PC Gold (ASX:PC2) has announced the settlement of its previously reported acquisition of the former Territory Iron camp at Pine Creek, Northern Territory.
The facility is a 30-minute drive from the Spring Hill Gold Project and provides accommodation and support infrastructure for personnel and contractors. The camp includes 16 accommodation blocks, dedicated office facilities, storage infrastructure for equipment and materials, and full connection to mains power, water, and sewerage services.
Under the terms of the agreement, PC Gold has paid $475,000 in cash and $295,000 in fully paid ordinary shares in the company. Following the completion of the acquisition, the company has issued 274,419 shares at an issue price of $1.075 per share.
PC Gold says that the new camp will significantly reduce lead times and capital requirements that would have otherwise come with the construction of a new accommodation facility.
Executive Chair Ashley Pattison says that the acquisition provides the company with a cost-effective operational base while working at Spring Hill.
“With full utility connections and existing infrastructure already in place, the facility enables PC Gold to mobilise rapidly while conserving capital for exploration and mine development activities,” Pattison says.
“Importantly, the acquisition provides immediate access to accommodation infrastructure in a region where suitable workforce housing is limited, while also providing flexibility for future expansion on the ample vacant land acquired as the Spring Hill Project advances toward development.”
PC Gold will undertake refurbishment works in H2 2026 to ensure the facility is up to industry standards on safety and operational matters.
The company also notes that as the business grows, staff remuneration needs to keep pace with its peers. As a result, the board has agreed to issue 500,000 new performance rights to team members in accordance with the company’s Employee Securities Incentive Plan, on similar terms to the existing directors performance rights. This will align the interests of employees with those of shareholders, with performance-based equity incentives linked to the achievement of key milestones.
PC Gold is a gold exploration and development company focused on unlocking the full potential of the Spring Hill Gold Project in the Northern Territory.
Write to Amy Rotman at Mining.com.au
Images: PC Gold
