AGC Locks in $3.5M via Shareholder Backing and Tax Refund to Fund Junee Gold Drill
AGC locks in $2.55m raise, $1m R&D refund and completes Junee gold acquisition
Australian Gold and Copper has completed a three-part funding and portfolio update, receiving $2.55 million from its largest shareholder to finalise a $5 million placement, securing a $987,000 R&D tax refund from the ATO, and completing the acquisition of the Junee gold project with seven drill-ready targets. The simultaneous developments consolidate AGC’s funding position heading into FY27 whilst adding a pure gold project approximately 230km south of its core South Cobar landholding.
The combined effect strengthens the company’s balance sheet through non-dilutive capital and secured strategic backing in a tight capital market. AGC now holds 2,600km² across the South Cobar Basin in New South Wales, anchored by the Achilles discovery’s 38.5 million ounce silver-equivalent resource and the newly acquired Junee gold targets positioned for a maiden drill campaign this quarter.
When big ASX news breaks, our subscribers know first
Breaking down the three-part update
Tranche 2 placement completed with GeoZen backing
Tranche 2 of the placement completed following receipt of $2.55 million from GeoZen, AGC’s largest shareholder. GeoZen’s participation was conditional on shareholder approval, which was secured at the company’s extraordinary general meeting held 15 July 2026. The funding follows Tranche 1, which closed in May 2026, bringing the total placement to $5 million.
The completion signals continued strong support from a cornerstone shareholder willing to underwrite AGC’s exploration programmes across multiple projects.
$1 million R&D refund received — no dilution
AGC has received a Refundable R&D Tax Offset of $987,000 from the Australian Taxation Office in respect of FY25 exploration expenditure. The company describes the refund as approximately $1 million in total value.
This is a non-dilutive funding source that lowers the effective cost of advancing AGC’s projects and building resources. Unlike equity raises, the R&D refund does not issue new shares or dilute existing shareholders.
Junee gold project acquisition finalised
AGC has completed the acquisition of New South Resources Pty Limited, the holder of the Junee gold project. The acquisition was subject to shareholder approval and other conditions prior to finalisation. Junee provides AGC with a large-scale, gold-dominant project within a well-established and actively explored gold district.
The project sits approximately 230km south of AGC’s South Cobar projects and hosts seven drill-ready targets. The company aims to commence a maiden drill campaign this quarter (Q1 FY27, July–September 2026).
Director quote — GeoZen support and R&D win
Glen Diemar, Managing Director
“We are deeply grateful for the ongoing support of GeoZen and its unwavering commitment to the Company. Completion of this capital raising in a tight capital market is a testament to the value of the long term relationship AGC enjoys with GeoZen.
At the same time, we are very pleased to have received the R&D Refund for the 2025 financial year. This R&D Refund of $1 million is an extremely valuable injection of funds, without any dilution for shareholders, which helps to lower the effective cost of advancing our projects and building resources.
We also thank shareholders for their strong support for the acquisition of New South Resources. New South owns the Junee gold project in NSW which complements AGC’s South Cobar projects. We are already on the ground at Junee and aim to commence a maiden drill campaign this quarter. AGC has consolidated its funding position in the past month and has also added an extremely prospective and drill ready gold project to its portfolio. We look forward to an exciting and busy FY27.”
The flagship: Achilles and the 38.5Moz AgEq resource
The funding advances AGC’s core South Cobar assets, anchored by the Achilles discovery. Achilles hosts an initial mineral resource estimate of 38.5 million ounces silver-equivalent (AgEq), with 58% classified as Indicated. The resource was announced in December 2025 and remains open beyond at least 540 metres down-dip from surface, as confirmed in drilling results released 15 July 2026.
A second resource opportunity is emerging at Browns Reef–Evergreen, acquired in 2025, where drilling has intersected semi-massive copper-bearing sulfide zones and significant copper-gold results. AGC holds 2,600km² across the South Cobar Basin, providing belt-scale control of the district.
| Location | Category | Mt | AgEq g/t | Moz AgEq |
|---|---|---|---|---|
| Open pit | Indicated | 4.7 | 141 | 21.5 |
| Open pit | Inferred | 3.2 | 72 | 7.3 |
| Underground | Indicated | 0.3 | 130 | 1.1 |
| Underground | Inferred | 2.2 | 124 | 8.8 |
| Combined | All | 10.3 | 116 | 38.5 |
The Mineral Resource Estimate conforms to the JORC Code 2012 Edition. The Competent Person for the estimate is Arnold van der Heyden of H & S Consultants Pty Limited. Silver-equivalent calculations are based on the following assumptions: silver price US$35/oz and 83% recovery, gold price US$3,300/oz and 90% recovery, lead price US$1,950/t and 92% recovery, zinc price US$2,800/t and 95% recovery.
What is an R&D Tax Offset — and why it matters for explorers
The Refundable R&D Tax Offset is an Australian government programme that provides cash refunds to eligible companies that conduct research and development activities. For mining explorers, qualifying exploration expenditure can generate a tax refund from the ATO, even if the company has no taxable income.
This is particularly valuable for pre-revenue explorers like AGC. The refund is non-dilutive capital that stretches the exploration budget without issuing new shares. It effectively reduces the cost of discovery by returning a portion of eligible expenditure as cash.
For investors, the R&D refund represents a structural funding advantage for Australian explorers. It allows companies to reinvest in drilling and resource development whilst preserving equity value for existing shareholders.
The next major ASX story will hit our subscribers first
Capital position and the road into FY27
AGC’s capital structure and balance sheet position as at 31 March 2026 were:
- Shares on issue: 332 million
- Options: 7.5 million
- Cash: $7.1 million
- Debt: Nil
The $7.1 million cash figure predates the $2.55 million Tranche 2 receipt and the $987,000 R&D refund, both of which were received in July 2026. These amounts are not included in the March quarter balance and represent additional liquidity secured post-period.
Forward catalysts for FY27 include:
- Maiden Junee drill campaign — commencing this quarter (Q1 FY27, July–September 2026)
- Ongoing Achilles drilling — targeting extensions beyond the current 540-metre depth envelope
- Second resource opportunity at Browns Reef–Evergreen — following semi-massive sulfide intersections and significant copper-gold results
AGC is positioned to grow into a major resource development company across the South Cobar Basin, with a consolidated funding position, expanded project portfolio, and multiple drill-ready targets advancing into FY27.
Want the Next Gold Discovery in Your Inbox?
Join 20,000+ investors getting FREE breaking ASX news delivered within minutes of release, complete with in-depth analysis. Click the “Free Alerts” button at Big News Blast to receive real-time alerts the moment market-moving announcements drop across mining, tech, healthcare and beyond.