Why Are Gorilla Gold Mines Ltd (ASX:GG8) Shares Down Today?

Sonal Goyal

23 October 2026 02:47 PM AEDT

Why Are Gorilla Gold Mines Ltd (ASX:GG8) Shares Down Today?

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Key Highlights

Gorilla Gold Mines (ASX:GG8) shares were down 9.68% at A$0.21 during the 23 October 2026 trading session.
The S&P/ASX 200 was down 0.37% at 8,760.50 at 1:16 pm AEDT on the same day.
On 10 September 2026, the company reported drilling, permitting and metallurgical results from its Comet Vale Gold Project in Western Australia.

Gorilla Gold Mines Ltd (ASX:GG8) shares were trading at A$0.21, down 9.68%, during the 23 October 2026 trading session, compared with a 0.37% decline (32.70 points) for the S&P/ASX 200 (XJO), which was at 8,760.50 at 1:16 pm AEDT. Gorilla is a Western Australian gold company focused on its North Kalgoorlie Hub, and its most recent update, released on 10 September 2026, reported drilling results, a permitting update and metallurgical test work from its 100%-owned Comet Vale Gold Project.

Latest Developments

Lakeview drilling reported on 10 September 2026

In an ASX announcement dated 10 September 2026, Gorilla said ongoing growth drilling at Comet Vale had expanded Lakeview mineralisation, including 7.0m at 12.6g/t gold from 392.7m in hole LVEX173. The company said it had been awaiting approvals to drill from positions that allow access to parts of the system that were previously inaccessible, and that those approvals had come through.

Gorilla also reported that LVEX171, a large step-out hole drilled 350m west of LVEX173, intersected a very large veining and alteration package with lower grade gold values, which it described as suggestive of a near miss in that vicinity. Chief Executive Officer Charles Hughes said Lakeview is open at depth.

Sovereign underground permit announced on 10 September 2026

The company said it had received the final permit at the Sovereign Deposit to allow underground mining. Sovereign has a resource of 410,000 ounces at 4.2g/t gold, according to the announcement, and was last mined in 2020. Gorilla said Sovereign is now permitted to the extent that underground activities can resume when a critical resource mass and advanced study work at the deposit are reached, and that permitting is continuing across all projects.

Metallurgical test work reported on 10 September 2026

Gorilla reported variability leach test work on 18 samples composited from the Sovereign, Lakeview and Cheer deposits, ground to 150 microns and tested by ALS Metallurgy in Perth. The company stated average gravity extraction of 42.3%, average gold recovery of 94.6% after a 48-hour leach and 90.1% after eight hours. Reagent consumption was higher in one Lakeview sample owing to copper-bearing chalcopyrite, and the company said no deleterious elements were recorded. A finer grind size will form part of the next phase of testing, it said.

About Gorilla Gold Mines Ltd

Gorilla Gold Mines is an ASX-listed gold exploration and development company based in Subiaco, Western Australia. Its North Kalgoorlie Hub comprises the Comet Vale and Mulwarrie projects, both on granted Mining Licences, and hosts Mineral Resources of 1.2 million ounces at 3.7g/t gold. The company said it added more than 1 million ounces to the hub's resource base in 2025.

The Comet Vale Project, located 100km north of Kalgoorlie, has a Mineral Resource Estimate of 0.86 million ounces at 3.7g/t gold and historical production of more than 200,000 ounces, according to the company. Gorilla also holds the Vivien Project, which has a Mineral Resource of 278,000 ounces at 4.1g/t gold. The company describes its strategy as to discover, define and develop gold resources.

Related Sector Context

Gorilla operates in ASX-listed gold exploration and development in Western Australia, where the company notes multiple operational gold mills within a 100km radius of Comet Vale. Companies in this segment typically report drilling results, resource updates, permitting steps and metallurgical studies as projects progress. During the 23 October 2026 trading session, Gorilla was down 9.68% while the S&P/ASX 200 was down 0.37% at 1:16 pm AEDT.

Risks to Weigh In

The company said Sovereign underground activities can resume only once a critical resource mass and advanced study work are reached.
Metallurgical results were based on 18 composited samples at a relatively coarse grind, and the company noted further testing at finer grind sizes is planned.
Reagent consumption was higher in one Lakeview sample, according to the announcement.
Gorilla stated that assay turnaround from laboratories is currently slower than usual owing to higher industry demand.
Permitting across other projects is described as ongoing and not yet complete.

Catalysts on Watch

Ongoing drilling results from the North Kalgoorlie Hub and Vivien Project, which the company expects on an ongoing basis.
The next phase of metallurgical test work examining different grind sizes.
Continued engineering, geotechnical, metallurgical and hydrological studies.
Further permitting progress across Gorilla's projects.

Where Things Stand

Gorilla Gold Mines shares were down 9.68% at A$0.21 during the 23 October 2026 trading session, while the S&P/ASX 200 was down 0.37%. The latest company update referenced here, dated 10 September 2026, covered Lakeview drilling, the Sovereign underground permit and Comet Vale metallurgical results. The company has said further drilling results are expected on an ongoing basis.

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