PC Gold Recruits Billion-Dollar Mine Builders as Spring Hill Eyes Development
PC Gold recruits billion-dollar mine builders as Spring Hill moves toward development
PC Gold has appointed Richard P. (Rick) Clark and Matthew Scully as Non-Executive Directors as it advances the Prefeasibility Study (PFS) for a 3Mtpa CIL processing plant at the 100%-owned Spring Hill Gold Project in the Northern Territory. Clark’s appointment is subject to obtaining an Australian Director Identification Number (DIN), with relevant ASX notices to follow once complete. The move signals the Company is building the team required to finance, build and commission a mine, not just explore.
Non-Executive Directors John Menzies and John Lewis resigned effective 25 August 2026. Lewis will continue as Company Secretary until a replacement is appointed. The Board thanked both for their contributions, including the ASX listing and substantial growth of the Spring Hill Mineral Resource.
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Two proven developers join the board
Rick Clark – built a company sold for US$7.1 billion
Clark was President and Chief Executive Officer of Red Back Mining, which he sold to Kinross Gold in 2010 for US$7.1 billion. He developed the Chirano mine in Ghana and the Tasiast mine in Mauritania into production assets before the transaction.
He subsequently led Orca Gold, which discovered and developed the Block 14 Gold Project in Sudan before its acquisition by Perseus Mining in 2022. Most recently, Clark served as CEO of Montage Gold Corp (TSX: MAU, ~C$8.5Bn market cap), where he advanced the Koné Gold Project in Côte d’Ivoire through feasibility and into construction.
Clark is currently Executive Chairman of Mx2 Mining Inc. He holds a geological background, is a former lawyer, and is a CGIC/ICSA Accredited Director.
Matthew Scully – A$1 billion+ of gold projects delivered
Scully brings over 20 years of mine and processing plant construction experience across Australia and West Africa. He is currently Executive Director and Chief Operating Officer of Many Peaks Minerals (ASX: MPK).
Previously, as Project Director at West African Resources (ASX: WAF), he led construction of the large-scale Kiaka Gold Project in Burkina Faso. At Perseus Mining (ASX: PRU), he oversaw development and construction of the Sissingué and Yaouré gold projects in Côte d’Ivoire — an investment exceeding A$500 million, delivered ahead of schedule and under budget.
At Evolution Mining (ASX: EVN), Scully served as Group Manager – Projects and completed the Mt Carlton gold-silver project in North Queensland. He holds a Bachelor of Engineering (Mechanical) with Honours from Deakin University, is a Member of Engineers Australia, and a Graduate of the Australian Institute of Company Directors.
| Director | Current Role | Flagship Achievement | Deal/Project Value | Relevance to PC Gold |
|---|---|---|---|---|
| Rick Clark | Executive Chairman, Mx2 Mining Inc | President & CEO, Red Back Mining (sold to Kinross Gold) | US$7.1 billion | Proven mine financing and development to production |
| Matthew Scully | Executive Director & COO, Many Peaks Minerals | Delivered Sissingué and Yaouré projects (Perseus Mining) | A$500 million+ | On-time, under-budget construction delivery in remote locations |
Ashley Pattison, Executive Chairman and CEO
“The appointments of Rick and Matt mark a deliberate step in PC Gold’s evolution from explorer to mine developer. As we advance the Prefeasibility Study for a 3Mtpa CIL plant at Spring Hill, we wanted directors who have actually financed, built and commissioned mines and processing plants – and few people anywhere have done that as successfully as these two.
“Rick built Red Back Mining into a company that sold for US$7.1 billion and Matt has delivered over A$1 Billion of gold projects at greenfield sites in West Africa ahead of schedule and under budget. Their experience will be invaluable as we take Spring Hill towards a development decision.
“On behalf of the Board, I sincerely thank John Menzies and John Lewis for their dedication and contribution to PC Gold. Both have played important roles in bringing the Company to where it stands today, and we are delighted that John Lewis will continue as our Company Secretary until a suitable replacement is appointed.”
Why board experience matters at this stage
The transition from explorer to developer is the highest-risk, highest-reward phase in a mining company’s lifecycle. Feasibility studies and financing deals on paper mean little without the operational track record to execute them. That execution gap is where many junior miners stumble, fail to secure project finance, or blow out construction budgets beyond repair.
A Prefeasibility Study (PFS) is the stage where a company tests whether a project is economically and technically viable before committing to full feasibility. It defines mining methods, processing routes, capital and operating cost estimates, and project economics. The PFS underpins every financing conversation that follows.
A 3Mtpa CIL (carbon-in-leach) processing plant refers to a facility capable of treating 3 million tonnes per annum of ore. The CIL process uses activated carbon to extract gold from cyanide solution, a proven method for treating oxide and transitional ore at scale.
Directors who have actually financed, built and commissioned plants of this scale de-risk execution in two ways. First, they know where construction plans unravel and where cost overruns hide. Second, they lend credibility with financiers who need confidence that the development team can deliver on schedule and within budget.
Spring Hill: the asset behind the strategy
The Spring Hill Gold Project currently holds a JORC Mineral Resource of 43.6Mt @ 1.1g/t Au for 1.5Moz Au (0.5g/t cut-off grade). The project sits on granted mining leases, with environmental approvals already in place for open-pit mining and underground refurbishment. That regulatory foundation positions PC Gold to advance development milestones without the permitting delays that plague many junior projects.
The Company is advancing Spring Hill through a multi-faceted strategy:
- Infill drilling to upgrade Resource confidence and support conversion to Reserves
- Aggressive extensional exploration to grow the global Spring Hill Resource inventory
- Underground refurbishment, development, drilling and bulk sampling to directly target high-grade underground mineralisation
- Rapid progression toward completing a PFS to outline the development plan and financial metrics
All modifying factors required for future development — including mining, metallurgy, infrastructure and permitting — are being progressed in parallel to ensure a streamlined path toward feasibility and production.
| Cut-Off Grade (g/t Au) | Total Tonnes (Mt) | Grade (Au g/t) | Contained Gold (koz) |
|---|---|---|---|
| 0.3 | 75.9 | 0.8 | 1,915 |
| 0.4 | 55.6 | 0.9 | 1,687 |
| 0.5 | 43.6 | 1.1 | 1,513 |
| 0.6 | 34.0 | 1.2 | 1,343 |
| 1.0 | 14.4 | 1.9 | 863 |
The Mineral Resource was estimated in accordance with the JORC Code. Information relating to the estimation and reporting of Mineral Resources is based on work compiled by Mr Brian Fitzpatrick of Cube Consulting, a Competent Person under the JORC Code (2012 Edition).
Aligning incentives to hard milestones
Both new directors are proposed to receive 500,000 performance rights each, on the same terms as those issued to founding directors in June 2026, subject to shareholder approval at the 2026 Annual General Meeting. The rights vest only if specific operational and value milestones are achieved.
The three vesting classes are:
- Class A (333,334 rights): The Company’s VWAP reaches at least $1.75 per Share over 60 consecutive trading days.
- Class B (333,334 rights): The Company announces a Spring Hill Mineral Resource Estimate of at least 2.5Moz Au at a minimum cut-off grade of 0.4g/t Au.
- Class C (333,332 rights): The Company announces completion of a Feasibility Study with an NPV greater than $1 billion (5% discount rate) and an IRR greater than 20%.
These milestones tie director remuneration directly to share price appreciation, resource growth and a bankable feasibility study. The structure aligns new board members with the outcomes that matter to shareholders: exploration success, a credible development plan, and a rising share price.
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Board transition and what comes next
John Menzies and John Lewis stepped down from the Board effective 25 August 2026. Lewis will transition from the Company Secretary role once a suitable replacement is appointed. The Board acknowledged both directors for their contributions, including the successful ASX listing and the substantial growth of the Spring Hill Mineral Resource since inception.
The PFS is well underway. All modifying factors required for a development decision — mining methods, metallurgical test work, infrastructure planning and permitting pathways — are progressing in parallel. The appointments of Clark and Scully signal PC Gold is no longer building an exploration story. It is assembling the operational capability required to finance, build and commission a producing gold mine.
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