Strategic Placement Fuels Great Boulder’s Race to One Million Ounces
Great Boulder Resources has raised $5 million through a strategic placement led by Tribeca Investment Partners, positioning the company to accelerate exploration and target a one million ounce gold resource at its Side Well project.
- Secured $5 million via strategic placement at 6.75 cents per share
- Placement led by Tribeca Investment Partners and other institutional investors
- Total cash reserves to reach approximately $17 million post-placement
- Expansion of drilling program with a fourth rig arriving soon
- Focus on rapid resource growth and early mining at Ironbark
Strategic Capital Injection
Great Boulder Resources (ASX, GBR) has successfully raised $5 million through a strategic placement, issuing around 74 million new shares at 6.75 cents each. This placement, which was unsolicited and driven by strong institutional interest led by Tribeca Investment Partners, represents an 8.8% discount to the company’s last closing price. Combined with existing cash reserves of approximately $12 million, Great Boulder will emerge with about $17 million in available funds.
Accelerating Exploration at Side Well
The fresh capital injection is earmarked to accelerate Great Boulder’s aggressive exploration program at the Side Well Gold Project in Western Australia’s Murchison gold field. Currently, three drill rigs are operational, with a fourth rig scheduled to arrive shortly, underscoring the company’s commitment to rapid resource expansion. The Side Well project already hosts a mineral resource of 668,000 ounces of gold, with a grade of 2.8 grams per tonne, and the company’s short-term goal is to define a one million ounce gold resource.
Institutional Confidence and Growth Prospects
The unsolicited nature of the placement highlights growing institutional confidence in Great Boulder’s growth potential. Managing Director Andrew Paterson emphasized that the placement reflects recognition of the company’s significant value proposition and aligns with its vision for success. The funds will also support advancing early mining opportunities at the Ironbark deposit, complementing the broader resource growth strategy.
Market and Operational Context
Canaccord Genuity acted as lead manager and bookrunner for the placement, with Salient Corporate serving as corporate advisor. The new shares will rank equally with existing shares and are expected to settle by early October. Great Boulder’s strategic location near existing mines and infrastructure provides operational advantages as it pursues its exploration and development objectives.
Looking Ahead
With a strengthened balance sheet and an expanded drilling program, Great Boulder is well positioned to deliver consistent newsflow through 2025 and 2026. The company’s focus on systematic exploration and resource growth could unlock significant value for shareholders as it advances toward its ambitious targets.
Bottom Line?
Great Boulder’s fresh capital and expanded drilling set the stage for a pivotal phase in its gold resource growth journey.
Questions in the middle?
- How quickly will drilling results translate into updated resource estimates?
- What are the timelines and milestones for advancing the Ironbark early mining opportunity?
- Will further institutional interest follow this placement to support future growth?
