AGC Reports 6.5m Copper Sulfide Interval in Evergreen Drilling

Broad Copper Zone Highlights Evergreen Potential

Australian Gold and Copper Ltd (ASX:AGC) has reported a significant breakthrough at its Evergreen project within the South Cobar Basin, NSW, intersecting a 6.5-metre zone of semi-massive chalcopyrite and pyrite mineralisation in diamond drill hole 26DDBR006. This interval stands as the broadest copper-bearing sulfide zone the company has recorded in the region to date, underscoring Evergreen's emerging role in AGC's growing precious and base metals portfolio.

The drilling program, which commenced in mid-April, has now completed seven holes totaling over 2,500 metres, with visible sulfide mineralisation observed in five additional holes. These sulfides include sphalerite, galena, and pyrite, alongside lesser chalcopyrite, suggesting a polymetallic system with potential for significant resource growth. AGC expects initial assay results in July, aiming to underpin the first Mineral Resource Estimate (MRE) for Evergreen.

Browns Reef–Evergreen: A Large, Underexplored System

Evergreen forms part of the Browns Reef project, an extensive 6.5-kilometre strike zone of polymetallic mineralisation acquired by AGC in 2025. The project boasts over 25,000 metres of historical drilling and hosts high-grade intercepts such as 6 metres at 74g/t silver and 16.2% combined lead and zinc at Browns Reef, and 16 metres at 28g/t silver and 5.7% lead plus zinc at Evergreen. These intercepts, combined with the recent drilling, highlight the scale and prospectivity of the system.

AGC is currently undertaking an 8,000-metre resource definition drilling program across Browns Reef–Evergreen, aiming to leverage synergies with the nearby Achilles deposit, located just 35 kilometres northwest. The company envisions developing a major resource base across its 2,600 square kilometres of tenure in the South Cobar Basin.

Achilles Deposit Drilling Advances Resource Depth

While Evergreen advances, AGC continues to push the boundaries at its flagship Achilles deposit, which already hosts a 38.5 million ounce silver-equivalent resource (58% Indicated). The latest drilling campaign is testing mineralisation more than 200 metres below the deepest hole used in the initial MRE, with the potential to double the known depth of the northern high-grade zone. This step-out drilling is part of a broader strategy to significantly increase contained ounces this year.

This drilling momentum at Achilles builds on previous programs that delivered thick, high-grade silver and gold intervals, contributing to the 38.5Moz silver-equivalent resource announced earlier this year. The current depth extension drilling aligns with AGC's ambition to expand the resource footprint and enhance project economics. The company’s efforts here have been detailed in recent updates including step out drilling underway and 38.5Moz silver-equivalent resource.

Visual Logging Signals Robust Mineralisation, Assays Pending

AGC’s Managing Director Glen Diemar emphasised the significance of the visible copper-bearing sulfide intersection, noting it validates the company’s strategic focus at Evergreen. The visual logging of sulfides, including semi-massive chalcopyrite and pyrite, has been carefully conducted but is preliminary; the company cautions that these observations are not a substitute for laboratory assays, which remain pending.

The detailed geological logging highlights a complex mineralised system with multiple sulfide styles and alteration zones. Drill hole 26DDBR006, for instance, includes intervals with up to 20% chalcopyrite stringer veins and semi-massive sulfides, alongside sphalerite and pyrite in footwall quartz-carbonate alteration zones. Such mineralisation styles are consistent with the polymetallic nature of the South Cobar Basin deposits.

Capital and Outlook

AGC enters this phase of exploration with a strong balance sheet, holding A$7.1 million in cash as of 31 March 2026 and no debt. The company’s clear focus is on converting its extensive landholding and exploration success into a major resource development business. The upcoming assay results from Evergreen and ongoing drilling at Achilles will be critical milestones in validating the scale and grade of these deposits.

While copper is visually prominent at Evergreen, it is excluded from silver-equivalent calculations due to metallurgical recovery uncertainties, a nuance that investors should note when interpreting early results. The company’s metallurgical test work at Achilles has demonstrated robust recoveries for silver, gold, lead, and zinc, underpinning confidence in resource economics.