Great Boulder Resources (ASX:GBR) Shares Rise 16% as Peak Hill Deal and 60,000-Metre Drilling Plan Reshape the Story

Aditi Sarkar

09 November 2026 04:18 PM AEDT

Great Boulder Resources (ASX:GBR) Shares Rise 16% as Peak Hill Deal and 60,000-Metre Drilling Plan Reshape the Story

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Highlights

Shares gained 16.39% to A$0.071 on 9 November 2026, giving Great Boulder a Market Capitalisation of about A$140.08 million.
The Peak Hill Acquisition from Westgold brings a 481,000-ounce Mineral Resource and historical production above 900,000 ounces.
A$40 million Placement at 8.5 cents per share funded the deal, with pro-forma net cash stated at about A$25 million.
Planned drilling of up to 60,000 metres across Peak Hill and Side Well targets an updated resource estimate.

Two Murchison gold projects, a major vendor on the register and a plan to drill 60,000 metres: that is the picture Great Boulder Resources Limited (ASX:GBR) painted with its Peak Hill transaction, and its shares rose 16.39% to A$0.071 on 9 November 2026. The stock has held broadly steady over twelve months, down 2.74%, while the company repositions from a single-asset explorer into a two-project developer.

Peak Hill Adds Scale

Great Boulder agreed on 4 May 2026 to acquire the Peak Hill Gold Project from Aragon Resources, a Wholly Owned Subsidiary of Westgold Resources. The project spans 15 tenements, with Great Boulder holding 100% of 11 and an 85% joint venture interest in four. Its JORC 2012 Mineral Resource is 9.4 million tonnes at 1.6 grams per tonne gold for 481,000 ounces, of which 376,000 ounces are Indicated and 105,000 ounces Inferred. Historical production exceeds 900,000 ounces.

Consideration comprises A$25 million in cash, including a A$1 million deposit, plus 391.7 million shares that would give Westgold 19.9% of the enlarged company, and a 1% net smelter Royalty on gold production.

Funding and Ore Sales Pathway

A A$40 million placement at 8.5 cents per share supported the transaction, split into a Tranche of about A$12.4 million and a second tranche of about A$27.6 million subject to Shareholder approval. Pro-forma net cash was stated at about A$25 million.

Great Boulder also set out an ore purchase agreement with Westgold’s Bluebird, Tuckabianna and Fortnum mills, with minimum grades of 1.0 grams per tonne for open pit and 2.5 grams per tonne for underground ore. First delivery is due within 18 months of completion. The company described this as a capital-light route to cash flow.

Drilling Program Targets Growth

Great Boulder plans up to 40,000 metres of drilling at Peak Hill over six months, aimed at an updated resource estimate, within a wider 60,000-metre program across Peak Hill and its Side Well project near Meekatharra using up to six rigs. The Exploration Target at Peak Hill of 600,000 to 740,000 ounces is conceptual and is not a Mineral Resource.

Future Outlook

The company has flagged an updated Mineral Resource Estimate within six months of completion and an aspirational mining-ready status within twelve months under the ore purchase agreement. It stresses these are not production targets or resource estimates. The Annual General Meeting is scheduled for 17 November 2026.

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