PC Gold (ASX:PC2) has received binding commitments from top institutional investors to raise approximately $24 million (before costs) through a single tranche placement.
The placement consists of approximately 36.8 million new fully paid ordinary shares in the company at an issue price of $0.65 per share. The offer price of $0.65 represents a 9.7% discount to the last closing share price, and a premium of 19.4% to the 15 day volume weighted average price.
The placement was driven by strong institutional support from both Australian and international investors, as well as by existing institutional shareholders. The placement includes a cornerstone investment of $5 million from the Mining Finance division of Macquarie Bank as a new shareholder.
Executive Chair Ashley Pattison says that the capital raise is a “great vote of confidence” in the company as they continue to advance the Spring Hill Mineral Resource.
“The strong cornerstone support from domestic and offshore institutional investors, together with our large institutional and high net worth shareholders, is a clear endorsement of our recent results and the exploration potential that remains across our 31km2 mining license,” Pattison says.
“Spring Hill is rapidly shaping up as one of the most exciting gold stories in the Northern Territory and on the ASX.”
Funds raised in this placement will be used towards exploration and resource definition drilling of approximately 30,000m, refurbishment and extension of the underground adit and 15,000m of underground drilling, environmental bond for early works, a Sprint Hill feasibility study, grade control drilling, and general working capital.
The placement is expected to be settled on 13 February 2026, with new shares expected to begin quotation on 16 February 2026.
Wallaby Group, Euroz Hartleys, and Canaccord Genuity acted as joint lead managers and joint bookrunners for the placement.
Additionally, major shareholder, RIVI PC Gold, has sold 7 million existing shares at the offer price, reducing its holding to approximately 17%. RIVI also converted US$3 million ($4.6 million) of debt owed to it into equity at the time of the IPO.
PC Gold listed on the ASX mid-2025, with the placement exceeding the minimum $10 million requirement for the IPO. The company returned its highest intercept to date at Spring Hill earlier this month, with key results including 25m @ 36.83 grams per tonne gold from 283m, including 2m @ 444.3g/t gold from 304m at the Macau and Hong Kong lodes, as reported.
PC Gold is a gold exploration and development company focused on unlocking the potential of the Spring Hill Gold Project in the Northern Territory.
PC Gold will be attending the RIU Explorers Conference in Freemantle, Western Australia, held between 17-19 February 2026. Mining.com.au is a media partner for this conference.
Write to Amy Rotman at Mining.com.au
Images: PC Gold
