What are the key details of the Great Boulder Resources (ASX:GBR) acquisition?

Great Boulder Resources is acquiring 100% of Westgold’s interest in the Peak Hill Gold Project in Western Australia for $25 million in cash. The deal also includes Westgold taking a 19.9% shareholding in GBR and a 1% net smelter return royalty.

How is Great Boulder Resources (ASX:GBR) funding the Peak Hill acquisition?

The company is undertaking a two-tranche institutional placement to raise $40 million at 8.5c per share. These funds will cover the $25 million cash payment to Westgold and provide a $25 million pro-forma net cash balance to fund aggressive exploration.

What does the "capital light" production model mean for GBR investors?

Great Boulder has entered an Ore Purchase Agreement (OPA) with Westgold to process ore at Westgold’s nearby Bluebird, Fortnum, and Tuckabianna mills. This strategy avoids the massive upfront capital expenditure (capex) required to build a new processing plant.

What are the main mineral resource specs for the Peak Hill Gold Project?

According to the JORC 2012 Mineral Resource Estimate, Peak Hill contains 6.4 million tonnes (Mt) at 1.6g/t Au for 481,000oz of gold. The project consists of four historic open-pit mines and seven granted mining leases.

How does this deal affect the Side Well Gold Project?

The acquisition creates a regional hub, as Peak Hill is located only 100km from Great Boulder’s 1Moz Side Well Gold Project. Additionally, GBR and Westgold have formed a non-binding strategic collaboration to evaluate options to fast-track Side Well.

What is the immediate exploration strategy for Great Boulder Resources?

Management has committed to an aggressive 60,000-metre, multi-rig drilling campaign across both the Peak Hill and Side Well projects over the next six months. The primary goal is to increase the known gold endowment and test numerous near-mine and brownfields exploration opportunities.

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Great Boulder Resources acquires transformational Peak Hill Gold Project

Written by Liezl GambePublished May 4, 2026, 12:15 AM

Great Boulder Resources (ASX:GBR) has agreed to acquire 100% of Westgold Resources' (ASX:WGX) interest in the Peak Hill Gold Project.

Located just 100km from Great Boulder's existing Side Well Project, Peak Hill is a renowned high-grade production centre boasting past yields exceeding 600,000oz.

The acquisition includes seven granted mining leases and a JORC 2012 mineral resource estimate of 6.4Mt at 1.6g/t Au, representing 481,000oz of gold.

To fund the $25 million cash component of the deal—which also involves a 19.9% shareholding and a 1% NSR royalty interest—Great Boulder is undertaking a $40 million institutional placement at 8.5c per share.

The synergy of the deal is underscored by a new ore purchase agreement, allowing Great Boulder to process ore at Westgold’s regional mills, including Bluebird, Fortnum, and Tuckabianna.

The "capital light" model aims to bring Peak Hill to "mining-ready" status within 12 months of completion.

Furthermore, a non-binding strategic collaboration will explore fast-tracking the 1Moz Side Well Project.

Management has signalled an aggressive growth phase, committing to a 60,000-metre multi-rig drilling campaign over the next six months to expand the known gold endowment.