Highlights

• Great Boulder Resources said it completed 40,032m of drilling at its Peak Hill gold project in the Murchison.

• Drilling from July to September comprised 38,353m of reverse circulation and 1,679m of diamond core, and is continuing.

• The company said a diamond hole at Golden Treasure, GTDD002, contains visible gold, with assays expected in November.

• At Side Well, which the company holds at between 75 and 80 per cent, the Mineral Resource stands.

Great Boulder Resources (ASX:GBR) — said it completed 40,032m of drilling at its Peak Hill gold project in the Murchison region of Western Australia during the quarter ended 30 September 2026, and a further 17,648m at Side Well. The company's quarterly report also showed cash of A$12.292m, which it estimates covers about 2.33 quarters at the current rate of spend.

Peak Hill drilling

Great Boulder completed its acquisition of Peak Hill on 30 June 2026. The project carries a Mineral Resource of 9.4 million tonnes at 1.6 g/t gold for 481,000 ounces, and the company has also cited an Exploration Target of 18.4 to 21.4 million tonnes at 1.0 to 1.1 g/t for 600,000 to 740,000 ounces. The Exploration Target is conceptual in nature. The tenement table shows mining leases as pending transfer from Aragon Resources.

Drilling from July to September comprised 38,353m of reverse circulation and 1,679m of diamond core, and is continuing into the December quarter at Mt Pleasant, Harmony and Five Ways. Selected intercepts included 4m at 37.1 g/t gold from 110m and 10m at 6.40 g/t from 116m at Durack, 3m at 29.4 g/t from 39m at Jubilee, 12m at 8.56 g/t from 8m at Golden Treasure and 4m at 8.48 g/t from 64m at Enigma.

The company said a diamond hole at Golden Treasure, GTDD002, contains visible gold, with assays expected in November. It cautioned that visual estimates are not a substitute for laboratory analysis, and noted that there is no resource at Golden Treasure.

Side Well

At Side Well, which the company holds at between 75 and 80 per cent, the Mineral Resource stands at 16.0 million tonnes at 2.0 g/t gold for 1.02 million ounces, of which Mulga Bill to Eaglehawk accounts for 782,000 ounces. Mulga Bill East returned 2m at 30.76 g/t from 133m and 2.64m at 14.62 g/t from 292.36m, and the company said the strike there has been extended to about 1.5km and remains open to the north, south and at depth.

The Ironbark area is subject to a mining agreement that the company described as near finalisation, awaiting ratification by the Yugunga Nya community, with an ore purchase agreement discussion to follow. The lease application there is still pending. Side Well operates under a non-binding collaboration agreement with Westgold, which is also GBR's largest shareholder.

Cash and spending

Cash fell from A$18.283m to A$12.292m over the quarter. Exploration spending was A$5.808m and total investing outflows were A$6.328m. Operating cash flow was positive at A$543,000, helped by A$1.128m of government grants and tax incentives and A$151,000 of interest. Financing outflows were A$206,000, mostly equity transaction costs, lease principal and borrowing repayments. Payments to related parties were about A$198,000, mainly directors' fees and superannuation.

The report describes the company as well funded, but on the company's own runway estimate further capital may be needed to continue the current pace of work. The cover page states debt as nil, although a section of the report shows about A$64,000 drawn under finance leases.

Studies and next milestones

Great Boulder appointed Rod Bonner as Chief Mining Engineer, and metallurgical, geotechnical and mining studies are under way. The company said a Peak Hill resource update is planned for the end of calendar 2026, followed by scoping and feasibility studies. It is targeting mining at Peak Hill by the end of 2027, with mining camp procurement in the first half of 2027 and construction from the third quarter of 2027. For Side Well it expects a major resource update in 2027.

The report contains some inconsistencies, including references to a three-rig, a five-rig and a two-rig programme, and a mention of an ore purchase agreement for Peak Hill that is not described in the body. Tenure and permitting at both projects are not yet finalised.