# PLC: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/plc-annual-report-to-shareholders--a6d6e952-d72a-4e2d-82e9-0a7bf2e8a710 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145577 Publisher: asx Original announcement: 2026-09-29T08:22:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T14:36:08.477Z Atlas analysis updated: 2026-09-29T14:36:08.477Z - Company: PLC RESOURCES LIMITED - Ticker: PLC - Exchange: ASX - Region: Western Australia - Primary commodity: Gold - Secondary commodities: Copper - Document categories: Drill results, Resource update, Capital raise - Extracted: 2026-09-29 14:36:09 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas summary PLC Resources Limited reported a maiden Inferred Mineral Resource at its Wadgingarra Gold Prospect of 150,000 tonnes at 2.7 g/t Au for 13,000 ounces of contained gold, which is open along strike and at depth. Exploration drilling at the Yalgoo Project returned encouraging gold intercepts, including 4m at 1.88 g/t Au and 14m at 0.84 g/t Au at Carlisle, where a new volcanogenic massive sulphide \(VMS\) affinity was identified. The company also completed capital raises totaling approximately $3.97 million and consolidated 100% ownership of the Yalgoo Project, reflecting a refocused gold and copper exploration strategy in Western Australia. Reasoning: The company achieved significant milestones in FY2026, including a maiden JORC-compliant gold resource and encouraging drill results with a new VMS discovery, supported by successful capital raises and a clear strategic refocus. While some drill results were low-grade, the overall progress is highly positive for an exploration company. - Positive factor: Maiden JORC-compliant Inferred Mineral Resource established, providing a baseline for future growth. - Positive factor: Drilling at Carlisle identified a new VMS affinity, opening up potential for base metal discoveries. - Positive factor: Successful capital raises strengthened the balance sheet, providing funding for ongoing exploration. - Positive factor: Project consolidation and corporate repositioning reflect a clear strategic focus on gold and copper exploration. - Negative factor: Drill intercepts at Mt Kersey were broad but low-grade, indicating early-stage exploration. - Negative factor: The maiden resource is entirely in the Inferred category, requiring further drilling to upgrade confidence. Facts used in scoring: 7 ## Classification and evidence **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The document explicitly states 'Maiden Inferred Mineral Resource at the Wadgingarra Gold Prospect'. Evidence · text > Maiden Inferred Mineral Resource at the Wadgingarra Gold Prospect **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The entire resource is classified as 'Inferred Mineral Resource', which is the lowest confidence category. Evidence · text > Maiden Inferred Mineral Resource at the Wadgingarra Gold Prospect **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The Mineral Resource information is compiled by Ms Susan Havlin and Ms Jane Levett, Competent Persons who are Chartered Professional Members of AusIMM. Evidence · text > The information in this report that relates to Mineral Resources is based on information compiled by Ms Susan Havlin and Ms Jane Levett, Competent Persons who are both Chartered Professional Members of the Australasian Institute of Mining and Metallurgy \(AusIMM\). **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The document states the resource is 'JORC-compliant Mineral Resource' and prepared in accordance with the 'JORC Code \(2012 Edition\)'. Evidence · text > delivering the Group’s first JORC-compliant Mineral Resource. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The resource is reported 'above a 0.5 g/t Au cut-off grade'. Evidence · text > reported above a 0.5 g/t Au cut-off grade **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: This is the company's first Mineral Resource Estimate, representing growth from zero prior reported resources. Evidence · text > Maiden Inferred Mineral Resource at the Wadgingarra Gold Prospect, Yalgoo Project, of 150,000 tonnes **Step-Out Extension** Polarity: positive Definition: Mineralization extended beyond the previously known limit. Why it applies: The VMS affinity at Carlisle is interpreted to 'extend north toward the Cumberland and Olive Queen prospects and to remain open to the south'. Evidence · text > interpreted to extend north toward the Cumberland and Olive Queen prospects and to remain open to the south. **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The report states that exploration results are based on information compiled by a Competent Person, Paul Smith, who is a Member of the AIG. Evidence · text > The information in this report that relates to Exploration Results is based on information compiled by Paul Smith, a Competent Person who is a Member of the Australian Institute of Geoscientists \(AIG\). **Apparent Width Only** Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: Drill intercepts are reported as downhole lengths \(e.g., '4m at 1.88 g/t Au'\) without stating true widths or drill orientation. Evidence · text > 4m at 1.88 g/t Au from 44m ## Extracted facts Stored fact records: 7. Some facts used in scoring do not have a stored record. ## Drill Results (6) ### 26GGRC012 [Link to this fact](https://atlas-staging.minestarters.com/news/plc-annual-report-to-shareholders--a6d6e952-d72a-4e2d-82e9-0a7bf2e8a710#fact-drill-facts-1) Yalgoo · gold #### Identity - Hole ID: 26GGRC012 - Project: Yalgoo - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: PLC #### Geometry - Grade: 1.88 - Grade Unit: g/t - Intercept: 4 m - From: 44 m - To: 48 m - Intercept Depth: 44 m #### Classification - Deposit Type: vms - Program: exploration - Sample Type: drill - Group ID: 26GGRC012:44-48 #### Location - Location: Carlisle - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This intercept shows moderate gold grades and is significant due to the newly identified VMS affinity, suggesting a new exploration target at Carlisle. - Positive factor: Moderate gold grade over a reasonable width for exploration. - Positive factor: Identification of VMS affinity suggests potential for polymetallic mineralization. - Positive factor: Results are outside the existing resource, indicating potential for new discoveries. - Negative factor: True width not stated, so apparent width may overstate true thickness. Evidence · text > 4m at 1.88 g/t Au from 44m \(including 1m at 5.28 g/t Au\) in 26GGRC012 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "Yalgoo Project The Yalgoo Project comprises approximately 266 km² in the Yalgoo–Singleton Greenstone Belt, an Archaean g" ### 26GGRC012 [Link to this fact](https://atlas-staging.minestarters.com/news/plc-annual-report-to-shareholders--a6d6e952-d72a-4e2d-82e9-0a7bf2e8a710#fact-drill-facts-2) Yalgoo · gold #### Identity - Hole ID: 26GGRC012 - Project: Yalgoo - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: PLC #### Geometry - Grade: 5.28 - Grade Unit: g/t - Intercept: 1 m #### Classification - Deposit Type: vms - Program: exploration - Sample Type: drill #### Location - Location: Carlisle - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: A high-grade sub-interval within the broader intercept at Carlisle is a strong positive, confirming the presence of significant gold mineralization in the new VMS target. - Positive factor: High-grade gold intercept, indicating a bonanza zone within the broader mineralization. - Positive factor: Supports the potential of the newly identified VMS system. - Negative factor: Narrow width limits overall contained metal. - Negative factor: True width not stated, so apparent width may overstate true thickness. Evidence · text > including 1m at 5.28 g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "Yalgoo Project The Yalgoo Project comprises approximately 266 km² in the Yalgoo–Singleton Greenstone Belt, an Archaean g" ### 26GGRC010 [Link to this fact](https://atlas-staging.minestarters.com/news/plc-annual-report-to-shareholders--a6d6e952-d72a-4e2d-82e9-0a7bf2e8a710#fact-drill-facts-3) Yalgoo · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: 26GGRC010 - Project: Yalgoo - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: PLC #### Geometry - Grade: 0.84 - Grade Unit: g/t - Intercept: 14 m - From: 42 m - To: 56 m - Intercept Depth: 42 m #### Classification - Deposit Type: vms - Program: exploration - Sample Type: drill - Group ID: 26GGRC010:42-56 #### Location - Location: Carlisle - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This broad intercept, while lower grade, demonstrates significant continuity of gold mineralization within the promising VMS corridor at Carlisle. - Positive factor: Broad intercept width, indicating good continuity of mineralization. - Positive factor: Supports the potential of the newly identified VMS system at Carlisle. - Negative factor: Grade is moderate, but width is strong. - Negative factor: True width not stated, so apparent width may overstate true thickness. Evidence · text > 14m at 0.84 g/t Au from 42m \(including 3m at 2.82 g/t Au\) in 26GGRC010 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "Yalgoo Project The Yalgoo Project comprises approximately 266 km² in the Yalgoo–Singleton Greenstone Belt, an Archaean g" ### 26GGRC010 [Link to this fact](https://atlas-staging.minestarters.com/news/plc-annual-report-to-shareholders--a6d6e952-d72a-4e2d-82e9-0a7bf2e8a710#fact-drill-facts-4) Yalgoo · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: 26GGRC010 - Project: Yalgoo - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: PLC #### Geometry - Grade: 2.82 - Grade Unit: g/t - Intercept: 3 m #### Classification - Deposit Type: vms - Program: exploration - Sample Type: drill #### Location - Location: Carlisle - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The moderate-grade sub-interval within the broader intercept at Carlisle adds to the positive outlook for the newly identified VMS system. - Positive factor: Moderate-grade sub-interval within a broader zone, enhancing the overall prospectivity. - Positive factor: Further confirms the presence of gold mineralization in the VMS target. - Negative factor: Narrow width limits overall contained metal. - Negative factor: True width not stated, so apparent width may overstate true thickness. Evidence · text > including 3m at 2.82 g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "Yalgoo Project The Yalgoo Project comprises approximately 266 km² in the Yalgoo–Singleton Greenstone Belt, an Archaean g" ### 26GGRC002 [Link to this fact](https://atlas-staging.minestarters.com/news/plc-annual-report-to-shareholders--a6d6e952-d72a-4e2d-82e9-0a7bf2e8a710#fact-drill-facts-5) Yalgoo · gold #### Identity - Hole ID: 26GGRC002 - Project: Yalgoo - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: PLC #### Geometry - Grade: 0.25 - Grade Unit: g/t - Intercept: 10 m - From: 113 m - To: 123 m - Intercept Depth: 113 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: 26GGRC002:113-123 #### Location - Location: Mt Kersey - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This broad, low-grade intercept at Mt Kersey is indicative of a large mineralized system, but the grades are currently sub-economic for gold. - Positive factor: Broad intercept indicates a large mineralized system. - Positive factor: Consistent with a magmatic hydrothermal system, suggesting potential for bulk tonnage. - Negative factor: Low gold grade, indicating early-stage exploration and requiring higher grades for economic viability. - Negative factor: True width not stated, so apparent width may overstate true thickness. Evidence · text > 10m at 0.25 g/t Au from 113m in 26GGRC002 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "Yalgoo Project The Yalgoo Project comprises approximately 266 km² in the Yalgoo–Singleton Greenstone Belt, an Archaean g" ### 26GGRC003 [Link to this fact](https://atlas-staging.minestarters.com/news/plc-annual-report-to-shareholders--a6d6e952-d72a-4e2d-82e9-0a7bf2e8a710#fact-drill-facts-6) Yalgoo · gold #### Identity - Hole ID: 26GGRC003 - Project: Yalgoo - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: PLC #### Geometry - Grade: 0.54 - Grade Unit: g/t - Intercept: 8 m - From: 68 m - To: 76 m - Intercept Depth: 68 m #### Classification - Deposit Type: other - Program: exploration - Sample Type: drill - Group ID: 26GGRC003:68-76 #### Location - Location: Mt Kersey - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This intercept at Mt Kersey, while low-grade, confirms gold anomalism and the presence of a magmatic hydrothermal system, warranting further exploration. - Positive factor: Moderate width intercept, consistent with a large mineralized system. - Positive factor: Indicates gold anomalism within the magmatic hydrothermal system. - Negative factor: Low gold grade, indicating early-stage exploration and requiring higher grades for economic viability. - Negative factor: True width not stated, so apparent width may overstate true thickness. Evidence · text > 8m at 0.54 g/t Au from 68m in 26GGRC003 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "Yalgoo Project The Yalgoo Project comprises approximately 266 km² in the Yalgoo–Singleton Greenstone Belt, an Archaean g" ## Resource Estimates (1) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/plc-annual-report-to-shareholders--a6d6e952-d72a-4e2d-82e9-0a7bf2e8a710#fact-resource-facts-0) Yalgoo Project · gold #### Identity - Project: Yalgoo Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: PLC #### Resource scope - Estimate type: resource - Effective date: 2025-08-26T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Susan Havlin, Jane Levett - Resource group id: resource:069fcf48288e2e67e67a - Deposit or zone: Wadgingarra Gold Prospect #### Resource Data - Category: inferred - Tonnes: 150000 - Grade: 2.7 - Grade Unit: g/t - Contained Metal: 13000 - Contained Unit: oz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-08-26 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The maiden Inferred Mineral Resource is a significant milestone for the company, providing a JORC-compliant estimate with clear expansion potential, despite its early-stage confidence category. - Positive factor: Maiden JORC-compliant resource establishes a baseline for the project. - Positive factor: Resource is open along strike and at depth, indicating expansion potential. - Positive factor: Constrained within an optimised pit shell, suggesting initial economic viability. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. Evidence · text > Maiden Inferred Mineral Resource at the Wadgingarra Gold Prospect, Yalgoo Project, of 150,000 tonnes at 2.7 g/t Au for 13,000 ounces of contained gold, open along strike and at depth. #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.