Gorilla Gold Mines Ltd has raised A$31.7 million through a placement to accelerate exploration and resource growth at its key Western Australian gold projects. The capital injection strengthens the company’s cash position to about A$42 million, supporting ongoing and planned drilling campaigns.
- A$31.7 million placement to institutional and sophisticated investors
- Pro-forma cash position of approximately A$42 million post-placement
- Ongoing 4-rig drilling campaign at Comet Vale with resource update due Q4 2025
- Planned resource doubling drilling program at Mulwarrie starting November 2025
- Exploration and optimisation studies across Comet Vale, Mulwarrie, and Vivien projects
Capital Raise to Accelerate Growth
Gorilla Gold Mines Ltd (ASX – GG8) has successfully secured firm commitments to raise approximately A$31.7 million through a placement of new shares to institutional and sophisticated investors. This capital raise, conducted at a slight discount to recent trading prices, reflects strong demand from leading international resource-focused funds and existing shareholders alike. The proceeds will bolster Gorilla Gold’s cash reserves to an estimated A$42 million, positioning the company to aggressively advance its exploration and resource growth programs across its portfolio of high-grade gold projects in Western Australia.
Focused Drilling Campaigns Across Key Projects
The funds will underpin ongoing and upcoming drilling initiatives at the Comet Vale, Mulwarrie, and Vivien gold projects. At Comet Vale, a four-rig drilling campaign is currently underway targeting multiple prospects within the camp, including Lakeview, Cheer, and Sovereign North. This work aims to unlock the broader potential of the area ahead of a comprehensive Mineral Resource Estimate update scheduled for the final quarter of 2025.
Meanwhile, Mulwarrie is set for a significant resource expansion effort, with a drilling program commencing in November 2025 designed to double its current resource base of 350,000 ounces at an average grade of 3.6 grams per tonne. Vivien will also see renewed exploration and resource definition drilling starting in late 2025 or early 2026, further enhancing Gorilla Gold’s pipeline of high-grade assets.
Strategic Positioning and Future Outlook
Gorilla Gold’s projects benefit from their strategic locations near several operating mills, which could facilitate future development and production efficiencies. Alongside drilling, the company plans to undertake initial mining studies and optimisation programs at Comet Vale and Mulwarrie to better define project economics and development pathways.
CEO Charles Hughes highlighted the strong institutional support for the placement as a clear endorsement of Gorilla Gold’s strategy to rapidly grow high-grade gold resources in Western Australia’s premier mining districts. The strengthened balance sheet ensures the company can maintain drilling momentum and advance its projects toward potential development milestones.
With the placement shares expected to be issued by the end of October 2025, investors will be watching closely for upcoming drilling results and resource updates that could validate the company’s aggressive growth ambitions.
Bottom Line?
Gorilla Gold’s fresh capital injection sets the stage for a pivotal phase of exploration and resource expansion in WA’s gold heartland.
Questions in the middle?
- Will the ongoing drilling at Comet Vale deliver significant resource upgrades as anticipated?
- How quickly can Mulwarrie’s resource base be doubled and what impact will this have on project economics?
- What are the timelines and expected outcomes for the initial mining studies at Comet Vale and Mulwarrie?