Highlights

• Pacgold secured firm commitments to raise AU$13 million through a two-tranche institutional placement, providing funding to accelerate production growth and exploration at the White Dam Gold Project.
• The proceeds will support production ramp-up, heap leach expansion, mine optimisation and an extensive drilling program following the high-grade White Dam North gold-copper discovery.
• Near-term milestones include remaining assay results from the White Dam North sulphide discovery, the Vertigo Mineral Resource Estimate update, mine designs and heap leach pad expansion studies.

Pacgold Limited (ASX: PGO) is an Australian gold exploration and development company advancing the White Dam Gold Operation in South Australia as its flagship asset. Following the planned demerger of its North Queensland exploration assets, the company is prioritising near-term gold production, mine expansion and exploration around White Dam to establish sustainable cash flow and support future growth.AU$13 Million Placement Provides Funding for the Next Growth PhasePacgold has secured firm commitments to raise AU$13 million before costs through a two-tranche institutional placement involving the issue of approximately 86.67 million new fully paid ordinary shares at an issue price of AU$0.15 per share. Management described the raising as a key funding milestone that will allow the company to accelerate both operational and exploration activities at White Dam following the recent high-grade White Dam North gold-copper discovery. Strong backing from both new and existing institutional and sophisticated investors underscores market confidence in the company's strategy of combining near-term gold production with ongoing resource growth.Capital Targets Production Growth and Exploration ExpansionThe majority of the placement proceeds will be directed towards increasing production capacity at the White Dam Gold Project while expanding exploration around the recently identified White Dam North discovery. Funding has been allocated for ongoing oxide resource drilling within the mining lease, production ramp-up activities, mine design, optimisation studies and heap leach pad expansion. Additional capital will also support regional exploration programs and general working capital, allowing multiple development initiatives to progress simultaneously.Extensive Drilling Program Planned Following DiscoveryThe White Dam North discovery has significantly enhanced the exploration potential of the broader White Dam Project. Management intends to execute an extensive exploration and resource definition programme, including up to 35,000 metres of reverse circulation drilling and 5,000 metres of diamond drilling. The program will evaluate both shallow oxide mineralisation and deeper sulphide gold-copper targets across several prospects located within 20 kilometres of the existing processing plant, where previous drilling beneath the oxide zone has been limited.Two-Tranche Structure Includes Director ParticipationThe placement will be completed in two stages. Tranche One comprises approximately 83.23 million new shares issued under the company's existing placement capacity, while Tranche Two consists of approximately 3.43 million shares to be subscribed for by directors, subject to shareholder approval at the Annual General Meeting expected in late November 2026. The Company's directors have collectively committed AU$515,000 to the placement, highlighting their ongoing confidence in its long-term growth strategy. Settlement of the first tranche is scheduled for 7 August 2026, with trading of the new shares expected to commence on 11 August 2026.Funding Supports White Dam's Transition to Cash GenerationManagement believes the successful placement provides the financial capacity required to accelerate White Dam's transition towards higher production and stronger operating cash flow. Alongside production growth, the planned exploration campaign is expected to test multiple high-priority targets capable of expanding the project's resource base. With several operational and exploration milestones scheduled over the coming months, including additional assay results, the Vertigo Mineral Resource Estimate update and expanded mine planning activities, Pacgold is positioning White Dam as the cornerstone of its future growth strategy.Note- All data presented is based on information available at the time of writing.Disclaimer for Kapitales ResearchThe materials provided by Kapitales Research, including articles, news, data, reports, opinions, images, charts, and videos ("Content"), are intended for personal, non-commercial use only. The primary goal of this Content is to educate and inform readers. This Content is not meant to offer financial advice, nor does it include any recommendation or opinion that should be relied upon for making financial decisions. 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