Highlights

  • PLC Resources has secured firm commitments to raise AUD 1.8 million through a Placement to sophisticated and institutional investors.
  • Funds will primarily support drilling and exploration activities at the Yalgoo and Abbotts North gold projects in Western Australia.
  • Around 50% of the raise has been allocated to the Yalgoo Gold Project, while 36.1% is earmarked for Abbotts North.
  • The company expects to hold approximately AUD 3 million in cash following the placement.
  • Placement shares are expected to commence trading on the ASX on 25 May 2026, subject to standard conditions.

PLC Resources Limited (ASX:PLC) has announced a Capital raising aimed at advancing exploration activity across its Western Australian gold projects, with the company securing firm commitments for AUD 1.8 million through a placement to sophisticated and institutional investors. The funding is intended to support drilling campaigns, geophysical work and broader exploration programmes at the Yalgoo and Abbotts North projects.

Shares of PLC Resources traded at AUD 0.010 during the morning session on 18 May 2026, up 5.26% for the day, while remaining broadly unchanged over the past 12 months.

The latest update marks another step in the company’s transition toward a gold-focused exploration strategy. Formerly known as Premier1 Lithium Limited, PLC Resources has repositioned its portfolio toward gold and copper opportunities in Western Australia, with a particular focus on the Yalgoo-Singleton Greenstone Belt and the Murchison region.

Under the announced placement, the company will issue 225 million new fully paid ordinary shares at an issue price of AUD 0.008 per share. The raising was completed under the company’s existing placement capacity pursuant to ASX Listing Rules 7.1 and 7.1A, meaning Shareholder approval is not required.

The issue price matched PLC Resources’ last traded share price prior to the Trading halt that commenced on 14 May 2026. According to the company, the new shares will rank equally with existing ordinary shares already on issue.

Exploration Funding Directed Toward Two Gold Projects

A substantial portion of the newly raised capital is expected to be directed toward the Yalgoo Gold Project, where PLC Resources plans to undertake reverse circulation (RC) drilling, resource extension work, geochemical programmes and Geophysical surveys.

The company has allocated AUD 900,000, equivalent to 50% of the total raising, toward exploration activity at Yalgoo.

Located within the Yalgoo-Singleton Greenstone Belt in Western Australia’s Mid West region, the project spans approximately 266 square kilometres. PLC Resources describes the tenure as strategically positioned between projects held by other established gold operators in the region.

The company previously reported a maiden inferred mineral resource at the Wadgingarra deposit of 150,000 tonnes at 2.7 grams per tonne gold for 13,000 ounces of contained gold under the JORC 2012 framework. PLC noted the deposit remains open along strike and at depth, supporting further exploration potential.

Management indicated that multiple drill-ready prospects have already been identified across a five-square-kilometre mineralised hub centred around the Wadgingarra area. Planned work includes both resource extension drilling and testing of additional targets identified within the broader project area.

Beyond drilling, PLC Resources also plans to undertake induced polarisation (IP) geophysical surveys and systematic soil geochemistry programmes across underexplored parts of the tenure package.

The company stated that the Yalgoo-Singleton Belt shares geological characteristics with several productive greenstone belts in Western Australia, although it also noted that geological similarities do not guarantee exploration success.

Abbotts North Programme to Focus on High-Grade Reef Targets

Alongside Yalgoo, PLC Resources intends to direct AUD 650,000 from the placement proceeds toward exploration activity at the Abbotts North Gold Project in the Murchison region of Western Australia.

The project is located approximately 35 kilometres north of Meekatharra within the Abbotts Greenstone Belt and sits near historical Mining districts known for high-grade gold mineralisation.

PLC Resources highlighted that the historic Abbotts mining centre produced approximately 41,000 ounces of gold at an average grade of 31 grams per tonne gold. According to the company, this historical production profile is considered indicative of structurally controlled high-grade orogenic reef systems within the broader district.

The planned exploration programme at Abbotts North will include RC drilling, aircore drilling, structural geological mapping and systematic rock chip sampling.

Management noted that modern exploration methods have not been comprehensively applied across the broader tenement package, leaving several targets requiring further assessment.

The company also plans to test high-grade reef structures believed to hold potential for additional mineralisation analogous to other gold systems within the Murchison region.

Remaining Funds to Support Working Capital

In addition to exploration expenditure, PLC Resources has allocated approximately AUD 250,000 from the raising toward working capital requirements, corporate administration and associated operational costs.

Following completion of the placement, the company expects to hold approximately AUD 3 million in cash reserves, providing funding flexibility as exploration programmes advance across both flagship projects.

Executive Director Simon Phillips said the company was pleased to secure the funding and intends to deploy the capital systematically across the two project areas.

According to Phillips, exploration work will focus on both resource growth opportunities and new discovery targets across prospective greenstone belts in Western Australia.

Placement Timeline and Trading Schedule

PLC Resources outlined an indicative timetable associated with the placement process.

Trading in the company’s shares resumed on 18 May 2026 following the lifting of the trading halt. Settlement of subscription monies is expected on 21 May 2026, while allotment of the placement shares is scheduled for 22 May 2026.

The company expects the newly Issued Shares to commence normal trading on the ASX on 25 May 2026, subject to standard exchange conditions.

Management also noted that the timetable remains indicative and may be adjusted at the discretion of the board if required.

Company Continues Gold-Focused Strategic Shift

The latest funding initiative reflects PLC Resources’ ongoing transition away from its former lithium-focused identity toward a portfolio centred on gold and copper exploration opportunities.

Since rebranding from Premier1 Lithium Limited, the company has increasingly concentrated on projects located within established mineral belts in Western Australia.

Its Yalgoo tenure sits within a region known for several gold and copper operations, while the Abbotts North project provides exposure to the historically productive Murchison gold district.

PLC Resources has stated that its broader strategy centres on disciplined capital allocation and systematic exploration targeting, with an emphasis on identifying opportunities capable of supporting future resource growth.

The company’s current exploration focus also aligns with continued investor interest in Western Australian gold projects, particularly those located within established geological provinces that have seen historical production and ongoing exploration activity.

Investors Watching Upcoming Drill Programmes

With fresh funding now secured, investor attention is likely to shift toward the timing and outcomes of upcoming exploration campaigns at both Yalgoo and Abbotts North.

The company’s planned work programmes include several near-term exploration activities, including drilling campaigns, geophysical surveys and target testing across identified mineralised zones.

At Yalgoo, resource extension drilling and exploration of additional prospects are expected to form a major component of the programme, while Abbotts North will focus on testing high-grade reef structures and broader geological mapping.

As the placement proceeds are deployed, shareholders are expected to monitor exploration updates, drilling results and any potential resource growth across the company’s expanding gold-focused portfolio.