Pacgold Limited has reported encouraging early results from its 2025 Reverse Circulation (RC) drilling program at the Alice River Gold Project, located approximately 300km northwest of Cairns in North Queensland. The company’s first 19 RC drillholes in the Central Target area have revealed broad, shallow intersections of gold mineralisation. Notable assay results include a 48‐metre intersection averaging 2.1g/t gold in one hole, which featured a sub-interval of 15 metres averaging 5g/t, and even a short intercept of 2 metres recording 29g/t. Additional intersections from other holes further underscore the potential for both bulk tonnage and high-grade zones within the project area. The initial phase of a planned 10,000-metre RC drilling campaign has so far completed over 5,800 metres in 44 holes on the Central and Southern Targets, with assay results from Southern Target holes expected shortly. The program is designed to infill and guide an upgrade of the current Mineral Resource Estimate, as well as to test the lateral and depth continuity of several regional gold anomalies identified by previous aircore drilling. The company is now shifting focus toward step-out drilling at key targets, including The Shadow, Posie, Victoria, and Jerry Dodds, and is set to mobilise diamond and aircore rigs in early Q3 to further enhance structural and metallurgical understanding. Capitalising on a recently completed AUD 5.6 million raise, Pacgold Limited now holds over AUD 6.5 million in funds, ensuring the financing necessary to drive the exploration program through to the end of the drill season in December. In addition, a complementary Induced Polarisation (IP) geophysical program is underway to better define the southern extensions of the Alice River Fault Zone, with preliminary data expected in late June. Bullish sentiment arises from the strong early drill results that combine significant intersections of both low and high-grade gold, the strategic focus on multiple promising targets along the extensive fault zone, and a robust capital position that supports aggressive exploration plans. Bearish considerations may include the need to confirm continuity and true widths of the mineralisation as additional assay data comes in, and the technical challenges inherent in differentiating between open pit and underground mining scenarios. Overall, the news supports a cautiously positive outlook for Pacgold Limited as it continues to define the potential of the Alice River Gold Project.