Gorilla Gold Mines has lifted its reported Mineral Resource to approximately 2.0Moz of gold after a year of intensive Western Australian drilling. The gain comes with strong exploration momentum, but the company remains pre-revenue and expects to seek further funding.
- Group Mineral Resource rises 109% to approximately 2.0Moz
- More than 110,000 metres drilled across Western Australian projects
- New high-grade discoveries at Comet Vale and Vivien
- A$31.7 million placement supported FY2026 exploration
- A$19.8 million cash balance with further funding expected
Resource base reaches approximately 2.0Moz
Gorilla Gold Mines Ltd (ASX:GG8) ended FY2026 with a substantially larger exploration portfolio, reporting a group Mineral Resource of 15.4 million tonnes at 4.0 grams per tonne for approximately 2.0 million ounces of contained gold. The figure represents an increase of about 109% from the 952,000 ounces reported at 30 June 2025, although the annual report attributes the main movement to resource updates already announced at Comet Vale and Mulwarrie.
Western Australia now accounts for 1.5Moz of the group total, including 860,000oz at Comet Vale, 350,000oz at Mulwarrie and 278,000oz at Vivien. All three projects are 100%-owned and positioned near existing transport and milling infrastructure. The company reports no Ore Reserves, however, meaning the resource inventory has not yet been converted into a demonstrated mineable reserve or commercial production plan.
Drilling delivers new Comet Vale and Vivien targets
The operational effort behind the growth was substantial: more than 110,000 metres of drilling across the Western Australian portfolio, with the rig fleet expanding from three to as many as six by year-end. At Comet Vale, drilling added the Donkey Kong, Magilla, Diddy Kong and Lady Margaret discoveries, while a new Sovereign footwall lode returned 9.3 metres at 20.6 grams per tonne gold. The report also records a 49-metre intercept at 2.5 grams per tonne at Sovereign and step-out mineralisation at Mulwarrie as far as 700 metres beyond the existing resource.
Vivien supplied the standout single intercept: 2.1 metres at 55.4 grams per tonne gold from the Vince prospect, about 400 metres north of the Vivien Main underground mine. Further drilling at Val produced results close to existing underground development, while an agreement with a Gold Fields subsidiary to begin de-watering the underground mine is intended to provide future access for drilling, mapping and redevelopment assessment. These are exploration results and project options, not a production commitment.
Exploration scale meets a shorter funding runway
Gorilla funded the acceleration with an oversubscribed A$31.7 million placement in October 2025 at A$0.40 a share. It spent A$32.9 million on exploration and evaluation during the year and finished with A$19.8 million in cash, down from A$25.1 million a year earlier. The group posted a loss of A$2.8 million, compared with A$3.2 million in FY2025, and generated no operating revenue.
That balance sheet remains meaningful for an explorer, but the annual report says management expects to secure additional funding through capital raisings, asset sales or other financing arrangements to continue exploring at the current forecast level. The company is also reviewing its Labyrinth and Denain projects in Quebec, where Labyrinth retains a 500,000oz resource and historical work has identified possible tungsten mineralisation. For FY2027, the central test is whether the drilling momentum can produce further resource growth while moving at least one Western Australian project towards studies, approvals and an eventual Ore Reserve.
Bottom Line?
Gorilla has built a sizeable resource platform, but the next value test is conversion: further drilling must translate into stronger confidence, development studies and a credible path beyond exploration funding.
Questions in the middle?
- How much of the FY2027 drilling budget can the A$19.8 million cash balance support before another raise is required?
- Can the new Comet Vale and Vivien discoveries materially increase Indicated Resources or support future Ore Reserves?
- Will the Vivien de-watering work and the review of the Canadian assets lead to a defined development or monetisation decision?