• Successful opening of IPO of L1 Gold Fund Limited
• Aims to deliver positive absolute returns through investment in gold and precious metals
• Founders committed to minimum A$120 million investment, aligning with shareholders

L1 Group (ASX: L1G) is pleased to announce the successful opening of the initial public offering (the 'Offering') of L1 Gold Fund Limited, a new investment company expected to be listed and commence trading on the ASX on 24 April 2026 (ASX: LGF). LGF aims to deliver positive absolute returns for shareholders over the medium to long term (being a period of more than three years) through investment in domestic and international gold sector securities, as well as a secondary allocation in the other precious metals sector. It will largely replicate the investment strategy used for the wholesale, unlisted L1 Capital Gold Fund (the 'Wholesale Gold Fund') launched in March 2025. LGF intends to initially acquire portfolio assets from the Wholesale Gold Fund as part of the closure of the Wholesale Gold Fund, and unitholders in the Wholesale Gold Fund have been given the opportunity to elect to participate in the Offering. Upon opening, the Offering has raised commitments of approximately A$900 million, reflecting strong demand from L1G's existing network and clients of the appointed distribution syndicate. As a result, the Broker Firm Offer period under the Offering will be closed early. The founders of L1 Capital, Mark Landau and Raphael Lamm, have committed to a minimum investment of A$120 million into LGF, aligning themselves with the shareholders of LGF and their performance as portfolio managers. The vast majority of existing Wholesale Gold Fund unitholders by funds under management have elected to rollover their investment into LGF. Some Wholesale Gold Fund unitholders have elected to redeem their position on 31 March 2026 for cash. L1 Group will fund these redemptions from its balance sheet, effectively replacing those unitholders' positions in the Wholesale Gold Fund. L1 Group's resulting exposure will run from 1 April 2026 to 22 April 2026, with any gain or loss recognised in L1G's income statement as a non-recurring item. L1 Group will then roll an appropriate level of its holding in the Wholesale Gold Fund into LGF and will become a shareholder of LGF.