Gorilla Gold Mines (ASX:GG8) highlighted a high-grade, Western Australia-focused growth strategy in a presentation centered on rapidly expanding its gold resources across three granted mining lease projects: Comet Vale, Mulwarrie, and Vivien. Management said the company currently reports 1.5 million ounces at 3.8 grams per tonne and is aiming to “significantly grow” those resources through an aggressive drilling and development program.
Resource growth and drilling plans
The presenter described Gorilla’s approach as “high grade, aggressive growth and development strategy,” with simultaneous activity across all three assets. The company plans 150,000 meters of drilling this year after completing 120,000 meters last year. The company said it currently has five rigs operating and expects frequent news flow throughout the year from drilling results and technical studies, with additional updates anticipated toward the back end of the year.
Prior-year execution and cost metrics
In discussing its first year operating as Gorilla, the company said it delivered rapid resource growth and capital efficiency. Management stated that in the prior year it added 1.3 million ounces at an average grade of 3.7 grams, at a cost of about AUD 20 per ounce. The company characterized this as a 1,500% increase in resources across its Western Australia projects, achieved through the 120,000-meter drilling campaign.
Balance sheet and valuation comments
The company said it is “very well supported,” citing an approximately AUD 300 million market capitalization and AUD 37 million in the bank. Management also compared Gorilla with peers on grade and valuation metrics, stating it has “one of the highest grade resources in WA.”
On valuation, the presenter said Gorilla’s enterprise value per ounce “could be much higher” than current levels, referencing a potential range of AUD 220 to AUD 230 per ounce compared with a stated current level of AUD 170. Management also said it views the company as undervalued relative to peers and expressed an expectation that 2026 “is gonna be a great year for Gorilla.”
Project-by-project update
- Comet Vale: Located about an hour north of Kalgoorlie, Comet Vale was described as having 160,000 ounces at 3.7 grams in resource, up from 95,000 ounces last year. Management said this represented a 900% increase at the project. The company reported it drilled 70,000 meters there last year and currently has three rigs active with another rig “coming very soon.” Comet Vale was described as being on care and maintenance with permitting in place. The company outlined “simple targeting criteria,” including strong surface geochemical anomalism and structural framework interpretation, and said it has tested less than 20% of its targets. Management pointed to multiple untested targets with significant geochemical anomalies and described additional drilling planned along the Sovereign area and the Lakeview–Cheer trend, including follow-up work after reporting an intercept of 21 meters at 11 grams from 27 meters downhole.
- Mulwarrie (Project 1B): Management reported 350,000 ounces at 3.6 grams with multiple lodes from surface. The project was described as being about 5 to 6 kilometers from the Davyhurst Mill near Ora Banda. The company said it is drilling 600 meters south of the resource with two diamond rigs, with results expected “very soon.” The geological targeting model referenced the Ida fault, stratigraphic changes adjacent to the fault, and porphyry intrusions associated with high-grade plunges.
- Vivien: The company said Vivien has around 300,000 ounces in resources and has produced about 350,000 ounces historically. Management stated there has been very little drilling over the last 10 years and outlined a two-phase plan: first to grow the resource, and second to return underground. The company said permits are in place to go back underground and that this is a key focus for its principal engineer.
Investment thesis as presented
Management summarized its case for investment around a high-grade resource base in a jurisdiction it described as the “best place to explore and mine in the world,” combined with active programs across three granted mining lease projects. The company reiterated its plan for 150,000 meters of drilling, ongoing multi-rig activity, and continued updates from exploration and studies through the year.
About Gorilla Gold Mines (ASX:GG8)
