Pacgold

Investor Insight

Pacgold is both a compelling gold exploration company and an emerging near-term gold producer, offering exposure to a large-scale, underexplored intrusion-related gold system at Alice River, complemented by near-term cash flow potential from White Dam, and additional growth from the St George gold–antimony project.

Overview

Pacgold (ASX:PGO) is an Australian gold company pursuing a two-track strategy: high-impact exploration across the large-scale Alice River gold project in Northern Queensland; and near-term gold production from the newly acquired White Dam operation in South Australia.

The company is led by a technically driven team with a demonstrated track record in discovery, mine development, heap leach operations and capital markets. Pacgold’s recent White Dam acquisition marks a strategic shift, positioning the company to generate early cash flow while continuing to expand the resource base at both Alice River and White Dam.

At Alice River, Pacgold holds a dominant 377 sq km land position over a major intrusion-related gold system with clear analogues to globally significant deposits such as Fort Knox (USA) and Hemi (Western Australia). The maiden 474,000 oz gold resource confirms the scale and grade potential, with all zones remaining open and most of the prospective strike still untested.

At White Dam, Pacgold has acquired a fully permitted, turnkey gold operation with past production of ~180,000 oz and a remaining JORC 2012 resource of 102,000 oz. The restart is progressing rapidly, with heap leach pond relining complete and RC drilling underway to support updated resource estimates and new mine scheduling.

The company also holds the St George gold–antimony project, where early exploration has revealed exceptionally high-grade antimony mineralisation across multiple structures.

Company Highlights

• District-scale Discovery Potential: Pacgold controls more than 377 sq km of tenure and more than 30 km of strike length across the Alice River Fault Zone (ARFZ), a fertile, underexplored structural corridor in Northern Queensland.
• Maiden Resource: In May 2025, the company published a 474,000 oz gold mineral resource estimate (MRE), covering just five percent of the total strike, confirming high-grade mineralization and strong potential for expansion.
• Transformational White Dam Acquisition: Pacgold completed the acquisition of 100 percent of the White Dam gold operation, including existing pits, a heap leach facility, a fully operational gold plant and camp infrastructure. Production restart activities are underway with cyanide irrigation scheduled to begin imminently.
• Active Drilling Programs: A 25,000 m RC drilling program is underway at White Dam, initially targeting upgrades to the Vertigo resource. At Alice River and St George, the company continues aggressive RC, air-core and geophysical exploration campaigns.
• Strong Capital Position: Following a $13 million placement (completed October 2025), Pacgold is now well-funded to advance exploration and support the White Dam restart strategy.
• Experienced Leadership: The board includes proven mine developers and discovery geologists with prior success at Chalice, AngloGold Ashanti, BHP and Sibanye-Stillwater.

Key Project

White Dam Gold Operation

In December 2025, Pacgold completed the acquisition of 100 percent of the White Dam gold operation in South Australia. The project includes established open pits (Hannaford and Vertigo), a large heap leach facility, a fully operational processing plant and a full personnel camp.

The mine has a historical production of approximately 180,000 oz gold from 7.5 million tonnes (Mt) at 0.94 grams per ton (g/t) gold via heap leaching. It has a JORC 2012 resource of 4.6 Mt at 0.7 g/t gold for approximately 102,000 oz (indicated + inferred).

Mine restart is underway, with PLS pond relining completed and cyanide irrigation scheduled to commence. The processing plant is undergoing staged recommissioning, with a modest capital requirement of approximately AU$600,000.

An initial 25,000 m RC drilling program has also commenced at White Dam, with a focus on upgrading the Vertigo Resource. Pacgold’s three-phase optimisation and production strategy includes near-term retreatment of existing heap inventory, upgrading and expanding the current resource base, and evaluating numerous near-mine and regional targets (Mary Mine, White Dam East, Rolling, Vertigo extensions).

The operation positions Pacgold to rapidly transition into a cash-flowing producer, supporting exploration and growth across its portfolio.

Alice River Gold Project

The Alice River gold project, Pacgold’s flagship exploration asset, is a large-scale, intrusion-related system centred on the regional ARFZ. The project area includes 377 sq km of contiguous tenure, eight mining leases and more than 30 km of highly prospective structural trends.

The maiden mineral resource estimate totals 474,000 oz of gold, comprising both open-pit and underground resources with strong continuity and open extensions. The Central Zone, which was the focus of recent drilling, has demonstrated broad sericite alteration, sheeted quartz–sulfide veining and robust chargeability anomalies typically associated with major intrusion-related gold systems.

Only ~5 percent of the ARFZ strike has been drill tested, and significant zones remain obscured beneath shallow cover, creating potential for multiple blind discoveries. Regional targets include White Lion, Victoria, The Shadows, Posie and the Southern Target Area. Expanded IP surveys, RC drilling and air-core programs continue through 2025, with follow-up programs scheduled into 2026.

Infrastructure in place, including an airstrip, accommodation camp and road access, allows for efficient mobilisation and year-round fieldwork.

St George Gold–Antimony Project

The St George project provides Pacgold with exposure to high-grade antimony and gold mineralisation across a 905 sq km tenement package in an emerging antimony province in Queensland. Soil geochemistry, mapping and extensive rock chip sampling have identified multi-kilometre mineralised structures, with grades up to 66.6 percent antimony and associated high-grade gold. RC drilling is commencing, with initial geophysical and geochemical results guiding target development.

Management Team

Matthew Boyes – Managing Director and CEO

Matthew Boyes is a geologist with over 28 years of international experience across mine geology, exploration, corporate leadership and capital markets. He has managed exploration teams and development projects across Western Australia, the Americas and Europe. His technical oversight and commercial strategy guide Pacgold’s resource growth and investor engagement.

Caoilin Chestnutt – Non-executive Chair

A former head of business development at BHP and currently head of technical services at Thiess, Caoilin Chestnutt brings nearly 30 years of experience in global exploration strategy, M&A and deal structuring across multiple commodities. She is also deputy chair of Critical Minerals at the Queensland Exploration Council.

Michael Pitt – Non-executive Director

Michael Pitt is the co-founder of New Century Resources (ASX:NCZ), and former VP of business development at Sibanye-Stillwater (JSE:SSW). He currently leads development at Broken Hill Mines. His expertise in mine redevelopment and business strategy supports Pacgold’s long-term operational execution.

Richard Hacker – Non-executive Director

Former CFO and GM commercial at Chalice Mining (ASX:CHN), Richard Hacker played a key role in the Julimar discovery. He has held leadership roles at Liontown Resources and DevEx. Hacker contributes deep experience in financial oversight and strategic planning for discovery-stage companies.

Bruce Kendall – Non-executive Director

Bruce Kendall is an award-winning exploration geologist with over 30 years in exploration management at AngloGold Ashanti, Chalice Mining, Jabiru Metals and IGO. He was a key contributor to the Tropicana, Julimar and Coyote discoveries, and brings essential geological insight to Pacgold’s targeting and evaluation.

Geoff Lowe – Exploration Manager

As a Competent Person and seasoned exploration geologist, Geoff Lowe is responsible for executing Pacgold’s field campaigns. He has played a central role in resource modeling, target generation and drill program design for the Alice River project.