Pacgold Limited (PGO) has secured $13 million through a two-tranche share placement to accelerate production and exploration activities at its White Dam project in South Australia. The capital raise, priced at $0.15 per share, garnered firm commitments from institutional and sophisticated investors. The company plans to deploy these funds to support an operational restart of the existing heap leach facility while concurrently fast-tracking exploration efforts triggered by a recent high-grade gold and copper sulphide discovery at White Dam North.

The placement is structured in two parts. The initial tranche, consisting of approximately 83.2 million shares, will be issued under the company’s existing placement capacity. A second, smaller tranche involving 3.4 million shares is reserved for directors, pending shareholder approval at the annual general meeting scheduled for late November 2026. The offering was supported by joint lead managers Euroz Hartleys and Taylor Collison, who will receive a mix of cash fees and unquoted options exercisable at $0.225.

Managing Director Matthew Boyes highlighted the strategic importance of this funding in the context of the project’s evolving geological profile.

"We are very pleased by the strong support for this Placement to drive our next phase of growth. This capital injection is a direct endorsement of the recent high-grade discovery at White Dam North which now clearly demonstrates the untouched gold and copper sulphide potential in an around the mine. This combined with our White Dam restart strategy for production from the existing shallow oxide deposits gives us a very solid base to build a significant company."

— Matthew Boyes, Managing Director

With the new capital secured, Pacgold is preparing for an intensive operational period. The technical program includes a 40,000-metre drilling campaign, split between 35,000 metres of reverse circulation and 5,000 metres of diamond drilling, designed to define both oxide and deeper sulphide mineralisation across key prospects. This exploration is intended to build upon the momentum generated by recent findings at White Dam North.

The company has outlined several key operational milestones expected in the near term. These include the receipt of pending assay results from the White Dam North sulphide discovery, which will provide further clarity on the mineralised system’s scale. Additionally, the team is working toward an updated Mineral Resource Estimate for the Vertigo deposit. Alongside these exploration and evaluation activities, the company is finalising detailed mine designs and engineering plans for the expansion of the heap leach pad. These developments form the core of the company's objective to transition toward consistent production and cash-flow generation in South Australia, providing a foundation for its broader development plans.

Read the full announcement: $13 Million Placement following White Dam North Discovery