Great Boulder Resources (ASX:GBR) has obtained “firm commitments” for a $40 million capital raising to advance its Peak Hill Gold Project in Western Australia’s Goldfields, 120km north of Meekatharra.
The first tranche will raise about $12.4 million through issuing 145.5 million new shares. The second tranche, subject to shareholder approval at a general meeting in mid-June 2026, will raise about $27.6 million by issuing about 325.1 million new shares.
Argonaut Securities (ASX:ARE) has been appointed as global coordinator, joint lead manager, and joint bookrunner.
Bell Potter Securities and Canaccord Genuity are acting as joint lead managers and joint bookrunners, while Salient Corporate is advising Great Boulder on the financial aspects of the deal.
Commonwealth Securities is acting as co-manager, while Blackwall Legal and Mining + Heritage Legal advised on legal matters.
The placement bookbuild is complete with “firm commitments” from both domestic and global institutions.
The placement to institutional and sophisticated investors is promised to fund Great Boulder’s Peak Hill Gold Project acquisition from AragonResources, which is part of Westgold Resources (ASX:WGX).
The money will also cover expenses associated with an “aggressive” project drilling campaign and engineering studies.
“The acquisition of the Peak Hill Gold Project is hugely transformational for Great Boulder … [because] not only does it add a significant gold endowment to our existing Side Well Gold Project, but with the ore purchase agreement and support of leading gold producer Westgold Resources, it places us on a pathway to capital light production,” Managing Director Andrew Paterson says.
“We will be well funded with $25 million cash at bank, and the next six to 12 months will be milestone-rich, as we execute aggressive drilling campaigns (with up to six rigs planned – across Peak Hill and Side Well, for 60,000m of drilling) and progress pre-production activities.”
The mineral resource estimate will be updated within six months. There is potential to fast-track the side well via a “strategic collaboration” with Westgold.
Great Boulder Resources is a gold and base metals producer with assets primarily in Western Australia.
Write to Richard Szabo at Mining.com.au
Images: Great Boulder Resources
