Key Highlights

  • Pacific Resources' Annual Report for the year to 30 June 2026 includes a material uncertainty about its ability to continue as a going concern.
  • Cash was A$521,297 at 30 June 2026, and the company's Appendix 5B implied about 1.2 quarters of funding at the June quarter rate.
  • The company completed its A$400,000 Acquisition of Mines of Stirling Pty Ltd at Snowstorm with a final payment on 17 July 2026.

Pacific Resources (ASX:PXR) is a pre-revenue explorer that has reshaped itself over the past year, and its widening project list now sits alongside a thin cash balance. Its annual report for the year to 30 June 2026, with a directors' report dated 24 August 2026, includes a material uncertainty about the company's ability to continue as a going concern, as noted by the auditor.

Identity and focus

The company was previously known as AustChina Holdings (ASX:AUH). It describes itself as a pre-revenue explorer focused on gold, antimony and base metals in Tasmania and Victoria, with a coal project in Queensland.

Its main assets, as listed in the annual report and the June 2026 quarterly report, are the Sulphide Creek gold-antimony project and the Mersey VMS base-metals project, both in Tasmania; the Snowstorm gold project and an option over the Eastern Victorian Goldfields tenements; and the Blackall coal project in Queensland.

Exploration and corporate developments

At Sulphide Creek, adit sampling at the Coupon prospect returned gold assays of 2.41 and 2.30 grams per tonne, announced on 9 June 2026, and drill targeting is planned. These are sampling results, not a resource.

At Snowstorm, the company agreed to acquire Mines of Stirling Pty Ltd for A$400,000 in total. The final A$200,000 instalment was paid on 17 July 2026, completing the acquisition according to the annual report. A channel-sampling programme finished in July, with results pending.

The company has also released a conceptual exploration target at Ernestine, within the Victorian option area, of 40,000 to 80,000 tonnes at roughly 5 to 10 grams per tonne gold. An exploration target is not a resource.

At Blackall, the company reports a thermal coal resource of about 1.125 billion tonnes, of which 55 million tonnes is Indicated and about 1.07 billion tonnes Inferred. It is reviewing coal-to-liquids technology but carried out no field work in the June quarter.

Cash, spending and funding

The annual report shows cash of A$521,297 at 30 June 2026, up from A$279,016 a year earlier, a net loss of A$768,931 for the year and net operating cash outflow of A$713,894. Exploration and evaluation Assets were A$17.4 million, meaning most of the A$16.6 million in net assets reflects capitalised project spending rather than cash. The main source of funds during the year was a A$1.5 million Placement in the December 2025 quarter.

The Quarterly Report gives a tighter picture of timing. Cash fell from A$970,000 at 31 March to A$522,000, with A$146,000 of operating outflow and A$302,000 of capitalised exploration spending in the quarter. The company's Appendix 5B calculation implied about 1.2 quarters of funding at that rate. The company said it was considering funding Options and was confident of securing them; that is company commentary rather than a confirmed raising, and any Equity raising would dilute existing holders.

What's Next

Key risks include the Going Concern uncertainty, reliance on equity markets, the early stage of the drilling targets and the large Inferred share of the coal inventory. Results from the Snowstorm channel sampling, drill targeting at Sulphide Creek and the outcome of the company's funding review are the next steps flagged in its reporting.