Pacgold achieves initial gold output at White Dam Project

Pacgold's White Dam Project Delivers First Gold: A New Chapter in Australian Production

The Australian gold sector has marked a notable development with Pacgold announcing its achievement of first gold production at the White Dam Gold Project. Situated approximately 80 kilometers east of Broken Hill in South Australia’s resource-rich Olary Province, this milestone signifies Pacgold’s transition from a pure exploration entity to an emerging gold producer. The initial output of calcined gold—a refined concentrate of gold after high-temperature treatment—underscores the success of the processing plant's recommissioning and sets the stage for future production expansion.

Pacgold Transitions to Producer with Initial Gold Output

On April 10, 2026, Pacgold officially announced the retrieval of its first gold from the White Dam Gold Project. Following the strategic recommissioning of its processing plant, the company successfully recovered approximately 2 kilograms (equivalent to about 60 troy ounces) of calcined gold within a span of just 14 days. This pivotal achievement not only validates the operational readiness of the White Dam facilities but also marks Pacgold’s fundamental shift in corporate identity from a gold explorer to a viable producer.

The White Dam project, located within the prospective Olary Province, leverages existing infrastructure to accelerate its production timeline. This initial production is more than just a proof of concept; it represents the culmination of significant refurbishment efforts and strategic planning. Pacgold Managing Director Matthew Boyes highlighted the team's pride in this accomplishment, noting, “The entire team is extremely proud to have achieved our first gold production from the White Dam heap leach pad successfully making the transition from explorer to producer.” Mr. Boyes further emphasized that this initial production accounts for only a fraction of the gold already leached within the system, with efforts now concentrated on maximizing recovery from existing inventories, even as the plant navigates adjustments related to recent heavy rains.

Pacgold plans to conduct three additional strip cycles at the plant before preparing its first doré product for shipment by the end of April 2026. Doré is an unrefined alloy of gold and silver, typically produced at the mine site, which is then sent to a refinery for further purification. This expedited timeline for producing and shipping doré demonstrates the operational efficiency and commercial focus now defining Pacgold’s White Dam operations.

Operational Enhancements Drive Recovery and Capacity

The successful recommissioning and initial production at White Dam are underpinned by several key operational enhancements designed to optimize gold recovery and increase processing capacity. Pacgold’s technical teams have implemented various improvements that are already yielding positive results:

• Enhanced Flow Rates: New irrigation systems installed on the eastern pad margin have led to improved flow rates, facilitating more efficient recovery of gold from existing ore inventories.
• Optimized Gold Recovery: The addition of carbon to the carbon-in-column (CIC) tanks is expected to further optimize gold recovery in the coming weeks. CIC technology is a widely used method in heap leaching, where activated carbon adsorbs gold from pregnant leach solutions.
• Crushing and Screening Circuit: The screening and crushing circuit is now consistently delivering an impressive daily output of approximately 1,500 tonnes of recrushed ore, providing a steady feed for the leaching pads. Increased recrushing and leaching activities are targeting a monthly throughput of 90,000 tonnes.
• CIC Tank Upgrades: A significant portion of the processing infrastructure has been upgraded, with four of the five main CIC tanks now functioning at over 95% efficiency. Increased flow rates are anticipated as larger volumes of recrushed material are processed through these enhanced systems.
• Improved Plant Availability: The installation of new power generation units and essential repairs to the strip circuit and electrowinning cells have substantially improved the overall availability and reliability of the plant, minimizing downtime and maximizing operational uptime.

These operational improvements are crucial in maximizing the value extraction from the White Dam project, demonstrating Pacgold's commitment to robust and efficient mining practices.

Strategic Expansion and Resource Delineation

Beyond immediate production, Pacgold is laying the groundwork for substantial long-term expansion at White Dam. A critical component of this strategy involves increasing the leach pad capacity. Engineers from Newfields, a renowned engineering consulting firm based in Nevada, US, have recently visited the site to embark on the planning phase for an extension of the existing leach pad. This expansion is designed to add an additional four million tonnes of ore leaching capacity, a significant increase that will support higher production rates for years to come. The project design for this expansion is targeted for completion by July 2026.

Furthermore, Pacgold is actively advancing its understanding of the ore body and optimizing future mine designs through ongoing exploration and resource delineation.

• Vertigo Deposit Drilling: Drilling at the Vertigo deposit has been successfully completed. Assay results from this program are expected within the next two to three weeks, which will be instrumental in generating updated resource estimations and refining the mine design for a comprehensive production expansion planned for 2027.
• White Dam North Exploration: Drilling activities at White Dam North are currently on hold, pending regulatory approvals and ensuring a consistent supply of diesel. This area represents another promising exploration target within the White Dam tenure.
• Exploration Permit Applications: Pacgold has several permit applications in progress for various exploration sites, including the Mary Mine and White Dam North. These efforts are yielding multiple drill-ready targets, signaling a pipeline of potential future discoveries and resource growth.

While essential to operations, the relining of the Intermediate and Barren Liquor storage ponds will occur once full irrigation is achieved, as their current state does not impact ongoing production, allowing Pacgold to prioritize revenue-generating activities.

Market Implications and Regional Significance

Pacgold’s successful transition to a gold producer at White Dam holds significant implications for both the company and the broader Australian mining industry. For Pacgold, becoming a producer de-risks its business model, provides a direct revenue stream, and strengthens its ability to fund future exploration and development projects internally or attract more favorable financing. In resource-rich Australia, new gold production helps sustain the nation's position as a global leader in gold output.

The White Dam Gold Project is located in South Australia’s Olary Province, a region with a history of mineral exploration and development. The continued success of projects such as White Dam contributes to regional economic activity, providing employment and opportunities for local businesses. The strategic decision to recommission an existing plant rather than building from scratch has clearly proven beneficial, allowing for a rapid path to production and showcasing pragmatic capital management in a mature mining jurisdiction.

Beyond White Dam, Pacgold is also actively engaged in expanding its exploration footprint. In November 2025, the company commenced its maiden drilling program at the St George gold-antimony project, located in north-east Queensland. This diversified approach suggests Pacgold is not solely focused on its current production asset but is also systematically building a portfolio of potential future projects, aiming for long-term growth and increased shareholder value within the dynamic Australian minerals sector.

Outlook: Pacgold's Path Forward

The coming months will be critical for Pacgold as it consolidates its position as a new gold producer. The immediate focus remains on maximizing gold recovery from the existing heap leach system and delivering the first doré product by the end of April. Concurrently, the strategic expansion plans, particularly the detailed design for the four-million-tonne pad extension expected by July 2026, will be crucial for scaling operations.

The assay results from the Vertigo deposit drilling are highly anticipated, as they will directly feed into updated resource estimates and the comprehensive mine design for the full production expansion targeted for 2027. Success in obtaining necessary approvals and securing reliable logistical support for White Dam North will further unlock its exploration potential. Pacgold's structured approach to operations, strategic expansion, and continuous resource discovery positions it for sustained growth in the competitive Australian gold mining landscape, offering an interesting trajectory for industry professionals and investors to monitor.