Australian Gold and Copper Delivers High-Grade Evergreen Copper and Gold Results

Evergreen Fires Up: AGC Delivers Standout Copper and Gold Results from Maiden Drilling Campaign

Australian Gold and Copper Ltd (ASX: AGC) has released the first assay results from its maiden drilling campaign at the Evergreen Prospect, part of the Browns Reef Project in New South Wales — and the numbers have exceeded management's own expectations. The Australian Gold and Copper Evergreen copper and gold drilling results confirm a significant copper and gold-bearing mineralised system at depth, with multiple high-grade intervals across two drill holes adding genuine excitement to what is shaping up as a second major resource opportunity for the company.

With eight additional holes completed and awaiting assay, the Evergreen story is only just beginning.

First Assays Deliver a Statement of Intent

The headline result from hole 26DDBR006 is a broad 35-metre mineralised zone at 0.5% copper, 6g/t silver, and 1.3% zinc+lead from 353 metres depth — with a high-grade copper core that stands out even by district standards.

Within that interval, the key intersections include:

• 6m at 2.0% copper and 17g/t silver from 362m
• 4m at 2.5% copper and 19g/t silver from 364m
• 7m at 0.3g/t gold and 3.5% zinc+lead from 368m
• 2m at 0.3g/t gold and 2.5% copper from 384m
• 1m at 2.8% copper from 397m

Meanwhile, hole 26DDBR004, drilled approximately 200 metres up dip of 26DDBR006, delivered the highest gold grades ever recorded at Evergreen:

• 5.1m at 2.7g/t gold and 8.3% lead+zinc from 193m
• Including 3m at 3.7g/t gold and 10.5% lead+zinc from 194m

Together, these two intercepts paint a picture of a zoned, polymetallic system that carries copper at depth and gold with base metals at shallower levels. This is a geological signature characteristic of larger, district-scale mineralised systems.

"These first results have exceeded our expectations. Hole 26DDBR006 has confirmed a significant copper-rich zone beneath the historical Evergreen holes, while 26DDBR004 has delivered the highest gold grades seen at the prospect to date."

— Glen Diemar, Managing Director, Australian Gold and Copper Ltd

Breaking Down the Results: Hole by Hole

All widths are downhole widths. True widths are currently unknown.

What is Metal Zonation — and Why Does It Matter?

Understanding a Key Geological Concept for Investors

One of the most important observations from the Australian Gold and Copper Evergreen copper and gold drilling results is what geologists call metal zonation — the tendency for different metals to concentrate at different depths or positions within a mineralised system, depending on how the hydrothermal fluids that created the deposit behaved as they cooled or reacted with surrounding rocks.

In simple terms, zinc, lead and gold tend to sit higher in the system, whilst copper tends to concentrate at greater depths where temperatures were higher. This is a well-understood pattern in sediment-hosted or structurally controlled polymetallic systems.

Why Does This Matter for Investors?

When a company observes both copper at depth and gold-zinc-lead at shallower levels — as AGC is now seeing at Evergreen — it suggests the drill holes may be sampling different parts of a larger, vertically extensive system. Furthermore, the presence of increasing copper grades with depth in 26DDBR006 implies the most copper-rich parts of the system may still lie below current drilling.

This offers genuine resource expansion potential as the programme continues.

Quick Glossary

A Second Resource Opportunity Emerging

AGC acquired the Browns Reef tenement in 2025, and Evergreen sits within it as a distinct target with a history of surface-level silver, gold and base metal mineralisation recorded by previous explorers including Jennings Industries, Electrolytic Zinc, and Comet Resources.

AGC's maiden programme was designed to drill beneath those historical intersections — and the strategy has paid off immediately. The new results demonstrate meaningful continuity of mineralisation between drill sections and confirm the presence of a copper-rich zone that historical operators never reached.

What makes this particularly compelling is the scale of what AGC is building toward:

• A 7,000-metre resource definition drilling programme is underway at Evergreen
• The current programme has already completed more than 3,000 metres across ten holes, with eight holes still awaiting assay
• The company is working explicitly toward an initial Mineral Resource Estimate at Browns Reef–Evergreen

This is not a one-hole story. The geological observations — particularly the copper grades increasing with depth and the distinct gold-base metal zone sitting up dip — suggest a coherent, zoned mineralised system that warrants systematic resource definition work.

Achilles: The Established Anchor

While Evergreen is emerging as the exciting new frontier, AGC's flagship Achilles discovery continues to provide the company with a substantial existing resource base and ongoing drilling upside.

The Achilles Mineral Resource Estimate, as reported in December 2025, stands at 38.5 million ounces silver-equivalent (AgEq), with 58% classified as Indicated — a meaningful confidence level for a deposit of this age.

Source: AGC ASX release, 16 December 2025. AgEq calculated using silver at US$35/oz, gold at US$3,300/oz, lead at US$1,950/t, zinc at US$2,800/t.

Current drilling at Achilles is targeting extensions below the existing resource and potentially beyond 500 metres down dip, with the fourth hole of the current diamond programme now completed and core processing underway.

Notably, 23 drill holes completed after the resource cut-off date are not yet included in the current MRE, suggesting meaningful resource growth potential in the next estimate update.

Multiple Catalysts on the Near-Term Horizon

AGC is not a single-project story sitting idle between news cycles. In addition to Evergreen, the company currently has active programmes running across multiple fronts simultaneously.

Near-Term Expected Newsflow

1. Evergreen assays — Eight additional drill holes totalling more than 3,000 metres are completed and awaiting laboratory results, expected over the coming weeks.
2. Achilles resource extension drilling — The current diamond drilling programme is designed to push beyond the existing MRE boundary, with further drilling from August supported by ongoing approvals work.
3. Tooronga aircore programme — Results are being interpreted alongside detailed microscopic analysis of bottom-of-hole samples, with initial findings expected shortly.
4. Junee project — Field activities have commenced whilst AGC integrates the historical database and advances drill targeting across several priority prospects.

The Investment Thesis: Two Tier, One Company

AGC presents investors with a relatively rare proposition in the junior exploration space: an established, JORC-compliant resource asset generating ongoing newsflow, paired with an early-stage discovery delivering high-grade results from its very first assays.

Key Investment Considerations

• Proven resource base: The 38.5Moz AgEq Achilles MRE with 58% Indicated classification provides a defined asset underpinning the company's valuation
• Emerging second resource: The Australian Gold and Copper Evergreen copper and gold drilling results have validated the copper-gold potential, with eight more holes pending and a 7,000-metre resource definition programme underway
• District-scale footprint: AGC controls a 2,600 km² landholding in the South Cobar Basin — one of NSW's historically significant base and precious metals provinces
• Clean balance sheet: The company carried $7.1 million in cash (as at 31 March 2026) with zero debt, providing operational runway without near-term dilution pressure
• Tight capital structure: With only 285 million shares on issue and 7.5 million options, the share structure is relatively lean for a company with this level of project activity
• Experienced leadership: Managing Director Glen Diemar serves as the Competent Person for exploration results, meaning the person signing off on the technical work is also running the company day to day

Why Investors Should Keep a Close Watch

The Australian Gold and Copper Evergreen copper and gold drilling results represent a genuine inflection point for AGC. What began as a programme designed to test beneath historical workings has returned high-grade copper and gold from its very first assays — and the geological signature of metal zonation with depth suggests the system has not yet been fully tested.

The coming weeks will be critical. Eight drill holes representing more than 3,000 metres of diamond drilling are awaiting assay results. Each set of results will either reinforce the emerging picture of a large, continuous mineralised system — or refine the targeting for the next phase of drilling toward an initial Mineral Resource Estimate.

Meanwhile, Achilles continues to grow, with 23 post-cutoff holes not yet incorporated into the existing 38.5Moz AgEq resource and active step-out drilling now targeting extensions beyond 500 metres down dip.

Australian Gold and Copper has positioned itself as a multi-project precious and base metals developer in NSW's South Cobar Basin, with its maiden Evergreen assays delivering high-grade copper and gold results that confirm a significant mineralised system at depth. With eight holes pending assay, a 7,000-metre resource definition programme underway, and ongoing drilling at Achilles targeting resource growth, investors have a concentrated pipeline of near-term catalysts to follow closely.

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