Australian Gold and Copper Finalizes Junee Gold Project Acquisition and Secures $2.55 Million Funding from Major Shareholder GeoZen

Completion of Tranche 2 Capital Raise and GeoZen’s Continued Investment

Australian Gold and Copper has completed Tranche 2 of its $5 million placement announced in May 2026, securing $2.55 million from GeoZen, the company’s largest shareholder. This capital injection underscores strong investor confidence in AGC’s strategic direction and project pipeline. GeoZen’s participation was contingent on shareholder approval, which was granted at the Extraordinary General Meeting held on 15 July 2026, reflecting robust support for AGC’s ongoing asset development.

Managing Director Glen Diemar highlighted GeoZen’s support, noting that completing the capital raise amid a tight capital market demonstrates the strength of the long-term partnership between AGC and GeoZen. The successful tranche enhances AGC’s financial position, enabling advancement of exploration and development activities across its South Cobar projects and the newly acquired Junee gold project. This funding reduces the immediate need for further capital raises.

Junee Gold Project Acquisition Expands AGC’s Geographic Reach

AGC has completed the acquisition of New South Resources Pty Limited, owner of the Junee gold project, thereby expanding its asset portfolio. Situated approximately 230 kilometres south of AGC’s existing South Cobar operations in New South Wales, Junee is a large-scale, highly prospective gold-dominant project featuring seven drill-ready targets within a well-established gold district. This acquisition complements AGC’s focus on precious and base metals exploration and development in the South Cobar region.

The acquisition was finalized after satisfying shareholder approval and other conditions. AGC is already mobilized on-site at Junee and plans to initiate a maiden drill campaign this quarter, demonstrating a commitment to rapidly advancing the project. The addition of Junee diversifies AGC’s geographic and commodity exposure, shifting from mixed precious and base metals to a pure gold exploration focus, supporting multiple revenue streams and a broader metals business across NSW.

R&D Tax Credit Awarded for Achilles Geological Research

The Australian Taxation Office has granted AGC a Refundable R&D Tax Offset of $987,000 for eligible experimental activities conducted during the 2025 financial year. These activities focused on testing and refining geological models related to mineralisation controls at the flagship Achilles project in the South Cobar Basin. This refund validates AGC’s investment in scientific exploration methodologies and confirms the tax credit eligibility of its research-driven approach.

Managing Director Glen Diemar described the R&D refund as a valuable, non-dilutive capital injection that lowers the effective cost of advancing AGC’s projects and resource development. The funds will support further exploration, drilling, and resource growth without requiring additional equity issuance, preserving shareholder interests. This tax-efficient funding is particularly advantageous in a constrained capital environment and highlights AGC’s disciplined R&D investment.

Achilles Project Resource Estimate and Mineralisation Details

AGC’s Achilles discovery, initially reported in 2024, contains a mineral resource estimate of 38.5 million ounces silver-equivalent as of 16 December 2025, with 58% classified as Indicated. The resource includes 28.8 million ounces silver-equivalent in open pit and 10.0 million ounces silver-equivalent underground, totaling approximately 10.3 million tonnes at an average grade of 116 grams per tonne silver-equivalent. Mineralisation includes significant gold, zinc, lead, and silver across multiple geological horizons.

The resource spans oxidised, transition, and sulphide ore categories in the open pit, plus sulphide ore underground. Oxide material contains 2.0 million ounces silver-equivalent; transition material 3.3 million ounces; and sulphide material (open pit and underground combined) 32.1 million ounces silver-equivalent. Metallurgical testing in FY25 demonstrated strong recoveries, indicating amenability to conventional processing methods.

Extensive South Cobar Basin Landholding and Regional Exploration Strategy

AGC holds a significant 2,600 square kilometre land position in the South Cobar Basin, establishing it as a major tenure holder in this prolific mining district. This extensive landholding enables development of multiple exploration targets and a portfolio of projects across a broad area. The South Cobar Basin benefits from a rich history of precious and base metals discoveries, a supportive regulatory framework, and access to regional geological expertise.

Within this tenure, AGC has identified the flagship Achilles discovery and a secondary resource opportunity at the Browns Reef–Evergreen project, acquired in 2025. This multi-project approach allows diversified value creation and risk management. AGC’s strategy focuses on building a belt-scale presence leveraging regional geology and infrastructure. The Junee acquisition extends AGC’s footprint southward, enhancing its regional exploration and development capabilities beyond its original South Cobar tenure.

Strong Capital Structure and Financial Position

As of this update, AGC has 332 million shares outstanding and 7.5 million options. The company reported A$7.1 million in cash as of 31 March 2026, bolstered by the recent capital raise and R&D tax offset. AGC maintains a debt-free balance sheet, providing financial flexibility to fund exploration, development, and acquisitions without debt servicing obligations. This strong financial position is a strategic advantage in the resources sector, enabling resilience amid commodity price fluctuations and project timeline extensions.

The combined cash inflows from the GeoZen placement and R&D credit, along with no debt, equip AGC to finance ongoing exploration and development activities, including the maiden drill campaign at Junee, continued drilling at Achilles, and broader South Cobar exploration. This timing positions AGC well to execute its plans through the 2027 financial year and beyond.

Upcoming Drilling and Exploration Plans at Junee

AGC intends to commence a maiden drill campaign at the Junee gold project this quarter, immediately following acquisition completion. Junee is considered drill-ready with seven defined exploration targets identified through geological mapping, surface sampling, and geophysical surveys. This rapid mobilization reflects management’s confidence in the technical quality of the targets and commitment to systematic exploration.

The Junee project marks AGC’s entry into pure gold exploration, complementing its mixed precious and base metals focus at South Cobar. The established gold district provides valuable geological context and historical data to guide drilling strategies, potentially enhancing exploration success. AGC’s ability to start drilling promptly indicates that technical preparations and permitting are in place.

Strategic Outlook Toward Major Resource Company Status

AGC’s Managing Director emphasized the company’s strong positioning to evolve into a major resource development entity, supported by recent capital raising, R&D investments, and project acquisitions. The combination of the Achilles resource, Browns Reef–Evergreen opportunity, and newly acquired Junee gold project offers multiple development pathways and revenue diversification. Medium-term resource growth at these projects could enable AGC to transition from exploration to development or production stages.

With a 2,600 square kilometre landholding and belt-scale presence in South Cobar, AGC is a significant regional player with tenure scale suitable for large mining operations. The Junee acquisition and ongoing positive drilling at Achilles demonstrate effective project execution. The recent capital raise and R&D tax credit provide a solid financial foundation to support this growth trajectory. Industry watchers may closely follow AGC’s resource updates, drilling outcomes, and development planning as indicators of its progress toward major resource company status.

Financial Discipline and Efficient Capital Management

AGC’s successful receipt of R&D tax credits from the Australian Taxation Office highlights its ability to manage operations tax-efficiently while conducting rigorous scientific exploration. The $987,000 tax credit was obtained without shareholder dilution, preserving ownership percentages while funding project advancement. This contrasts with equity raises that dilute shareholders.

AGC’s debt-free balance sheet and access to tax-efficient funding enhance its cost of capital and financial flexibility. In the resource exploration sector, where timelines can be lengthy and commodity prices volatile, minimizing capital costs and maximizing flexibility are key competitive advantages. AGC’s ability to secure equity funding from supportive shareholders like GeoZen alongside government tax incentives positions it well to execute its medium-term development strategy without excessive financing pressure or premature commercialization demands.