PC Gold Secures $75M to Fund 125,000m Drill Campaign at Spring Hill
PC Gold has received firm commitments for a A$75.0 million institutional placement to accelerate development of its flagship Spring Hill Gold Project in the Northern Territory. The single-tranche raise will issue approximately 71.4 million New Shares at A$1.05 per share, attracting strong demand from new and existing domestic and international institutional investors. The placement strengthens the company’s pro-forma cash position to approximately A$96.7 million. Incoming Non-Executive Director Rick Clark and associates have separately committed $2 million (subject to shareholder approval), in a clear endorsement of the project’s scale and quality. The funding fully capitalises PC Gold to deliver its 2026–2027 work programs without near-term funding overhang.
Inside the A$75 million placement
The placement is unconditional and structured as a single tranche, issued within PC Gold’s existing capacity under ASX Listing Rules 7.1 and 7.1A. No shareholder approval is required. New Shares will rank equally with existing fully paid ordinary shares on issue.
| Metric | Detail |
|---|---|
| Amount raised | A$75.0 million |
| New Shares | ~71.4 million |
| Offer Price | A$1.05 |
| Discount to 24 Aug close (A$1.14) | 7.9% |
| Discount to 5-day VWAP (A$1.11) | 5.4% |
| Pro-forma cash | ~A$96.7 million |
| Settlement | 2 September 2026 |
| Allotment/trading | 3 September 2026 |
Key dates for the placement:
- Settlement: Wednesday, 2 September 2026
- Allotment, quotation, trading: Thursday, 3 September 2026
Wallabi Group acted as Joint Lead Manager and Sole Bookrunner to the placement. Hannam & Partners and Canaccord Genuity (Australia) served as Joint Lead Managers.
Rick Clark and associates have committed $2 million (approximately 1.9 million Director Shares) at the placement price. This is a separate transaction to the A$75 million institutional raise and is subject to shareholder approval under ASX Listing Rule 10.11 at the company’s next General Meeting. The director investment signals strong board confidence in Spring Hill’s development trajectory.
When big ASX news breaks, our subscribers know first
Where the money goes — accelerating Spring Hill
The placement proceeds fund a clear roadmap to feasibility and toward production. The 2026–2027 work program includes a total drill program of approximately 125,000 metres across resource definition, underground drilling, and grade control.
Proceeds will be allocated to:
- Surface exploration and resource definition drilling (approximately 80,000m)
- Refurbishment of underground infrastructure and 20,000m Phase 1 underground drilling
- RC grade control / infill drilling of 25,000m (Hong Kong / Eastern Zone)
- Spring Hill PFS and DFS costs through to Final Investment Decision (FID)
- Pine Creek camp refurbishment and Photon Assay laboratory establishment
- General working capital and offer costs
Ashley Pattison, Executive Chair & CEO
“The strong demand received for the Placement from high-quality institutional investors in Australia and overseas is a clear endorsement of the scale and quality of Spring Hill. This funding ensures we are fully capitalised to deliver our 2026 and 2027 work programmes, including an increased drill programme of 125,000m, completion of the PFS and DFS studies and the refurbishment of underground infrastructure to facilitate high impact underground drilling programme and unlock the high-grade underground opportunity. With the recent appointments of Rick Clark and Matt Scully to the Board we are focused on accelerating the development timetable for Spring Hill and delivering value for PC Gold shareholders.”
The underground infrastructure refurbishment is particularly material. It will provide a drill platform to directly target high-grade underground mineralisation, a catalyst that was previously constrained by access limitations. The Phase 1 underground drilling program of 20,000m follows this refurbishment work.
Understanding Spring Hill’s growing resource base
A Mineral Resource Estimate (MRE) is a geologist’s best estimate of how much metal sits in the ground, broken into confidence categories. Indicated Resources are drilled on closer spacing and carry higher geological confidence than Inferred Resources. That distinction matters to you because only Indicated and Measured Resources can be converted into Ore Reserves, which underpin feasibility studies and financing decisions. A larger, higher-confidence resource de-risks the development path and provides the technical foundation for PFS and DFS work.
On 21 July 2026, PC Gold released an updated interim MRE that increased the global resource by 84% to 1.51 million ounces Au at 1.1 g/t Au, including 1.0 million ounces Au in the Indicated category. That is a material step-change in both total ounces and the proportion of high-confidence resource. The resource is JORC-compliant, estimated by Competent Person Brian Fitzpatrick of Cube Consulting.
| Cut-Off Grade (g/t) | Indicated (koz Au) | Inferred (koz Au) | Total Tonnes (Mt) | Total (koz Au) |
|---|---|---|---|---|
| 0.4 | 1,114 | 573 | 55.6 | 1,687 |
| 0.5 (headline) | 1,003 | 510 | 43.6 | 1,513 |
| 0.6 | 892 | 451 | 34.0 | 1,343 |
The headline resource at a 0.5 g/t Au cut-off grade sits at 43.6 million tonnes at 1.1 g/t Au for 1.513 million ounces, with 1.003 million ounces in the Indicated category. The resource spans multiple cut-off grades, reflecting flexibility in future mining scenarios. Higher cut-off grades reduce tonnage but increase grade, a trade-off that will be optimised in feasibility studies.
The 125,000m drilling campaign funded by this placement is designed to upgrade resource confidence further and extend mineralisation at depth and along strike. Infill drilling will convert Inferred Resources to Indicated, supporting Reserve conversion and mine planning. Extensional drilling will grow the total resource inventory. Both outcomes reduce technical risk and improve the economics of the project.
The next major ASX story will hit our subscribers first
What this means for investors
PC Gold is now fully funded through PFS, DFS and toward Final Investment Decision. That removes near-term funding overhang, a material de-risking event for existing and new shareholders. The board has strengthened recently with the appointments of Rick Clark and Matt Scully, both bringing development and operational experience to the transition phase.
Forward catalysts disclosed by the company include:
- 125,000m drilling program across 2026–2027
- Underground infrastructure refurbishment enabling high-grade underground drilling
- PFS and DFS completion through to FID
Environmental approvals are already in place for open-pit mining and underground refurbishment, reducing permitting risk on the critical path to production. The Spring Hill Project sits within granted mining leases, with mineralisation hosted in existing tenements. That positions PC Gold to move swiftly through development milestones without the tenure and approvals uncertainty that delays many junior developers.
The company’s stated strategy is to transition Spring Hill toward production. The placement funds the technical and engineering work required to make that transition credible. Feasibility studies will define the development plan and financial metrics. The underground drilling program will test the high-grade opportunity below current resource limits. The refurbishment work will provide direct access to test this geological model. These are the building blocks of a development case, not a speculative exploration thesis.
PC Gold ended 30 June 2026 with approximately A$21.7 million in cash. The A$75 million placement lifts pro-forma cash to approximately A$96.7 million, providing the capital base to execute the 2026–2027 work programs without financing constraints. That is the investment case. The company now has the resource, the funding, and the approvals to move Spring Hill through feasibility and toward a production decision. The next eighteen months will define whether the technical and economic case supports that transition.
Get Gold News Before the Market Moves
Join 30,000+ investors receiving FREE ASX gold alerts delivered within minutes of release, complete with expert analysis. Big News Blast covers every major gold announcement the moment it breaks. Click the “Free Alerts” button to stay ahead on market-moving gold discoveries and capital raises.