Divestment of Non-Core Whiteheads Gold Project

Great Boulder Resources (“Great Boulder” or the “Company”) (ASX: GBR) is pleased to provide an update regarding its Whiteheads Gold Project located 40km north of Kalgoorlie, Western Australia.

HIGHLIGHTS

• Great Western Gold Pty Ltd (GWG) to acquire 100% of Great Boulders’ interest in the Whiteheads Gold Project (Whiteheads) located in Kalgoorlie, Western Australia
• Great Boulder to receive the following consideration for the sale of Whiteheads:
  • Exclusivity Fee: $50,000 cash payment (Paid)
  • Cash Payment: a one-off cash payment at Listing, less the Exclusivity Fee, as a reimbursement for reasonable cash payments incurred by Great Boulder with respect to exploration and expenditure commitment at Whiteheads during the period commencing on the Execution Date (today) and Completion Date (estimated costs of ~$250,000 to be incurred)
  • Equity: Upfront and deferred equity consideration in GWG totalling $1,200,000 (assuming a $0.20 per share Listing price)
• GWG intends to complete an initial public offering (IPO) on the Australian Securities Exchange (ASX) in 1H-CY25
• The divestment of the non-core Whiteheads Gold Project allows Great Boulder to continue to prioritise management time and capital allocation on progressing its flagship Side Well Gold Project, whilst retaining equity upside to Whiteheads

Great Boulder’s Managing Director, Andrew Paterson commented:

“This is a great outcome for Great Boulder shareholders. The prospectivity and potential of Whiteheads has been overlooked given the significant exploration success at Side Well, resulting in the prioritisation of funds and management time, and we’re pleased to be working with Great Western Gold to unlock value here.

In addition to maximising the value for Great Boulder shareholders from Whiteheads, this transaction will further sharpen our focus on Side Well, where we are progressing a fully funded +50,000m drill program to deliver material resource growth and new discoveries.

As we exit the project I’d like to thank our Joint Venture partner Scott Wilson for his support. Whiteheads was an important stepping stone for Great Boulder back in 2019 and Scott has been a great supporter of the Company ever since.”

Click here for the full ASX Release

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