Great Boulder Resources has used FY2026 to make the leap from gold explorer toward producer, acquiring Peak Hill and securing a 481,000-ounce resource alongside its 1.02 million-ounce Side Well project. The strategic shift came with a A$9.93 million loss, a heavily expanded share count and a clear near-term test: whether 40,000 metres of drilling can support development by late 2027.
- Peak Hill acquisition adds 481,000 ounces and seven mining leases
- Westgold becomes a 19.9% cornerstone shareholder
- 40,000-metre Peak Hill drilling program targets a late-2026 resource update
- FY2026 loss widened to A$9.93 million
- Cash balance rose to A$18.28 million after major equity raisings
Peak Hill moves Great Boulder toward production
Great Boulder Resources Limited (ASX:GBR) ended FY2026 with a much bigger ambition and a much bigger balance sheet. The acquisition of the Peak Hill Gold Project from Westgold Resources transformed the company from a pure explorer into a two-project gold developer, with Peak Hill carrying 481,000 ounces and Side Well holding 1.02 million ounces of mineral resources.
The Peak Hill deal, completed on 30 June 2026, included A$25 million in cash, shares equivalent to a 19.9% stake in Great Boulder and a 1% net smelter return royalty. It also brought seven granted mining leases, a mining agreement with the Jidi Jidi Aboriginal Corporation and an Ore Purchase Agreement providing access to processing capacity at one of Westgold’s regional mills. That arrangement is central to Great Boulder’s proposed pathway because it avoids the need to build a standalone processing plant before production.
Drilling is the next test of Peak Hill’s value
Great Boulder has begun a 40,000-metre reverse circulation and diamond drilling campaign at Peak Hill, aimed at infilling and extending the existing resource while testing targets outside the current envelopes. Work is planned across Jubilee, Enigma, Durack, Harmony, Mt Pleasant and Five Ways, including the Golden Treasure area where historical drilling returned intersections of up to 19 metres at 13.34 grams per tonne gold and 10 metres at 18.79 grams per tonne.
The company plans to publish an updated Peak Hill mineral resource estimate by the end of 2026. Mining studies are then intended to begin in the first quarter of 2027, followed by work on the approvals required for an expected production start at the end of 2027. Those milestones remain dependent on drilling results, mine design, approvals, tenure transfers and the practical execution of the Westgold processing arrangement.
A$9.93 million loss reflects the transaction year
The financial statements show the cost of that acceleration. Great Boulder’s loss after tax widened to A$9.93 million from A$3.42 million, with A$3.85 million of transaction costs associated with the Peak Hill asset acquisition, A$1.46 million of exploration impairments and write-offs, and a A$765,933 loss on listed financial assets. The company reported no income tax expense and paid no dividend.
Cash nevertheless increased to A$18.28 million from A$12.48 million, largely because the company raised capital during the year. Net cash used in investing activities reached A$39.03 million, while financing activities provided A$46.96 million. The equity funding came at a material cost to existing holders: ordinary shares on issue rose from 935.4 million at 30 June 2025 to 1.97 billion at 30 June 2026, with Westgold’s 19.9% holding making it the company’s cornerstone shareholder.
Side Well remains the longer-term growth engine
Peak Hill now carries the near-term development narrative, but Side Well remains Great Boulder’s larger resource base. Mulga Bill and Eaglehawk together account for 782,000 ounces, while Ironbark contributes 122,000 ounces and the broader Side Well inventory includes Saltbush, Golden Bracelet and Flagpole. The company says mineralisation remains open around the Mulga Bill and Eaglehawk system, with further work planned on advanced targets including Overflow and Ironbill.
Side Well drilling slowed after July as resources were redirected to Peak Hill, leaving Great Boulder balancing two different demands: proving a near-term production case at an acquired project while continuing to test the growth potential of its original flagship. The annual report also identifies future capital raisings, exploration outcomes, permitting, resource estimates, commodity prices and development costs as material risks. The next resource update will therefore need to do more than add ounces; it will need to clarify which ounces can support a credible production schedule.
Bottom Line?
Great Boulder has bought a production pathway, but the investment case now turns on whether Peak Hill drilling and studies can convert that pathway into an approved, financeable mine without another substantial call on shareholders.
Questions in the middle?
- Will the 40,000-metre Peak Hill campaign materially increase or upgrade the 481,000-ounce resource?
- Can the Ore Purchase Agreement support the targeted late-2027 production schedule on commercially attractive terms?
- How much additional capital will Great Boulder require to fund Peak Hill development while maintaining Side Well exploration?