Gorilla Gold Mines Ltd (ASX: GG8) has announced it has received firm commitments to raise approximately A$31.7 million before costs, through a placement to institutional and sophisticated investors. Gorilla Gold Mines is focused on discovering and growing high-grade gold projects in Western Australia’s premier gold mining districts. The placement was driven by strong demand from leading international, specialist resource-focused institutional investors, and supported by existing institutional and sophisticated shareholders.
According to the company, the A$31.7 million placement will position Gorilla Gold with a strong balance sheet, including an estimated pro-forma cash position of approximately A$42 million. The funds will be allocated to continued exploration and resource growth drilling programs at the Comet Vale Gold Project, leading to a project-wide Mineral Resource Estimate update in Q4 2025. Additionally, funds will support resource growth drilling at the Mulwarrie Gold Project commencing in November 2025, with the aim of doubling the resource base, which currently stands at 350Koz at 3.6g/t Au.
Proceeds will also fund exploration and resource definition drilling at the Vivien Gold Project, slated to commence in Q4 CY25 / Q1 CY26. Initial mining studies and optimisation work programs at Comet Vale and Mulwarrie are also planned. The placement comprises the issue of up to approximately 79.3 million new fully-paid ordinary shares in Gorilla at an offer price of A$0.40 per New Share, representing an 11.9% discount to the 5-day VWAP of A$0.454 per share prior to the announcement.
The indicative timetable outlines settlement of the placement on 29 October 2025, with allotment of new shares expected on 30 October 2025. Euroz Hartleys Limited, Sternship Advisers Pty Ltd and Canaccord Genuity (Australia) Limited acted as Joint Lead Managers to the Placement, with Lavan serving as legal adviser to the Company.
