Resource Expansion at Spring Hill Raises Questions on Project Scale and Processing

Strong Drilling Results Expand Spring Hill’s Resource Potential

PC Gold Limited (ASX:PC2) has delivered a fresh wave of encouraging drilling results from its 100% owned Spring Hill Gold Project in the Northern Territory. The company completed 26 diamond drill holes targeting the Hong Kong and Macau lodes beneath and along strike of the planned open pit, revealing multiple thick, high-grade gold zones that extend beyond the current Mineral Resource Estimate (MRE).

Notably, the Macau Zone has been pushed approximately 140 metres down-dip outside the existing resource envelope, with intercepts such as 9.0 metres at 3.26 grams per tonne (g/t) gold from 338 metres depth. These results underscore the potential for a larger and higher-grade inventory than previously modelled.

Emergence of the Macau Link Zone

Among the highlights is the discovery of the Macau Link Zone, a newly defined structural corridor connecting the Hong Kong and Macau lodes. Drilling here has returned promising intercepts including 6 metres at 3.54 g/t gold within a broader 12-metre zone averaging 1.99 g/t. This zone is now a key focus, with two diamond rigs actively infilling the area to a 50 by 50-metre drill density over a 225-metre strike length and more than 300 metres dip extent.

The Macau Link Zone discovery could materially enhance head grades and improve early mine scheduling, adding a strategic dimension to the project’s development pathway.

Advancing Metallurgical Testwork and Pre-Feasibility

Complementing the drilling success, PC Gold has completed dedicated metallurgical drilling to support process design for a proposed 3 million tonnes per annum (Mtpa) processing plant. Early assays from metallurgical holes include 22 metres at 3.37 g/t gold, providing robust composites for ongoing testwork.

Pre-feasibility studies are underway with Bureau Veritas and JT Metallurgical Services, focusing on comminution parameters, gravity recovery, and carbon-in-leach (CIL) leach performance. These efforts aim to optimise grind size and maximise gold recovery, critical factors for project economics.

Next Steps and Market Implications

With two diamond rigs drilling and an RC rig scheduled to return in April 2026, PC Gold is intensifying its exploration and resource definition activities. The company plans to complete infill drilling on the Macau Extension, advance Phase 2 of the Lasagne Lode program, and test the Northern Target.

All new drilling data will feed into the updated June 2026 MRE, expected to reflect the expanded footprint and improved grade profile. This update, alongside advancing pre-feasibility work, positions Spring Hill as one of Australia’s most compelling near-term gold development opportunities.

Executive Chairman Ashley Pattison emphasised the significance of the results, noting that the high-grade core extends well beyond the current resource footprint and that the project is on track to reveal its true scale and quality.