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Godolphin Resources Limited (ASX:GRL)

ALERT: Price-sensitive ASX Announcement for GRL
Current share price for GRL : $0.019 0.003 (18.75%)+
Announcement
Release
28 Oct 2025 4:47PM
Price at Release
$0.016
Full Release
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Summary
Godolphin Resources Limited reported significant progress in its September 2025 quarterly activities, particularly at the Lewis Ponds gold, silver, and base metals project. The company announced a substantial upgrade to its Mineral Resource Estimate, indicating a 58% increase in tonnage and enhanced gold and silver outputs. This improvement highlights Lewis Ponds as one of the highest-grade undeveloped deposits in the Lachlan Fold Belt. Additionally, Godolphin defined new exploration targets, suggesting further expansion potential. Financially, the company raised a total of approximately $3.03 million through placements and an oversubscribed entitlement offer, enhancing its cash position and securing funding for ongoing projects, including a scoping study and exploration activities. Notably, the company is advancing its Narraburra Rare Earths project, with successful production of mixed rare earth carbonate samples. Overall, Godolphin remains well-positioned for growth with a robust balance sheet and strategic focus on exploration and development.
Key Points
  • Godolphin Resources Limited reported a 58% increase in tonnage and a significant uplift in gold and silver at the Lewis Ponds project.
  • The updated Mineral Resource Estimate includes 9.83 million tonnes with notable gold and silver content.
  • A pit optimization study was conducted to evaluate open-pit and underground mining potential.
  • New exploration targets were defined, potentially expanding the resource footprint.
  • Metallurgical testing indicates medium-soft ore, suggesting lower milling costs.
  • The company raised $1.35 million through a Placement and $1.68 million from an oversubscribed Entitlement Offer.
  • A scoping study for the Lewis Ponds project is on track for completion, with further exploration planned.
  • Godolphin is also progressing with the Narraburra Rare Earths project, producing mixed rare earth carbonate samples.
  • The company maintains a strong financial position with cash equivalents increasing from $1,298k to $1,777k during the quarter.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.