Broken Hill Gold Ltd.
Broken Hill Gold Ltd. (ASX: BH6, formerly Pacgold Limited, and before that Alice River Resources Pty Ltd, renamed Dec 2020) is a Brisbane-based ASX gold company that restarted heap-leach gold production at the White Dam Gold Project near Broken Hill, South Australia, pouring first gold (and a second dore pour) in early 2026, ramping toward a 90,000t/month processing target. White Dam's JORC (2012) Mineral Resource, as restated in the company's 21 Sep 2026 Vertigo MRE update, totals 5.2Mt @ 0.7 g/t Au for 118,496oz (Indicated 2.33Mt @ 0.6 g/t for 43,500oz; Inferred 74,996oz) across the Hannaford, Vertigo and Icebreaker deposits; Vertigo was re-estimated in Sep 2026, while Hannaford and Icebreaker remain 2020 estimates the company plans to re-calculate. The company completed the demerger of its former north Queensland exploration portfolio (the Alice River and St George projects) into Manda Resources Ltd on 22 Sep 2026, leaving White Dam as its exclusive focus; the in-specie distribution of the 64 million Manda shares it received to Broken Hill Gold shareholders still needs shareholder approval and is expected in early December 2026, ahead of Manda's planned ASX listing in mid-December 2026.
Lifecycle Milestones
Construction Milestones
4 of 5 reached- Sep 2007 · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Apr 2026 · Source
- Not yet reachedExpected 5,000oz produced (contractual threshold, no date given); full production expansion planned 2027 · The commercial-production threshold for White Dam is contractually defined rather than date-guided: under the 6 Oct 2025 acquisition agreement with GBM Resources, A$2.2M of the A$4.8M consideration is contingent on reaching 5,000oz of gold production. No source reports that threshold being met. The 30 Jun 2026 quarterly describes only a 'Phase 1 restart strategy' and ramp-up toward 90,000t/month, with full production expansion planned for 2027. Window is an ounce threshold, not a calendar date, because that is what the company and counterparty actually agreed. · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Not in place: tailings facility, grid power.
Jurisdiction (40%)9/10
South Australia: Fraser PPI 2025 is 85.47 of 100 (rank 16 of 68), which maps to 9 on this site's scale. South Australia and Queensland, Australia are both Tier-1 mining jurisdictions with stable, established mining law.
Infrastructure (40%)5.7/10
A confirmed mill, confirmed road access, no confirmed grid power, and no confirmed tailings facility at White Dam Gold Project.
Nearby producing mine (20%)8.7/10
Honeymoon (Boss Energy Limited) is 40 km away -- within regional-platform range.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
A disclosed corporate action (not an acquisition or merger)
A corporate action of this kind says nothing about takeover susceptibility, so it isn't scored.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:6/10
Nearest producing mine: Honeymoon (Boss Energy Limited), 40 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
Australia: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Managing Director of Pacgold Limited. Geologist with 25+ years' experience in company management, mine geology, mine development, capital markets, and business development.
CFO and Company Secretary of Pacgold Limited, appointed after Suzanne Yeates' resignation (effective 30 Nov 2025). CPA with 20+ years' senior finance and governance experience at ASX-listed companies.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
The largest non-insider holder, Laguna Bay Capital, turns out on closer inspection to be primarily a food and agriculture investment firm rather than a mining specialist, so its 7.85% stake counts for less here than a dedicated resources fund would. A mining-industry figure, Richard Hacker, also holds a smaller position. No producer holds a stake and we have no insider trading records for this company.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Broken Hill Gold, formerly Pacgold, has restarted heap-leach gold production at its 100%-owned White Dam project near Broken Hill in South Australia, reaching first gold production in April 2026 and pouring its first gold bar in May 2026, and is ramping toward a processing rate of 90,000t a month. White Dam's resource, restated with the Vertigo update in September 2026, contains 43,500 oz of gold in measured and indicated resources, all of it indicated, plus 74,996 oz inferred, across the Hannaford, Vertigo and Icebreaker deposits. The company completed the demerger of its north Queensland exploration projects into Manda Resources on 22 September 2026, leaving White Dam as its focus; the distribution of the Manda shares to Broken Hill Gold shareholders still needs their approval and is expected in early December 2026.