Pacific Resources Limited (ASX:PXR) has delivered its Chairman's address to the 2026 Annual General Meeting, outlining a name change from AustChina Holdings Limited effective 24 November 2025, the completed acquisition of the Snowstorm Gold Project in East Gippsland, a $1.5 million placement to Bluestone Energy Holdings Limited, and a $100,000 short-term loan provided by the Chairman to support the company's cash position.

Key Points

  • Company changed its name from AustChina Holdings Limited to Pacific Resources Limited, effective 24 November 2025
  • 500 million fully paid ordinary shares placed to Bluestone Energy Holdings Limited in November 2025, raising $1.5 million
  • 100% of Mines of Stirling Pty Ltd, owner of the Snowstorm Gold Project, acquired for total consideration of $400,000, with final $200,000 payment made on 17 July
  • Rock-chip channel sampling at Snowstorm returned results including 17.15 grams per tonne gold over 0.8 metres at Rex's Bath
  • Chairman provided a $100,000 short-term loan to the company following completion of the Snowstorm acquisition

Corporate Identity Change and Placement

Shareholders approved the company's change of name from AustChina Holdings Limited to Pacific Resources Limited in November 2025, with the change becoming effective on 24 November 2025. To support its strategy of building a diversified portfolio weighted toward gold, antimony and base metals while retaining thermal coal interests in Queensland, the company completed a placement of 500 million fully paid ordinary shares to Bluestone Energy Holdings Limited in November 2025, raising $1.5 million. The company also holds a 19-month exclusive option, commenced in December 2025, to acquire First AU's Eastern Victorian Goldfields Project, a portfolio of gold, copper and critical minerals licences.

Snowstorm Gold Project Acquisition and Sampling Results

Pacific Resources agreed in May to acquire 100% of Mines of Stirling Pty Ltd, owner of the Snowstorm Gold Project in East Gippsland, for total consideration of $400,000. The final $200,000 payment was made on 17 July, with the project now wholly owned. The Snowstorm project has more than 3,200 metres of historical drilling and an approved work plan for underground bulk sampling. In July, the company completed its first sampling program, taking 22 rock-chip channel samples. Results reported on 16 October included 17.15 grams per tonne gold over 0.8 metres and 9.54 grams per tonne over 2 metres at Rex's Bath, with nine of the 22 samples returning at least 1 gram per tonne.

Board Changes and Short-Term Funding

Ian Neilson joined the Board in April, described in the filing as an economic structural geologist with more than 25 years' experience in global exploration, resource evaluation and mining optimisation. Jerko Zuvela and Mena Habib stepped down from the Board on 31 March. Following completion of the Snowstorm acquisition, the company's cash position was described as low. The Chairman has since provided a $100,000 short-term loan to the company while the Board progresses funding options. The Blackall Coal Project in Queensland holds an updated Coal Resource of approximately 1.125 billion tonnes of thermal coal, comprising 55 million tonnes Indicated and 1.07 billion tonnes Inferred, as reported in August.