AGC’s Evergreen results point to a second resource growth engine

Evergreen emerges as AGC’s second discovery engine

Australian Gold and Copper Ltd (ASX:AGC) is turning Evergreen into a serious counterweight to its Achilles project, with September-quarter drilling confirming a shallow, high-grade gold-silver zone inside a broader polymetallic system. The standout diamond hole returned 17 metres at 5.3 grams per tonne gold, 163g/t silver, 0.8% copper and 17.3% lead plus zinc from 128 metres, including 8 metres at 10.4g/t gold and 311g/t silver.

“Evergreen drone photo looking south at diamond core drill rig in the foreground towards other drilled target areas.”

“Evergreen map with drilling results across the greater Evergreen corridor. Silver, copper, lead and zinc are not shown, AGC ASX 28 October 2026.”

Caption and image © Australian Gold and Copper Ltd. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 30 Oct 2026.

The western zone was initially defined over about 150 metres of strike by the end of the quarter and remains open along strike and at depth. Follow-up reverse-circulation results reported after quarter end extended the story: EGRC005 returned 15 metres at 4.8g/t gold from 61 metres, while EGRC008 delivered 13 metres at 3.3g/t gold, 264g/t silver, 0.8% copper, 4.8% zinc and 5.3% lead from 99 metres. Both holes ended in mineralisation, leaving further extensions to test.

“Evergreen 3D view looking along the line of mineralisation towards the north. Labelled intercepts are from 26DDBR017 and 26DDBR013.”

The new results build on the Evergreen western discovery, which previously extended known mineralisation by roughly 150 metres. AGC says the western zone is interpreted to trend northwest and may intersect the main Evergreen mineralised zone, a target now being tested with additional RC drilling.

Drilling is moving towards an Evergreen resource estimate

AGC completed 17 diamond holes for 5,631.9 metres and 21 RC holes for 2,593 metres at Evergreen during the broader campaign. The data is being combined with more than 25,000 metres of historical drilling to refine mineralised domains, geometry and continuity ahead of an initial Mineral Resource Estimate.

“RC drill rig in operation”

Caption and image © Australian Gold and Copper Ltd. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 30 Oct 2026.

The geology is not uniformly high grade. Broader northern and deeper drilling repeatedly intersected zinc-gold-rich mineralisation with silver, copper and lead, while gold grades of about 0.3g/t to 0.8g/t appeared consistently through several wider polymetallic intervals. AGC also cautioned that the reported widths are downhole lengths, not true widths, and that recovery in the strongly oxidised shallow zone was reduced, including 50% recovery for part of hole 26DDBR013. Those details matter when the company moves from discovery headlines to resource tonnes and grade.

“RC drill rig in operation”

The latest campaign follows the broad zinc-gold drilling reported in September, when a 21-hole RC program had been completed but assays were still pending. The company plans further RC drilling at Evergreen from December, subject to permitting.

Achilles adds depth while Junee waits for 2027

Evergreen is not the only source of resource-growth potential. At Achilles, July results placed mineralisation at least 540 metres down dip from surface and approximately 250 metres below the base of the existing 38.5 million ounce silver-equivalent resource. The deepest hole, A3DD014, returned 26 metres at 102g/t silver equivalent from 433 metres, including a 2-metre interval at 770g/t silver equivalent. Seven shallow RC holes were also completed, with assays pending at quarter end.

“Achilles northern zone cross section showing high-grade mineralisation from surface to 540m down dip depth, looking north through 6,329,070N.”

“Field work at the Junee Gold Project during the quarter.”

Caption and image © Australian Gold and Copper Ltd. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 30 Oct 2026.

AGC completed its acquisition of the Junee Gold Project during the quarter, adding seven drill-ready gold and copper-gold targets about 230 kilometres south of South Cobar. Field work included more than 1,200 soil samples, but drilling has been deferred to the January-March 2027 quarter to accommodate cropping and prioritise Evergreen. That decision concentrates near-term effort on the newer discovery, while leaving Junee as a later exploration catalyst.

A$5.9 million cash balance leaves limited room for delay

“The Company had cash on-hand at the end of the quarter of $5.9 million.”

The company ended September with A$5.9 million in cash and no debt after completing the final tranche of a A$5 million placement and receiving A$920,000 from the Australian Taxation Office as a refundable R&D tax offset, net of applicable fees and interest. Exploration and evaluation spending was A$2.505 million for the quarter.

AGC’s Appendix 5B estimated available funding at 1.93 quarters based on relevant quarterly outgoings of A$3.061 million. The company said it expects to apply for and receive a further FY26 R&D tax offset and is managing exploration in line with available funding. That provides a stated funding path, but it does not remove the question of how Evergreen drilling, an initial resource estimate, pending Achilles assays and the planned Junee program will be financed if exploration spending remains elevated.