Australian Gold and Copper (AGC) Q2 2026 TU earnings summary

Executive summary

• Achieved a major milestone with the initial Mineral Resource Estimate (MRE) for the Achilles deposit: 10.3Mt at 116g/t AgEq for 38.5Moz AgEq, at a discovery cost of less than A$0.14/oz AgEq.

• Completed acquisition of the Browns Reef Project, expanding the South Cobar Project to 2,600km² and establishing dominance in the district.

• Maintained strong exploration momentum with two rigs operating and multiple drilling programs completed at Achilles, yielding some of the highest-grade silver and gold results to date.

• Ended the quarter with $8.3M cash on hand, supporting ongoing exploration and development.

Financial highlights

• Cash and cash equivalents at quarter end: $8.3M, down from $14.0M in the previous quarter.

• Exploration and evaluation expenditure for the quarter: $3.0M.

• Net cash used in operating activities: $(159)k for the quarter.

• Net cash used in investing activities: $(3.99)M for the quarter, primarily for exploration and acquisitions.

• No borrowings or credit facilities drawn; all tenements 100% owned.

Outlook and guidance

• Plans to commence resource upgrade drilling at Achilles and initial MRE drilling at Browns–Evergreen in March 2026.

• Anticipates additions to the underground MRE at Achilles in 2026, with 23 recent drill holes not yet included.

• Browns Reef–Evergreen resource definition drilling (10,000m) scheduled to begin after permit completion.