PC Gold Elevates Spring Hill Gold Project Mineral Resource by 84% to 1.51 Million Ounces

Significant Resource Expansion at Spring Hill Gold Project in Northern Territory

PC Gold Limited’s Spring Hill Gold Project in the Northern Territory has achieved substantial resource growth, as detailed in the interim mineral resource estimate dated 25 April 2026. The project benefits from a granted mineral licence without native title complications, ensuring regulatory clarity. The landholding now covers 10,600 hectares after recent expansions north and east, enabling exploration of additional prospective areas surrounding the current resource. Resource growth spans multiple zones, with the Hong Kong and Macau zones providing the majority of tonnage, while the newly identified Macau Link zone adds significant high-grade material.

The resource remains open both along strike and at depth. Three diamond drill rigs operate within resource zones, alongside a reverse circulation rig targeting exploration. This ongoing 40,000-metre drilling program underscores management’s confidence in mineralisation continuity beyond current boundaries. Additionally, PC Gold acquired the former Territory Iron camp at Pine Creek, offering 64 rooms with expansion potential to 300 rooms, providing vital infrastructure to support development.

Indicated Resource Surges to 1 Million Ounces, Strengthening Pre-Feasibility Study Prospects

The indicated resource at Spring Hill has increased dramatically from 424,000 ounces to 1,003,000 ounces, a 136% rise since the June 2024 estimate. This was achieved through over 30,000 metres of resource definition and infill drilling, combined with Localised Indicator Kriging (LIK) re-domaining techniques. Currently, 66% of the total mineral resource is classified as indicated, enhancing confidence for reserve estimation and mine planning. This upgrade supports the Pre-Feasibility Study, which includes a standalone 3 million tonne per annum CIL processing plant.

The resource classification upgrade aligns with the company’s goal to finalize feasibility work by Q4 2026. Resource definition drilling has delineated mineralisation consistent with Selective Mining Units used in pit design and reserve modelling, ensuring seamless integration between resource and reserve estimates. The LIK block grading preserves local grade variability, aiding pit optimisation, mine scheduling, and realistic recovery and reserve calculations.

High-Grade Macau Link Zone Adds Underground Mining Potential

The Macau Link zone discovery is a strategic addition, contributing 193,000 ounces at 5.4 g/t Au from 1.1 million tonnes. Discovered during resource definition drilling, it is now incorporated as a new domain in the updated resource. Post-resource drilling indicates extensions of this zone, with further high-grade mineralisation expected in future updates. Ongoing drilling targets repeat zones within the Link corridor, with results anticipated for the October 2026 resource update.

This discovery complements historical underground potential at Spring Hill, including a past adit that yielded about 21,000 ounces at 30 g/t Au. PC Gold is reopening this underground working to evaluate mineralisation accessible by underground mining. The high-grade underground resource offers mine planning flexibility, enabling prioritization of high-grade material early in production alongside bulk-tonnage open pit resources foundational to the standalone processing plant in the Pre-Feasibility Study.

Photon Assay Technology Enhances Grade Accuracy and Resource Confidence

PC Gold has implemented Photon Assay technology in collaboration with Chrysos Corporation, validated for Spring Hill ore samples. This method contributed to a 10% grade uplift in the updated resource, increasing the global grade from 1.0 g/t to 1.1 g/t. The improvement arises from Photon Assay re-analysis of historical samples, inclusion of Macau Link high-grade material, and incorporation of additional lower-grade tonnes through refined geological interpretation.

Photon Assay offers detailed analysis of fine gold particles, enhancing grade estimation accuracy and supporting improved mine planning. This technology provides a competitive edge in resource estimation and may improve mill recovery predictions during the Pre-Feasibility Study. PC Gold’s ongoing partnership with Chrysos indicates intent to leverage this capability throughout development and production phases, optimizing processing and cost control.

Unassayed Drilling and Exploration Targets Signal Further Resource Growth Potential

More than 6,000 metres of drilling completed after the 25 April 2026 resource cut-off remain unassayed and excluded from the 1.51 million ounce resource estimate. This presents a significant pipeline for future resource additions, with the next update planned for October 2026 results and release before Christmas 2026. The current 40,000-metre 2026 drilling program focuses on expanding both resource and exploration targets.

PC Gold has identified exploration targets extending over 3 kilometres north of the current resource boundary. The Lasagne Lode target is estimated between 183,000 and 350,000 ounces based on 26 drill holes, while the North Target Zone (including Steve's Gully, Vein Heaven, and Zabonski prospects) is estimated at 384,000 to 905,000 ounces from preliminary drilling. These conceptual targets highlight the broader Spring Hill goldfield’s prospectivity and potential for significant resource growth as drilling progresses.

Robust Capital Position Supports Accelerated Development in 2026

Since its October 2025 IPO, PC Gold has raised $37.5 million in total capital, including a $13.5 million IPO at $0.25 per share and a $24 million raise in February 2026 at $0.65 per share. This strong financial position funds the extensive 40,000-metre drilling program and Pre-Feasibility Study targeting Q4 completion. The company has allocated $1.6 million for environmental bond payments under Northern Territory mining approvals, demonstrating commitment to project advancement.

PC Gold’s executive team holds approximately 40% insider ownership, aligning management with resource growth and development goals. The experienced leadership brings proven discovery and development expertise. Combined with secured funding, regulatory approvals, and regional infrastructure including the Pine Creek camp acquisition, PC Gold is well-positioned to advance without further capital raises, pending successful Pre-Feasibility Study completion and board approval.

Pre-Feasibility Study Encompasses Standalone Processing Plant and Permitted Mining Infrastructure

The ongoing Pre-Feasibility Study aims for Q4 2026 completion and includes design and financial evaluation of a standalone 3 million tonne per annum CIL processing plant. It encompasses maiden ore reserve estimation for both open pit and underground mining scenarios, with resource domains sufficiently defined for detailed mine design. Federal and state environmental and mining permits for open pit operations have been secured, providing regulatory certainty and reducing permitting risks.

Existing regional infrastructure, including road and power access, lowers capital intensity and supports PC Gold’s production advancement strategy. The former Territory Iron camp at Pine Creek offers long-term workforce accommodation, expandable from 64 to 300 rooms if needed. This infrastructure, coupled with a 66% indicated resource classification, underpins confidence in achieving Pre-Feasibility Study milestones and progressing toward Feasibility Study and development decisions.

Consistent Resource Definition Methodology Ensures Seamless Reserve Estimation

PC Gold employs Localised Indicator Kriging (LIK) for bulk tonnage resource estimation at Spring Hill, except for the Macau Link zone which uses conventional methods. LIK estimates grade block-by-block at the Selective Mining Unit (SMU) scale, matching the block size used in pit design and mine planning. This alignment ensures direct integration of resource models into reserve estimation and mine scheduling without intermediate adjustments, reducing uncertainty and discrepancies.

LIK preserves local grade variability, facilitating realistic grade-tonnage curves essential for accurate recovery calculations at specific cut-off grades. The direct correspondence between resource estimation and mining unit scales enhances technical consistency across assessments. Developed with Cube Consulting, this approach reflects industry best practice for bulk-tonnage open pit gold projects and supports defensible Pre-Feasibility Study outcomes.

Expanded Exploration and Development Team Drives Accelerated Program Execution

Since the October 2025 IPO, PC Gold has strengthened its exploration and development teams to manage the extensive drilling, resource definition, Pre-Feasibility Study progression, and exploration targeting at Spring Hill. The expanded technical team supports the increased scope arising from the larger resource base and enhanced geological insights from recent drilling.

Landholdings have grown to 10,600 hectares after acquisitions north and east of the resource boundary, broadening the exploration portfolio for discovery-stage activities. Resource allocation balances definition drilling for reserve conversion and Pre-Feasibility Study advancement with exploration targeting for future growth. This strategy positions PC Gold to continue delivering resource expansion updates throughout 2026.