ASX: PGO - Pacgold
- Matt Birney
- Jun 11
- 4 min read
Pacgold: QLD assets vended with upside and SA gold production underway
Pacgold Managing Director Matt Boyes on 2GB & 6PR Bulls N' Bears Report
ASX-listed Pacgold Managing Director Matt Boyes talks to Matt Birney on Bulls N’ Bears about Pacgold’s neat pivot to a producing gold asset in South Australia and a deal to vend its QLD assets for a swag of shares in a new IPO - paid directly to shareholders.
TO LISTEN TO THE PACGOLD AUDIO INTERVIEW - CLICK BELOW
Pacgold has had a big six months. It picked up the mothballed White Dam gold project in South Australia, fired up the old heap leach operation and poured a gold bar in May. The company also owns a swag of gold and antimony ground in North Queensland. And with White Dam now spitting out gold, it just unveiled a plan to spin those assets out into a new company to be listed on the ASX.
RADIO INTERVIEW - TRANSCRIPT
Matt Birney - Welcome to Bulls N' Bears, brought to you today by gold producer Pacgold
Matt Birney - ASX code: PGO
Matt Birney - I'm Matt Birney and I'm joined now by the Managing Director of Pacgold, Matt Boyes.
Matt Birney - Hi Matt.
Matt Boyes - Yeah, hi Matt.
Matt Birney - Okay, so Pacgold has had a big six months. It picked up the mothballed White Dam gold project in South Australia, fired up the old heap leach operation and poured a gold bar in May. The company also owns a swag of gold and antimony ground in North Queensland. And with White Dam now spitting out gold, it just unveiled a plan to spin those assets out into a new company to be listed on the ASX.
Matt Birney - Okay, Matt, firstly, which company will you vend those Queensland assets into? And what's the grand plan for it?
Matt Boyes - Yeah, the assets matter going into a company called Manda Resources, which is an unlisted entity backed by a real powerhouse in the Australian gold market, which is Emerald Resources. They'll back the company all the way through to IPO. The grand plan really is to get the exploration up and running as fast as possible and get the entity listed this year.
Matt Birney - And what does Manda bring to the table? Do they have other projects?
Matt Boyes - Yeah, they have another project. They're bringing in another sort of half a million ounces in in a bunch of ground which is contiguous to our St. George asset there as well. So that makes it, puts about 700 square km of ground together in the total package.
Matt Birney - And how many ounces in ground at the moment in the whole package?
Matt Boyes - About 1.3 collectively.
Matt Birney - Okay and how are you going to get paid for it?
Matt Boyes - Well, we get about 16 million bucks worth of value out of the Alice River asset. We end up with about 30% of the final listed entity in in Manda when it actually IPOs at the end of the year and our shareholders will end up with majority stakeholders in that in that entity.
Matt Birney - And you'll distribute those shares direct to the shareholders will you?
Matt Boyes - Yeah there'll be a distribution there'll be an in-specie distribution to our shareholders upon IPO and then they'll be free, they'll basically be receiving one share for every seven Pacgold shares that they have in our company at the moment.
Matt Birney - Pacgold's management focus as I see it now looks like it's zeroing in on your relatively new White Dam project. What mining infrastructure do you already own at that site and what's its annual output capacity? Just the infrastructure.
Matt Boyes - Yeah, the infrastructure really. We've got the heap leach pad. We've got the plant all constructed, paid for, commissioned working. The asset historically produced up to 25,000 ounces I think was a record year. And so we're looking to put the the asset back into full production next year.
Matt Birney - Okay. So you've just produced a gold bar. What what's the procedure at the moment? What's the processing route that you're using?
Matt Boyes - Yeah, we're using a heap leach pad and then we've got CIC tanks on the back of those. So, we produce our own dore here on site. Send that off to the Perth Mint and we get paid and now we're just ramping up the recrush at the top of the pad and then hopefully going to production for full scale production next year.
Matt Birney - All right, quick question. When can we see another gold bar out of this thing?
Matt Boyes - We'll be pouring another gold bar in this this quarter before the end of June.
Matt Birney - Matt Boyes from Pacgold.
Matt Birney - Thanks for joining me on Bulls N' Bears and remember we're only here to give you information, not advice, which you should of course seek independently.
Matt Birney - I'm Matt Birney and this is Bulls N' Bears.
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