Key Highlights

• AGC reported 16m at 5.1g/t Au from 61m including 4m at 17.5g/t Au from 72m from RC drilling at the Evergreen Prospect

• 21 RC holes were completed for 2,593m targeting extensions to shallow high-grade mineralisation at the Western Discovery Zone

• Assay results have been received for nine holes, with 12 additional holes pending, and regulatory approvals being sought for further drilling

• The results add to a growing gold-rich polymetallic mineralised system at Evergreen within AGC's 2,600km² South Cobar landholding

Australian Gold and Copper Ltd (ASX:AGC), an exploration company focused on building what it describes as the largest undeveloped precious and base-metal mineral resource base in the South Cobar Basin of New South Wales, released assay results on 5 November 2026 from Reverse Circulation Drilling at the Evergreen Prospect. The results come from the recently identified Western Discovery Zone, also referred to as the Hillston Structure.

Drilling Results at the Western Discovery Zone

The company completed 21 RC holes for 2,593 metres targeting extensions to shallow high-grade mineralisation previously reported from diamond holes 26DDBR013 and 26DDBR017. The RC program tested mineralisation up-dip and along strike from 26DDBR017, with holes drilled to depths of up to 160 metres. Among the newly reported intercepts, hole EGRC004 returned 16m at 5.1g/t Au from 61m, including 4m at 17.5g/t Au from 72m. Hole EGRC003 returned 6m at 0.6g/t Au from 34m.

These results build upon previously announced high-grade intercepts, including EGRC005 which returned 15m at 4.8g/t Au from 61m including 2m at 10.2g/t Au from 70m, and EGRC008 which returned 13m at 3.3g/t Au, 264g/t Ag, 0.8% Cu, 4.8% Zn, and 5.3% Pb from 99m to the end of the hole, with mineralisation remaining open at depth. Earlier diamond drilling had returned similarly elevated results, including 26DDBR017 with 17m at 5.3g/t Au, 163g/t Ag, 0.8% Cu, and 17.3% Pb+Zn from 128m.

Resource Building in the South Cobar Basin

AGC is advancing multiple targets across its 2,600km² landholding in the South Cobar Basin. The company's Achilles discovery, made in 2024, hosts an initial 38.5Moz silver equivalent resource, with 58% classified as Indicated. The Evergreen Prospect, acquired in 2025, sits approximately 30km from Achilles and represents an emerging second resource opportunity. The Junee gold project, located 230km south of the South Cobar projects, adds a dedicated gold project to the portfolio.

As of 30 September 2026, AGC held A$5.9 million in cash with nil debt. The company's Capital Structure comprises 332 million shares, 7.5 million options, and 11.5 million performance rights. All reported widths are downhole widths, and the company notes that mineralisation at Evergreen remains open along strike and at depth.

Outlook for Exploration

Managing Director Glen Diemar noted that nine of the 21 RC holes have returned assays to date, with 12 holes still awaiting results. The company is also seeking regulatory approvals for further drilling at the prospect. AGC described the Evergreen results as defining a broad, coherent, gold-rich polymetallic mineralised system across western Evergreen, with the shallow nature of the oxide gold mineralisation a notable feature of the discovery. The pending assay results from the remaining 12 holes will provide further definition of the system's extent and continuity.

Looking Forward

AGC's Evergreen drilling program continues to build on what appears to be a multi-element mineralised corridor in the South Cobar Basin. The combination of shallow depth, high-grade gold intercepts, and associated base metals across the reported holes defines a system that the company is progressively delineating. With 12 holes still awaiting assays and further drilling subject to approvals, the next several months will be a period of data accumulation that will inform the scale and geometry of the Evergreen discovery relative to AGC's broader resource development strategy.