Key Highlights

  • Mineral Resource Estimate grew 84% to 1.51Moz gold (43.6Mt at 1.1g/t Au), with 1.0Moz (66%) in the Indicated category and a maiden Link Zone resource of 1.12Mt at 5.37g/t Au for 193.5koz
  • PFS metallurgical testwork delivered up to 99.4% gold extraction at a coarse P80 150-micron grind, with gravity recoveries of 33.1–48.9% and low lime and cyanide consumption
  • A$75 million institutional Placement completed at A$1.05 per share, giving a pro-forma cash position of approximately A$96.7 million
  • Third high-grade domain identified at the Southern Adit with historical channel sampling returning 20.35m at 13.04g/t Au, entirely outside the current MRE

PC Gold Ltd (ASX:PC2) delivered a transformational quarter for its 100%-owned Spring Hill Gold Project near Pine Creek in the Northern Territory, reporting an 84% increase in the Mineral Resource Estimate to 43.6 million tonnes at 1.1 grams per tonne gold for 1.51 million ounces. The updated MRE, prepared by Cube Consulting in accordance with the JORC Code (2012), incorporated 94 drill holes for 25,869 metres drilled since the company's October 2025 IPO.

The growth was driven by a 136% increase in the Indicated category from 424,000 ounces to 1.003 million ounces, reflecting the conversion of inferred material as drilling density increased across the deposit. The total resource now stands at 43.6 million tonnes at 1.1 grams per tonne for 1.51 million ounces, compared to 25.6 million tonnes at 1.0 gram per tonne for 821,000 ounces in the June 2024 MRE.

Link Zone Maiden Resource Adds High-Grade Upside

A standout feature of the updated MRE was the maiden resource for the Link Zone — a newly defined high-grade domain within the Spring Hill system. The Link Zone resource totals 1.12 million tonnes at 5.37 grams per tonne gold for 193,500 ounces, including 0.69 million tonnes at 5.16 grams per tonne for 114,500 ounces in the Indicated category. The PFS will evaluate the Link Zone as a potential higher-grade underground feed, which could materially improve the project's economic profile by blending high-grade ore with lower-grade material.

Drilling during the quarter continued to beat the geological model. Infill and extension diamond drilling returned grades above local block-model estimates across the Link Zone, Hong Kong and Main Zone South. Notable results included 29.65 metres at 4.32 grams per tonne from 332.35 metres (hole SDH26-016) and 3.24 metres at 13.18 grams per tonne from 240.76 metres (hole SDH26-019). The consistent outperformance of the model is a technically positive signal for the resource and for the eventual PFS mine planning.

Exceptional Metallurgy for a Bulk Gold Deposit

The Pre-Feasibility Study metallurgical program delivered results that the company characterised as exceptional for a bulk-mineable gold deposit. Gold extraction of up to 99.4% was achieved at a coarse primary grind of P80 150 microns, with gravity recoveries in the range of 33.1% to 48.9%. Low lime and cyanide consumption was also reported, both of which are important operating cost inputs. High gold recovery at a coarse grind is commercially significant because it reduces the energy cost of comminution and suggests a potentially favourable operating cost profile for the processing plant.

Third High-Grade Domain Opens New Growth Frontier

Alongside the updated MRE, the company reported the identification of a third high-grade domain at Spring Hill. Historical channel sampling at the Southern Adit returned 20.35 metres at 13.04 grams per tonne gold — a result that lies entirely outside the current Mineral Resource envelope. The identification of high-grade mineralisation in a location not captured by the existing resource model suggests that the deposit may have greater extent than currently modelled, and the Southern Adit represents a clearly defined target for future drilling.

Post-quarter developments added further momentum. Binding agreements were signed to acquire the last third-party Mining Leases within the project area for A$6.5 million, securing the full development footprint at Spring Hill. RC drilling also defined a new high-grade North Link zone and extended the Macau Extended zone to 950 metres of strike. Diamond drilling returned thick stacked intercepts including 33 metres at 2.23 grams per tonne and an extended Link Zone intercept of 21.19 metres at 3.39 grams per tonne.

A$75 Million Placement Builds a Substantial War Chest

The company completed a A$75 million institutional placement at A$1.05 per share during the quarter, giving a pro-forma cash position of approximately A$96.7 million. The placement was supported by existing and new institutional investors. The Board was also strengthened with the appointment of Matthew Scully as Non-Executive Director and the announced appointment of Richard (Rick) Clark, effective 5 October 2026. PC Gold was added to the S&P/ASX All Ordinaries index effective 21 September 2026, and the Pine Creek camp Acquisition was settled, adding 16 accommodation blocks for 64 rooms to support project activity.

Risks

Spring Hill is in the PFS stage, and the project Economics have not yet been confirmed through a definitive feasibility study. While the metallurgical results are encouraging, actual process plant performance may differ. The binding agreement to acquire the remaining Mining Leases for A$6.5 million represents an additional Capital commitment. The Northern Territory operating environment involves unique regulatory and infrastructure considerations. Gold price assumptions in the eventual PFS will be subject to Commodity market movements, and the company faces competition from other gold developers for the labour and capital equipment required to advance the project.

What to Watch Next

The completion and release of the Pre-Feasibility Study is the key near-term milestone, with investors expected to focus on the capital cost, operating cost and NPV parameters. The next resource update incorporating post-quarter drilling results — including the North Link zone and extended Macau zone — will be watched as an indicator of further resource growth potential. Shareholder approval for any future development-stage capital requirements and progress toward a Definitive Feasibility Study will define the trajectory of the stock through 2027.

Sector Context

The Northern Territory has a well-established gold mining history, with the Pine Creek region hosting historical and current gold mining activity. Large-scale gold developers on the ASX that can demonstrate rapid resource growth alongside positive metallurgy attract strong institutional attention, particularly when the resource scale supports a meaningful standalone development case. The addition to the S&P/ASX All Ordinaries Index reflects the company's growing Market Capitalisation and broadens its potential investor base to include index-tracking funds. The combination of a multi-million-ounce resource, high-grade domains and simple metallurgy positions Spring Hill as one of the more advanced gold development stories in the ASX small-cap sector.