In a strategic move to fast-track gold exploration in one of Western Australia’s most prolific regions, Miramar Resources has entered into a drill-for-equity agreement with Topdrill, one of the state’s leading exploration drilling service providers. The deal centres on the Gidji Joint Venture (JV), located just north of Kalgoorlie, and is designed to unlock deeper geological targets with reduced upfront costs.
Under the agreement, Topdrill will earn equity in Miramar by carrying out RC drilling at the 8 Mile prospect, an area of strong exploration interest situated near the renowned Boulder–Lefroy fault zone just outside Kalgoorlie.
Drill rig mobilised at Gidji as Miramar begins RC work near Kalgoorlie.
Credit: G2 Goldfields.
A Collaborative Model for Accelerated Discovery
Under the terms of the Miramar drill-for-equity deal, Topdrill will provide RC drilling services valued at up to $500,000 in exchange for ordinary shares in Miramar. The equity will be issued at a volume-weighted average price (VWAP), calculated over a 15-day period preceding each drilling milestone.
The deal allows Miramar to preserve working capital while maintaining aggressive exploration momentum across its Gidji portfolio. It also gives Topdrill a direct investment in potential success.
““We’re excited to team up with Topdrill, a highly respected name in the drilling industry,” said Allan Kelly, Executive Chairman of Miramar Resources. “This agreement allows us to accelerate exploration at Gidji without needing to raise funds in a depressed equity market.”
Allan Kelly and Topdrill executives sign the drill-for-equity agreement at Miramar’s WA headquarters.
Pic: Getty Images
Gidji JV: Gold Potential on Kalgoorlie’s Doorstep
The Gidji JV project is situated just 15km north of Kalgoorlie, in a corridor that has delivered significant historic gold production. The JV is held 80% by Miramar, with the remaining 20% owned by Gidji JV partner entities. The project hosts several priority targets, with 8 Mile emerging as one of the most geochemically and structurally compelling.
Previous IP surveys and shallow drilling have already outlined a strong anomaly, which the new drilling will now test at depth. The focus will be on evaluating continuity of mineralisation and identifying potential feeder zones that could support a larger discovery.
“We’ve already seen very encouraging pathfinder elements and alteration styles at 8 Mile,” Kelly added. “Now it’s about drilling deeper and targeting the core of the system.”
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Win–Win Strategy Amid Market Volatility
With exploration companies under increasing pressure to manage cash burn and shareholder dilution, drill-for-equity arrangements are gaining traction as a pragmatic solution. For Topdrill, the Miramar partnership represents a stake in potential future production, rather than just service income.
“We see this as a chance to contribute not just rigs, but belief in the project,” said a Topdrill spokesperson. “When the geology and team are strong, it makes sense to align ourselves through equity.”
The structure also fosters long-term collaboration between exploration teams and drill contractors, allowing both parties to focus on discovery rather than costs.
Eyes on the 8 Mile Dam Trend
The 8-Mile Dam deposit, part of the broader Boulder–Lefroy system, has seen renewed attention from juniors due to its underexplored potential and proximity to infrastructure. Miramar believes its target sits on a parallel trend that has been overlooked due to historical focus on more prominent deposits further south.
The new RC drilling campaign will test multiple lines of stratigraphy, guided by both geophysical and geochemical modelling. Initial results are expected to be announced later this quarter.
If successful, the program could place Miramar in a strong position to attract further capital or joint venture interest as it delineates a JORC-compliant resource.
Conclusion: Innovation in Action
The Miramar drill-for-equity deal with Topdrill represents a forward-looking approach to exploration finance—especially during times of market headwinds. With both parties now aligned not just by contract but by equity, the drive toward discovery is now a shared mission.
As drills turn and data flows in, investors and industry watchers will be monitoring the Gidji JV project closely to see whether the partnership can unearth Kalgoorlie’s next significant gold discovery.
