PLC Resources Limited (ASX:PLC) today announced it has successfully raised A$1.8 million through a placement to sophisticated and institutional investors. The Western Australian mineral exploration company, dedicated to discovering and advancing high-value gold and copper assets in world-class geological settings, intends to utilise these funds to accelerate exploration efforts at its Yalgoo and Abbotts North gold projects. Formerly known as Premier1 Lithium Limited, the Company has refocused its exploration strategy on its two flagship projects. The capital raise involved the issue of 225,000,000 new fully paid ordinary shares at an issue price of A$0.008 per share.
The proceeds are strategically earmarked to significantly advance the company’s exploration programmes. Approximately A$900,000 is allocated to the Yalgoo Gold Project for RC drilling aimed at resource extension, along with geochemistry and geophysical surveys across its 266 square kilometre Yalgoo-Singleton Greenstone Belt tenement. A further A$650,000 will be directed to the Abbotts North Gold Project for RC and aircore drilling, high-grade reef drill testing, and geological mapping within its Murchison Region tenement. The remaining A$250,000 will be applied to general working capital, with PLC Resources anticipating a robust cash position of approximately A$3 million post-placement.
Executive Director Simon Phillips expressed his pleasure in securing the funding, noting it would enable systematic deployment across both projects to target resource extension and new discovery opportunities in highly prospective greenstone belts. He looks forward to updating shareholders as exploration progresses. The Placement Shares, which will rank pari passu with existing ordinary shares, are expected to be allotted on Friday, 22 May 2026, with trading on the ASX projected to commence on Monday, 25 May 2026, subject to standard conditions. This placement was conducted under the Company’s existing placement capacity and did not require shareholder approval.
