PC Gold (ASX:PC2) has issued 421,751 shares to privately held DDH1 Drilling for the second tranche of its drill for equity agreement, as DDH1 continues drilling at the Spring Hill Project in the Northern Territory.
The company has now issued the full $1 million to the drilling contractor, which was outlined in the agreement in November 2025, as reported by Mining.com.au.
Valued at $340,000, shares were issued based on the five-day volume weighted average price fortnightly in February 2026 and held under escrow until 5 May 2026.
PC Gold intends to expand the ongoing drilling campaign with up to 45,000m of drilling to be conducted from surface and underground at Spring Hill.
Executive Chairman Ashley Pattison says DDH1 has provided an “outstanding performance” at the Spring Hill Project even through the wet season.
“DDH1 continues to have two diamond rigs on site full time with a further two diamond rigs and a reverse circulation rig expected on site over the next couple of months to continue our extremely successful drilling program during the 2026 dry season,” Pattison says.
PC Gold is a gold explorer focused on discoveries in the Pine Creek region of the Northern Territory.
Write to Maddison Elliott at Mining.com.au
Images: PC Gold
