L1 Capital's Stake in Great Boulder Resources Rises to 8.98% Following Issuance of 141 Million New Shares

Impact of Great Boulder Resources’ 141 Million New Shares on L1 Capital’s Substantial Holding

The issuance of 141,176,471 new fully paid ordinary shares by Great Boulder Resources on 30 June 2026 was the direct cause of L1 Capital’s notice of change of interests. This issuance expanded the company’s total issued capital by roughly 25.4%, from 1,572,018,447 to 1,971,131,864 shares. Such a significant increase in the share register affects the voting power percentages of all existing substantial holders and triggers disclosure requirements under Section 671B of the Corporations Act 2001.

L1 Capital’s notice, signed by Head of Legal and Compliance Jane Stewart and lodged on 2 July 2026, confirms that the fund manager’s absolute shareholding remained steady at 141,176,471 shares. The change in voting power percentage is therefore a mechanical result of the larger total share count rather than any purchase or sale by L1 Capital. The notice does not specify the purpose or terms of the new share issuance, such as whether it was a placement, rights issue, or other capital raising.

Explanation of L1 Capital’s Voting Power Increase from 7.16% to 8.98%

Prior to the new share issuance, L1 Capital’s 141,176,471 shares represented 7.16% of the issued capital, based on 1,572,018,447 shares as per the 29 June 2026 substantial holding notice. After the issuance increased total issued capital to 1,971,131,864 shares, L1 Capital’s voting power rose to 8.98% according to the updated notice.

This apparent increase in percentage ownership, despite no change in the number of shares held, results from L1 Capital’s fixed holding being measured against the enlarged share capital. The notice does not detail L1 Capital’s historical holdings before 30 June 2026, so the exact timing of when it became a substantial holder requires additional context from earlier filings.

L1 Capital’s Shares Held via Goldman Sachs International and JPMorgan Chase Bank Custodians

Annexure A of the notice reveals that L1 Capital’s 141,176,471 shares are held through two custodian arrangements. Goldman Sachs International holds 43,835,009 fully paid ordinary shares, while JPMorgan Chase Bank, N.A. holds 97,341,462 fully paid ordinary shares. L1 Capital retains the relevant interest and voting rights over these securities.

L1 Capital exercises control over voting and disposal rights as a discretionary investment manager or adviser for superannuation funds, pooled superannuation trusts, managed investment schemes, and investment management agreements. This structure is typical for institutional fund managers, where beneficial ownership lies with the underlying investors, but investment decisions are made by the manager.

Significance of the 30 June 2026 Share Issuance for Great Boulder Resources’ Share Register

The issuance of 141,176,471 new shares marks a major capital event for Great Boulder Resources, increasing the total shares on issue by approximately 25.4%. This results in dilution for shareholders who did not participate in the issuance, as their proportional ownership has decreased.

The company’s update does not disclose the issue price, recipients of the new shares, or the intended use of proceeds. Investors seeking clarity on the commercial rationale should consult any separate capital raise announcements or prospectuses lodged with the ASX. The immediate impact on the share price is not evident from this notice alone.

L1 Capital’s Position as a Substantial Holder in Australian Junior Mining Companies

L1 Capital Pty Ltd, based at Level 45, 101 Collins Street, Melbourne, is a prominent Australian fund manager with experience investing in domestic equities including the resources sector. The firm manages multiple investment mandates covering superannuation funds and managed investment schemes, explaining the dual custodian structure disclosed.

Maintaining a substantial holding of 8.98% in Great Boulder Resources, an ASX-listed gold explorer in Western Australia, signals ongoing institutional interest in the company’s exploration initiatives. The increase in L1 Capital’s stake following the 30 June 2026 share issuance suggests participation in the capital raise, although the notice does not explicitly confirm the acquisition details.

Compliance with Section 671B of the Corporations Act 2001

The notice was lodged under Section 671B of the Corporations Act 2001, which mandates that substantial holders—those owning 5% or more of voting shares—notify the company and ASX when their voting power changes by 1% or more. The rise from 7.16% to 8.98%, a change of 1.82 percentage points, exceeds this threshold.

Signed by Jane Stewart as Head of Legal and Compliance at L1 Capital and dated 2 July 2026, the notice was filed within two business days of the relevant change on 30 June 2026, consistent with statutory requirements and standard institutional compliance practices.

Implications of Great Boulder Resources’ Enlarged Share Capital for Future Funding

With total issued capital now at 1,971,131,864 fully paid ordinary shares, Great Boulder Resources has a significantly larger shareholder base. This expanded capital structure may provide enhanced financial flexibility for exploration, development, or corporate transactions, assuming the new shares were issued at a price that preserves shareholder value.

The company has not disclosed the issue price or total proceeds from the new shares in this update. Investors interested in assessing the dilution in monetary terms should review any separate capital raising documents. Future announcements regarding the deployment of proceeds and exploration progress in Western Australia will be key milestones to monitor.

Reference to Previous Substantial Holding Notice Dated 29 June 2026

L1 Capital’s Form 604 references a prior substantial holding notice submitted on 29 June 2026, one day before the change in relevant interests on 30 June 2026. This timing suggests the share issuance was a pre-planned event in which L1 Capital was positioned to participate, rather than an opportunistic open-market purchase.

The close succession of these filings aligns with L1 Capital being informed of or agreeing to participate in a placement or subscription ahead of completion. However, the company update does not provide explicit confirmation, and investors should avoid assumptions beyond the publicly disclosed information. Additional details would require consulting separate company filings.

Investor Insights Following L1 Capital’s Updated Substantial Holding in GBR

For both retail and institutional investors tracking Great Boulder Resources, the key takeaway is that a well-capitalized institutional fund manager has maintained—and potentially increased—its economic exposure through participation in the 30 June 2026 share issuance. L1 Capital’s 8.98% stake on the enlarged capital base represents a significant ownership position in a junior gold explorer, and such institutional support is often viewed by market participants as a positive indicator of confidence.

Nonetheless, investors should conduct their own due diligence and not rely solely on this notice. Substantial holder disclosures reflect past transactions and legal requirements rather than future investment intentions. L1 Capital’s holdings may fluctuate based on market conditions, exploration outcomes, and portfolio strategies. Key upcoming developments to watch include exploration updates from Great Boulder Resources, formal disclosures of capital raise terms and proceeds usage, and any further changes to the substantial holder register.