Drilling Commenced at Achilles 3 gold base-metal Target – This is AGC’s second of seven high priority drill ready Au-Cu targets

Australian Gold and Copper Ltd (ASX: AGC) (“AGC” or the “Company”) is pleased to
announce the Reverse Circulation (RC) Rig has mobilised and started drilling at our Achilles
3 gold and base-metal target at the Cargelligo Project.

The targets at the Cargelligo licence (EL8968) which include Achilles 3, Achilles 2 and
Mount Boorithumble, are located in the Southern Cobar Basin and have pre-discovery
similarities to the Peak and Hera Gold Polymetallic mines. These Cargelligo targets are
located south along strike from the Hera mine and the recent Federation discovery held by
Aurelia Metals (ASX:AMI), see figure 1.

AGC’s Managing Director Glen Diemar said: “With the success of our first program it was
easy to keep the momentum going into this discovery focused drill program.”

As per the ACG ASX prospectus lodged 18th November 2020, AGC’s near term plan is to
move the rig as quickly as possible from target to target with RC drilling of seven near
surface gold and copper targets.