PC Gold Spends $1.8M on Drilling and Assays Before Listing
PC Gold Ltd has clarified the timing, costs, and disclosure of its recent drilling and assay programs at the Spring Hill Project, affirming compliance with ASX rules ahead of its IPO.
- Diamond and reverse circulation drilling programs ran from May to September 2025
- Photon assay program commenced in late September 2025 on historical core
- Exploration funded by existing cash and IPO proceeds as disclosed in Prospectus
- Total exploration expenditure is material and reflected in pro-forma financials
- Company confirms compliance with ASX continuous disclosure and listing rules
Drilling Programs Underway Before IPO
PC Gold Ltd (ASX – PC2) has provided detailed responses to an ASX query regarding its recent exploration activities at the Spring Hill Project in the Northern Territory. The company confirmed that its Diamond Drill Program commenced on 31 May 2025 and completed 12 holes by 19 September 2025, while the Reverse Circulation (RC) Drill Program ran from 27 June to 11 July 2025. Both programs are part of a broader exploration strategy funded by existing cash reserves and proceeds from the company’s initial public offering (IPO).
Photon Assay Program Targets Historical Core
In addition to drilling, PC Gold has initiated a Photon Assay Program, which involves re-assaying 939 metres of mineralised core drilled in 2021 and 2022. This program began in late September 2025, with samples sent to Intertek Darwin for analysis. Assay results from all three programs remain pending and are expected during the current quarter, leaving the market awaiting confirmation of the exploration outcomes.
Disclosure and Compliance Confirmed
Addressing concerns about disclosure, PC Gold clarified that while the commencement of drilling programs was not explicitly stated in the Prospectus or Supplementary Prospectus, the planned exploration activities and funding sources were clearly outlined. The company emphasized that using existing funds to initiate drilling ahead of the IPO was standard practice for an active exploration entity and did not require separate disclosure until material results were available.
Material Expenditure and Financial Reporting
Expenditure to date is significant, with invoices totalling over $1.2 million for diamond drilling and approximately $160,000 for reverse circulation drilling, alongside internal costs for the photon assay program. These costs are accounted for in the company’s pro-forma financial statements released prior to listing. PC Gold confirmed no IPO funds were spent before securities were issued, maintaining transparency and compliance with ASX Listing Rule 3.1.
Looking Ahead
With assay results pending, PC Gold’s exploration efforts remain a key focus for investors assessing the potential of the Spring Hill Project. The company’s thorough response to the ASX query reinforces its commitment to regulatory compliance and continuous disclosure as it transitions to a publicly listed entity.
Bottom Line?
As assay results loom, PC Gold’s exploration spend and disclosure practices will be closely watched by the market.
Questions in the middle?
- When will PC Gold release the assay results from its recent drilling and photon assay programs?
- How might the pending assay outcomes impact the valuation and development plans for the Spring Hill Project?
- Will PC Gold expand its drilling programs further based on initial assay findings?