Gorilla Gold Mines (ASX:GG8) strengthens balance sheet to accelerate growth at high-grade WA gold projects

Gorilla Gold Mines (ASX:GG8) has secured firm commitments to raise approximately A$31.7 million through a placement to institutional and sophisticated investors, bolstering its balance sheet and setting the stage for an aggressive drilling and resource growth program across its Western Australian gold portfolio.

Highlights

• A$31.7 million placement supported by leading international resource-focused institutions.

• Pro-forma cash position of approximately A$42 million post-raising.

• Four-rig drilling campaign underway at Comet Vale targeting resource growth ahead of a Q4 2025 Mineral Resource Estimate update.

• Drilling to commence at Mulwarrie in November 2025, aimed at doubling its 350,000oz gold resource at 3.6g/t Au.

• Initial mining studies and optimisation work programs progressing at Comet Vale and Mulwarrie.

The capital raising, conducted at A$0.40 per new share, an 11.9% discount to the five-day VWAP, was driven by strong demand from both new offshore institutions and existing shareholders.

Upon completion, Gorilla Gold expects to hold approximately A$42 million in cash, enabling it to maintain the momentum of ongoing drilling and development across its Comet Vale, Mulwarrie, and Vivien projects.

Chief Executive Officer Charles Hughes said the company was encouraged by the high calibre of institutional support, noting it as a strong endorsement of Gorilla Gold’s exploration and development strategy.

“We are very pleased with the level of support for the raising which was led by leading offshore institutional funds. The demand received from these institutions, together with support from our existing shareholders, is seen as a strong endorsement of our strategy to discover and grow high-grade gold projects in the heart of Western Australia’s premier gold mining districts,” Hughes said.

The funds will primarily be directed toward expanding the resource base at Comet Vale and Mulwarrie, with further exploration and definition drilling at Vivien expected to begin in late 2025 or early 2026.

At Comet Vale, a four-rig campaign is already active across the Lakeview, Cheer, and Sovereign North prospects, targeting a camp-scale mineralised system and feeding into a project-wide resource update due in the final quarter of 2025.

Mulwarrie, located in proximity to multiple operating gold mills, holds a current resource of 350,000 ounces at 3.6g/t gold.

The upcoming drilling program there aims to double this figure through step-out and infill programs. Initial mining studies and optimisation work are also planned for both Comet Vale and Mulwarrie, signifying a gradual transition toward development readiness.

Vivien, with an existing resource of 278,000 ounces at an average grade of 4.1g/t gold, will also be a focus of upcoming work.

Together, the three Western Australian assets form a cohesive portfolio anchored in established gold belts with available processing infrastructure, providing Gorilla with strategic optionality as exploration advances.

Joint Lead Managers for the placement were Euroz Hartleys, Sternship Advisers, and Canaccord Genuity, with Lavan acting as legal adviser.

The placement shares are scheduled to be allotted on 30 October 2025, ranking equally with existing Gorilla shares.

With fresh funding in hand, Gorilla Gold is positioned to pursue its high-grade growth agenda at pace.

The company’s drilling programs across Comet Vale, Mulwarrie, and Vivien reflect a deliberate strategy to expand resources and advance toward production studies, all within Western Australia’s premier gold districts.

The capital injection ensures the company is well placed to sustain exploration intensity, maintain development flexibility, and continue building scale across its gold portfolio.