Highlights

  • Pacgold shares rose 10% on 9 April 2026, as the company announced its first gold production milestone.
  • The company successfully transitioned from an exploration-focused business to a gold producer, delivering its maiden gold output from the White Dam Project in South Australia.
  • Initial production yielded approximately 2 kilograms of calcined gold product, equivalent to around 60 ounces, recovered within the first 14 days following plant recommissioning.
  • Operational ramp-up is progressing with re-crushed ore now under irrigation and crushing throughput increasing toward a targeted 80–90kt per month.
  • Expansion planning is underway, including a proposed pad extension to increase leaching capacity by an additional 4 million tonnes, supporting longer-term production growth.

Pacgold Ltd (ASX:PGO) shares climbed 10% to AUD 0.11 on 9 April 2026, continuing a strong 83.33% rise over the past year. Today’s share price movement coincided with the company announcing its first gold production at the White Dam Gold Project in South Australia, marking a significant milestone as Pacgold transitions from an exploration company into a gold producer.

Pacgold Limited is an ASX-listed company with exploration and development assets in Queensland and South Australia. Its portfolio includes the Alice River Gold Project in North Queensland and the St George Gold-Antimony Project, alongside the White Dam Gold Operation, which provides a pathway to near-term production and cash flow. The White Dam asset includes established open-pit mines, a heap leach facility, and an operational processing plant, positioning the company to generate production from existing infrastructure.

Maiden Gold Production Marks Strategic Shift

The latest update confirms that Pacgold has successfully produced its first gold from the White Dam Project following the recommissioning of the heap leach operation. Approximately 2 kilograms of calcined gold product, containing around 60 ounces of gold, was recovered during the first 14 days of production activity.

This initial output represents a key milestone for the company, marking its transition into a producing entity. The recovered gold is part of the early-stage production cycle, with additional stripping cycles planned before the first doré product is smelted, shipped, and sold later in the month.

The company has outlined plans for three additional stripping cycles from the processing plant prior to final gold production for sale, indicating a phased approach as operations stabilise and ramp up.

Recommissioned Plant Drives Early Output

Production at White Dam follows a period of refurbishment and recommissioning of the processing facility. Significant upgrades have been undertaken across key components of the plant, including the Carbon-in-Column (CIC) tanks, strip circuit, and electrowinning systems.

Four out of five CIC tanks have been fully refurbished and are currently operating at efficiency levels exceeding 95%. These systems are central to recovering gold from solution, and their improved performance supports the ongoing recovery of gold already present within the processing circuit.

The company also reported that all gold from the pregnant solution pond is being processed through the CIC columns, with flow rates expected to increase as additional material is brought under irrigation.

New power generation units have been installed and commissioned, while repairs to the stripping and recovery circuits have enhanced plant availability. These upgrades collectively support the operational ramp-up and improve processing reliability.

Gold Recovery from Existing Inventory

In addition to new production, Pacgold is focusing on recovering gold that remains within the system from prior leaching activity. The plant is currently processing recirculating gold loads, with increased carbon addition to the CIC tanks facilitating extraction.

As flow rates increase and more areas of the heap leach pad come under irrigation, the company expects to continue recovering gold from both newly processed ore and existing inventory within the system.

This dual approach—processing new material while recovering previously leached gold—supports early-stage production and contributes to initial output volumes.

Re-Crushed Ore and Throughput Expansion

Another operational milestone achieved during the quarter is the commencement of irrigation on re-crushed ore from the top lift of the heap leach pad. The crushing and screening circuit is currently producing approximately 1,500 tonnes per day, with output expected to increase over time.

The company is targeting a steady ramp-up in crushing throughput to between 80,000 and 90,000 tonnes per month. As newly processed ore is placed under irrigation, it is expected to contribute to gold production over the coming weeks as solution permeates the material.

This increase in throughput forms a key part of the production ramp-up strategy, supporting consistent monthly increases in output.

Expansion Plans and Future Capacity

Pacgold is also progressing plans to expand the capacity of the White Dam heap leach operation. Engineering work is underway to design a pad extension that would add approximately 4 million tonnes of additional leaching capacity.

The design work is being carried out with input from engineering specialists, with completion targeted for July 2026. Following this, the company intends to proceed with construction and installation works, subject to planning and approvals.

Additional infrastructure upgrades, including pond relining for storage facilities, are also planned but are not considered critical to current operations and will be completed as production rates increase.

Exploration and Development Pipeline

Beyond current production, Pacgold continues to advance exploration and resource development activities. Drilling at the Vertigo deposit has been completed, with assay results expected in the coming weeks. These results will contribute to an updated resource estimate and mine planning as part of the broader development strategy.

The company has also submitted applications for drilling permits across multiple exploration targets, including White Dam North and other regional prospects. These targets provide additional opportunities for future resource growth, pending regulatory approvals.

In the near term, exploration drilling has been paused to prioritise production ramp-up and cash flow generation from the White Dam operation.

What This Means for Investors?

Pacgold’s announcement of maiden gold production represents a significant operational milestone, transitioning the company into the ranks of gold producers. The initial output, combined with ongoing plant ramp-up and infrastructure upgrades, outlines a pathway toward increasing production levels.

The combination of early production success, ongoing recovery of gold within the system, and plans for throughput and capacity expansion aligns with the share price movement observed on 9 April 2026. The update reflects the company’s progression from development into production, supported by existing infrastructure and a defined growth strategy.