What PC Gold does

PC Gold Ltd (ASX: PC2) is an Australian gold exploration and development company headquartered in Peppermint Grove, Western Australia, with its principal asset—the Spring Hill Gold Project—located in the Northern Territory's Pine Creek Orogen region. The company's entire operating footprint centres on this single project, acquired in 2016 through the 100% purchase of TM Gold Pty Ltd. As of June 2024, Spring Hill holds a JORC 2012 compliant mineral resource estimate of 821,000 oz Au (424,000 oz Indicated at a 0.5 g/t cut-off), with an additional 1-2Moz exploration target. Technical activities encompass conventional RC and diamond drilling (a planned 20,000m in 2025 scaling to 45,000m in 2026), full metallurgical test work, CIL (Carbon-in-Leach) plant design, free-milling gold recovery systems (96%+ recovery in 24 hours, up to 70% gravity recovery), and JORC resource estimation by independent consultants.

The company is pre-revenue and does not yet generate product revenue; the project has been funded through a combination of pre-IPO private capital (A$20M+ since 2016), an October 2025 ASX IPO that raised A$13.5 million at A$0.25 per share, and a subsequent A$24 million placement in early 2026. Proceeds are directed toward the 2025-2026 drilling program and completion of a feasibility study intended to advance Spring Hill toward a production decision. The asset is supported by a 21-year granted mineral lease with environmental approvals for open pit mining in place, NT Mine Management Plan approval, pre-dated native title, and an option to expand to a standalone CIL plant.

The target audience is institutional and retail investors on the ASX seeking exposure to a permitted, multi-million-ounce gold development asset in a Tier-1 Australian jurisdiction, with management and insiders holding approximately 40% of issued capital to align interests. The current go-to-market motion is standard ASX investor relations—roadshows, investor presentations, regulatory disclosures, and research coverage (Euroz Hartleys). Future revenue mechanics will rely on gold offtake agreements with refineries or precious metals traders once a production decision is taken.

Name

PC Gold

Legal name

PC Gold Ltd

Website

https://pcgold.com.au

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

PC Gold is an Australian gold explorer and developer (ASX: PC2) advancing its 100%-owned Spring Hill Gold Project in the Northern Territory's Pine Creek region. The pre-revenue company holds an 821,000 oz JORC 2012 resource plus a 1-2Moz exploration target.

Ownership category

akta.pro rank

Product category

Gold Mining and Exploration

NAICS

Gold Ore and Silver Ore Mining (212220)

SIC

Gold And Silver Ores (1040)

akta.pro primary industry

Gold Mining (IMAKAEAA)

Keywords

• Gold exploration
• Gold mining development
• Mineral resource estimation
• Open pit mining
• Gold production

Headquarters

HQ city

Peppermint Grove

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Marketing or Sales

Revenue model

1. Gold Production (Future): Once the Spring Hill project reaches production, PC Gold will generate revenue through the sale of extracted gold. The project has demonstrated favorable metallurgy with 96%+ recovery rates and is positioned for open pit mining with potential underground extension.
2. Capital Raising / Equity: Pre-revenue exploration company currently raising capital through ASX equity offerings. IPO raised $13.5M with subsequent $24M placement to fund exploration and feasibility work.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

PC Gold is an ASX-listed gold exploration and development company that owns 100% of the Spring Hill Gold Project in the Pine Creek region of the Northern Territory, Australia. The project holds a JORC 2012 compliant mineral resource of 821,000 oz (424,000 oz Indicated) plus a 1-2Moz exploration target. The company is pre-revenue and advancing the project through drilling, metallurgical testing, and feasibility studies toward future open-pit gold production.

Product overview

PC Gold is an Australian Gold Explorer and Developer offering a single primary product: the Spring Hill Gold Project. This is a large-scale, high-grade gold project located in the Pine Creek region of the Northern Territory, Australia. The company listed on the ASX in October 2025 (ticker: PC2). The project holds a JORC 2012 resource of 821,000 oz with significant exploration upside potential of 1-2Moz. The company is undertaking an aggressive drill program and feasibility study to advance the project toward production.

Differentiator

Problem solved

Functional benefit

Products and services

• Spring Hill Gold Project 100%-owned gold project located in the Pine Creek region of the Northern Territory, Australia, holding a JORC 2012 resource of 821,000 oz (424,000 oz Indicated) with a 1-2Moz exploration target across a +5km mineralised corridor. The project includes a 21-year granted mining lease with environmental approvals for open pit mining and is being advanced toward production.
• Mineral Resource Estimate (MRE) - June 2024 JORC 2012 compliant mineral resource estimate for the Spring Hill Gold Project, reporting 821,000 oz Au total resource (431,000 oz Indicated at 1.0 g/t Au from 13.0 Mt, and 397,000 oz Inferred at 1.0 g/t Au from 12.6 Mt) based on approximately 38,000m of drilling.

Quantifiable outcome

• 96%+ gold recovery in 24 hours; up to 70% gravity recovery
• +5 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered major and minor.

• Cube ConsultingmajorImplementation/ SI/ Consulting PartnerIndependent consulting firm engaged for JORC 2012 compliant Mineral Resource estimation. Mr. Brian Fitzpatrick of Cube Consulting served as Competent Person for the resource estimate, with 37+ years of professional geology experience.
• Eupene Exploration Enterprises Pty LtdmajorStrategic or Co-development PartnerFounded in Darwin in 1980 by Geoffrey Eupene, EEE has participated in exploration, development and operation of many successful mining projects in the NT. Geoff Eupene has been involved with Spring Hill since the early 1990s managing exploration for Ross Mining NL and Billiton. He now serves as NT Technical Advisor to PC Gold.
• Union Reef PlantminorStrategic or Co-development PartnerThird-party processing facility used for the 13,250t bulk sample that produced 960oz gold with ~97% recovery, de-risking mining and processing assumptions for Spring Hill.
• NagromminorStrategic or Co-development PartnerMetallurgical testing laboratory that conducted assay and recovery testing on samples from the Hong Kong zone and smaller pits at Spring Hill.
• Gekko SystemsminorStrategic or Co-development PartnerMetallurgical equipment and testing company that conducted gravity recovery and overall recovery testing on Hong Kong zone and smaller pit samples, demonstrating up to 95.9% overall recovery.
• ALSminorStrategic or Co-development PartnerGlobal laboratory services company (ALS) that conducted metallurgical testing on Mullock samples, achieving 98.1% overall recovery.
• Agnico EagleminorStrategic or Co-development PartnerSean Church, COO of PC Gold, was previously Project Manager for Agnico Eagle overseeing Northern Territory assets, bringing operational expertise from a major gold producer.

Scale indicators10 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Northern Star Resources: Australia's largest gold producer with multiple operating mines across the country and a history of acquiring development-stage Australian gold assets. While a producer not a developer, the company's M&A flywheel makes it the most likely strategic acquirer of advanced-stage Pine Creek-style gold projects like Spring Hill.
• Westgold Resources: Mid-tier Australian gold producer with multiple Western Australian and Northern Territory-adjacent operations. Comparable in commodity focus and Australian jurisdiction, and a likely strategic consolidator for Pine Creek-area juniors.
• Evolution Mining: Mid-tier Australian gold producer with a portfolio that has historically included Northern Territory and Pine Creek-adjacent assets (e.g., Ernest Henry) and a disciplined acquisition strategy targeting organic growth plus bolt-ons. Highly comparable as a probable acquirer of single-project developers like PC Gold.
• Ramelius Resources: Australian gold producer with a focus on production growth through acquisitions of advanced-stage projects in tier-1 jurisdictions. Comparable to PC Gold in target geography (Australia), commodity (gold), and growth pathway (production from single/limited asset base).

Emerging players

• Bellevue Gold: ASX-listed single-asset gold developer advancing the Bellevue Gold Project in Western Australia. Highly comparable business model to PC Gold: pre-production developer focused on a single high-grade gold project, transitioning from feasibility toward production with staged capital raises.
• Capricorn Metals: Australian single-asset gold developer/producer that brought the Karlawinda gold mine into production. Comparable as a recent ASX-listed example of the transition from single-project developer to mid-tier producer, demonstrating the M&A and corporate pathway that PC Gold could follow.
• Black Cat Syndicate: ASX-listed single-jurisdiction gold developer with multiple advanced-stage projects in Western Australia. Comparable pre-revenue single-commodity profile to PC Gold, though with a broader asset base rather than a single project.

Direct peers

• Emmerson Resources: ASX-listed junior explorer-developer focused on the Northern Territory's Pine Creek region (Tennant Creek and broader). Direct geographic and geological peer to PC Gold given shared focus on Pine Creek Orogen gold systems.
• Vista Gold Corp: Vista Gold's flagship Mt Todd gold project is also located in the Pine Creek Orogen of the Northern Territory — the same Tier-1 jurisdiction as PC Gold's Spring Hill. Both are single-asset gold developers targeting open-pit plus potential underground production in Australia, with similar permitting and resource-development pathways.

Others

• GBS Gold International: Historical operator of the Cosmo and Tally Ho gold mines in the Pine Creek region of the Northern Territory, where PC Gold's own Exploration Manager Peter Harris previously added 1Moz to Cosmo and discovered Tally Ho. Provides a comparable operational and geological benchmark for NT gold mining, even though GBS is no longer the active operator.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/pc-gold-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PC Gold