Earnings release
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Gorilla Gold 292 Barker Road, Subiaco, Western Australia 6008 admin@gg8.com.au +61 8 6149 1573 PO Box: PO Box 1473, Subiaco WA 6904 gorillagold8.com 1 ASX Announcement December 2025 Quarterly Activities Report Transformational resource upgrade at Comet Vale positions Gorilla for its next phase of high-grade growth and development in Western Australia 900% increase in the Mineral Resource Estimate (‘MRE’) at the Comet Vale Gold Project to 0.86Moz at 3.7g/t Au, located on granted Mining Leases 90km north of Kalgoorlie, highlighting the scale and potential of this 100%-owned asset: • MRE increased to 7.3Mt at 3.7g/t Au for 860koz of contained gold: • Additional ounces delivered at a discovery cost of ~$25/oz. • 1.7Mt at 4.1g/t Au for 220koz classified as Indicated, supporting both open pit and underground development scenarios. • 3.7Mt at 3.0g/t Au for 350koz reports into optimised open pit shells at a cut-off grade of 0.5g/t Au and A$4,000/oz gold price (~45% discount to current spot gold price). • 3.6Mt at 4.4g/t Au for 510koz reports into underground Mineable Shape Optimisations (‘MSO’s’) at a cut-off grade of 1.1g/t Au and A$4,000/oz gold price. West Australian Resource base increased to 12.4Mt at 3.8g/t Au for 1.5Moz within 100%-owned Projects, all on granted Mining Leases: • Group MRE in WA has increased to 12.4Mt at 3.8g/t Au for 1.5Moz of contained gold: • A ~1,200% increase on the Company’s stated Resources in WA from 1 January 2025. • Gorilla has added 6.5Mt at 3.7 g/t Au for 1.3Moz during 2025. • Additional 3.0Mt @ 5.0g/t Au for 0.5Moz at the 100% owned Labyrinth Gold Project in Canada; the Group Resource now stands at 15.4Mt at 4.0 g/t Au for 2.0 Moz. Metallurgical test work at the Mulwarrie Project confirm high recoveries: • Total recoverable gold consistently high, averaging 93% up to m aximum recovery of 98.5% was obtained. • Strong gravity recoverable gold component a veraging 44.5% with individual samples reaching 83% • Optimal process with excellent results at a standard 106-micron grind and positive grind size variably testwork, compatible with many mills in the Kalgoorlie region Continuous extensional and in-fill drilling across 5 rigs during the quarter: • Completion of 20,700m of drilling during the quarter, with a cumulative 115,000m since 1 January 2025. The quarter comprised 15,800m of drilling at Comet Vale and 4,800m of drilling at Mulwarrie which commenced in November 2025. 29 January 2026 For personal use only
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Gorilla Gold 292 Barker Road, Subiaco, Western Australia 6008 gorillagold8.com 2 Successful oversubscribed $31.7 million placement completed during the quarter, leaving the Company with a cash balance as at 31 December 2025 of $37.2 million. Gorilla Gold Mines Ltd (‘the Company’, ‘Gorilla’ or ‘GG8’) (ASX: GG8), is pleased to report on the Company’s activities for the December 2025 Quarter. Charles Hughes, Gorilla’s Chief Executive Officer, commented: “This marked another outstanding quarter of hard work, focus and consistent delivery for Gorilla as we continued to advance our high-grade gold growth strategy in WA . At the same time, we have begun to put some important foundations in place to progress our key assets towards development and production. “The delivery of a landmark resource upgrade at Comet Vale in December was the defining milestone of the December Quarter, which clearly demonstrates the scale of the opportunity within our portfolio. “Last year, Gorilla added 6.5Mt at 3.7g/t for 1.3 million ounces – a remarkable achievement by our team – which has taken our combined WA resource base across Comet Vale, Mulwarrie and Vivien to 1.5 million ounces at an average grade of 4.0g/t Au. “Against the backdrop of record gold prices, this is a fantastic platform for the Company and demonstrates the enormous value yet to be unlocked across our portfolio. With such a large, high -grade resource base already on our books, our team is now actively pursuing development pathways and evaluating near -term production scenarios. “At the same time, we are continuing to pursue an aggressive exploration approach with five drill rigs operating since early January 2026 – three at Comet Vale and two at Mulwarrie. “Our focus is to make new discoveries and extend mineralisation well beyond current resource boundaries , taking our existing high-grade gold inventory to the next level this year while at the same time rapidly growing our Indicated Resources through in-fill drilling as the foundation for development studies. “Our strategy remains simple and disciplined: rapidly grow high -grade gold resources on granted Mining Leases, close to existing infrastructure, in one of the world’s premier gold provinces. The results achieved this quarter show that strategy is working – and we still see enormous upside ahead!” For personal use only
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Gorilla Gold 292 Barker Road, Subiaco, Western Australia 6008 gorillagold8.com 3 Figure 1 – Gorilla Gold Project Locations, Western Australia For personal use only
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Gorilla Gold 292 Barker Road, Subiaco, Western Australia 6008 gorillagold8.com 4 COMET VALE The Comet Vale Project is 100% owned by GG8 and lies 100km North of Kalgoorlie on granted Mining Leases, close to transport and milling infras tructure. As of December 2025, the Comet Vale Project has an MRE of 7.3Mt at 3.7 g/t Au for 0.86Moz. Historical gold production of >200koz @ >20g/t Au has occurred at the Project with underground operations occurring as recently as 2020. The bulk of historical production comes from the Sovereign Prospect. Gorilla made multiple high-grade gold discoveries at the Project in 2025 leading to a 900% Resource upgrade at the Project. The Project lies within granted Mining Leases, adjacent to the Goldfields Highway, in a region with multiple operational gold mills within a 100km radius. The Company has now identified more than 10 mineralised parallel east -west structures at Comet Vale, extending over a strike length of more than 1km with either historical mining workings or anomalous rock chips identified on these structures. Gorilla has a strategy to grow the Resource base through drilling, increase the indicated and measured component of the resource and get the project back into development. Figure 2 – Comet Vale Project Location For personal use only
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Gorilla Gold 292 Barker Road, Subiaco, Western Australia 6008 gorillagold8.com 5 Activities during the period focused on the MRE with ongoing growth and infill drilling. An updated MRE has been undertaken by Snowden Optiro using historical data and GG8 data (Table 1), the update is based on 50,130 m of new drilling, drilled and assayed by GG8 between October 2024 and October 2025. Notes: • Open Pit (OP) resources are constrained within optimised pit shells based on A$4,000 per ounce gold price and reported at 0.5 g/t Au cut-off grade. • Underground (UG) resources are evaluated below the optimised pit shell and constrained within mineable shapes designed at 1.1g/t gold cut-off grade and reported within the mineralised domains • All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding. Table 1 – Comet Vale Project MRE The Company is not aware of any new information or data that materially affects the information as previously released to the ASX on 15 December 2025 and all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Cut-off grade Tonnes Grade Au (Au g/t) (kt) (Au g/t) (koz) Indicated 1,300 4.3 180 Inferred 2,400 2.3 180 Sub Total 3,700 3.0 350 Measured Indicated 400 3.7 47 Inferred 3,200 4.5 460 Sub Total 3,600 4.4 510 Measured Indicated 1,700 4.1 220 Inferred 5,600 3.5 640 Total Resource 7,300 3.7 860 Comet Vale Mineral Resource estimate Resource category Au 0.5 UG 1.1 ALL All OP For personal use only
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Gorilla Gold 292 Barker Road, Subiaco, Western Australia 6008 gorillagold8.com 6 Figure 3 – Comet Vale 2025 Resource outline For personal use only
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Gorilla Gold 292 Barker Road, Subiaco, Western Australia 6008 gorillagold8.com 7 Figure 4 – 3D image showing location of exploration, growth and resource conversion targets at the Comet Vale Project For personal use only
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Gorilla Gold 292 Barker Road, Subiaco, Western Australia 6008 gorillagold8.com 8 ASX Announcement XX July 2025 MULWARRIE The Mulwarrie Project is 100% owned by GG8 and lies 120km north of Kalgoorlie and 50km west of the Comet Vale Project, on granted mining leases close to transport and milling infrastructure . As of August 2025, the Mulwarrie project has a M RE of 3.0Mt @ 3.6 g/t Au for 350koz . Gorilla acquired the project in November 2024, prior to this the project had fractured ownership , was tenure constrained and caught up in M&A activity. Subsequent to Gorillas acquisition, Gorilla has employed a strategy of tenement consolidation, rapid drilling and studies progression. The MRE at Mulwarrie was increased by 300% in 2025. The Project is adjacent to the Riverina -Davyhurst haul road and is situated in a region with multiple operational gold mills within a 100km radius of the Project area. At Mulwarrie, a major north-west trending, steeply dipping mineralised fault system is developed in mafic and intermediate lithologies with mineralisation associated with this structural system and the development of quartz veining, pyrrhotite and pyrite sulphides and biotite alteration, often at the margins of intermediate porphyries. Gorilla has a strategy to grow the Resource base through drilling, increase the indicated and measured component of the resource and get the project back into development. Mulwarrie Project Mineral Resource estimate Resource category Cut-off Au grade Tonnes Grade Au (Au g/t) (kt) (Au g/t) (koz) Mulwarrie OP Measured 0.5 Indicated 1,200 2.7 110.0 Inferred 850 4.0 110.0 Sub Total 2,100 3.3 220.0 UG Measured 1.1 Indicated 34 3.1 3.3 Inferred 900 4.3 130.0 Sub Total 940 4.3 130.0 ALL Measured Indicated 1,300 2.8 110.0 Inferred 1,800 4.2 240.0 Total Resource 3,000 3.6 350.0 Notes: • Open Pit (OP) resources are constrained within optimised pit shells based on A$4,000 per ounce gold price and reported at 0.5 g/t Au cut-off grade. • Underground (UG) resources are evaluated below the optimised pit shell and constrained within mineable shapes designed at 1.1g/t gold cut-off grade and reported within the mineralised domains • All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding. Table 2 – Mulwarrie Project MRE table The Company is not aware of any new information or data that materially affects the information as previously released on 4 August 2025 and all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. For personal use only
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Gorilla Gold 292 Barker Road, Subiaco, Western Australia 6008 gorillagold8.com 9 Figure 5 – Mulwarrie Project Location Plan Activities during the period at Mulwarrie focused on Metallurgical testwork, permitting and studies work, and recommencement of growth drilling. Metallurgical Testwork A total of nine variability test work samples from Mulwarrie were composited from drilling samples stored in photon assay jars to an individual weight of 3 -5kg. These variability samples were selected to represent mineralisation from a range of different g old lodes at Mulwarrie, a range of different depths, a range of different oxidation levels and a variety of gold grades and host lithologies (Figure 6, Table 3). For personal use only
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Gorilla Gold 292 Barker Road, Subiaco, Western Australia 6008 gorillagold8.com 10 Figure 6 – Location of Metallurgical samples Table 3. Mulwarrie variability metallurgical samples A 500g sub sample was taken from each variability sample and analysed for multi -elements via ICP-MS and Au via Fire assay. Arsenic levels were very low (<10ppm to 20ppm), across all samples analysed and no other deleterious elements were detected during this analysis. A 5kg master composite sample with a head grade of 3.4 g/t Au was created by combining a portion of the crushed variability samples. Variability samples were crushed to p80 3.35mm and then selected samples for the master composite were combined and homogenised in a rotary sample splitter. Met sample ID Holeid Grade weight Oxide Transition Fresh mafic porphyry 0.5 to 1 1 to 3 3 to 5 5 to 7 7 to 10 10 to 20 20 plus Domain 9 Domain 1 Domain 3 Domain 20 Domain 7 Domain N1 Domain 8 Depth 0- 30m Depth 30- 100 Depth 100- 200 Depth>200 GG8_MW_MET_001 MWEX012 3.8 3.5 GG8_MW_MET_002 MWEX012 25.8 2 GG8_MW_MET_007 MWEX003 0.86 3.5 GG8_MM_MET_008 MWEX013a 9 5 GG8_MW_MET_010 MWEX019 1.4 3 GG8_MW_MET_003 MWEX016 13.4 3 GG8_MW_MET_009 MNEX003& MNEX002 4.4 2 GG8_MW_MET_004 MWEX069 4.7 4 GG8_MW_MET_005 MWEX056 5.8 4.5 Sample details Variety of materials Variety of grades Variety of lodes Variety of depths For personal use only
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Gorilla Gold 292 Barker Road, Subiaco, Western Australia 6008 gorillagold8.com 11 Grind size establishment testwork was undertaken on this master composite sample, which was split into 4 sub samples and then respectively ground to 75 micron, 106 micron, 125 micron and 150 micron, with gravity and column leach testwork undertaken on each sample. Gold recovery on Mulwarrie ores is grind size dependent, as most deposits are, and 106 micron represented a reasonable middle ground that has a standard grind size and also a good recovery (Table 4 below). This grind size was selected for subseque nt variability test work samples. Table 4. Mulwarrie Composite grind size testwork table Each variability sample was crushed to p80 3.35mm and ground to 106 micron, subject to a gravity concentration by a benchtop Knelson Concentrator and a direct cyanide leach was undertaken on the gravity tail. This work was undertaken by ALS Perth. All testwork was conducted using (Comet Vale) site water, which is hypersaline. Hypersaline groundwater requires the addition of lime to buffer gold solution pH during the process. Results for the variability test work demonstrates commercial recoveries across the entirety of the Mulwarrie deposit (Table 5 below), with an average total recovery of 93%, with average gravity recoverable gold 44.5% and the remainder recovered utilising a direct leach running for 48 hours. Table 5. Mulwarrie Variability sample met testwork. Assay Calc. Grav 2-hr 4-hr 8-hr 24-hr 48-hr NaCN Lime IM3202 150 3.30 43.38 74.36 80.05 85.63 89.28 91.06 0.30 0.64 12.07 IM3203 125 3.26 43.95 75.33 79.18 84.83 88.52 90.33 0.32 0.64 11.99 IM3204 106 3.32 43.13 75.86 81.52 87.07 90.70 92.47 0.25 0.70 12.08 IM3205 75 3.26 43.89 79.16 84.92 92.45 96.14 94.33 0.19 0.70 12.13 GG8 MASTER COMPOSITE #1 4.12 / 2.8640 Composite ID Test ID Grind Size P80 Head Au Grade (g/t) Au Extraction (%) Tail Au Grade (g/t) Reagents (kg/t)% Solids Assay Calc. Grav 2-hr 4-hr 8-hr 24-hr 48-hr NaCN Lime GG8_MW_MET_001 IM3222 106 40 3.11 / 3.65 2.70 51.17 74.87 81.70 88.26 92.44 94.44 0.15 0.80 22.94 GG8_MW_MET_002 IM3223 106 40 29.9 / 26.0 20.8 48.38 81.00 87.20 92.03 95.28 96.58 0.71 0.65 24.44 GG8_MW_MET_003 IM3224 106 40 9.89 / 8.65 11.5 32.65 57.62 71.49 85.30 93.13 95.01 0.58 0.75 22.36 GG8_MW_MET_004 IM3225 106 40 4.54 / 4.74 4.63 50.59 80.99 86.30 90.12 93.78 96.11 0.18 0.79 24.06 GG8_MW_MET_005 IM3226 106 40 5.68 / 6.18 4.55 54.50 79.78 85.18 87.77 90.25 91.43 0.39 0.79 19.78 GG8_MW_MET_007 IM3227 106 40 1.02 / 0.86 0.98 34.83 74.10 80.39 80.39 86.17 86.17 0.14 0.84 17.80 GG8_MW_MET_008 IM3228 106 40 7.87 / 8.82 7.18 83.06 92.86 94.57 95.39 96.96 98.47 0.11 0.75 17.56 GG8_MW_MET_009 IM3229 106 40 4.38 / 4.57 4.13 33.39 90.61 92.09 94.95 94.95 96.25 0.16 1.53 17.64 GG8_MW_MET_010 IM3230 106 40 1.70 / 1.40 1.33 12.02 64.83 69.45 78.30 78.30 82.35 0.24 0.78 19.22 Composite ID Test ID Grind Size P80 Head Au Grade (g/t) Au Extraction (%) Tail Au Grade (g/t) Reagents (kg/t)% Solids For personal use only
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Gorilla Gold 292 Barker Road, Subiaco, Western Australia 6008 gorillagold8.com 12 Table 6. Significant drilling intercepts at Mulwarrie Figure 7 – Mulwarrie Project Cross-section Significant intercepts from Mulwarrie: • 5.0m @ 95.0 g/t Au fr. 73m 17MWRC008 (475 gram-metre) • 4.2m @ 54.0 g/t Au fr. 334.3m MWEX046 (227 gm) • 8.2m @ 23.5 g/t Au fr. 217.6m MWEX012 (193 gm) • 13.0m @ 14.0g/t Au fr. 63m MWDD001 (183 gm) • 14.0m @ 12.0g/t Au fr. 122m 17MWRC097 (168 gm) • 7.0m @ 22.7g/t Au fr. 97m 17MWRC019 (159 gm) • 15m @ 9.5g/t Au fr. 72m MWRC628 (143 gm) • 13.2m @ 8.5 g/t Au fr. 359m MWEX041 (112 gm) For personal use only
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Gorilla Gold 292 Barker Road, Subiaco, Western Australia 6008 gorillagold8.com 13 ASX Announcement XX July 2025 Figure 8 – Mulwarrie Long Section For personal use only
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Gorilla Gold 292 Barker Road, Subiaco, Western Australia 6008 gorillagold8.com 14 ASX Announcement XX July 2025 VIVIEN The Vivien Project is 100% owned by GG8 and lies 10km west of Leinster, on granted mining leases close to transport and milling infrastructure. As of April 2025, the Vivien Project has a MRE of 2.1Mt @ 4.1 g/t Au for 280koz. The Vivien Project has seen historical production of >250koz @ 5.8g/t Au, with underground operations occurring as recently as 2023, operated by Ramelius Resources Ltd. Gorilla has a strategy to grow the Resource base through drilling, increase the indicated and measured component of the resource and get the project back into development. Figure 9 – Vivien Project Plan For personal use only
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Gorilla Gold 292 Barker Road, Subiaco, Western Australia 6008 gorillagold8.com 15 Work undertaken during the quarter includes ongoing assessment of re-development opportunities, studies work and discussions to begin dewatering activities. Vivien MRE Au>=0.5g/t (OP) and Au>=1.5g/t (UG) Category Tonnage (Mt) Au Grade (g/t) Au (Koz) Indicated 0.15 4.9 24,000 Inferred 1.95 4.1 254,000 Total 2.1 4.1 278,000 Table 7 – Vivien Project MRE The Company is not aware of any new information or data that materially affects the information as previously released on 15 April 2025 and all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Figure 10 – Vivien Main lode MRE oblique 3D view. For personal use only
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Gorilla Gold 292 Barker Road, Subiaco, Western Australia 6008 gorillagold8.com 16 ASX Announcement XX July 2025 CANADIAN ACTIVITIES The Labyrinth and Denain Projects are situated in a world -class mining jurisdiction hosted by the prolific Abitibi Greenstone Belt. Gorilla is actively remodelling and assessing the growth potential of the Canadian projects. Figure 11 – Labyrinth Project Location Plan The high-grade Labyrinth Gold Project is located in the prolific Abitibi Greenstone Belt and was last mined in the early 1980s, when production stopped amid the depressed gold price. Very limited exploration has been conducted on the project since. Gorilla Gold finalised the Project Acquisition Agreement in late 2021 and took the opportunity to further define the resource with diamond drilling, undertake metallurgical testing and provide a conservative updated MRE. For personal use only
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Gorilla Gold 292 Barker Road, Subiaco, Western Australia 6008 gorillagold8.com 17 Gorilla has a high-grade maiden JORC 2012 MRE completed in 2022 of 500,000oz at 5g/t Au (refer Table 6). The Inferred Mineral Resource includes mineralisation within five lodes – Boucher, McDowell, Talus, Shaft and Front West. Labyrinth Project Mineral Resource Estimate Summary Table Lode Tonnes (Mt) Au (g/t) Au (oz) Inferred Boucher 1 5.7 190,000 McDowell 1 4.5 150,000 Talus 0.7 5.3 110,000 Front West 0.2 2.7 20,000 Shaft 0.1 5.5 30,000 Total 3 5.0 500,000 Notes: 1. Reported at a 3g/t.m accumulation (grade x vein thickness) cut-off and depleted for historical mining 2. The Mineral Resource is classified in accordance with the JORC Code (2012) 3. The effective date of the Mineral Resource estimate is 25 August 2022 4. Estimates are rounded to reflect the level of confidence in the Mineral Resource at present. All resource tonnages have been rounded to the first significant figure. Differences may occur in totals due to rounding 5. Mineral Resource is reported as a global resource. Table 8 – Labyrinth Project MRE The Company is not aware of any new information or data that materially affects the information as previously released on 27 September 2022 and all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. ACQUISITIONS There were no material acquisitions during the quarter. CORPORATE CAPITAL RAISING On 22 October 2025, the Company announced the completion of a placement to institutional and sophisticated investors of A $31.7 million (before costs) at $0.40 per share . The Placement was driven by strong demand from leading international, specialist resource focused institutional investors and was also supported by existing institutional and sophisticated investors. Gorilla’s share register is now well positioned with a broad range of long -only institutional shareholders who have demonstrated their suppor t for the Company’s strategy of aggressive high grade gold exploration to fast -track resource growth and development. For personal use only
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Gorilla Gold 292 Barker Road, Subiaco, Western Australia 6008 gorillagold8.com 18 CASH BALANCE As at 31 December 2025, Gorilla had $37.2 million of cash on hand. Operating and investing c ash outflows for the quarter totalled $8.8 million, of which 96% related to exploration and development activities. CAPITAL STRUCTURE During the quarter, the Company issued 83,918,042 new fully paid ordinary shares. 79,250,000 were issued as part of the $31.7 million capital raise, with the remaining 4,668,042 issued upon the exercise of performance rights. As of the date of this report, the current capital structure is shown below. Class of Security Number Ordinary shares 730,144,128 Unlisted options (various exercise price, expiring 19/9/29) 9,000,000 Performance Rights 7,775,601 ASX COMPLIANCE In accordance with Listing Rule 5.3.1, there were no substantive mining production and development activities undertaken during the quarter. In accordance with Listing Rule 5.3.5, Gorilla advises that the payments to related parties during the quarter as advised in the Appendix 5B comprise Directors’ Fees of $82k and $47k for legal fees to a firm partly owned by a related party. This announcement has been authorised for release by the Board of Gorilla Gold Mines Ltd. Investor Enquiries Media Enquiries Mr Charles Hughes Read Corporate – Nicholas Read Chief Executive Officer Mobile: 0419 929 046 admin@gg8.com.au nicholas@readcorporate.com.au For personal use only
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Gorilla Gold 292 Barker Road, Subiaco, Western Australia 6008 gorillagold8.com 19 INTERESTS IN TENEMENTS Tenement/ Claim Location Project Group Interest Start of Quarter Group Interest End of Quarter M29/0035 Western Australia Comet Vale 100% 100% M29/0052 Western Australia Comet Vale 100% 100% M29/0085 Western Australia Comet Vale 100% 100% M29/0185 Western Australia Comet Vale 100% 100% M29/0186 Western Australia Comet Vale 100% 100% M29/0197 Western Australia Comet Vale 100% 100% M29/0198 Western Australia Comet Vale 100% 100% M29/0199 Western Australia Comet Vale 100% 100% M29/0200 Western Australia Comet Vale 100% 100% M29/0201 Western Australia Comet Vale 100% 100% M29/0232 Western Australia Comet Vale 100% 100% M29/0233 Western Australia Comet Vale 100% 100% M29/0235 Western Australia Comet Vale 100% 100% M29/0270 Western Australia Comet Vale 100% 100% M29/0321 Western Australia Comet Vale 100% 100% L29/0067 Western Australia Comet Vale 100% 100% P29/2606 Western Australia Comet Vale 0%(1) 100%(1) M30/0119 Western Australia Mulwarrie 100% 100% M30/0145 Western Australia Mulwarrie 100% 100% P30/1141 Western Australia Mulwarrie 100% 0%(2) P30/1142 Western Australia Mulwarrie 100% 0%(2) P30/1143 Western Australia Mulwarrie 100% 0%(2) E30/0511 Western Australia Mulwarrie 100% 100% E30/0512 Western Australia Mulwarrie 100% 100% E30/0513 Western Australia Mulwarrie 100% 100% E59/2874 Western Australia Yalgoo-Lang Well 100% 100% E59/3007 Western Australia Yalgoo-Lang Well 0% 100% E59/3010 Western Australia Yalgoo-Lang Well 0% 100% E59/3014 Western Australia Yalgoo-Lang Well 0% 100% M36/0034 Western Australia Vivien 100% 100% For personal use only
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Gorilla Gold 292 Barker Road, Subiaco, Western Australia 6008 gorillagold8.com 20 M36/0061 Western Australia Vivien 100% 100% M36/0064 Western Australia Vivien 100% 100% M36/0111 Western Australia Vivien 100% 100% M36/0292 Western Australia Vivien 100% 100% P36/1890 Western Australia Vivien 100% 100% CDC2438660 Quebec Denain 85% 85% CDC2438661 Quebec Denain 85% 85% CDC2438662 Quebec Denain 85% 85% CDC2438663 Quebec Denain 85% 85% CDC2438664 Quebec Denain 85% 85% CDC2438665 Quebec Denain 85% 85% CDC2438666 Quebec Denain 85% 85% CDC2438667 Quebec Denain 85% 85% CDC2438668 Quebec Denain 85% 85% CDC2438669 Quebec Denain 85% 85% CDC2438670 Quebec Denain 85% 85% CDC2438671 Quebec Denain 85% 85% CDC2438672 Quebec Denain 85% 85% BM869 Quebec Labyrinth 100% 100% CDC2477686 Quebec Labyrinth 100% 100% CDC2477687 Quebec Labyrinth 100% 100% CDC2477688 Quebec Labyrinth 100% 100% CDC2477689 Quebec Labyrinth 100% 100% CDC2477690 Quebec Labyrinth 100% 100% CDC2477691 Quebec Labyrinth 100% 100% CDC2477692 Quebec Labyrinth 100% 100% CDC2477693 Quebec Labyrinth 100% 100% CDC2477694 Quebec Labyrinth 100% 100% CDC2477695 Quebec Labyrinth 100% 100% CDC2477696 Quebec Labyrinth 100% 100% CDC2477697 Quebec Labyrinth 100% 100% CDC2477698 Quebec Labyrinth 100% 100% CDC2477699 Quebec Labyrinth 100% 100% For personal use only
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Gorilla Gold 292 Barker Road, Subiaco, Western Australia 6008 gorillagold8.com 21 CDC2477700 Quebec Labyrinth 100% 100% CDC2477701 Quebec Labyrinth 100% 100% CDC2477702 Quebec Labyrinth 100% 100% CDC2477703 Quebec Labyrinth 100% 100% CDC2477704 Quebec Labyrinth 100% 100% CDC2477705 Quebec Labyrinth 100% 100% CDC2477706 Quebec Labyrinth 100% 100% CDC2477707 Quebec Labyrinth 100% 100% CDC2477708 Quebec Labyrinth 100% 100% CDC2477709 Quebec Labyrinth 100% 100% CDC2477710 Quebec Labyrinth 100% 100% CDC2477711 Quebec Labyrinth 100% 100% CDC2477712 Quebec Labyrinth 100% 100% CDC2477713 Quebec Labyrinth 100% 100% CDC2477714 Quebec Labyrinth 100% 100% CDC2477715 Quebec Labyrinth 100% 100% CDC2477716 Quebec Labyrinth 100% 100% CDC2477717 Quebec Labyrinth 100% 100% CDC2477718 Quebec Labyrinth 100% 100% CDC2477719 Quebec Labyrinth 100% 100% CDC2776635 Quebec Labyrinth 100% 100% CDC2776636 Quebec Labyrinth 100% 100% CDC2786148 Quebec Labyrinth 100% 100% CDC2786149 Quebec Labyrinth 100% 100% CDC2786150 Quebec Labyrinth 100% 100% CDC2786151 Quebec Labyrinth 100% 100% CDC2786152 Quebec Labyrinth 100% 100% CDC2786153 Quebec Labyrinth 100% 100% CDC2786154 Quebec Labyrinth 100% 100% CDC2786155 Quebec Labyrinth 100% 100% (1) P29/2606 option agreement exercised and converting to M29/0442 which is currently pending. (2) Amalgamated into E30/0511 For personal use only
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Gorilla Gold 292 Barker Road, Subiaco, Western Australia 6008 gorillagold8.com 22 COMPETENT PERSONS STATEMENTS The information in this announcement relates to exploration results for the Comet Vale, Mulwarrie, Vivien, Labyrinth, and Denain Gold Projects which Mr. Charles Hughes has reviewed and approves. Mr. Hughes, who is an employee of Gorilla Gold Mines Ltd, a professional geoscientist and a Member of the Australian Institute of Geoscientists. Mr. Hughes has sufficient experience relevant to the style of mineralisation and type of deposits under consideration, and to the activities which have been undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration results, Mineral Resources and Ore Reserves. Mr. Hughes consents to the inclusi on in this announcement of the matters based on this information in the form and context in which it appears. DECEMBER 2025 QUARTER – ASX ANNOUNCEMENTS Specific exploration results referred to in this announcement were originally reported in the following Company announcements in accordance with ASX Listing Rule 5.7: The Company confirms that it is not aware of any information or data that materially affects the information included in the said original announcements and the form and context in which the Competent Persons’ findings are presented have not materially modified from the original market announcements. FORWARD LOOKING INFORMATION This announcement contains forward -looking information about the Company and its operations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", “should”, "could", "estimates", “target”, “likely”, “plan”, "expects", "may", “intend”, "shall", "will", or "would". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward -looking statem ents are subject to risk factors associated with the Company’s business, many of which are beyond the control of the Company. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variabl es and changes in underlying assumptions which could cause actual results or trends to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. Title Date Major Resource Upgrade for Comet Vale 15 December 2025 Mulwarrie Met Results and Drilling Commenced 24 November 2025 Comet Vale Drill Results and MRE Timing Update 11 November 2025 High Priority Surface Geochem Targets - Comet Vale/Mulwarrie 17 October 2025 Mulwarrie High-Grade Step Outs 3 October 2025 Mulwarrie Resource Update 4 August 2025 Maiden Gorilla Mineral Resource Estimate for Vivien Project 15 April 2025 Labyrinth Maiden Mineral Resource Estimate 27 September 2022 For personal use only
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity GORILLA GOLD MINES LTD ABN Quarter ended (“current quarter”) 45 008 740 672 31 DECEMBER 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for - - (a) exploration & evaluation (if expensed) (b) development - - (c) production - - (d) staff costs (321) (535) (e) administration and corporate costs (234) (810) 1.3 Dividends received (see note 3) - - 1.4 Interest received 202 465 1.5 Interest and other costs of finance paid (1) (2) 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other – Sales tax refund - - 1.9 Net cash from / (used in) operating activities (354) (882) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements (244) (936) (c) property, plant and equipment (114) (147) (d) exploration & evaluation (capitalised) (8,138) (16,064) (e) investments - - (f) other non-current assets - - For personal use only
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ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - 11 (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other – cash from acquisition - - 2.6 Net cash from / (used in) investing activities (8,496) (17,136) 3. Cash flows from financing activities 31,700 31,700 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities (1,553) (1,553) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other – Lease payment (14) (28) 3.10 Net cash from / (used in) financing activities 30,133 30,119 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 15,931 25,113 4.2 Net cash from / (used in) operating activities (item 1.9 above) (354) (882) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (8,496) (17,136) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 30,133 30,119 For personal use only
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ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 37,214 37,214 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 15,564 8,281 5.2 Call deposits(1) 21,500 7,500 5.3 Bank overdrafts - - 5.4 Other – restricted cash on deposit 150 150 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 37,214 15,931 (1) Call deposits are short term deposits with a tenor of 3 months or less. 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 121 6.2 Aggregate amount of payments to related parties and their associates included in item 2 9 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. The amounts reported in 6.1 consists of $82,555 for Directors fees and $46,779 for legal fees to entities associated with Mr Hely. The amounts reported in 6.2 consists of $8,646 for legal fees to entities associated with Mr Hely. For personal use only
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ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. Answer: N/A 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (354) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (8,138) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (8,492) 8.4 Cash and cash equivalents at quarter end (item 4.6) 37,214 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 37,214 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 4.38 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: N/A 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: N/A 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: N/A Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. For personal use only
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ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: ...........29 January 2026.............................................................. Authorised by: ...........The Board.................................................................. (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, t he definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity , and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. For personal use only