Australian Gold and Copper Ltd. (AGC) has strengthened its balance sheet following the receipt of AU$3.5 million in capital and non-dilutive tax offsets, alongside completing the acquisition of the Junee gold project in New South Wales.
The company confirmed the completion of Tranche 2 of its AU$5 million capital placement, securing AU$2.55 million from its largest shareholder, GeoZen. The finalisation of the placement followed shareholder approval at a general meeting held on July 15.
Adding to its cash reserves, AGC received a AU$987,000 Refundable R&D Tax Offset from the Australian Taxation Office (ATO).
The refund relates to eligible experimental activities conducted during fiscal 2025 that helped test and refine geological models regarding mineralisation controls at its flagship Achilles project.
AGC Managing Director Glen Diemar expressed gratitude for GeoZen’s ongoing commitment and highlighted the timing of the funding.
“Completion of this capital raising in a tight capital market is a testament to the value of the long-term relationship AGC enjoys with GeoZen,” Diemar said.
“This R&D Refund of AU$1 million is an extremely valuable injection of funds, without any dilution for shareholders, which helps to lower the effective cost of advancing our projects and building resources.”
The announcements coincide with AGC finalising the takeover of New South Resources Pty Limited, owner of the Junee gold project.
Located approximately 230 kilometres south of AGC’s South Cobar Basin portfolio, Junee introduces a pure-gold asset to the explorer’s suite, featuring seven drill-ready targets within an established mining district.
AGC holds a 2,600-square-kilometre tenure in the South Cobar Basin, headlined by the Achilles discovery hosting a maiden 38.5-million-ounce silver-equivalent resource.
The fresh funding positions the company to advance exploration across both its Cobar assets and the newly acquired Junee targets.
