AGC Pushes Depth and Scale at South Cobar with $7.1M Cash Buffer

Stepping Deeper into Achilles

Australian Gold and Copper Ltd (ASX:AGC) has kicked off a diamond drilling campaign at its Achilles deposit designed to push mineralisation beyond the 250-metre depth boundary of its initial Mineral Resource Estimate (MRE). The program, which has already completed its first hole, plans four holes spaced 100 metres apart, targeting over 500 metres down dip. This effort could potentially double the known depth of the northern high-grade zone, which has consistently delivered some of the project’s best silver and gold grades. The previous deepest hole, A3RCD089, returned a staggering 424g/t silver equivalent over 11 metres from 305 metres, including a 3-metre intercept grading 1,453g/t AgEq from 306 metres. These results underscore the potential for significant resource expansion at Achilles, which currently holds 10.3 million tonnes at 116g/t silver equivalent for 38.5 million ounces silver equivalent in total resource. This drilling initiative builds directly on the momentum of recent high-grade intercepts and is a critical step in AGC’s 2026 growth strategy. The company’s diamond drilling program was highlighted recently in its update on 29 April 2026, reflecting the ongoing commitment to resource growth at Achilles and nearby prospects. Step out drilling underway

Defining Browns-Evergreen’s Potential

Meanwhile, AGC has commenced resource definition drilling at Browns-Evergreen, a project acquired in the latter half of 2025 that significantly expands the South Cobar footprint to 2,600 square kilometres. Browns Reef itself boasts over 25,000 metres of historical drilling along a 6.5-kilometre strike length, roughly ten times the size of Achilles’ current footprint. AGC has mobilised an 8,000-metre drilling program targeting an initial Mineral Resource Estimate for Evergreen, which lies just 35 kilometres by road from Achilles. Notable historical intercepts at Browns Reef include 6 metres at 74g/t silver with 16.2% combined lead and zinc from 368 metres, while Evergreen has yielded promising grades such as 16 metres at 28g/t silver and 5.7% lead plus zinc from 251 metres. The geological similarities and proximity to Achilles suggest strong synergies that could accelerate resource delineation and development. This phase of drilling is critical for AGC to convert the extensive alteration zones and existing drill data into a formal resource, setting the stage for further growth in the South Cobar Basin. Initial Mineral Resource Estimate for Achilles

Exploring New Frontiers at Tooronga

Beyond the established deposits, AGC has completed its largest aircore drilling campaign to date at the Tooronga Shear Zone, located roughly 5 kilometres southwest of Browns-Evergreen. This 7,565-metre program, consisting of 179 holes averaging 42 metres depth, represents the first systematic exploration of the area since 1981. The shallow drilling aims to identify pathfinder geochemical signatures indicative of Achilles-style gold-silver-base metal mineralisation potentially concealed beneath shallow cover. A smaller 12-hole program near Achilles was also completed. Assay results are expected in early Q3 2026 and will be pivotal in guiding follow-up Reverse Circulation drilling. This regional targeting initiative reflects AGC’s strategy to leverage its growing South Cobar tenure and expand its resource base through systematic greenfields exploration.

Financial Position and Forward Plans

AGC ended the March quarter with a healthy cash balance of $7.1 million, having spent $795,000 on exploration and evaluation activities during the period. There were no mining production or development activities reported, reflecting the company’s current focus on exploration and resource definition. The company’s tenement portfolio remains 100% owned, with Browns Reef and Evergreen adding substantial scale to its South Cobar Project. AGC plans to deliver a resource upgrade at Achilles and an initial Mineral Resource Estimate at Browns-Evergreen within 2026, milestones that could materially enhance the company’s valuation and project economics. The company’s disciplined approach to exploration spending and its strategic acquisitions position it well to capitalise on the growing interest in silver-gold-base metal deposits in New South Wales.