Key Highlights

• PC Gold raised A$75 million in a placement.

• At 30 September 2026 it held A$85.5 million.

• It owns 100 per cent of the Spring Hill Gold Project near Pine Creek.

• Drilling, studies and a land deal are the main uses of funds.

PC Gold (ASX:PC2) has the funds to pursue its Northern Territory gold plan after a A$75 million placement, and it is using them on drilling, studies and land. At 30 September 2026 the company held A$85.5 million in cash and had not yet earned any revenue.

An explorer at Pine Creek

PC Gold Ltd (ASX:PC2) listed on 21 October 2025. It owns 100 per cent of the Spring Hill Gold Project near Pine Creek in the Northern Territory through its Subsidiary TM Gold Pty Ltd. The ASX lists it in the S&P/ASX Emerging Companies, All Ordinaries Gold and All Ordinaries indices.

Spring Hill's interim mineral resource, announced on 20 July 2026, is 43.6 million tonnes at 1.1 grams per tonne of gold, or about 1.51 million ounces, using a 0.5 g/t cut-off. Of that, 28.8 million tonnes is Indicated and 14.7 million tonnes Inferred. The company says the update lifted the resource by 84 per cent.

Funding the programme

On 26 August 2026 PC Gold (ASX:PC2) announced a A$75 million institutional Placement of about 71.4 million shares at A$1.05, a 7.9 per cent discount to the prior close. Shares were due to be quoted on 3 September 2026. Incoming non-executive director Rick Clark and associates committed A$2 million at the same price, subject to Shareholder approval under ASX Listing Rule 10.11.

Proceeds are earmarked for surface and underground drilling, a pre-feasibility study (PFS) and definitive work towards a final Investment decision, camp refurbishment and a Photon Assay laboratory.

The September quarter report shows operating outflow of A$886,000 and investing outflow of A$6.8 million, including about A$6.1 million of exploration spending. Financing brought in A$71.4 million after costs. The company's own estimate of funding is about 12 quarters, but spending is likely to rise as drilling expands. It ran three diamond rigs and one reverse-circulation rig during the quarter.

New drilling and a land deal

Mid-October drilling to the north of the resource reported results from 22 of 32 reverse-circulation holes. Highlights included 2 metres at 10.03 g/t from 92 metres in hole XRC021, 3 metres at 7.94 g/t in XRC006 and 8 metres at 3.64 g/t in XRC022. Assays from ten holes remain outstanding.

The company calls the area a new link-style, high-grade zone. These are single-hole intercepts, and many other holes in the programme returned only minor results, so continuity must still be proven.

On 8 October 2026 PC Gold (ASX:PC2) agreed to buy three Mining leases covering 43.5 hectares, plus a water extraction licence, from JSM Mining Pty Ltd for A$6.5 million. That comprises A$4.5 million in cash and A$2.0 million in shares. Completion is expected on or after 8 December 2026 and needs Northern Territory ministerial approval.

Why it matters

Control of the leases secures ground for potential infrastructure, which is useful when a project moves from exploration towards development. Metallurgical testing has shown gold extraction of 90.2 to 99.4 per cent, a favourable early indicator, although it is not a guarantee of commercial recovery.

PC Gold (ASX:PC2) also says the Southern Adit is a third high-grade target that has yet to be drill-tested.

Risks and milestones

Gold exploration carries geological, permitting, funding and price risk. The company's resource grade of 1.1 g/t is modest, so costs and metallurgy will matter. Royalties apply, including a 5 per cent net smelter Royalty with a 2 per cent buy-back option, and a Northern Territory statutory royalty.

Future raisings could dilute holders, and the Lease purchase may not complete if ministerial approval is delayed or refused. A pre-feasibility study is planned for the December 2026 quarter, an updated resource in December 2026, and the Annual General Meeting is on 9 November 2026.