PC Gold Boosts Spring Hill Gold Resource to 1.51 Million Ounces in Interim Update

Spring Hill Gold Project Sees Major Resource Expansion in Interim Estimate

PC Gold’s interim mineral resource estimate reveals significant growth in gold endowment at Spring Hill, reporting 43.6 million tonnes grading 1.1 g/t gold for 1.51 million ounces at a 0.5 g/t cut-off. This represents an 84% increase compared to the previous resource estimate. The expansion is attributed to successful systematic exploration drilling and updated resource estimation techniques performed by Cube Consulting in compliance with the JORC Code (2012 Edition).

This resource update follows PC Gold’s October 2025 ASX listing, enabling access to capital markets for accelerated exploration and development. The estimate includes drilling results up to 25 April 2026, with an additional 8,000 metres of diamond drilling and about 3,000 metres of RC drilling completed after the cut-off date. This ongoing exploration highlights management’s confidence in further resource growth and supports a planned resource update in late Q4 2026.

Significant Growth in Indicated Mineral Resource Enhances Project Viability

A key highlight is the 136% increase in the Indicated resource component, now representing 66% of the total resource base at 28.8 million tonnes grading 1.1 g/t gold for 1.0 million ounces. This reflects successful conversion of previously Inferred resources through infill drilling and improved resource confidence, enhancing economic evaluation parameters for feasibility studies and mine planning.

The company reports an average Indicated resource density of 2,594 ounces per vertical metre within the top 365 metres, demonstrating strong mineralisation continuity and mine-life potential at conventional mining rates. The concentration of grade and tonnage within a compact vertical interval offers operational advantages for mine planning and production scheduling, supporting long-life mining scenarios under consideration in the prefeasibility study.

New Link Zone Discovery Adds High-Grade Underground Mining Opportunity

Following the October 2025 listing, PC Gold discovered the Link Zone, estimating a maiden mineral resource of 1.12 million tonnes at 5.37 g/t gold for 193,500 ounces at a 0.5 g/t cut-off. The Indicated portion totals 0.69 million tonnes at 5.16 g/t gold for 114,500 ounces, reflecting strong grade confidence from infill drilling. The Link Zone’s high gold grades present an attractive underground mining target that could complement the primary open-pit operation.

Mineralisation remains open at depth and along strike in the Link Zone, with recent drilling intercepts such as 9.5 metres at 3.04 g/t gold from 189.6 metres and 6 metres at 5.16 g/t gold from 209.6 metres indicating potential for further resource expansion. Management confirms the Link Zone will be evaluated in the prefeasibility study, with underground mining scenarios actively assessed.

Exploration Upside Supported by Limited Geological Coverage

The current resource estimate covers less than 15% of the known geological strike length, indicating significant unexplored or lightly drilled areas remain for future exploration. The mineralisation remains open at depth and along strike, providing strong potential for resource growth.

Recent drill intercepts not included in the current resource estimate due to timing include 113 metres at 1.14 g/t gold from surface, including 18 metres at 4.62 g/t from surface at the Hong Kong zone, and 46 metres at 0.98 g/t gold from surface at the Hong Kong Footwall Zone. Additional intercepts from Main Zone South, Lasagne, Steve's Gully, Vein Heaven, and Eastern Zone confirm active gold mineralisation across multiple domains, reinforcing the multi-zone development approach under study.

Extensive Drilling Program and Advanced Resource Modelling Support Development Timeline

PC Gold is conducting a major 40,000 metre drilling program combining RC and diamond drilling to expand the resource base and support the prefeasibility study. Currently, three diamond rigs and one RC rig operate at Spring Hill, demonstrating management’s commitment to accelerating project advancement toward the late Q4 2026 prefeasibility study milestone.

The updated resource estimate uses Localised Indicator Kriging modelling aligned with Selective Mining Unit scales for mine planning, enhancing technical integration between resource and reserve estimates. The estimate incorporates data from 94 drill holes totaling 25,869 metres, providing a robust dataset underpinning the resource classification and confidence.

Prefeasibility Study Progresses Toward Key Development Milestones

The prefeasibility study is on schedule for completion in late Q4 2026, marking a critical step toward development approval and financing. It integrates the expanded resource base and refined estimation methods, including evaluation of the Link Zone as a high-grade underground feed to complement the open-pit operation. This expanded scope could improve project economics and operational flexibility.

The forthcoming resource update, planned for late Q4 2026, will include drilling results through 31 October 2026 from the Link Zone, Main Zone, Hong Kong zones, and exploration areas such as Lasagne, Steve's Gully, Vein Heaven, and Eastern Zone. This update will underpin prefeasibility conclusions and inform detailed engineering decisions. Investors should monitor PC Gold’s quarterly updates for news on prefeasibility completion, financing, and development progress through 2026.

Strategic Location and Operational Advantages of Spring Hill Project

Spring Hill is situated in Australia’s Northern Territory, a top-tier mining jurisdiction with established gold production infrastructure and supportive regulatory frameworks. The region’s experienced mining workforce, contractor base, and proximity to processing facilities provide operational benefits for developing a new gold mine. The Northern Territory’s geological setting has a strong history of successful gold mining projects, offering precedent for Spring Hill’s development potential.

PC Gold is headquartered in Peppermint Grove, Western Australia, focusing on Spring Hill’s development. Since its October 2025 ASX listing, the company has gained access to equity capital markets to fund exploration, development, and working capital needs. As a newly listed entity, PC Gold’s ability to raise capital and attract investors depends on continued resource growth, development progress, and sustained exploration success.

Resource Estimate Parameters and Classification Details

The mineral resource estimate is reported at a 0.5 g/t gold cut-off grade, with sensitivity analyses across 0 to 1.0 g/t gold detailed in technical reports. At this threshold, the resource totals 43.6 million tonnes at 1.1 g/t gold for 1.51 million ounces, with the Indicated portion comprising 28.8 million tonnes at 1.1 g/t gold for 1.0 million ounces. The Inferred resource accounts for 14.7 million tonnes at 1.1 g/t gold for 510,000 ounces, representing areas with ongoing confidence development through drilling.

Average bulk densities applied are 2.53 g/cm³ for oxide, 2.62 g/cm³ for transition, and 2.81 g/cm³ for fresh rock, reflecting weathering zones across the project.

By zone at 0.5 g/t cut-off, the Hong Kong Bulk domain is the largest contributor with 26.5 million tonnes at 1.0 g/t gold for 831,000 ounces (15.7 million tonnes Indicated, 10.9 million tonnes Inferred). The Main Bulk zones (3000 and 4000 domains) contribute 10.5 million tonnes at 1.0 g/t gold for 352,000 ounces, and the Macau Bulk domain adds 4.1 million tonnes at 0.8 g/t gold for 102,000 ounces. These classifications support mine planning scenarios combining selective exploitation of higher-grade zones with bulk tonnage development.

Company Background and ASX Listing Highlights

PC Gold Ltd transitioned from a private explorer to a publicly listed mining development company via its October 2025 IPO on the ASX. The listing enabled capital raising and equity currency for project advancement, team growth, and accelerated exploration. Positioned as a pure-play Spring Hill gold development company, PC Gold appeals to investors seeking exposure to Australian gold projects at an early-to-intermediate development stage before major financing and construction.

Since listing, management has actively communicated exploration progress, resource updates, and development milestones. The interim resource update within nine months of listing demonstrates rapid advancement in resource definition and project development, bolstering market confidence in management’s execution capabilities. Investors should evaluate PC Gold’s management track record, financial position, funding needs for prefeasibility and subsequent phases, and competitive standing in Australia’s gold development sector.