Great Boulder Resources Initiates 40,000m Drilling at Peak Hill Gold Project to Expand 481,000oz Resource

Great Boulder Resources Commences Drilling at Peak Hill Within Two Weeks of Acquisition Completion

In its 16 July 2026 company update, Great Boulder Resources confirmed the commencement of the 40,000-metre drilling program at the Peak Hill Gold Project, with two RC rigs already mobilised onsite. The rapid mobilisation is notable: Managing Director Andrew Paterson highlighted that drilling began within two weeks of completing the acquisition, crediting the exploration team for establishing camp infrastructure including power, water, and fuel in record time. A diamond drilling rig is expected onsite in approximately five weeks, adding a third rig to enable deeper, higher-resolution testing of priority mineralisation.

Located 100 kilometres north of Meekatharra in Western Australia's Murchison region, the Peak Hill Gold Project lies within a well-established gold-producing area. The project holds a current Mineral Resource Estimate of 481,000 ounces of gold across multiple deposits including Jubilee, Durack, Enigma, Harmony, and Five Ways. The RC rigs are presently drilling at Golden Treasure, Jubilee, and Durack, with plans to follow at Enigma, Harmony, Mt Pleasant, and Five Ways. This broad target range indicates Great Boulder is executing a systematic, multi-faceted approach to infill existing resource blocks and extend mineralisation into adjacent exploration zones.

High-Grade Golden Treasure Intercepts from 2025 Westgold Drilling Support Exploration Focus at Peak Hill

The drilling campaign’s emphasis on Golden Treasure is driven by exceptional results from Westgold Resources’ 2025 drilling program. The company update details intercepts including 19 metres at 13.34 grams per tonne gold from 104 metres in hole 25PKRC030, featuring a 7-metre sub-interval at 34.57 grams per tonne from 107 metres. Another significant intercept was 10 metres at 18.79 grams per tonne gold from 19 metres in hole 25PKRC022, which included a 1-metre interval grading 114.25 grams per tonne from 23 metres—an exceptionally high-grade result in any Australian gold context. Additionally, 3 metres at 25.04 grams per tonne gold from 65 metres in hole 25PKRC062 was reported.

Other Westgold intercepts from Golden Treasure cited in the update include 4 metres at 10.38 grams per tonne gold from 48 metres in 25PKRC022; 2 metres at 19.73 grams per tonne from 75 metres (including 1 metre at 38.10 grams per tonne) in 25PKRC032; 2 metres at 38.17 grams per tonne from 55 metres (including 1 metre at 75.00 grams per tonne) in 25PKRC033; and 5 metres at 5.32 grams per tonne from 79 metres in 25PKRC070. Situated on the western side of the Jubilee area, Golden Treasure is a brownfields target adjacent to an existing resource zone. These historical results, referenced from Great Boulder’s 4 May 2026 company update, underpin the current exploration campaign’s design.

40,000-Metre Drilling Campaign Targets Infill, Extension, and Brownfields Zones Across Five Deposits

The 40,000-metre program is structured to meet two complementary goals. First, it aims to infill and extend known resource areas at Jubilee, Durack, Enigma, Harmony, and Five Ways—the key deposits comprising the existing 481,000-ounce Mineral Resource Estimate. Infill drilling is essential to upgrade resource classification from Inferred to Indicated, supporting more robust mining studies and strengthening the project’s economic viability. Extension drilling will test strike and depth continuity beyond current resource boundaries to add new ounces ahead of the planned resource update.

The second goal is brownfields exploration at targets like Golden Treasure, where Westgold’s 2025 drilling confirmed high-grade gold mineralisation not yet included in the current resource estimate. The concurrent use of RC and diamond drilling reflects this dual approach: RC drilling delivers cost-effective coverage across multiple targets, while diamond drilling provides high-quality core samples to characterise mineralisation in three dimensions and support resource modelling. Managing Director Andrew Paterson noted that first assay results are expected in August 2026, providing investors with initial insights into the campaign’s success.

Ore Purchase Agreement with Westgold Enables Capital-Efficient Production Pathway at Peak Hill

A strategically important aspect of the Peak Hill acquisition is an existing Ore Purchase Agreement (OPA) between Great Boulder and Westgold Resources, as detailed in the company update. The OPA grants Great Boulder access to processing capacity at one of Westgold’s three mills in the Murchison region. This arrangement means Great Boulder can commence mining at Peak Hill without funding the construction of a standalone processing facility—a capital-intensive and time-consuming undertaking often costing hundreds of millions of dollars for greenfield projects.

The company describes this as a "capital-light pathway to production and cashflow." For Great Boulder, leveraging existing regional infrastructure instead of building its own mill significantly reduces risk. The OPA terms were initially disclosed in Great Boulder’s 4 May 2026 update, and the current announcement reaffirms the agreement’s strategic value as mining studies advance. Additionally, a non-binding Collaboration Agreement for the Side Well project may convert into an OPA for Side Well production, indicating Great Boulder’s consistent capital-light strategy across its main projects.

Mining and Heritage Agreement with Jidi Jidi Aboriginal Corporation Supports Development at Peak Hill

The update confirms Great Boulder has a Mining and Heritage Agreement with the Jidi Jidi Aboriginal Corporation covering the Peak Hill area. This agreement establishes a formal framework for engagement with the traditional landowners, providing a solid foundation for project development. The company expressed its commitment to working closely with the Jidi Jidi community as development plans progress.

Having a formal mining and heritage agreement at this stage reduces regulatory uncertainty for investors, as land access and heritage approvals are significant milestones for Western Australian mining projects. The agreement indicates advanced community consultation and constructive relationships with traditional owners. Specific terms or duration of the agreement were not disclosed.

Side Well 1.02Moz Gold Project Drilling Progresses Concurrently with Peak Hill Campaign

Alongside Peak Hill, Great Boulder confirmed ongoing resource growth drilling at the Side Well gold project, which contains a Mineral Resource Estimate of 1.02 million ounces of gold. The company has planned 20,000 metres of drilling at Side Well during the current half-year. At announcement time, one diamond rig and one AC rig were operational at Side Well, with an additional RC rig expected to arrive in August 2026.

Running drilling campaigns simultaneously at Peak Hill and Side Well represents a substantial exploration effort totaling 60,000 metres planned for the period, with combined resources of approximately 1.5 million ounces of gold. The company also reported positive progress in negotiating the Ironbark mining agreement related to Side Well. Resource updates for both projects are scheduled by the end of calendar year 2026, followed by mining studies.

Indicative 12-Month Timeline Highlights Resource Updates, Mining Studies, and Production Start

The company’s indicative timetable spans from Q2 2026 through Q4 2027. Both the 40,000-metre Peak Hill and 20,000-metre Side Well drilling programs are expected to complete within 2026, with Mineral Resource Estimate updates for both projects due by year-end. The schedule also anticipates an additional 60,000-metre drilling program at Peak Hill in 2027, indicating the current campaign is the initial phase of a multi-year exploration and resource definition effort.

Mining studies and approvals are slated to begin in Q1 2027 after resource updates conclude. Production commencement is targeted for the second half of 2027, though further details on required conditions or milestones were not provided. The company notes this timeline is indicative; actual progress depends on drilling outcomes, resource update results, regulatory approvals, and other factors. Investors should monitor announcements closely as milestones approach in 2026 and 2027.

Exploration Risks, Resource Estimation, and Pathway to Mining Studies in Early 2027

Great Boulder’s current drilling program carries the inherent exploration risks typical of early-stage gold campaigns. While Westgold’s historical intercepts at Golden Treasure are promising, drilling results may not replicate or surpass prior outcomes. Conversion of exploration targets into Mineral Resource additions depends on mineralisation continuity, grade, and geometry revealed by infill and extension drilling. No target resource size has been disclosed for the upcoming update; final results will depend on all available drilling data.

Following the Peak Hill resource update, mining studies are planned to commence promptly in early 2027 to confirm the likely sequence of open pit development. These studies will guide fieldwork priorities needed for mining approval applications, a prerequisite for production start. Managing Director Andrew Paterson emphasized that the program aims to validate high-grade discoveries and extend known resources ahead of mining studies. The company intends to provide frequent drill result updates throughout the second half of 2026, ensuring investors receive regular progress reports.