Leadership and High Grades Drive Gorilla Gold Forward

Key Concepts

• Malwari Project: A gold exploration project located 60 km from the Comet Bell project in Western Australia, approximately 100 km north of Kalgoorlie.
• Comet Bell Project: Another gold project in Western Australia, near Malwari.
• Mineral Resource Estimate (MRE): A quantitative estimate of the grade and tonnage of a mineral deposit.
• Granted Mining Leases: Legal rights to explore and mine minerals on a specific area of land.
• Gold Fields of Western Australia: A major gold-producing region.
• High-Grade Intercepts: Drill results indicating significant concentrations of gold.
• Gram-Meter (g/m): A unit used to express the combined thickness and grade of a mineral intercept (grade in grams per tonne multiplied by thickness in meters).
• Exploration: The process of searching for mineral deposits.
• Permitting and Development: The processes involved in obtaining approvals and preparing a site for mining operations.
• Growth Strategy: The company's plan for expanding its operations and increasing shareholder value.
• Employee Schemes: Incentive programs designed to align employee interests with company growth and performance.
• Share Price Target: A financial goal for the company's stock value.
• Resource Growth Milestones: Targets for increasing the total amount of gold resources.
• Infrastructure: Existing facilities and services that support mining operations.

Malwari Project: Resource Growth and Exploration Upside

The Malwari project, situated 60 km from the Comet Bell project and about 100 km north of Kalgoorlie in Western Australia's gold fields, is a key focus for the company. An updated Mineral Resource Estimate (MRE) announced earlier in the year revealed a significant increase, reaching 350,000 ounces. This represents a four-fold increase from the previous estimate, accompanied by a 30-40% improvement in grade. Crucially, exploration results released subsequent to this MRE have all been outside the defined resource area, demonstrating that high grades are continuing at depth. This suggests substantial upside potential for Malwari, with plans to commence drilling in November 2025. The objective of this upcoming drilling program is to potentially double the resource size at Malwari again. Recent drill intercepts outside the resource have been particularly strong, with some exceeding 200 g/m, indicating continued high-grade mineralization at depth.

Leadership Team Additions and Growth Strategy

The company has recently bolstered its leadership team with strategic additions, including Craig Jones and Jared Ramadan, and Daniel Kendall as CFO. These appointments are designed to accelerate Guerilla's progression into its next phase of growth. This growth is intrinsically linked to realizing the value of the company's high-grade discoveries, particularly given the current record gold prices and the fact that these projects are situated on granted mining leases. The overall strategy is to position Guerilla for sustained growth.

Dual Focus: Exploration and Development

The company is pursuing a dual strategy, simultaneously advancing both exploration and permitting/development activities across its projects. While exploration continues to grow resources, efforts are also underway to push all three projects forward with permitting and studies, preparing them for potential mining operations. Although a definitive timeframe for the commencement of development has not yet been set, the company is progressing as rapidly as possible.

Strategic Pillars and Near-Term Milestones

The company's growth strategy, recently outlined, is closely aligned with its employee reward structures. Key strategic objectives include achieving a $1 share price, growing the resource base to 3 million ounces, and subsequently to 5 million ounces. A critical aspect of this strategy is retaining quality staff, which is being addressed through employee retention schemes.

Over the next 6 to 12 months, the primary focus will be on resource building. A significant resource update for Comet Bell is anticipated in November-December of this year. A smaller, but still important, resource update for Malwari is expected around the same time. The company has already announced nearly 650,000 ounces of additional resources in the past six months, and the upcoming Comet Bell update is projected to be the largest to date.

Concurrently, the company is driving forward with studies and permitting, a process that is actively commencing with the new leadership team members. Additional resource growth milestones are also planned for mid-next year. These concerted efforts are aimed at rapidly advancing the company, leveraging record gold prices and the strategic advantage of operating on granted mining leases within well-established gold fields with surrounding infrastructure. This positions the company favorably for future progress.