PC Gold’s (ASX:PC2) wholly owned subsidiary TM Gold has entered a binding agreement to acquire the remaining third-party mining leases within its Spring Hill Gold Project in the Northern Territory for $6.5 million.
The acquisition covers 43.5 hectares across mining leases ML30719, ML30722, and ML30467 — all within the planned development footprint. This removes the last third-party tenure and mining activity from the project.
The $6.5 million consideration comprises $4.5 million in cash from existing reserves and $2 million in PC Gold shares. Completion is expected on or after 8 December 2026, subject to ministerial approval.
Following this, PC Gold will be the single titleholder across the entire development footprint. This simplifies the approvals pathway and removes any third-party interest from the ground, supporting project financing.
The company will also hold exclusive rights to conduct mining operations under the vendor’s existing environmental licence DML 1145-01. This provides a permitted pathway for alluvial gold operations while TM Gold secures its own licence.
Executive Chairman Ashley Pattison says securing the last third-party tenure at Spring Hill is an ‘important step’ in derisking the development pathway for the project.
“Bringing the existing mining leases, water licence, and operating permit under our ownership consolidates the ground we need to develop Spring Hill and significantly strengthens our permitting and approvals pathway and, ultimately, our position for project financing,” Pattison says.
The transaction includes water extraction licence L10021 and its associated production bore.
PC Gold has also lodged a 443-hectare mining lease application to expand the project’s footprint by approximately 43% to support a longer-life operation.
The company will incorporate the acquired ground, water, and permits into Prefeasibility Study (PFS) mine planning and site layout. It is also targeting an updated mineral resource estimate (MRE) alongside the PFS in December 2026.
The JORC-compliant Spring Hill Gold Project MRE stands at 43.6 million tonnes @ 1.1 grams per tonne gold for 1.5 million ounces.
PC Gold is a gold explorer and developer focused on its flagship Spring Hill Project in the NT.
Write to Paula Fabe at Mining.com.au
Main image: PC Gold
