PC Gold raises A$75M placement to accelerate Spring Hill gold project
What's the deal? Australian gold explorer PC GoldDealroom has a profile for this one. Try Dealroom → (ASX:PC2) is raising A$75 million through a single-tranche institutional placement, backed by incoming non-executive chairman Richard Clark. The company will issue 71.4 million shares at A$1.05 each — a 7.9% discount to its last close of A$1.14 on 24 August.
Where the money goes: Proceeds, alongside existing cash, will fund drilling programs at PC Gold's Spring Hill Project in the Northern Territory. That includes roughly 80,000m of surface exploration, phase-one underground drilling, and reverse-circulation grade control work.
The endgame: Funds will also support a Prefeasibility Study and a Definitive Feasibility Study ahead of a final investment decision, plus camp refurbishment at Pine Creek and a new photon assay laboratory. The placement lifts PC Gold's pro-forma cash balance to around A$96.7 million.
Who's backing it? Clark and associates have committed A$2 million at the offer price, subject to shareholder approval. Wallaby GroupDealroom has a profile for this one. Try Dealroom → is joint lead manager and sole bookrunner, with Hannam & Partners and Canaccord GenuityDealroom has a profile for this one. Try Dealroom → as lead managers.
Fresh leadership: PC Gold appointed Clark and Matt Scully to the board earlier this month to strengthen its development capabilities. Both hires tie directly to what chief executive officer Ashley Pattison calls an effort to accelerate Spring Hill's development timetable.
Why now? The raise follows an 84% increase to Spring Hill's mineral resource estimate, now totalling 43.6 million tonnes at 1.1 grams per tonne gold for 1.51 million ounces. Pattison says the placement ensures the company is "fully capitalised" to deliver its 2026 and 2027 work programs, including an expanded 125,000m drill program.
The signal: At A$75 million, the placement sits in the 93rd percentile among post-IPO equity rounds in Australian energy — a sizeable capital injection that reflects strong institutional appetite for a gold developer moving from exploration toward a final investment decision.
Image credit: James St. John
