AGC Extends Achilles High-Grade Mineralisation to 540m Depth

Deepest Drill Hole Confirms Achilles Mineral System Open at Depth

Australian Gold and Copper Ltd (ASX:AGC) has punched through the deepest part of its Achilles deposit with hole A3DD014, delivering its strongest result from the recent depth-extension program. The diamond drill hole intersected 26 metres grading 102 grams per tonne silver equivalent (AgEq) from 433 metres, including a higher-grade 15-metre interval at 153g/t AgEq and a standout 2 metres at 770g/t AgEq. This mineralisation sits approximately 540 metres down dip from surface, extending well beyond the 250-metre depth limit of the current Mineral Resource Estimate (MRE).

The result confirms the Achilles system remains fertile and continuous far below previously modelled boundaries, bolstering confidence in its long-term underground mining potential. Nearby hole A3DD016 also returned significant mineralisation, with 3 metres at 97g/t AgEq from 332 metres.

Implications for Resource Growth and Mining Strategy

AGC’s Managing Director Glen Diemar described the A3DD014 intercept as a “strongest result” that validates the company’s view of a large, open-ended mineral system at Achilles. The hole was drilled about 60 metres below and east of previous deep step-out holes, reinforcing the scale and continuity of the high-grade northern zone.

These deeper intercepts provide important geological information to support AGC’s strategy of expanding the underground portion of the Achilles resource. While the current MRE contains 38.5 million ounces silver equivalent, the new drilling demonstrates mineralisation remains open at depth, which may underpin future resource upgrades and development options.

The company plans to prioritise a next phase of exploration focused on shallow reverse circulation (RC) drilling to target oxide gold-silver mineralisation near surface, which is expected to be faster and lower cost. This approach aims to complement the deeper resource growth by expanding near-surface ounces, potentially accelerating early-stage mining opportunities.

Ongoing Drilling at Evergreen and Broader South Cobar Focus

Diamond drilling continues at AGC’s nearby Evergreen project, where the company is advancing towards an initial Mineral Resource Estimate. With 16 diamond holes completed and 17 underway, assays are expected in coming weeks, potentially adding to AGC’s growing mineral endowment in the South Cobar region.

AGC is also progressing exploration at other NSW projects including Browns Reef–Evergreen and Junee, with recent acquisitions and fieldwork positioning the company for multiple resource development opportunities.

Technical Details and Reporting Standards

The silver equivalent (AgEq) grades reported incorporate recoveries and metal prices for silver, gold, zinc, and lead based on recent metallurgical test work. Copper is excluded from the AgEq calculation due to recovery constraints. Intercepts are estimated true widths and were obtained using oriented diamond core drilling with rigorous sampling and assay protocols consistent with JORC 2012 standards.

The depth-extension drilling program was designed to test below the northern high-grade zone and has successfully intersected mineralisation well beyond the deepest previous hole, A3RCD089, which returned 11 metres at 424g/t AgEq from 305 metres.

AGC confirms no material changes to the assumptions underpinning the Achilles Mineral Resource Estimate announced in December 2025, with ongoing work expected to incorporate the new drill results into future resource updates.