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2026-11-06
◂ Monitor GBR ASX

Great Boulder Resources Limited

Scoping Study Developer · Gold · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.061
1D
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1M
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YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$120.4M
EV
A$101.5M
Cash
A$18.3M
Debt
A$281.7K
1 newer ASX announcement not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$18.3M Finite
Debt A$281.7K Net cash A$18M
Basic shares 2B 2026-09-18
Runway 3.25 quarters Appendix 5B funding divided by operating and exploration outgoings for the June 2026 quarter.

Liquidity

Financial position

FY26 audited balance sheet reports A$18.283m cash, A$81,118 borrowings and A$200,622 lease liabilities at 30 June 2026. June-quarter cash funding estimate was 3.25 quarters; no later cash balance was disclosed by cutoff.

Capital structure

Ownership and dilution

Ordinary shares
2B
Fully diluted
2B

FY26 annual report notes 1,972,959,604 ordinary shares at report date after 1,827,740 employee shares quoted in September; 52,232,191 unlisted options and 3,500,000 performance rights yield 2,028,691,795 fully diluted shares. All options are included regardless of moneyness; proceeds are not assumed.

Security classes8
ClassTypeQuantityStrikeExpiry
Ordinary fully paid sharesOrdinary Share2B——
Unlisted options exercisable at A$0.075Option2.5MA$0.0752027-01-31
Unlisted options exercisable at A$0.0645Option6MA$0.0642027-11-20
Unlisted options exercisable at A$0.063Option6.7MA$0.0632028-04-07
Unlisted options exercisable at A$0.09Option12.5MA$0.092028-04-10
Unlisted options exercisable at A$0.0915Option22.5MA$0.0922028-08-19
Unlisted options exercisable at A$0.135Option2MA$0.1352028-10-21
Unlisted performance rightsPerformance Right3.5MA$02027-11-20
Company guidance3
MetricProjectPeriodLowHighStatus
Resource And Extensional Drillingpeak-hillSecond half CY202640,00040,000 metresCurrent
Priority Target Drillingside-wellSecond half CY202620,00020,000 metresCurrent
Updated Mineral Resource Estimatepeak-hillBy 31 December 202611 updateCurrent

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-06-19Ann. 2026-05-04RaisingOrdinary Fully Paid SharesA$40M470.6MA$0.085CompletedTwo-tranche institutional placement at A$0.085 per share, with tranche 2 subject to shareholder approval.Max 470.6M · Period 2026-05-04 to 2026-06-19 · Argonaut Securities, Bell Potter and Canaccord Genuity · Holder approval required

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-09-26

Reviewed FY26 annual contingent obligations, Peak Hill transaction and OPA announcement, and September issuer presentation; undisclosed contract terms are flagged.

GBR has a 75% interest in E51/1905, which includes principal Side Well deposits; other Side Well tenements have different ownership.

Joint Venture · Active
Counterparties
Zebina Minerals Pty Ltd
Applies to
Side Well Gold Project · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
GBR participating interest: 75 percent
Zebina participating interest: 25 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Zebina may elect a 1.25% gross production royalty in lieu of its JV interest after a decision to mine; it is an alternative economic path, not a current cumulative royalty.

Royalty · Conditional
Counterparties
Zebina Minerals Pty Ltd
Applies to
Side Well Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
gross production royalty if elected: 1.25 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

GBR has an 80% interest in Wanbanna Side Well joint venture tenements.

Joint Venture · Active
Counterparties
Wanbanna Pty Ltd
Applies to
Side Well Gold Project · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
GBR participating interest: 80 percent
Wanbanna interest: 20 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Conditional net profit royalty could replace a diminished JV interest; no trigger assumed.

Royalty · Conditional
Counterparties
Wanbanna Pty Ltd
Applies to
Side Well Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
net profit royalty: 1 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

One percent gross revenue royalty over relevant Side Well project ground.

Royalty · Active
Counterparties
Empire Resources Limited
Applies to
Side Well Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
gross revenue royalty: 1 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

1.5% NSR with A$500k buyout option and contingent resource milestone payments; exact deposit applicability and trigger timing require monitoring.

Royalty · Active
Counterparties
Sandgroper Minerals Pty Ltd
Applies to
Side Well Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
net smelter return royalty: 1.5 percent
buyout option: 500,000 AUD
resource milestones: 950,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

One percent NSR royalty over applicable Peak Hill tenements.

Royalty · Active
Counterparties
Westgold Resources Limited · Aragon Resources Pty Ltd
Applies to
Peak Hill Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
net smelter return royalty: 1 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Binding ore purchase agreement provides a route to three regional Westgold processing facilities, conditional on mine readiness and commercial delivery.

Offtake · Active
Counterparties
Westgold Resources Limited
Applies to
Peak Hill Gold Project · Gold
Economic direction
Benefit
Period
From 2026-06-30; no end date stated
Key terms
processing cost range: A$30–50 per dry tonne AUD/dry tonne
first delivery deadline: 18 months
How it affects our valuation

No valuation treatment is available for this arrangement.

Nonbinding strategic collaboration agreement, separate from the binding ore purchase agreement; Westgold also holds about 19.9% of GBR.

Strategic Partnership · Announced
Counterparties
Westgold Resources Limited
Applies to
Peak Hill Gold Project · Gold
Economic direction
Benefit
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Mining and heritage agreement covers Peak Hill; payment and access terms are not disclosed in reviewed documents.

Other · Active
Counterparties
Jidi Jidi Aboriginal Corporation
Applies to
Peak Hill Gold Project · Gold
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

August 2025 Whiteheads sale can yield up to A$800k in additional Hastings shares if resource milestones occur; no base-case credit.

Other · Conditional
Counterparties
Hastings Technology Metals Limited
Applies to
Company-wide
Economic direction
Benefit
Period
Dates not stated
Key terms
maximum deferred consideration: 800,000 AUD in HAS shares
How it affects our valuation

No valuation treatment is available for this arrangement.

Polelle/Wanganui Castle option expired in late 2025 and is excluded from current economic exposure.

Other · Terminated
Counterparties
Polelle Resources Pty Ltd
Applies to
Company-wide
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

This arrangement has ended; no current valuation treatment is required.