General Discussion - PLC

Keen to get some discussion going here. PLC has just delivered its first JORC-compliant resource at Wadgingarra — 13koz @ 2.7 g/t Au. It’s small, sure, but near-surface, toll-treatable, and development-ready. The optimised pit shell shows it’s not just an “exploration number” — it’s a pathway to real cash flow. Even modest toll deals could throw off healthy margins. At current gold prices, that 13koz could generate ~A$30–45m in margin depending on recovery and costs, with a simple NPV over three years worth around A$36m. For context, that’s a large slice of PLC’s current market cap from just one shallow starter pit.

What stands out to me is how they’re running the business. PLC has kept things tight — no lifestyle spending, no endless dilution, and a team that can do most of the technical work in-house. That’s a big advantage: less dependence on consultants, faster progress, and lower costs. For a junior, that level of professionalism is rare, and it’s why they’ve been able to move quickly without burning shareholder value.

The real blue-sky is Abbotts North, right next to NMG’s Crown Prince (now steaming toward production). PLC’s surface sampling has already shown multiple high-grade hits (10–11 g/t Au), and first drilling is coming up later this year. If Crown Prince is anything to go by, the system has serious potential. Jason (CEO) hasn’t leaned too hard on the “nearology” angle yet — probably a smart move until drill results can back it — but the geological setup is compelling.

And here’s why Crown Prince matters: it’s not just a “small WA project.” NMG has already proven it up with insane intercepts (like 40m @ 11.8 g/t, 2m @ 195 g/t, and visible gold at depth), approvals locked in, ore purchase deal signed, and first blast already done. Their feasibility showed A$226m cashflow over just 30 months with only A$5.4m upfront — ultra-high grade, ultra-low capex, near-term production. That’s why Crown Prince is “going off.”

And the nearology case for PLC is strong:

• Abbotts North sits directly on the Abernethy Shear, the same structure hosting Crown Prince.

• PLC’s rock chips (10–11 g/t Au, plus broader anomalies) occur on-trend with Crown Prince, suggesting potential mineralisation continuity across the boundary.

• The wider Abbotts field historically produced at 31 g/t Au, and Crown Prince proves that high-grade endowment is still alive.

• NMG has shown how ounces here can be monetised quickly with smart mill deals. PLC doesn’t need to reinvent the wheel — just prove up its ground.

Proven Regional Potential — Structurally Compelling Setting

For those less familiar: Abbotts North isn’t some random patch of dirt. It’s part of the Abbotts mining centre, which in the late 1800s produced gold at spectacular grades — up to 31 g/t from reefs like New Murchison King and Vranizan. That pedigree matters. Today, Crown Prince has confirmed the fertility of the system, sitting on a structural splay off the Abernethy Shear — a major fault zone that acts like a gold-bearing fluid highway. PLC’s Abbotts North ground sits right along the same trend. And zooming out, the entire Abbotts Greenstone Belt belongs to the Yilgarn Craton, one of the most productive gold provinces globally. When you combine historic production, modern resources, and untested strike, you’re looking at a Tier 1 geological address.

And while gold is in focus now, don’t forget the lithium angle that got PLC started. They’ve still got exposure there, and with lithium markets expected to tighten again mid-decade, that optionality could turn out to be very valuable.

In short: PLC now has real ounces, credible management, a near-term cashflow path at Wadgingarra worth ~A$36m on realistic assumptions, exploration upside at Abbotts North with Crown Prince-style potential, all sitting in a proven gold belt — plus a lithium growth story in the background. For a junior with this market cap, that’s a solid mix imho.


This shows Wadgingarra, while much smaller, still represents ~A$36m potential cashflow on realistic assumptions — a big chunk of PLC’s market cap — while Abbotts North gives them exposure to the same structural setting as Crown Prince.