Brought to you by BULLS N’ BEARS
Penny Taylor
Pacgold has cracked the code at its White Dam project, pouring maiden gold doré as the South Australian heap-leach operation sprang back to life in double quick time and on budget.
The company produced a 3-kilogram bar containing an estimated 80 ounces of gold from early pad turnover. Ore was pulled from the western edge of the heap before being pushed through a refurbished plant that has snapped into its stride just five months after acquisition.
Residual ore already stacked on the pad is being turned and irrigated, allowing fresh solution flow to flush out remaining gold. Pacgold says the grades are holding firm and plant performance is strong, pointing to a fully operational and hitch-free leach circuit.
The doré has been dispatched to the Perth Mint for refining and sale, unlocking initial cash flow and cementing the company’s step up from explorer to producer.
‘The first gold pour of many to come at White Dam is a transformative moment for Pacgold.’
Pacgold managing director Matthew Boyes
The groundwork leading into the first gold pour has been methodical and largely trouble-free, according to the company. Cyanide irrigation was switched on earlier this year ahead of the mobilisation and commissioning of new crushing circuits, kick-starting the re-crush program and breathing fresh life into the old heaps – a proven pathway to low-cost ounces from previously processed material.
Beneath the surface, the real workhorse has been the re-crush campaign, a deliberate push to free up trapped value from legacy heaps. Finer crushing generally improves permeability and boosts recovery. Tens of thousands of tonnes of the re-crushed ore are already under irrigation, with throughput building towards a targeted 90,000 tonnes per month.
Plant-side progress has been equally methodical. Refurbishment is almost complete, leaving one final carbon-in-column unit to be installed to finish the circuit and restore full capacity.
In parallel, the company is planning an expanded leach pad, laying the groundwork for the next growth phase, with designs expected to be completed by the end of June, ahead of construction tenders.
In tandem with development at White Dam, Pacgold has been pushing ahead with an aggressive exploration program. Drilling at its Vertigo deposit, targeting shallow mineralisation upgrades, has now wrapped up with assays pending. The results will then feed into a refreshed resource model and mine plan as the operation moves towards full-scale production by 2027.
Pacgold managing director Matthew Boyes said: “The first gold pour of many to come at White Dam is a transformative moment for Pacgold. Delivering our maiden gold doré bar just five months after acquisition, this milestone marks our official transition from explorer to producer.”
White Dam itself brings a proven pedigree, offering proof of concept under the previous owner, GBM Resources. The project produced 180,000 ounces of gold from heap leach operations between 2010 and 2018, before Pacgold picked up the asset in December 2025. Currently, the resource inventory stands at 4.6 million tonnes grading 0.7 grams per tonne (g/t) gold for 102,000 ounces, providing a solid foundation for the current restart.
Fresh upside is starting to emerge nearby. A 50/50 profit-share deal at the Grainger Gold-owned Wadnaminga project, 80 kilometres south-west of White Dam, has opened a toll-treating avenue to extract value from historic material. Meanwhile, Pacgold’s own near-mine drilling has continued to define shallow zones of gold that are likely to keep the plant fed and extend mine life.
Beyond South Australia, Pacgold’s longer-dated growth is anchored in Queensland. Its flagship Alice River gold project and the emerging St George gold-antimony system, now traced along more than 30 kilometres of strike, are delivering potential scale and discovery upside. The company says White Dam, as a near-term cash generator, is expected to partially fund future drilling programs in Queensland.
With gold prices holding firm and heap leach operations offering a lean cost base, the pieces are starting to stack in Pacgold’s favour. A live plant, a growing re-crushed inventory and a clear path to scale give the company multiple levers to pull.
If this first pour is any indication, White Dam is shifting from restart rhetoric to revenue reality and the ounces look set to keep rolling in.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
