Greatland's WA gold rush sparks rally in small-cap explorers

Australian gold explorers are drawing fresh investor attention to the Paterson region of Western Australia as gold prices hold near record highs. Greatland Resources has been the standout story, after expanding control of the Havieron discovery and the nearby Telfer mine in a December 2024 deal with Newmont. The AIM-listed company now sits at about £2.1 billion in market value, with roughly £280 million (A$574 million) on its balance sheet. When Havieron comes on stream in 2028, forecasts point to annual output surpassing 220,000 ounces.

That backdrop has catalyzed a wave of smaller explorers aiming to replicate Havieron's near-neighbor success through “nearology” — drilling around a major project to identify similar deposits. Greatland has signaled a hub-and-spoke growth strategy, using the Telfer processing plant as a hub and hoping to add nearby spokes as additional deposits, either via joint-venture earn-ins or acquisitions. While Greatland hasn't publicly signaled a broader target list, investors see a clear blueprint for value creation if any of the Paterson discoveries reach development.

Wishbone Gold, focusing on Red Setter Gold Dome roughly 15 kilometers from Telfer, has described its geology as having a “Telfer/Havieron-style” setting. Diamond drilling resumed through July and August, and the shares on the London market have surged about 1,000% this summer as investors await more results. Cloudbreak Discovery has two Western Australian targets: Darlot West near the producing Darlot mine and a nearly 900-square-kilometer option about 40 kilometers from Telfer. The market has bid up its stock by more than 500% in the period, with upcoming due-diligence findings expected to shed light on whether Cloudbreak will proceed with the larger option.

First Development Resources, which listed in late July, has the Wallal project, where drilling began in September and results are anticipated in the coming weeks and months; management compares the target to Havieron. GEO Exploration is pursuing the Juno target, presented as another Havieron-alike project. The AIM-quoted group has hired the same drill contractor that previously worked on the Greatland program, and drilling started in early autumn; the stock has risen about 150% since the summer.

Each explorer presents a narrative that has attracted investors, but the trajectory now rests on field results and the ability to convert early holes into defined resources and, ultimately, positive development decisions. Greatland's own pipeline expansion remains a focal point, with market watchers watching whether others can replicate Havieron's value creation. If the next rounds of results come in as hoped, the Paterson small caps could replicate parts of Havieron's ascent, or at least broaden the group of names investors track in Western Australia.