Australian Gold and Copper Ltd (ASX: AGC) has completed the second tranche of its $5 million placement, received a nearly $1 million R&D tax refund, and finalized the acquisition of the drill-ready Junee gold project in NSW.
- Second tranche of $5M placement completed with $2.55M from GeoZen
- Received $987,000 refundable R&D tax offset for FY25
- Acquisition of Junee gold project finalized after shareholder approval
- Junee project offers seven drill-ready gold targets in NSW
- Maiden drilling campaign at Junee planned for current quarter
Funding Strengthened by Major Shareholder Participation
Australian Gold and Copper Ltd (ASX:AGC) has wrapped up the second tranche of its $5 million capital raising, securing $2.55 million from its largest shareholder, GeoZen. This injection follows shareholder approval at AGC’s July 15 extraordinary general meeting, underscoring GeoZen’s commitment amid a challenging capital market.
Managing Director Glen Diemar highlighted the significance of this support, noting that GeoZen’s backing is a testament to the long-term relationship that underpins AGC’s funding stability. The successful completion of this tranche consolidates AGC’s financial position as it prepares for an active exploration phase.
R&D Tax Offset Provides Non-Dilutive Capital
Adding to its financial momentum, AGC has received a refundable research and development (R&D) tax offset of $987,000 from the Australian Taxation Office for exploration activities in the 2025 financial year. This near $1 million cash inflow comes without shareholder dilution, effectively reducing the cost of advancing AGC’s projects.
Diemar described the R&D refund as an “extremely valuable injection of funds,” emphasizing its role in supporting ongoing exploration and resource development without impacting equity holders.
Junee Gold Project Acquisition Expands NSW Footprint
AGC has completed the acquisition of New South Resources Pty Limited, gaining control of the Junee gold project in New South Wales. The deal, previously subject to shareholder approval and other conditions, adds a large-scale, gold-dominant asset featuring seven drill-ready targets within a well-explored gold district.
The Junee project complements AGC’s existing South Cobar portfolio and positions the company to accelerate its exploration efforts in a historically prolific region. The company has already mobilized on-site and plans to commence a maiden drilling campaign this quarter, aiming to unlock the project’s potential.
Achilles Mineral Resource Estimate Remains Robust
AGC reaffirmed its Achilles mineral resource estimate released in December 2025, which totals 38.5 million ounces silver equivalent across open pit and underground categories. The estimate incorporates a blend of silver, gold, zinc, and lead grades, calculated using conservative metal price and recovery assumptions.
The company confirmed no material changes or new data affecting the resource estimate since the last report, maintaining confidence in Achilles as a cornerstone asset. The solid resource base at Achilles provides a foundation as AGC balances exploration with resource development.
Looking Ahead to FY27 Exploration and Development
With funding secured, a valuable R&D refund banked, and the Junee acquisition closed, AGC is gearing up for a busy fiscal year ahead. The imminent maiden drilling at Junee will be closely watched as the company seeks to convert drill-ready targets into tangible resource growth.
Meanwhile, ongoing drilling at Achilles continues to extend high-grade mineralisation beyond previous limits, reinforcing the potential for underground resource expansion. AGC’s strategy to expand its NSW footprint while advancing its South Cobar assets sets the stage for a dynamic FY27.
Bottom Line?
AGC’s strengthened balance sheet and expanded project portfolio set the stage for critical drilling results that could shape its resource trajectory in FY27.
Questions in the middle?
- Will maiden drilling at Junee confirm the project’s prospective targets and justify further investment?
- How will AGC balance exploration spending across Junee, Achilles, and other projects with its current funding?
- Could further R&D refunds or capital raises be pivotal in sustaining AGC’s aggressive exploration agenda?