Two ASX Gold Stories Backed by Billionaire Muscle — Greatland Gold (ASX: GGP) & Peregrine Gold (ASX: PGD)

When a billionaire’s cheque changes the game

Gold juniors are noisy by nature: drill results, fundraising, rumours, and plenty of investor excitement. But every so often, the game changes. When a billionaire or heavyweight mining investor writes a cheque, the noise gets louder — and the market pays closer attention.

In 2025, two small-cap ASX gold explorers — Greatland Gold (ASX: GGP) and Peregrine Gold (ASX: PGD) — have found themselves in this sweet spot. Both have strong backers with serious capital and industry expertise, and both are targeting Western Australian goldfields with aggressive exploration strategies.

Greatland Gold (ASX: GGP) — From explorer to a bigger player, fast

Greatland Gold has been one of the more remarkable stories on the ASX in recent years. Initially known as a junior explorer, Greatland has moved at lightning speed toward becoming a larger, more integrated gold company.

The turning point came with its acquisition of the Telfer gold mine and expansion of its Havieron project footprint. These deals reshaped the company’s scale almost overnight, taking it from a junior with exploration upside to a company with producing assets and long-term development potential.

At points in 2025, Greatland’s market value ran into the billions, reflecting how transformative the acquisitions were. While market movements have been volatile, the message is clear: Greatland is no longer just another small-cap explorer.

Why the billionaire angle matters

Greatland has heavyweight backing. Wyloo Metals, linked to mining billionaire Andrew Forrest, has taken a meaningful stake in the company. Having a billionaire shareholder on the register does more than boost credibility. It brings:

1. Easier access to capital when needed,
2. Industry connections that can accelerate offtake deals or partnerships,
3. The possibility of M&A conversations that smaller explorers could never attract.

In short, Forrest’s presence changes the risk-reward balance.

Operational snapshot (latest updates)

1. Greatland reported steady progress in its June 2025 quarter, with tonnes processed, head grades, and recoveries all improving.
2. Exploration remains focused on the Paterson region and other Western Australian targets, with new geophysical surveys identifying promising drill zones.

What to watch for Greatland

1. Resource updates: fresh drill results or upgraded resource statements from Paterson.
2. Boardroom moves: any change in Wyloo’s stake or involvement could be a re-rating trigger.
3. Integration costs: analysts have warned that costs tied to recent acquisitions may pressure future guidance.

Peregrine Gold (ASX: PGD) — Billionaire cornerstones and bold drilling

If Greatland is the story of a junior stepping into mid-tier territory, Peregrine Gold is the classic micro-cap with big ambitions. With a market cap of just ~$24.6 million, Peregrine sits firmly at the speculative end of the spectrum. But it has something most micro-caps don’t: billionaire-backed cornerstone investors.

In its most recent capital raising, Peregrine pulled in $3.0 million through a placement to fund drilling at its Newman and Mallina projects in Western Australia. The cornerstone investors included Yandal Investments, tied to legendary prospector Mark Creasy, and Lion Selection Group, a long-time mining investor.

Why the backing matters

Mark Creasy is one of Australia’s most successful mining investors, known for identifying high-potential greenfield projects. His track record and presence on Peregrine’s register are powerful endorsements. For a small explorer, that kind of backing:

1. De-risks future fundraising,
2. Attracts additional institutions to the share register,
3. Gives confidence that the company can keep drilling without running out of cash.

Financial snapshot

1. Market cap: ~$24.6 million (micro-cap territory).
2. Recent placement: $3.0 million raised (backed by Creasy and Lion).
3. Cash runway: strengthened enough to support an aggressive drill campaign through 2025.

What to watch for Peregrine

1. Drilling results: Newman and Mallina drilling is the key catalyst. Even a handful of strong intercepts could transform sentiment.
2. Further institutional flows: more placements or farm-in deals could follow if early drilling is positive.
3. Cash burn: with small caps, cash is king — the more drilling success, the less risk of dilution.

Comparing the Two — Different sizes, same billionaire influence

Although both Greatland and Peregrine operate in the gold space with billionaire muscle behind them, their stories are very different:

1. Scale: Greatland is now a multi-billion-dollar company with producing assets. Peregrine is still a speculative explorer with sub-$25 million market value.
2. Risk/Reward: Greatland’s risks lie in integration and execution — big mines require big money and careful management. Peregrine’s risks are binary — drilling either delivers or it doesn’t, which means potential for big upside or dilution.
3. Backing: Greatland has Andrew Forrest’s Wyloo Metals, while Peregrine has Mark Creasy and Lion Selection. Both sets of backers are known for long-term mining bets and bring credibility that most small explorers lack.

Final Thoughts — Why billionaire support matters

In the gold sector, capital is the lifeblood. Juniors without strong backers often get stuck in the cycle of raising money on dilutive terms, struggling to drill enough to prove their projects. That’s where billionaire and heavyweight investor involvement makes all the difference.

For Greatland Gold, Andrew Forrest’s backing supports its transition into a mid-tier player, reducing funding risk as it integrates major assets. For Peregrine Gold, Mark Creasy’s cornerstone support gives a micro-cap the firepower to chase big drill results without the constant fear of running out of cash.

Investors looking at these two names should weigh the differences in scale, risk, and strategy — but in both cases, the involvement of deep-pocketed backers makes them stories worth watching in 2025.

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