PC Gold acquires Spring Hill Project assets for $6.5M
- PC Gold signed a binding agreement to acquire existing mining leases, a water licence, and an operating permit at the Spring Hill Gold Project for $6.5 million.
- The company share price traded down 6.3% to $0.94 following the market announcement.
- The acquisition consolidates project ground, removes third-party tenure, and de-risks future permitting and project financing.
PC Gold (ASX:PC2) has entered into a binding agreement to secure full control of the Spring Hill Gold Project development footprint through a $6.5 million acquisition.
The transaction removes the final third-party tenure from within the project area by securing three mining leases covering roughly 43.5 hectares.
"Securing the last third-party tenure inside Spring Hill is an important step in de-risking the development pathway for the project," said PC Gold Executive Chairman Ashley Pattison.
Under the terms of the deal, PC Gold will pay $4.5 million in cash alongside $2 million in company shares, with transaction completion expected on or after Dec. 8 pending ministerial approval.
The company stated that consolidating ownership strengthens its position for project financing ahead of an upcoming pre-feasibility study.
Following the announcement, the PC Gold share price was down at $0.94.
The transaction also includes water extraction licence L10021, an associated production bore, and exclusive rights to conduct mining operations under an existing environmental licence.
Additionally, PC Gold lodged a new 443-hectare mining lease application that would expand the project's footprint by approximately 43% to support long-term infrastructure.
