PC GOLD LIMITED (PC2)
Share Price Analysis and Chart

05/10/2026

1

Speculative Buy

$2.35

137.37%

Canaccord Genuity maintains a Speculative Buy rating for PC Gold with its target price increased to $2.35 from $2.15 following a $75m capital raising to fund accelerated drilling and feasibility work.

The placement secures a pro-forma cash balance approaching $97m, funding a 125,000-metre drilling program, underground access refurbishment, and feasibility studies through to a final investment decision.

Recent drilling results strengthen interpretation of the high-grade Link Zone and extend mineralisation 30 metres down-dip, supporting the analyst's expectation for potential grade and ounce upside in the impending December 2026 resource update.

Canaccord Genuity's estimates now incorporate an underground mining scenario commencing in FY32, prompting an increase in pre-production capital expenditure assumptions to -$364m from -$330m to account for camp refurbishments and a royalty buyback.

Canaccord views Artemis Gold's recent acquisition of the neighbouring Mt Todd project as providing a positive read-through for broader strategic interest in Northern Territory gold assets.