Great Boulder Resources Limited has released detailed results from a scoping study on its Ironbark deposit, part of the company’s flagship Side Well Gold Project near Meekatharra in Western Australia. The study, prepared by independent consultants Entech Pty Ltd, focused on a high‐grade, shallow open pit prospect with an MRE of 100,000 ounces at an average grade of 3.3 g/t gold. The study’s economic analysis indicates strong project fundamentals with a pre-tax net present value (NPV8) of approximately A$137 million and an internal rate of return (IRR) of 152% at a spot gold price of around A$5,064 per ounce. The technical design splits mining into two stages—Stage 1 targeted to produce roughly 30,000 ounces from 648,000 tonnes of ore at approximately 1.4 g/t, and Stage 2 planned to yield an additional 49,000 ounces from 615,000 tonnes averaging about 2.5 g/t. This design approach is underpinned by optimistic cost assumptions, including a base processing cost of A$50 per tonne, and considers mining dilution, recovery rates (95% for oxide and transitional material, and 92% for fresh material), and an 8% discount rate. The study outlines plans to advance infrastructure with an estimated A$3.1 million capital expenditure for Stage 1 surface development and notes that the mine life is anticipated to span 31 months. In addition to the technical and economic modeling, the report highlights several risks and uncertainties. While recent drilling has intersected an impressive 8 meters at 8.57 g/t gold—suggesting significant potential for resource expansion—the study’s estimates come with a margin of uncertainty of approximately ±30%. Key elements, such as the finalization of processing contracts with regional mills and negotiations with the Yugunga-Nya Native Title Aboriginal Corporation over mining tenure, remain to be resolved before full-scale development can proceed. Analysts weighing the news may view the outlook for Great Boulder Resources Limited in contrasting ways. On the bullish side, the strong economic indicators, high-grade shallow deposit, and potential for resource upside—reinforced by encouraging recent drill results—could drive investor optimism. Furthermore, the company’s robust cash position post-placement and positive sensitivity analyses, which show significant improvements in project cash flow with modest increases in gold price, add further appeal. Conversely, there are factors that introduce caution. The study, being only at a scoping stage, relies on preliminary assumptions and has yet to secure binding processing agreements, final mining approvals, and full Resolution of native title arrangements. Additional funding may be required under conditions that could potentially dilute current shareholders, and broader commodity price volatility remains a challenge for projects at this stage. Overall, the announcement positions Great Boulder Resources Limited as a company advancing a promising gold project with strong technical and economic potential, while underlining the need for further exploration work and project formalities before the path to production is fully secured.