Shares in Breaker were sold down as it reported an indicated resource of 18.4 million tonnes grading 1.4 grams per tonne for 800,000 ounces, with a "high-grade core" of 9.4Mt at 2.2gpt containing 670,000oz also estimated.
Capital markets firm Argonaut believes there is still "quite some way to go with drilling given the complexity of mineralisation".
The firm also suggested that while higher grade resources would be truckable to the nearby Carosue Dam processing plant owned by Saracen Mineral Holdings, "we think Breaker needs substantially higher contained ounces to achieve a standalone project at this stage".
Breaker began reporting resources for the project last year, with prefeasibility work starting 12 months ago.
It last raised funds in May when A$6.3 million was tapped by issuing new shares at 30c each.
Shares in Breaker closed 17% lower at 31.5c, capitalising the company at $64.1 million.
The stock is little changed over the past 12 months but has halved in market value since mid-2017.
