Australian Gold and Copper (ASX:AGC) has received a $987,000 research and development refund from the Australian Taxation Office and completed a $2.55 million placement tranche.
The refund relates to eligible experimental activities undertaken during the 2025 financial year to test and refine geological models concerning mineralisation controls at the Achilles Project in New South Wales.
AGC has also completed tranche two of its $5 million placement announced in May, following receipt of $2.55 million from its largest shareholder, GeoZen Resources.
GeoZen’s participation was approved at an extraordinary general meeting on 15 July 2026.
AGC has also completed the acquisition of New South Resources, holder of the Junee Gold Project. Located approximately 230km south of AGC’s South Cobar Basin projects, Junee offers seven drill-ready targets within an established gold district.
Managing Director Glen Diemar says AGC is ‘deeply grateful’ for GeoZen’s support and commitment to the company.
“Completion of this capital raising in a tight capital market is a testament to the value of the long-term relationship AGC enjoys with GeoZen,” Diemar says.
“At the same time, we are very pleased to have received the R&D refund for the 2025 financial year.
“This … is an extremely valuable injection of funds, without any dilution for shareholders, which helps to lower the effective cost of advancing our projects and building resources.
“We also thank shareholders for their strong support for the acquisition of New South Resources.
“We are already on the ground at Junee and aim to commence a maiden drill campaign this quarter.”
Australian Gold and Copper is focused on building a precious and base metals business across its 2,600km² landholding in the South Cobar Basin, New South Wales.
Write to Paula Fabe at Mining.com.au
Images: Australian Gold and Copper
