Gorilla Gold Mines (ASX:GG8): Its skyrocketed from a minnow to a $300m company

Gorilla Gold Mines (ASX:GG8) has had a run in 12 months that its shareholders could only have dreamed of.

The company wasn’t even known as Gorilla Gold Mines a year ago. It was called Labyrinth Resources, so-called after one of two projects in Canada it held and would sell in early 2024 for a paltry US$3.5m. GG8 only adopted the name Labyrinth in late 2021, having spent 4 years prior to that known as Orminex and Mintails even prior to that.

But all that is ancient history. In 2025, it is an exciting company that has achieved so much in a short space of time and it seems the only thing that could go wrong would be an (unrealistic) crash in gold prices.

Source: Company

The secret(s) behind Gorilla Gold Mines’ success

In July 2024, GG8 announced it acquiring the Vivien project, a WA gold project previously operated by Ramelius Resources (ASX:RMS) and lying 15km from the town of Leinster. Gorilla (then Labyrinth) was doing so with a modest capital raising (of just $2m) that would also enable it to go from 51% to 100% ownership of the Comet Vale gold project, which lay in the Goldfields region of WA. It had 96koz at 4.8g/t at the time.

Vivien had been an operating mine on and off for the previous century and generated $130m in cash flows between 2013 and 2023 for Ramelius, but it parted ways with it. The hope was that after buying these projects GG8 would record some good drilling results, then perhaps define a resource and sell the project.

Of course, a lot of things can go wrong, most particularly it may not stumble across the results anticipated. But if a company can get it right, there’s a lot of wealth to be created and this looks to be what is happening. But more on Vivien shortly.

In November, GG8 bought a subsidiary of Olympio Metals (ASX:OLY) that had the Mulwarrie and Mulline projects in WA. The former of these lay 10km north-west of Ora Banda’s Davyhurst project and the latter of these was 15km from Mulwarrie. Only days later, it bought further tenure to extend Mulwarrie from neighbouring Genesis Minerals (ASX:GES) which would only days later chip $1.45m into a $19.5m placement at $0.21 per share.

Right at the same time, the company announced drilling results at Comet Vale – specifically a prospect known as the Cheer, the best of which was 3m @ 26.8g/t.

2025 has been a great year

GG8 began 2025 with cause for optimism. And this was the time it changed its name, choosing the moniker ‘gorilla’ because they represent strength and (purportedly) stability. Whether or not you think gorillas represent stability, they certainly gave a hint that the company thought it could become big. What other company released a March quarter report where the CEO concluded their remarks by stating,’ Go Gorilla!’?

The drilling results kept coming, first from Comet Vale and then from Vivien. In March, it raised another $25m to fund exploration ($1.84m was contributed by Genesis), done at a 5% discount of $0.38 per share but the dilution was short lived.

In mid-April, GG8 unveiled its MRE (Mineral Resource Estimate) for Vivien and it was 2.1Mt at 4.1g/t for 278koz. Impressive for a project it picked up less than a year ago.

Conclusion

What’s next? It plans an MRE for Comet Vale in the September quarter of 2025 and a Resource Update for Mulwarrie by then as well.

The company appears unstoppable right now, unless gold prices crash, or it endures a drilling setback. But if the company remains on track, its $300m price tag may not last for too much longer.

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