Pacgold Spins Out North Queensland Assets into Manda Resources Ahead of Late 2026 IPO

Strategic Demerger Creates Dedicated North Queensland Gold Explorer

Pacgold Limited (ASX:PGO) is carving out its North Queensland gold-antimony projects into a new ASX-listed entity, Manda Resources, aiming for an IPO in late 2026. The move unlocks latent value by separating the highly prospective North Queensland portfolio from Pacgold’s South Australian White Dam gold operation, which is transitioning into a near-term producer.

Manda Resources will consolidate more than 1,700 square kilometres of tenure, including the Alice River and St George projects, with an initial 1.33 million ounce gold resource inventory compliant with JORC 2012 standards. The new company is also acquiring Territory Minerals, expanding its contiguous landholding and resource base.

Emerald Resources Backing and Capital Raise Plans

Emerald Resources (ASX:EMR) is a cornerstone investor in Manda, expected to hold around 20% post-IPO. The Manda board and management team feature senior Emerald executives, including Morgan Hart as Managing Director and Jay Hughes as Non-Executive Chair, bringing a proven track record in developing gold projects.

Manda targets a minimum combined pre-IPO and IPO capital raise of $30 million, with a $9 million seed round already completed at $0.25 per share, mostly subscribed by Emerald. The IPO aims to raise approximately $21 million through the issue of 56 million shares at $0.375 each, including a $2 million priority offer to Pacgold shareholders.

Shareholder Benefits and Capital Structure

Eligible Pacgold shareholders will receive Manda shares via an in-specie distribution on a 1:6.7 basis, maintaining significant exposure to the North Queensland assets while retaining their existing Pacgold shares focused on White Dam. Post-IPO, Pacgold is expected to own about 28% of Manda, aligning interests between the two companies.

The demerger and capital return require shareholder approval, with key milestones scheduled through mid to late 2026. The in-specie record date is set for early November 2026, with Manda’s ASX admission targeted for late November.

White Dam Production Ramp-Up and Operational Focus

With the North Queensland assets demerged, Pacgold becomes a more focused cash flow vehicle centred on the White Dam gold operation in South Australia. The plant refurbishment is complete, and the company is ramping up reprocessing of heap leach pad material alongside restarting mining activities, targeting annual production of 15,000 to 20,000 ounces.

This operational pivot is well timed to capitalise on the current gold price environment with minimal new capital expenditure required to increase throughput capacity. Pacgold’s recent drilling campaigns at White Dam, including at the Vertigo deposit, continue to support resource growth and mine planning efforts.

Exploration and Growth Potential under Manda

Manda Resources inherits a portfolio with multiple drill-ready targets, including walk-up drill targets at Alice River and St George. The combined resource base and contiguous tenement package underpin a vision to develop a hub-and-spoke operation with multi-million-ounce potential. Early field activities have commenced with the Manda team already on site to accelerate exploration.

While no new exploration data was released in this announcement, the consolidation and backing by Emerald Resources provide a platform for rapid advancement of these North Queensland projects.