Gorilla Gold Raises $25 Million to Fast-Track Exploration at Lakeview Discovery

About Gorilla Gold Mines Limited

Gorilla Gold Mines Ltd (ASX: GG8), headquartered in Subiaco, Western Australia, is a gold exploration company focused on advancing high-grade gold discoveries in the state’s renowned mining districts. Founded in Australia in 1970, the company has built a strong portfolio of projects, including Comet Vale, Vivien, Mulwarrie, and its newest Lakeview discovery, which has emerged as a major exploration success. The company’s exploration model targets near-surface and high-grade gold mineralisation, with the aim of delivering scalable resources for future development. Its core strategy is built around generating organic resource growth, supported by a strong technical team and aggressive exploration programs.  Currently, their shares are trading at $0.40.

Details of the Institutional Placement

The $25 million institutional placement was priced at $0.38 per share, representing a 5% discount to the last closing price on 18 March 2025. The company will issue approximately 65.8 million new fully paid ordinary shares, which will be allocated under Gorilla’s existing placement capacities under ASX Listing Rules 7.1 and 7.1A.

Settlement of the placement is scheduled for 28 March 2025, with allotment of the new shares expected on 31 March 2025. The new shares will rank equally with existing ordinary shares.

The raise attracted strong support from long-only resource investors, both domestic and international. In a key endorsement of the company’s strategy, Genesis Minerals Limited (ASX: GMD)—a $4 billion gold producer—committed $1.84 million to maintain its pro-rata holding in Gorilla Gold.

Following completion of the placement, Gorilla’s pro forma cash balance will stand at approximately $39 million, significantly strengthening the company’s ability to pursue aggressive exploration and development plans.

Accelerating Lakeview and Exploration Pipeline

The funds raised will primarily be used to accelerate drilling at Lakeview, where the company recently reported an outstanding intersection of 96.5 metres at 2.5 g/t gold from 125 metres. This result has positioned Lakeview as one of the company’s most promising targets and is expected to be the focus of intensified exploration through the remainder of 2025.

In addition to Lakeview, Gorilla Gold will continue advancing its other key assets, including the Comet Vale, Vivien and Mulwarrie projects. These projects host a combination of historical production and promising drill targets, with potential to deliver additional high-grade discoveries.

CEO Charles Hughes expressed confidence in the company’s forward momentum, stating, “We are very pleased with the level of support shown by high-quality investors. The funds raised give us the firepower to aggressively advance Lakeview and continue the strong exploration momentum across our project portfolio.”

Use of Proceeds and Strategic Outlook

The majority of capital will be directed toward accelerated exploration drilling at the Lakeview discovery, enabling the company to define the scale and continuity of the high-grade gold system. Additional funds will support ongoing drilling and resource expansion at the Comet Vale, Mulwarrie and Vivien projects.

A portion of the capital will also be allocated toward corporate expenses, general working capital, and evaluating other strategic growth opportunities as they arise. This flexible approach allows Gorilla Gold to capitalise on its growing project pipeline while retaining agility for new acquisitions or exploration partnerships.

With a strengthened balance sheet and continued drilling success, Gorilla Gold is well-positioned to transition from an early-stage explorer to a development-ready gold company, particularly if further results at Lakeview confirm the scale of mineralisation.

Investor Outlook and Next Steps

The placement and recent exploration success have significantly enhanced Gorilla Gold’s market visibility. Investors will now turn their attention to upcoming drilling results from Lakeview, which are expected to be released over the coming months.

In parallel, the company’s efforts at Vivien and Comet Vale may also deliver material news flow as it builds toward a more comprehensive understanding of its resource base.

With strong financial backing, a supportive shareholder base, and a growing list of exploration targets, Gorilla Gold Mines Ltd is emerging as a compelling player in the Western Australian gold exploration landscape.