Great Boulder Fires Up the Drill Rigs with $12.5M War Chest for Side Well Gold Charge

In a move that repositions it firmly in the ranks of WA’s more aggressive mid-tier gold explorers, Great Boulder Resources (ASX:GBR) has raised $12.5 million via a strongly supported placement, giving it the financial firepower to accelerate its push toward the elusive million-ounce mark at its flagship Side Well Project near Meekatharra.

The placement brings the company’s cash balance to roughly $15 million, setting the stage for a heavy drilling blitz through the remainder of 2025 and well into 2026. At 6.1 cents a share, the raise was priced at a 16.4% discount to GBR’s last trade—palatable, given the scale of ambition and calibre of backing involved. For the first time, North American institutional investors have thrown their support behind the company.

“This is a transformational funding event for Great Boulder,” said managing director Andrew Paterson. “We now have the ability to push Side Well hard—toward our twin goals of defining one million ounces and fast-tracking the Ironbark deposit into a potential mining scenario.”

Side Well currently boasts a mineral resource of 668,000 ounces at an average grade of 2.8g/t gold, anchored by the high-grade core at Mulga Bill (496,000oz @ 5.3g/t). And the project has form: recent drilling at Ironbark has delivered strong intercepts including 8m @ 9.07g/t and 8m @ 8.57g/t, both south of the defined resource.

The imminent Ironbark scoping study—now due in early July—is expected to clarify the project's early development potential and shape the next leg of resource expansion. GBR will also run follow-up drilling campaigns at Ironbark and Side Well South, with an eye to feeding those results into a global resource update.

Proceeds from the placement will fund:

• Resource definition and discovery drilling

• Geochem and geophysics across new targets

• Mining approvals studies at Ironbark

• General working capital

With Canaccord Genuity leading the raise and a suite of co-managers including Discovery Capital Partners, Cumulus Wealth, and Bell Potter on board, the placement was well-structured and well-received. Salient Corporate acted as corporate advisor.

It’s also worth noting the placement came with minimal dilution anxiety: Tranche 1, worth $10.65 million, falls within the company’s existing placement capacity, while Tranche 2 ($1.85 million) is pending shareholder approval.

The strategic intent is clear: this is a company stepping up from promising explorer to serious resource developer. With a top-tier geological team and now the balance sheet to match, Great Boulder looks set for a headline-heavy second half.

As Paterson summed up, “This raise is not just about money—it’s a vote of confidence in our geology, our team, and our pathway to production.”

Watch this (gold-rich) space.