• Great Boulder to acquire 100% of Westgold's interest in the Peak Hill Gold Project
• $40 million placement to institutional and sophisticated investors at $0.085 per share
• Placement will fund the acquisition and provide $25 million cash at bank for drilling and pre-production activities

Great Boulder Resources Ltd (ASX: GBR) has announced that it has received firm commitments to raise $40 million through a two-tranche placement to institutional and sophisticated investors. The placement will be used to fund the acquisition of the Peak Hill Gold Project from Westgold Resources Ltd (ASX: WGX). The Peak Hill Gold Project is located in Western Australia, proximal to Westgold's three mills - Bluebird, Fortnum, and Tuckabianna, and only 100km from Great Boulder's Side Well Gold Project. The acquisition of the Peak Hill Gold Project is described as a 'hugely transformational' move for Great Boulder, adding significant gold endowment to its existing Side Well Gold Project.Following the completion of the acquisition and placement, Great Boulder will have a strong pro-forma net cash balance of $25 million. This will allow the company to fund an aggressive drilling campaign across the Peak Hill and Side Well Gold Projects, as well as engineering studies and activities to advance the projects towards capital-light production. Great Boulder aims to have an updated mineral resource estimate for the Peak Hill Gold Project within 6 months and to progress down the pathway to capital-light production, potentially fast-tracking the Side Well Gold Project in strategic collaboration with Westgold.The placement comprises two tranches, with Tranche 1 raising approximately $12.4 million and Tranche 2 raising approximately $27.6 million, subject to shareholder approval. The offer price of $0.085 per share represents a 3.4% discount to the last traded price and a 13.6% discount to the 10-day VWAP.

Great Boulder plans to execute aggressive drilling campaigns (with up to 6 rigs planned - across Peak Hill and Side Well, for 60,000m of drilling) and progress pre-production activities over the next 6-12 months. The company aims to have an updated mineral resource estimate for the Peak Hill Gold Project within 6 months and to advance down the pathway to capital-light production, potentially fast-tracking the Side Well Gold Project in strategic collaboration with Westgold.