Australian Gold and Copper Ltd has released results from its metallurgical test work at the Achilles deposit in South Cobar. The company conducted flotation and leaching trials on a composite 52‐kilogram sample, made up of 26 intervals from seven diamond drill holes. The bulk test achieved impressive recoveries, with a combined float and leach process extracting 83.0% silver at concentrate grades of up to 1,267 g/t, and 90.3% gold at 4.9 g/t. Additionally, the tests delivered high recoveries for base metals, recording 92.2% for lead with concentrates up to 18.5% Pb and 95.7% for zinc with concentrates reaching 32.8% Zn. The initial metallurgical results are bolstered by sequential flotation trials, aimed at producing separate high-grade concentrates. This sequential test work yielded a silver-gold-lead concentrate grading 2,276 g/t silver, 9.2 g/t gold, and 41% lead with recovery rates of up to 75.9%, 79.7%, and 92.4% respectively. A distinct high-grade zinc concentrate was also produced, grading 59.6% Zn with a recovery of 69.9%. While these results are encouraging, the sequential flowsheet will require further optimisation to improve concentrate selectivity and overall recoveries. The announcement provides detailed technical indicators including recovery percentages, concentrate grades, and a newly defined silver equivalency formula which integrates silver, gold, zinc, and lead using factors of 1.0, 92.6, 32.1, and 21.8 respectively. These factors are derived from recent spot prices and tailored recovery rates (e.g., 83% for silver, 90% for gold, 95% for zinc, and 92% for lead), underscoring the comprehensive approach to evaluating the deposit’s potential. Australian Gold and Copper Ltd’s Managing Director, Glen Diemar, noted that these results mark a significant milestone in progressing Achilles towards a maiden Mineral Resource Estimate. Market sentiment from this development is mixed for beginner traders. On the bullish side, the strong recoveries across multiple metals and the successful use of both bulk and sequential flotation methods point to a technically robust deposit with strong underlying value. The historical success of similar techniques in the Cobar Basin further reinforces optimism regarding the project’s long-term prospects. Conversely, from a bearish perspective, the need for further optimisation of the sequential flotation flowsheet and the ongoing work required to evaluate the copper component of the mineralisation add elements of uncertainty. These factors underscore the risks inherent in early-stage exploration and test work. In light of these detailed metallurgical results and technical indicators, Australian Gold and Copper Ltd’s progress at Achilles is seen as a promising step forward, while also highlighting key areas that will need further exploration and optimization before full resource potential can be assured. Beginner traders should keep an eye on future updates as the company advances towards its maiden resource estimate and further refines its production processes.