Great Boulder Raises $12.5M at 6.1c to Boost Gold Resource Ambitions
Great Boulder Resources has raised $12.5 million through a placement to institutional investors, positioning the company to fast-track exploration and resource expansion at its flagship Side Well Gold Project.
- Placement raises $12.5 million at 6.1 cents per share
- Funds boost cash reserves to approximately $15 million
- Focus on accelerating drilling and resource growth at Side Well and Ironbark
- Strong institutional support including North American investors
- Upcoming Ironbark scoping study and drilling updates expected soon
Strategic Capital Raise
Great Boulder Resources (ASX, GBR) has successfully secured $12.5 million through a two-tranche placement aimed at accelerating exploration and resource growth at its Side Well Gold Project in Western Australia. The placement, priced at 6.1 cents per share, represents a 16.4% discount to the last closing price and attracted strong support from institutional and sophisticated investors, including North American funds participating for the first time.
Strengthening Financial Position
With this capital injection, Great Boulder’s cash reserves will rise to around $15 million, providing a robust financial platform to aggressively advance drilling programs and exploration activities. The company plans to deploy these funds to accelerate resource definition drilling, geochemical and geophysical surveys, and mining approval studies, particularly focusing on the Ironbark deposit and the broader Side Well project area.
Advancing Resource Growth
The Side Well Gold Project currently hosts a mineral resource estimate of 668,000 ounces of gold at 2.8 grams per tonne, including a high-grade core of nearly 500,000 ounces at 5.3 grams per tonne. Great Boulder’s Managing Director, Andrew Paterson, highlighted the company’s ambition to define a one million ounce gold resource and to identify early mining opportunities, particularly at Ironbark where recent drilling has intersected high-grade gold mineralisation.
Near-Term Catalysts
Investors can expect a steady flow of news in the coming months, starting with the delivery of the Ironbark scoping study due in early July. This will be followed by updates from ongoing drilling programs at Ironbark and Side Well South, which could significantly enhance the project’s resource profile and development potential.
Outlook and Market Implications
The successful placement not only strengthens Great Boulder’s balance sheet but also signals growing investor confidence in the company’s exploration strategy and asset quality. The involvement of North American institutional investors marks an important milestone, potentially broadening the company’s shareholder base and market visibility. However, the final tranche of the placement remains subject to shareholder approval, and the market will be watching closely for the results of upcoming drilling and studies to validate the company’s growth trajectory.
Bottom Line?
Great Boulder’s fresh capital positions it for a pivotal phase of exploration and resource expansion, next up, drilling results and the Ironbark study will test market optimism.
Questions in the middle?
- Will the shareholder meeting approve the second tranche of the placement?
- How will upcoming drilling results impact the overall resource estimate at Side Well?
- What are the timelines and potential outcomes of the Ironbark scoping study?
