Successful $5.6 million Placement for Exploration Program at Alice River Gold Project

Ǫueensland focused gold explorer, Pacgold Limited (ASX: PGO) (Pacgold or the Company) is pleased to announce it has received firm commitments for a $5.6 million two-tranche placement (Placement) via the issue of 93.3 million new fully paid ordinary shares in the Company (New Shares).

HIGHLIGHTS

• Firm commitments received for a $5.6 million Placement
• Strong support from new and existing institutional and sophisticated investors
• Funds raised allow the Company to accelerate exploration activities at its 100% owned Alice Creek Gold Project in North Ǫueensland

Funds raised from the Placement will be applied towards exploration programs at the Company’s 100% owned Alice River Gold Project (the Project), 300km northwest of Cairns, North Ǫueensland, including:

• 12,000 meters of reverse circulation drilling
• 3,000 meters of diamond drilling;
• 5,000 meters of aircore drilling;
• Regional geophysical and geochemical programs; and
• General working capital.

Pacgold’s Managing Director, Matthew Boyes, commented:

“The support from existing and new shareholders for the Placement is a clear demonstration of support for the quality of the Alice River Project.”

“With this years exploration programmes now well underway and with a quality team in place we can look forward to an exciting year for Pacgold as we expand our exploration footprint extensively along the Alice River project.”

Placement Details

Under the Placement, 93,333,334 New Shares will be issued at A$0.06 per share (Placement Price) comprising:

• Under Tranche 1: 8,329,262 New Shares will be issued pursuant to the Company’s existing placement capacity under ASX Listing Rule 7.1 to raise approximately A$0.5 million, and 13,145,428 New Shares will be issued pursuant to the Company’s existing placement capacity under ASX Listing Rule 7.1A to raise approximately A$0.8 million;
• Under Tranche 2: 71,858,644 New Shares will be issued subject to shareholder approval at a General Meeting of Shareholders, expected to be held in early July 2025, to raise approximately $4.3 million.

The Placement shares will rank pari passu with other ordinary shares on issue.

The Directors of the Company intend to subscribe for a combined $200,000 worth of shares in the Placement, subject to shareholder approval at a General Meeting expected to be held in early July 2025.

Participants in the offer will also receive one (1) free attaching option for every two (2) New Shares subscribed for in the Placement (Attaching Options). The Attaching Options will have an exercise price of $0.10 and an expiry date of 31 December 2027. The Attaching Options will be issued subject to shareholder approval.

Use of funds

Funds raised from the Placement will be used for gold exploration programs at the Alice River Gold Project, as set out in the introductory paragraph above.

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