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PC2
ASX (ordinary shares); also Frankfurt FSE:D6A
PC Gold Ltd
v8.1 · pc2-20261104t223210-full- Last 2026-11-06
- A$0.835
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
- Locked: sign in to view
- Mkt cap
- A$323M
- EV
- A$237.7M
- Cash
- A$85.5M
- Debt
- A$175K
Investment view
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Investment view
Our rating, thesis and what the price implies are available to subscribers.
Sign in or enter a guest codeAnnouncements
Latest 12 of 11All sources ▸- Regional targeting presentation (29 Oct 2026)Presentation
- September 2026 Quarterly Activities Report and Appendix 5B (27 Oct 2026)Results
- Appointment of Non-Executive Director and Company Secretary (6 Oct 2026)Governance
- Annual Report 2026 (year ended 30 June 2026)Results
- Ceasing to be a substantial holder (Perennial Value Management, 3 Sep 2026)Other
- A$75 million institutional placement (27 Aug 2026)Financing
- Settlement of Pine Creek camp acquisition (16 Jul 2026)Transaction
- Exploration update and strategic tenement acquisition (16 Jun 2026)Results
- Acquisition of Pine Creek camp infrastructure (11 Jun 2026)Transaction
- Half-year financial report for the six months to 31 December 2025Results
- Successful A$24.0 million placement (9 Feb 2026)Financing
Event calendar · next 12 months
5 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| Q4 CY2026 | Pre-feasibility study delivery | Study | Company Guided | High | First economic study: capex, operating cost, recovery and NPV at study prices. The first test of the resource conversion case. |
| 9 November 2026, 10.00am AWST | AGM (approval of Clark director subscription under ASX Listing Rule 10.11) | Governance | Confirmed | Medium | Approves the A$2.0m director subscription (about 1.9m shares) and any other resolutions; a change to the pending share count. |
| Targeted December 2026 | Updated Mineral Resource Estimate (including drilling after April 2026 and density work) | Resource Or Reserve | Company Guided | High | Density testwork shows true SG 2.87-3.07 t/m3 against bulk densities of 2.53-2.81 used in July, a possible tonnage change; Link Zone and infill upgrade could shift classification. |
| On or after 8 Dec 2026, subject to Ministerial approval | Completion of Mining Lease purchase (A$6.5m) | Transaction | Company Guided | Medium | Secures the last third-party leases in the project area; A$4.5m cash outflow and A$2.0m in shares. |
| Late January 2027 (quarter ending 31 Dec 2026) | December 2026 quarterly activities and Appendix 5B | Results | Inferred | Medium | Cash, burn and drilling after the placement; PFS status. |
Executive roster
As of 2026-10-06Background checks ▸Executive directors, chief executive, named senior management and company secretary from the 2026 annual report, the September 2026 quarterly and the 6 Oct 2026 appointment notice. Non-executive directors are in the director list below; Wei Li (CFO, July 2026 presentation, image page) and Ben Broad (local product only) could not be verified in a read text page and are not listed.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Ashley Pattison | Executive Chairman and Chief Executive Officer · Director | Executive Director · Chief Executive | — | Annual Report 2026 (year ended 30 June 2026) |
| Sean Church | Chief Operating Officer | Senior Management | — | Annual Report 2026 (year ended 30 June 2026) |
| Peter Harris | General Manager - Exploration | Senior Management | — | Annual Report 2026 (year ended 30 June 2026) |
| Briohny McManus | Company Secretary | Company Secretary | 2026-10-05 | September 2026 Quarterly Activities Report and Appendix 5B (27 Oct 2026) |
devCoverage status: Partial
Portfolio detail
Assets
Core asset
Spring Hill Gold Project
AU
Resource Stage100% ownedGold
Resource-stage; interim MRE July 2026; PFS in progress (target Q4 CY2026); no ore reserve; no economic study
- Contained metal (attributable)
- 1.5m ozd
- Resource grade
- 1.10 g/t
- % Measured + Indicated
- 66.3%d
- Resource tonnes
- 43.60 Mt
- Our value per attrib. contained unit
- Locked
- Mining method
- Open-pit and potential selective underground (PFS under evaluation; no approved mine plan)
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Resources & reserves3
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Indicated | 28.8M t | 1.1 g/t Au | Gold | 2026-07-21 |
| Mineral Resource | Inferred | 14.7M t | 1.1 g/t Au | Gold | 2026-07-21 |
| Mineral Resource | Total | 43.6M t | 1.1 g/t Au | Gold | 2026-07-21 |
Tenements6
Milestones3
- Updated Mineral Resource Estimate including drilling to April 2026 cut-off and density work
Pending · High materiality
- Pre-feasibility study delivery (stand-alone 3 Mtpa CIL plant, open pit plus underground)
Pending · High materiality
- Completion of purchase of the last third-party Mining Leases (A$6.5m)
Pending · Medium materiality
Permits & approvals2
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Mining Lease ML 23812 (Spring Hill) | Northern Territory | Granted | — | No |
| Mining Lease application ML 34541 (expands footprint about 43%) | Northern Territory | Pending | — | Yes |
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
Funded for the current programme: A$75.0m placement (Sep 2026) lifted cash to A$85.5m at 30 Sep 2026. Remaining obligations: A$4.5m cash for Mining Leases (completion on or after 8 Dec 2026), Pine Creek camp refurbishment, 80,000m surface drilling, 20,000m underground drilling and PFS/DFS through FID. A PFS-to-FID development capex is not yet estimated, so a development funding gap cannot be sized. Environmental bonds of A$1.73m at 30 Jun 2026 are not counted as cash.
Capital structure
Ownership and dilution
- Ordinary shares
- 386.8M
- Fully diluted
- 402.6M
30 Jun 2025: 186,621,750 shares; IPO 21 Oct 2025 53.4m at A$0.25 (A$13.35m), convertible notes 13.9m and RIVI debt 18.4m converted, 1.7m performance-right shares; 13 Feb 2026 36,846,154 at A$0.65 (A$23.95m) and 2.40m Drill-for-Equity shares; 30 Jun 2026 313,275,801; 16 Jul 2026 274,419 camp shares; 3 Sep 2026 71,428,571 placement shares at A$1.05 and 1,850,000 vested rights shares; 386,828,791 at 15 Sep 2026. Pending: 2.0m-value shares for Mining Lease consideration and about 1.9m director shares subject to approval.
Security classes2
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Fully paid ordinary shares | Ordinary Share | 386.8M | — | — |
| Performance rights under the employee securities incentive plan (hurdles include MRE and PFS milestones; 1.85m vested 3 Sep 2026) | Performance Right | 15.8M | A$0 | — |
Company guidance1
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Drilling Programme (Surface Exploration, Resource Definition And Underground) | spring-hill | FY2027 | 125,000 | 125,000 m | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-09-03Ann. 2026-08-27 | Raising | A$75M | 71.4M | — | Completed | — |
| 2026-02-13Ann. 2026-02-09 | Raising | A$24M | 36.8M | — | Completed | — |
| 2025-10-21Ann. 2025-08-13 | Raising | A$13.4M | 53.4M | — | Completed | — |
Contracts and ownership
Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.
Contracts disclosed in the annual report and the quarterly to 4 Nov 2026: no royalty, stream, offtake, JV, farm-in or hedge is disclosed; the Mining Lease sale and the Drill-for-Equity contract are the only contractual economic items.
Binding Tenement Sale Agreement to acquire ML 30467, ML 30719, ML 30722, water licence L10021 and production bore RN026347 (about 43.5 ha) inside the Spring Hill footprint. Completion expected on or after 8 Dec 2026 subject to Ministerial approval. No Mineral Resource or Ore Reserve is attributed to the acquired leases.
Other · Conditional- Counterparties
- JSM Mining Pty Ltd (vendor)
- Applies to
- Spring Hill Gold Project · Gold
- Economic direction
- Burden
- Period
- From 2026-10-08; no end date stated
- Key terms
- Consideration: 6,500,000 AUD
Royalty: NT statutory royalty only
How it affects our valuation
No valuation treatment is available for this arrangement.
Drill-for-equity contract for A$1.0m of drilling services settled in shares. Completed: no live obligation.
Other · Expired- Counterparties
- Drilling contractor (not named in the pages read)
- Applies to
- Spring Hill Gold Project · Gold
- Economic direction
- Burden
- Period
- 2025-11-05 to 2026-03-19
- Key terms
- Consideration paid in shares: 1,000,000 AUD
How it affects our valuation
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
Assessment is low-confidence and evidence-limited. The selected ledger contains 6 current executives. Reviewed issuer/ASX records help confirm roles and company context, but do not establish complete executive biographies, measured individual delivery, or exhaustive person-level adverse history. Current issuer management page observed at cutoff and August board release; FY2026 annual report could not be reviewed and company-secretary succession is pending.
Decision-relevant facts
Material summary
Ashley Pattison
Executive Chair, Chief Executive Officer
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- No sufficiently corroborated, dated biography was located in the reviewed records for Ashley Pattison; prior employers, education, qualifications, concurrent directorships and exact role commencement remain gaps.
- Person-specific failure, fraud, legal, safety, environmental and governance coverage for Ashley Pattison is incomplete; open-web work documented here is not an exhaustive criminal, sanctions, litigation, reference or credential check.
Sean Church
Chief Operating Officer
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- No sufficiently corroborated, dated biography was located in the reviewed records for Sean Church; prior employers, education, qualifications, concurrent directorships and exact role commencement remain gaps.
- Person-specific failure, fraud, legal, safety, environmental and governance coverage for Sean Church is incomplete; open-web work documented here is not an exhaustive criminal, sanctions, litigation, reference or credential check.
Ben Broad
Operations Manager
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- No sufficiently corroborated, dated biography was located in the reviewed records for Ben Broad; prior employers, education, qualifications, concurrent directorships and exact role commencement remain gaps.
- Person-specific failure, fraud, legal, safety, environmental and governance coverage for Ben Broad is incomplete; open-web work documented here is not an exhaustive criminal, sanctions, litigation, reference or credential check.
Peter Harris
General Manager Exploration
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- No sufficiently corroborated, dated biography was located in the reviewed records for Peter Harris; prior employers, education, qualifications, concurrent directorships and exact role commencement remain gaps.
- Person-specific failure, fraud, legal, safety, environmental and governance coverage for Peter Harris is incomplete; open-web work documented here is not an exhaustive criminal, sanctions, litigation, reference or credential check.
Wei Li
Chief Financial Officer
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- No sufficiently corroborated, dated biography was located in the reviewed records for Wei Li; prior employers, education, qualifications, concurrent directorships and exact role commencement remain gaps.
- Person-specific failure, fraud, legal, safety, environmental and governance coverage for Wei Li is incomplete; open-web work documented here is not an exhaustive criminal, sanctions, litigation, reference or credential check.
John Lewis
Company Secretary
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- No sufficiently corroborated, dated biography was located in the reviewed records for John Lewis; prior employers, education, qualifications, concurrent directorships and exact role commencement remain gaps.
- Person-specific failure, fraud, legal, safety, environmental and governance coverage for John Lewis is incomplete; open-web work documented here is not an exhaustive criminal, sanctions, litigation, reference or credential check.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-09-15 · 386,828,791 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 15.89% | 61,470,115 | |
| 2 | 13.07% | 50,565,500 | |
| 3 | 9.85% | 38,119,340 | |
| 4 | 8.01% | 30,973,800 | |
| 5 | 4.47% | 17,290,456 | |
| 6 | 3.66% | 14,163,668 | |
| 7 | 3.22% | 12,454,213 | |
| 8 | 2.79% | 10,797,727 | |
| 9 | 2.30% | 8,915,544 | |
| 10 | 1.93% | 7,476,744 | |
| 11 | 1.75% | 6,756,200 | |
| 12 | 1.38% | 5,346,139 | |
| 13 | 1.29% | 4,981,994 | |
| 14 | 1.23% | 4,770,085 | |
| 15 | 1.21% | 4,662,372 | |
| 16 | 1.19% | 4,603,710 | |
| 17 | 0.97% | 3,771,172 | |
| 18 | 0.97% | 3,747,018 | |
| 19 | 0.90% | 3,462,751 | |
| 20 | 0.87% | 3,362,860 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 15.89%Issued shares | 2026-09-15 | |
| 13.90%Issued shares | 2026-09-15 | |
| 13.07%Issued shares | 2026-09-15 | |
| 9.57%Issued shares | 2026-09-15 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- The report’s substantial-holder and registered-account figures conflict for Citicorp; both disclosures are shown with a visible caveat.
- Nominee accounts do not establish underlying beneficial owners.
Sources
- PC Gold Ltd Annual Report 2026
ASX / PC Gold Ltd · Published 2026-09-22 · Accessed 2026-10-09
Substantial-holder summary and full top-20 ordinary-share register as at 15 September 2026; issued capital 386,828,791 ordinary shares.
Local PDF downloads/PC2/2026/2026-09-22_Annual Report to shareholders_a597ff0af7a711ea.pdf, pp. 40-41
Disclosed activity
Insider transactions
No transactions were identified in this reviewed view.
The closest covered peers
Peer comparison
Peer comparison pending
No peer comparison has been saved for this company.
An on-demand analysis selects up to five closest peers and checks what their differences mean for independent fair value.
Narrative and provenance
Research & Sources
AI Analyst Report
The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.
Sign in or enter a guest codeChronological evidenceSource-document inventory16 documents
PC2 ASX closing price, 4 Nov 2026 (reference price)Market Data · HighMetadata Only
Reference price A$0.78 (close 4 Nov 2026, volume 260,345; fresh, 0 days) from the local ASX price database data/asx_mining_companies.db (miners.reference_price PC2 --valuation-date 2026-11-04). Market cap at 386,828,791 shares is about A$301.7m. Price-history returns: 1M -21%, 12M +247%; 52-week range A$0.215 to A$1.47.
- Document ID
- mkt-pc2-close-20261104
- Published UTC
- 2026-11-04T06:00:00Z
- Projects
- spring-hill
- Commodities
- gold
Gold spot and trailing averages (market data provider GC futures, local metal price database)Commodity Data · HighMetadata Only
Gold spot US$3,940.40/oz on 3 Nov 2026 (series yahoo_futures:gc in data/metal_prices.db); trailing 12-month average US$4,451.5 (low 3,898.9, high 5,318.4); 3-year average US$3,314.3; AUD per USD 1.4236 (market snapshot, cutoff 4 Nov 2026). Spot in A$ approximately A$5,609/oz.
- Document ID
- mkt-gold-spot-20261103
- Published UTC
- 2026-11-03T06:00:00Z
- Projects
- spring-hill
- Commodities
- gold
Regional targeting presentation (29 Oct 2026)Presentation · MediumExtracted
Investor presentation (Oct 2026) on regional exploration targeting outside the current resource; ranked targets are exploration targets, not Mineral Resources.
- Document ID
- targets-oct26
- Published UTC
- 2026-10-29T02:54:31Z
- Projects
- spring-hill
- Commodities
- gold
September 2026 Quarterly Activities Report and Appendix 5B (27 Oct 2026)Results · HighExtracted
Quarterly activities and Appendix 5B for the quarter to 30 Sep 2026. Cash A$85.5m after A$75.0m placement; quarter operating outflow A$0.89m and investing A$6.80m; interim MRE and Table 1 comparison with June 2024 MRE; PFS metallurgy (90.2-99.4% extraction); Mining Lease purchase A$6.5m (completion on or after 8 Dec 2026); Clark appointment and Company Secretary change; RC and diamond drilling results; PFS due Q4 CY2026.
- Document ID
- q-sep26
- Published UTC
- 2026-10-26T21:18:20Z
- Projects
- spring-hill
- Commodities
- gold
Local management assessment and executive profiles (management/PC2)Governance · MediumMetadata Only
Local product (cutoff 9 Oct 2026, built from a v6.2 company file): roster of six executives including Ben Broad (Operations Manager). Ben Broad does not appear in any primary document read for this run, so he is excluded from the roster. Other roster names are checked against the annual report, the quarterly and the July 2026 presentation.
- Document ID
- mgmt-local-products
- Published UTC
- 2026-10-08T23:00:00Z
- Projects
- spring-hill
- Commodities
- gold
Local register and substantial holder products (ownership/PC2)Governance · LowMetadata Only
Local top-20 register and substantial holder product as at 15 Sep 2026; checked against the annual report pages 40-41, which agree on the 386,828,791 issued shares and the top holders.
- Document ID
- ownership-local-products
- Published UTC
- 2026-10-08T23:00:00Z
- Projects
- spring-hill
- Commodities
- gold
Appointment of Non-Executive Director and Company Secretary (6 Oct 2026)Governance · MediumExtracted
Richard (Rick) Clark appointed independent Non-Executive Director effective 5 Oct 2026; Briohny McManus appointed Company Secretary replacing John Lewis.
- Document ID
- director-oct26
- Published UTC
- 2026-10-05T21:14:09Z
- Projects
- spring-hill
- Commodities
- gold
Annual Report 2026 (year ended 30 June 2026)Results · HighExtracted
Audited FY2026 annual report for year ended 30 June 2026 (signed 22 Sep 2026). Loss A$3.23m; cash plus term deposits A$21.7m; 313.3m shares at 30 June 2026 and 386.8m at 15 Sep 2026 after the A$75m placement; interim MRE 43.6Mt @1.1 g/t for 1.51Moz (Indicated 1.00Moz, Inferred 0.51Moz) at 0.5 g/t cut-off; no ore reserve; no dividends; directors, executives, top-20 register and substantial holders at 15 Sep 2026.
- Document ID
- ar-fy26
- Published UTC
- 2026-09-22T06:53:40Z
- Projects
- spring-hill
- Commodities
- gold
Ceasing to be a substantial holder (Perennial Value Management, 3 Sep 2026)Other · LowExtracted
Perennial Value Management notice (3 Sep 2026) of changes in relevant interests and ceasing to be a substantial holder; names HSBC as the holder whose interest changed in February and March trades.
- Document ID
- ceasing-holder-sep26
- Published UTC
- 2026-09-04T06:34:19Z
- Projects
- spring-hill
- Commodities
- gold
A$75 million institutional placement (27 Aug 2026)Financing · HighExtracted
Firm commitments for A$75.0m single-tranche placement of about 71.4m shares at A$1.05 (27 Aug 2026), settled 2 Sep and issued 3 Sep 2026; proceeds for ~80,000m exploration, 20,000m underground drilling, 25,000m RC infill, PFS and DFS to FID. Incoming director Clark committed A$2.0m subject to shareholder approval.
- Document ID
- placement-aug26
- Published UTC
- 2026-08-26T23:39:50Z
- Projects
- spring-hill
- Commodities
- gold
Settlement of Pine Creek camp acquisition (16 Jul 2026)Transaction · LowExtracted
Settlement of the camp acquisition; consideration A$475,000 cash and 274,419 shares issued at A$1.075; 500,000 performance rights issued to employees.
- Document ID
- camp-settle-jul26
- Published UTC
- 2026-07-16T08:13:09Z
- Projects
- spring-hill
- Commodities
- gold
Exploration update and strategic tenement acquisition (16 Jun 2026)Results · MediumExtracted
Drilling update (Link Zone and Macau footwall intercepts, not in the MRE) and acquisition of an adjoining exploration licence of about 68 km2 east of Spring Hill.
- Document ID
- tenement-jun26
- Published UTC
- 2026-06-15T22:18:29Z
- Projects
- spring-hill
- Commodities
- gold
Acquisition of Pine Creek camp infrastructure (11 Jun 2026)Transaction · LowExtracted
Binding agreement to acquire the former Territory Iron accommodation camp, Pine Creek, for A$770,000 plus GST (A$475,000 cash and A$295,000 shares).
- Document ID
- camp-jun26
- Published UTC
- 2026-06-10T22:21:10Z
- Projects
- spring-hill
- Commodities
- gold
World Bank Commodity Markets Outlook, April 2026: gold forecast (secondary report)Commodity Data · HighMetadata Only
Secondary report of the World Bank April 2026 Commodity Markets Outlook: gold average about US$4,700/oz in 2026 and about US$4,300/oz in 2027; the October 2025 forecast (US$3,575 for 2026) is superseded. Used only as an outside long-run reference for the deck; primary World Bank PDF not retrieved.
- Document ID
- wb-cmo-apr26-gold-outlook
- Published UTC
- 2026-04-28T00:00:00Z
- Projects
- spring-hill
- Commodities
- gold
Half-year financial report for the six months to 31 December 2025Results · MediumExtracted
Half-year financial report for the six months to 31 Dec 2025 (signed 10 Mar 2026): half-year loss A$1.97m, cash A$8.35m, shares 274.0m, equity A$29.1m, financial liabilities nil after IPO conversions.
- Document ID
- hy-dec25
- Published UTC
- 2026-03-11T13:00:00Z
- Projects
- spring-hill
- Commodities
- gold
Successful A$24.0 million placement (9 Feb 2026)Financing · HighExtracted
Placement of 36,846,154 shares at A$0.65 (about A$24.0m before costs) completed 13 Feb 2026.
- Document ID
- placement-feb26
- Published UTC
- 2026-02-08T22:01:07Z
- Projects
- spring-hill
- Commodities
- gold