Pacgold Achieves Second Gold Pour at White Dam, Accelerates Vertigo Development
ADELAIDE, SA – June 25, 2026 – Pacgold, an emerging player in the Australian gold sector, has announced a significant operational milestone with the second pour of gold doré from its White Dam Gold Project, located in the mineral-rich Olary Province of South Australia. This achievement, following its maiden pour just last month, underscores the project's accelerating production trajectory and its increasing contribution to the company's cash flow. The latest gold doré bar produced an impressive 97 troy ounces, a tangible result of the ongoing processing enhancements at the site.
The White Dam Gold Project, which Pacgold acquired to leverage its existing infrastructure and known gold resources, is steadily ramping up operations. The pour was generated from material leached from the first aerated zones located on both the eastern and western edges of the project's heap leach pad. This systematic approach to leaching demonstrates the company's commitment to optimizing recovery rates from its ore stockpiles. For mining industry professionals, a second pour in rapid succession provides critical validation of a project's processing flow and its ability to consistently produce marketable product, an essential derisking factor for investors.
Operational Momentum in Processing and Exploration
Processing activities at White Dam are in full swing, with re-crushing efforts forming a central pillar of the current operational strategy. Pacgold reported that 120,000 tonnes (t) of material have already undergone re-crushing and are now under irrigation on the heap leach pad. An additional 50,000t of re-crushed material are scheduled to be added to the irrigation circuits by the end of June 2026, further expanding the active leach inventory. Re-crushing, a technique often employed in heap leaching, involves reducing the particle size of previously leached or coarser ore to expose fresh mineral surfaces, thereby enhancing gold recovery rates and the economic viability of lower-grade or harder-to-process material. This suggests Pacgold is efficiently unlocking value from existing stockpiles.
A key indicator of operational success highlighted by Pacgold is the identification of high-grade leachate at the base of the re-crushed material. While freshly leached gold has not yet reached the processing plant, it is anticipated to do so within the coming weeks. This provides a strong forward-looking signal for increased gold production and subsequent pours. The consistent generation of high-grade leachate is crucial for maintaining a robust production profile and optimizing the operational efficiency of the processing plant.
Beyond processing, Pacgold is actively advancing its exploration and resource expansion initiatives. Drilling operations have commenced at White Dam North, with 700 meters (m) of drilling already completed. The remainder of this scheduled drilling program is due for completion by mid-July 2026. Such targeted drilling is instrumental in defining new ore extensions and upgrading resource confidence, critical steps for any long-term mining operation.
Accelerating Vertigo Development and Resource Expansion
A significant strategic development for Pacgold is the accelerated timeline for the restart of mining operations at the Vertigo prospect, a key asset within the White Dam complex. The company has completed a substantial 3,000m reverse circulation (RC) drilling program at Vertigo. RC drilling is a cost-effective and efficient method for defining mineralized zones at depth, providing valuable samples for geological interpretation and resource modeling. The primary objectives of this comprehensive drilling campaign were to expand the existing mineral resources and to provide the necessary geological data to support plans for resuming mining activities.
To ensure accuracy and robustness in its resource estimation and operational planning, Pacgold has engaged Entech, a highly respected geological and mining consultancy. Entech is currently undertaking an updated Mineral Resource Estimate (MRE) for Vertigo. An updated MRE is a cornerstone in mining project development, providing a current and reliable assessment of the quantity and grade of economically extractable minerals. In addition to the MRE, Entech is also working on crucial technical studies, including pit optimizations, new mine designs, and comprehensive cash flow calculations. These studies are vital for defining the most economically viable mining approach, optimizing extraction methods, and forecasting the project's financial performance under various scenarios.
The outcomes of these studies are directly informing Pacgold's strategic decision to potentially bring forward the restart of the Vertigo pit. The company is now considering an earlier-than-planned resumption of operations, targeting late 2026, which would represent a significant acceleration from the original mid-2027 timeline. This revised schedule is strategically focused on gaining earlier access to fresh oxide ore in the northern and eastern parts of the Vertigo pit. Oxide ore often lends itself more readily to heap leaching, offering lower processing costs and faster recovery cycles compared to deeper sulfide ores, thereby providing a pathway to quicker cash generation.
Strategic Expansion of Heap Leach Infrastructure
Complementing the accelerated mining plans, Pacgold is also progressing with vital infrastructure expansions. Plans for expanding the heap leach pad are well underway, with design work nearing completion. The final design for the expansion is expected to be finalized by the end of July 2026. Construction of this expanded capacity is scheduled to commence in the fourth quarter of 2026, pending the receipt of all necessary regulatory approvals. This proactive approach to increasing leach capacity is critical for accommodating the increased ore feed that will result from the accelerated restart of the Vertigo pit.
Crucially, Pacgold notes that the current heap leach pad has the inherent capacity to accommodate an additional 800,000t of ore without requiring further permitting or significant capital expenditure. This existing 'buffer capacity' provides valuable operational flexibility and allows for sustained production increases without immediate regulatory or financial hurdles, thus de-risking the initial phase of ramp-up.
Management Outlook and Industry Implications
Matthew Boyes, Managing Director of Pacgold, encapsulated the company's positive trajectory, stating, "Delivering our second gold pour from White Dam brings in additional cash flow as production ramps up, confirmation that the re-crushed material is now leaching good grades at the upper lift is also excellent news and I look forward to this leachate reaching the plant to be recovered in future pours." His remarks underscore the synergistic relationship between successful processing, cash flow generation, and aggressive development plans. For investors and industry observers, the ability to generate self-funding cash flow from initial operations significantly de-risks future development phases and demonstrates efficient capital allocation.
The advancements at White Dam are significant for the broader Australian gold mining sector, particularly within South Australia, which is increasingly recognized for its mineral endowment. Pacgold's methodical approach to resource optimization through re-crushing, strategic drilling campaigns, and planned infrastructure expansion illustrates a responsible and technically sound strategy for developing gold assets. The acceleration of the Vertigo pit and the ongoing successful pours at White Dam position Pacgold as a notable entity to watch as it transitions from an explorer to a mid-tier producer, contributing to Australia's prominent standing in global gold supply.
The company's focus on both immediate cash generation from current stockpiles and aggressive expansion of future production through resource definition and infrastructure upgrades outlines a robust growth strategy for the coming years. As the White Dam Gold Project continues to mature, its operational successes will offer valuable insights into the viability of heap leach operations for complex Australian gold deposits.
