🆕 IPO Listing: PC Gold Ltd (Proposed ASX Code: PC2) -Spring Hill Gold Project In Northern Territory, Australia.
- Noel Ong
- Sep 12
- 6 min read
PC Gold Ltd is preparing to list on the ASX, bringing forward a gold exploration story anchored by its 100%-owned Spring Hill Project in the Pine Creek region of the Northern Territory (Figure 1). Through its subsidiary TM Gold Pty Ltd, the company controls both a granted 21-year mineral lease and surrounding exploration licence, offering a substantial growth runway.
Figure 1: Spring Hill (100% -owned) in A Tier-1 Location (source: PC2)
With a JORC 2012 Mineral Resource Estimate (MRE) of 821,000 oz Au at 1.0 g/t Au (424koz Indicated, 397koz Inferred), Spring Hill stands as a solid foundation in a province known to host more than 20Moz gold. The IPO is designed to fund an intensive drilling and feasibility program, moving the project toward development while testing multiple exploration targets that could significantly expand the resource base.
IPO Offer Details
Issue Price: $0.25 per Share
Capital Raising: Minimum $10M – Maximum $15M (before costs)
Shares Offered: 40M – 60M new shares
Market Capitalisation Post-IPO: $65.2M – $70.2M (undiluted)
Expected ASX Listing Date: 7 October 2025
Joint Lead Managers are Wallabi Group and Canaccord Genuity, with CPS Capital as Co-Manager.
Project Highlights – Spring Hill Gold Project
A Tier-1 Location.
Situated just two hours south of Darwin, with sealed road access and proximity to power, gas, and water infrastructure.
Pine Creek region has a long mining history and remains underexplored despite hosting world-class deposits.
Mineral Resource & Upside.
JORC Resource: 821koz Au (Indicated + Inferred) across the Hong Kong (Figure 2), Macau and Main zones.
Figure 2: Hong Kong Zone (source: PC2)
Exploration Target: An additional 1–2Moz Au identified across strike extensions and new zones such as Steve’s Gully, Vein Heaven and Zbonsky.
Mineralisation remains open along strike and at depth, with historic drilling suggesting grade increases at depth (Figure 3).
Figure 3: Spring Hill Resource Opportunity (source: PC2)
Near-Term Growth Strategy
34,000m drilling program underway, targeting extensions to the MRE and testing high-priority exploration zones (Figure 4).
Figure 4: Near-Term Growth Strategy (source: PC2)
Initial 6,000m infill and step-out drilling in the MRE zone (including the Lasagne lode).
North Zone drilling (46 holes planned), including a co-funded 400m deep hole to test plunge potential (Figure 5).
Figure 5: North Target Zone (source: PC2)
Photon Assay re-analysis program covering ~40% of historical pulps, aiming to capture coarse gold missed by fire assay and potentially increase grades (Figure 6).
Figure 6: Near-Term Growth Strategy (source: PC2)
Metallurgical and Development Pathway
Bulk sampling at Spring Hill has confirmed strong recoveries of ~97% and highlighted a ~45% uplift in grade compared to fire assay, reinforcing the free-milling nature of the ore with high gravity recoveries. A Photon Assay re-analysis of ~40% of historical samples is underway to better capture coarse gold and potentially upgrade the Mineral Resource.
With a 21-year mining lease and open-pit approvals already secured, PC Gold plans to fast-track a standalone CIL plant under NT’s updated regime. Strong nearby infrastructure supports a clear development pathway, starting with open-pit mining and potential underground expansion at depth.
Use of Funds (IPO Proceeds)
According to the Prospectus, funds will be directed towards:
Resource expansion drilling and feasibility studies.
Updated plant engineering studies and grade control drilling in Eastern and Macau pits.
Ongoing exploration across multiple targets (North and Far North zones, untested southern strike).
Working capital and corporate purposes.
IPO costs.
Management & Alignment
The leadership team is led by Executive Chair & CEO, Ashley Pattison, supported by a strong technical group including COO Sean Church (ex-Agnico Eagle), GM Exploration Peter Harris, and NT Technical Advisor Geoffrey Eupene. Importantly, insiders and management are expected to hold ~30% of the company post-IPO, ensuring strong alignment with shareholders.
Samso Concluding Comments
The PC Gold IPO brings to market a tightly structured gold exploration story in a proven province. The Spring Hill Project already hosts a sizeable JORC Resource, but the real intrigue lies in the multiple growth vectors – strike extensions, parallel lodes, and the potential 1–2Moz exploration target.
Investors should recognise both the opportunity and the risk. While the company benefits from a granted mining lease, supportive infrastructure, and environmental approvals, this remains an exploration-driven story with speculative risk inherent to the sector. Success will hinge on drilling results, resource conversion, and the feasibility of development.
The investment case is strengthened by previous metallurgical work that shows high recoveries and the potential for grade uplift, coupled with existing environmental approvals that de-risk the pathway to production.
What is unusual for the typical Australian mineral resource IPO is the alignment of management, who will retain around 30% post-IPO, ensuring their interests remain closely tied with shareholders. With drilling already underway and regular news flow expected into 2026, PC Gold is positioning itself for a steady stream of catalysts that will test the true scale of Spring Hill.
For those following Australian gold exploration, PC Gold is offering exposure to a gold project that is in a very hot timing with the high gold price, with significant potential scale, strong management alignment, and a clear path to de-risking. The IPO funds will directly test whether Spring Hill can grow beyond its current 821koz base toward a multi-million-ounce gold system.
As always, #SamsoNews, we encourage investors to take the time to review the full Prospectus and company presentation, consult advisers where appropriate, and do their own due diligence.
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