -10.9% net. The Chair's address noted this compared with a decline of approximately 20% in the GDX, described as the leading global gold ETF, in Australian dollars over the same period. For the four months from 30 June 2026 to 31 October 2026, the portfolio returned 21.8% net, compared with a 5.9% total return for the GDX ETF in Australian dollars during that period. Pre-tax net tangible assets reached $2.08 per share as at 31 October 2026, which the filing stated was 4% above the $2.00 IPO price. No dividends were paid or declared for FY2026.

August 2026 Capital Raising Terms and Board Investment

The company announced a capital raising in August 2026 at a price of $2.25 per share, described as the then-current pre-tax NTA price. Approximately $375.4 million has been raised through the placement, entitlement offer and shortfall offers, including a $42 million investment by L1 Group. The Chair's address also noted that non-executive directors, together with Raphael Lamm and Mark Landau, have invested a material amount of their own capital in LGF alongside shareholders. The filing states that presentation slides for the Annual General Meeting were to be provided separately.

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