AGC Expands NSW Gold Portfolio with $5.4M Junee Acquisition

AGC Moves Into Major NSW Gold Province

Australian Gold and Copper Ltd (ASX:AGC) has significantly broadened its exploration portfolio with a binding agreement to acquire New South Resources Pty Ltd, owner of the Junee Gold Project in New South Wales. The deal, struck at a valuation of approximately $5.4 million via the issuance of 30 million AGC shares, marks a strategic leap into one of NSW's most fertile gold belts, home to the 14 million ounce Cowal Gold Mine and the world-class Cadia Valley.

The Junee Project, located about 230km south of AGC’s South Cobar operations, boasts seven drill-ready gold-dominant targets, including the high-grade Dobroyde epithermal deposit, which has yielded intercepts such as 64m at 13.5 g/t gold and 39m at 5.2 g/t gold. The Burringa deposit adds copper-gold-molybdenum potential with a new system discovered at 42m grading 0.7% copper and 0.2 g/t gold from shallow drilling.

Funding Boost to Advance Drilling

To underpin an aggressive exploration push, AGC simultaneously secured firm commitments for a two-tranche placement raising $5 million. The capital will fund ongoing drilling at the South Cobar Achilles and Evergreen projects as well as accelerate the Junee program. Notably, the placement includes participation from GeoZen Resources Group Co Ltd, a related party, subject to shareholder approval.

This funding injection arrives as AGC continues to build on its recent milestones, including a 38.5 million ounce silver-equivalent resource at Achilles and promising drilling results at Evergreen, where a 6.5m semi-massive chalcopyrite zone was recently intersected. The company’s exploration momentum is reflected in its ongoing 8,000m drilling program across Browns Reef and Evergreen, positioning AGC well across multiple NSW mineral provinces.

Junee’s Geological Promise and Exploration History

Junee sits within the Junee-Narromine Volcanic Belt and shares geological features with the Cadia porphyry Au-Cu district, enhancing its exploration appeal. The project area has attracted over $10 million in exploration spending since 2017, led by majors like Freeport-McMoRan and Newmont, with New South Resources operating joint ventures before AGC’s acquisition.

Multiple mineralisation styles have been identified, including carbonate base metal epithermal gold, alkalic porphyry copper-gold-molybdenum, skarn, and lode-style gold deposits. The project’s seven advanced targets, such as Dobroyde, Macaules Ridge, Burringa, Forest Hill, and Stanyers, offer immediate drill opportunities with existing high-grade intercepts and strong geophysical signatures.

AGC’s Managing Director Glen Diemar highlighted the acquisition’s strategic fit, noting the project’s potential to complement the South Cobar strategy and add a new growth pillar targeting multi-million ounce gold deposits. He emphasised confidence bolstered by Newmont’s ongoing exploration in the belt and recent successes by peers like Waratah Minerals at the Cargo project.

Next Steps and Shareholder Approvals

Completion of the acquisition is expected by early July, subject to New South shareholders approving an in-specie distribution of AGC shares and AGC shareholders consenting to the share issuance and related party participation. Drilling preparations are underway, with fieldwork and permitting commencing immediately and drilling slated to start once approvals are secured.

AGC plans to maintain momentum at South Cobar while rapidly advancing Junee, a dual approach that could redefine the company’s resource base and development trajectory. The acquisition and capital raise collectively signal AGC’s intent to transition from explorer to developer in a competitive NSW gold landscape.