New Risk • Mar 13
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$141.3m (US$99.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 42% per year over the past 5 years. Shareholders have been substantially diluted in the past year (316% increase in shares outstanding). Revenue is less than US$1m (AU$11k revenue, or US$8.1k). Minor Risk Market cap is less than US$100m (AU$141.3m market cap, or US$99.6m). Announcement • Mar 05
GBM Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 39.851744 million. GBM Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 39.851744 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 600,000,000
Price\Range: AUD 0.053
Discount Per Security: AUD 0.00265
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 56,603,773
Price\Range: AUD 0.053
Discount Per Security: AUD 0.00265
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 95,315,926
Price\Range: AUD 0.053
Discount Per Security: AUD 0.00265
Transaction Features: Subsequent Direct Listing Announcement • Jan 17
Evolution Mining (Connors Arc) Pty. Ltd. acquired ISA Tenements Pty Ltd from GBM Resources Limited (ASX:GBM) for AUD 0.5 million. Evolution Mining (Connors Arc) Pty. Ltd. entered into a Share Sale and Purchase Agreement to acquire ISA Tenements Pty Ltd from GBM Resources Limited (ASX:GBM) for AUD 0.5 million on January 15, 2026. A cash consideration of AUD 0.5 million will be paid by Evolution Mining (Connors Arc) Pty. Ltd. As part of consideration, AUD 0.5 million is paid towards common equity of ISA Tenements Pty Ltd.
Evolution Mining (Connors Arc) Pty. Ltd. completed the acquisition of ISA Tenements Pty Ltd from GBM Resources Limited (ASX:GBM) on January 15, 2026. New Risk • Oct 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$152.2m (US$99.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 42% per year over the past 5 years. Shareholders have been substantially diluted in the past year (237% increase in shares outstanding). Revenue is less than US$1m (AU$11k revenue, or US$7.5k). Minor Risks Share price has been volatile over the past 3 months (17% average weekly change). Market cap is less than US$100m (AU$152.2m market cap, or US$99.8m). Announcement • Oct 21
GBM Resources Limited, Annual General Meeting, Nov 19, 2025 GBM Resources Limited, Annual General Meeting, Nov 19, 2025. Location: at the conference room, ground floor, 28 the esplanade, australia 6000, perth western Australia Announcement • Oct 09
GBM Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 39.851744 million. GBM Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 39.851744 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 751,919,699
Price\Range: AUD 0.053
Discount Per Security: AUD 0.00265
Transaction Features: Subsequent Direct Listing Announcement • Oct 07
Pacgold Limited (ASX:PGO) entered into a Share Sale and Purchase Agreement to acquire Millstream Resources Pty Limited from GBM Resources Limited (ASX:GBZ) for AUD 4.8 million. Pacgold Limited (ASX:PGO) entered into a Share Sale and Purchase Agreement to acquire Millstream Resources Pty Limited from GBM Resources Limited (ASX:GBZ) for AUD 4.8 million on October 5, 2025. Total consideration for the acquisition comprises a combination of: 1) AUD 1.2 million upfront cash payment inclusive of AUD 75,000 exclusivity fee, funded by existing cash on completion; 2) issue of 15 million FPO Pacgold shares which will be subject to a 12-month voluntary escrow period; and 3) a contingent payment of AUD2.2 million, payable in cash or Pacgold shares (at Pacgold’s election), upon achieving commercial production of at least 5,000oz of gold at the Project. Pacgold has engaged Bell Potter and Taylor Collison to act as Joint Lead Managers to undertake a capital raise to secure funding to advance the acquisition and for restart of the White Dam project. Under the Agreement, existing royalties associated with the Project will be assumed by Pacgold Limited, and Pacgold Limited will retain the benefit of an environmental bond associated with the Project, with an estimated value of AUD 2 million.
Completion of the Divestment is subject to conditions precedent including Pacgold obtaining shareholder approval for issue of consideration shares and all other purposes and the parties obtaining all necessary third-party approvals, consents and waivers to allow the parties to complete the transaction contemplated in the SSA. Completion is expected to occur in December 2025. New Risk • Sep 27
New major risk - Revenue and earnings growth Earnings have declined by 44% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 44% per year over the past 5 years. Shareholders have been substantially diluted in the past year (236% increase in shares outstanding). Revenue is less than US$1m (AU$178k revenue, or US$117k). Announcement • Aug 14
GBM Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 16.07965 million. GBM Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 16.07965 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 244,791,132
Price\Range: AUD 0.006
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 2,435,150,535
Price\Range: AUD 0.006
Transaction Features: Subsequent Direct Listing New Risk • Aug 13
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 234% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (45% average weekly change). Shareholders have been substantially diluted in the past year (234% increase in shares outstanding). Revenue is less than US$1m (AU$91k revenue, or US$59k). Minor Risk Market cap is less than US$100m (AU$111.9m market cap, or US$73.1m). New Risk • Jul 04
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 22% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (50% average weekly change). Revenue is less than US$1m (AU$91k revenue, or US$60k). Minor Risks Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (AU$21.2m market cap, or US$14.0m). Announcement • Jun 30
GBM Resources Limited Announces Company Secretary Changes, Effective 30 June 2025 GBM Resources Limited announced the appointment of Mr. Lachlan Lynch as Company Secretary, effective 30 June 2025. Mr. Lynch's appointment follows the resignations of Mr. Daniel Travers and Mr. Kevin Hart as Company Secretaries, also effective 30 June 2025. Mr. Lynch is a Chartered Accountant and Chartered Secretary who commenced his career at a large international Chartered Accounting firm and is currently a Financial Controller for the Apollo Group which is involved in a number of listed companies that operate in the resources sector. Mr. Lynch is an experienced Company Secretary with over 10 years' of corporate governance experience. Mr. Lynch will be responsible for communications with ASX in relation to all Listing Rule matters in accordance with ASX Listing Rule 12.6. Announcement • Jun 24
GBM Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 13.002 million. GBM Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 13.002 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 245,000,000
Price\Range: AUD 0.006
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,922,000,000
Price\Range: AUD 0.006
Transaction Features: Subsequent Direct Listing New Risk • Mar 15
New major risk - Revenue and earnings growth Earnings have declined by 5.7% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$3.7m free cash flow). Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 5.7% per year over the past 5 years. Revenue is less than US$1m (AU$141k revenue, or US$89k). Market cap is less than US$10m (AU$8.20m market cap, or US$5.19m). New Risk • Mar 08
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 31% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$5.5m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Revenue is less than US$1m (AU$84k revenue, or US$53k). Market cap is less than US$10m (AU$8.20m market cap, or US$5.17m). Announcement • Feb 15
GBM Resources Announces Geophysics Reprocessing to Grow its Gold Resources GBM Resources has engaged the expertise of renowned exploration geophysicist David McInnes from Montana G.I.S., to undertake a complete review of the Company's historic geophysical programmes over its Twin Hills and Yandan Projects ("Projects"). McInnes has over 30 years of exploration experience working on geophysical data from every continent for companies such as Pasminco, WMC, CRA, RIO, and MIM/Xstrata. McInnes utilises the latest advances in the processing of geophysical data generating 3D inversion models that has assisted with the discovery and expansion of world class deposits such as: BHP's Carrapateena and Prominent Hill, Newmont's Havieron, and Adriatic's Rupice and Veovaca Project. Exploration Planning: Geophysics Reprocessing: In preparation for the Company's exploration and development strategy across the Projects, McInnes will reprocess the significant body of geophysical data, identify new prospective greenfield epithermal gold targets across the Projects as well as identify anomalies and targets that have the potential to expand GBM's JORC Resource of 1.84 Moz Au at 1.3 g/t Au. McInnes has been engaged to help delineate both near deposit and greenfield drill targets at the 309, Lone Sister and Yandan epithermal gold deposits through building a comprehensive 3D Resistivity and Chargeability model from all relevant geophysical data previously collected. Targets are being refined by combining the IP models with magnetic, gravity surveys, geochemistry surveys, and geological 3D models across the Projects. Exploration Planning: Resource Drilling: The geophysical reprocessing undertaken by McInnes will be a valuable addition for the planning of GBM's future drill programs across Twin Hills and Yandan. GBM is in the process of finalising its upcoming exploration program which is designed to expand the 2022 JORC Resources of 1.84 Moz Au at 1.3 g/t Au across the Twin Hills (309 & Lone Sister) and Yandan projects. Across the three main deposits, GBM's exploration drilling plans to target shallow gold ounces within the modelled pits and continue these holes deeper, to explore for high-grade gold targets below the current resource. This work will also contribute towards future scoping studies. Twin Hills: At Twin Hills, the GBM geological team plan to grow the resource within the modelled pits and explore beneath the current resource in the search for repeat high-grade gold zones. Previous high-grade intersections across the current base of JORC resource include: TRCD75 46 m @ 5.54 g/t Au from 297 m; 309DD22005 49 m @ 5.18 g/t Au from 310 m; THRCD827 54 m @ 4.63 g/t Au from 352 m; Yandan: The existing Yandan Resource is 514 koz @ 1.0 g/t Au which consists of a high grade core of 201 koz @ 5.7 g/t Au at Yandan's, East Hill. Exploration planning at Yandan is being designed to increase the size of the high grade core with the deeper extents of these drillhole exploring for the interpreted feeder zone beneath the existing deposit. East Hill is interpreted to represent the top of an epithermal feeder zone which is the primary target in epithermal gold systems. High gold grade intercepts such as 43.7 m @ 13.9 g/t Au (YAN022 from 325.4 m) could be indicative of a deep tapping gold system. Exploration Planning: Regional Exploration: The Twin Hills and Yandan tenure covers 1,587 km² collectively and has had limited modern exploration for blind epithermal gold deposits. Previous tenement owners were more focussed on high-grading the 309 and Yandan deposits to toll treat at neighbouring gold processing plants and have overlooked the broader exploration upside of the Drummond Basin. With the assistance of David McInnes, GBM plan to undertake a regional exploration program to identify new drill targets with the aim to making gold discoveries. The work plan is designed to strengthen target generation and will involve; extending the current geophysics surveys such as IP across targeted areas, and soil sampling programs over geological and geophysical targets. The highest ranked targets will be drill tested. Announcement • Nov 27
Gbm Resources Limited Appoints Andrew Krelle as Executive Director, Effective 27 November 2024 The Board of GBM Resources Limited announced the pending appointment of Andrew Krelle to Executive Director to assist the Company with Investor Relations and Corporate Development activities. The appointment is to be effective 27 November 2024 and effective immediately following commencement of annual general meeting on November 27, 2024. Andrew (Corporate) has been assisting GBM over the past 12 months. Andrew is a qualified geologist with fifteen years' experience in the mining and finance industry. Andrew recently relocated to Brisbane having previously worked in Hong Kong and London. During this time Andrew has developed a global network of investors and corporates within the sector. Andrew has experience working within the financial markets with Bacchus Capital Advisers, an independent investment and merchant banking platform based in London, specialising in the natural resources sector, and has managed investor relations for Yellow Cake Plc. Since IPO in 2018, Yellow Cake has raised over $800 million of equity and secured an inventory of 21.68 Mlbs of uranium. As a geologist, Andrew founded a private exploration company Aozora Minerals exploring for sed-hosted copper and IOCG style deposits in Queensland. Prior to this, Andrew worked for BHP, Endocoal and U&D Mining in Brisbane before joining 121 Group in Hong Kong. Andrew holds a Bachelor of Science (Honours) degree in Geology from the University of Queensland and a Graduate Certificate in Applied Finance from Queensland University of Technology. Commencement date is 28 November 2024. New Risk • Sep 28
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$5.5m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$5.5m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Shareholders have been substantially diluted in the past year (87% increase in shares outstanding). Revenue is less than US$1m (AU$90k revenue, or US$62k). Market cap is less than US$10m (AU$9.25m market cap, or US$6.39m). Announcement • Sep 27
GBM Resources Limited, Annual General Meeting, Nov 27, 2024 GBM Resources Limited, Annual General Meeting, Nov 27, 2024. Announcement • Jul 09
Olary Gold Mines entered into conditional term sheet to acquire Millstream Resources Pty Limited from GBM Resources Limited (ASX:GBZ) for AUD 3 million. Olary Gold Mines entered into conditional term sheet to acquire Millstream Resources Pty Limited from GBM Resources Limited (ASX:GBZ) for AUD 3 million on July 8, 2024. A cash consideration of AUD 0.95 million will be paid by Olary Gold Mines. Olary Gold Mines will pay an earnout/contingent payment of AUD 2 million cash. Announcement • Apr 17
GBM Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 0.198832 million. GBM Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 0.198832 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 22,092,411
Price\Range: AUD 0.009
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Reported Earnings • Mar 21
First half 2024 earnings released: AU$0.005 loss per share (vs AU$0.002 loss in 1H 2023) First half 2024 results: AU$0.005 loss per share (further deteriorated from AU$0.002 loss in 1H 2023). Net loss: AU$2.92m (loss widened 200% from 1H 2023). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has fallen by 54% per year, which means it is performing significantly worse than earnings. Announcement • Mar 19
GBM Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 1.181946 million. GBM Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 1.181946 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 91,627,811
Price\Range: AUD 0.009
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 39,699,512
Price\Range: AUD 0.009
Security Features: Attached Options
Transaction Features: Rights Offering New Risk • Mar 16
New major risk - Revenue size The company makes less than US$1m in revenue. Total revenue: AU$946k (US$621k) This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). Shareholders have been substantially diluted in the past year (58% increase in shares outstanding). Revenue is less than US$1m (AU$946k revenue, or US$621k). Market cap is less than US$10m (AU$8.02m market cap, or US$5.26m). Announcement • Mar 15
GBM Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 2.80665 million. GBM Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 2.80665 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 111,111,112
Price\Range: AUD 0.009
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 200,738,888
Price\Range: AUD 0.009
Transaction Features: Subsequent Direct Listing New Risk • Feb 08
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 58% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Shareholders have been substantially diluted in the past year (58% increase in shares outstanding). Market cap is less than US$10m (AU$8.02m market cap, or US$5.21m). Minor Risk Revenue is less than US$5m (AU$1.8m revenue, or US$1.1m). Announcement • Oct 27
GBM Resources Limited, Annual General Meeting, Nov 29, 2023 GBM Resources Limited, Annual General Meeting, Nov 29, 2023, at 10:01 E. Australia Standard Time. Location: Suite 502 Level 5, 303 Coronation Drive Milton, QLD 4064 Queensland Australia Agenda: To consider the annual financial report of the Company for the financial year ended 30 June 2023; to consider adoption of remuneration report; to consider re-election of Director; and to consider approval pf 7.1 mandate. Reported Earnings • Sep 29
Full year 2023 earnings released: AU$0.004 loss per share (vs AU$0.001 loss in FY 2022) Full year 2023 results: AU$0.004 loss per share (further deteriorated from AU$0.001 loss in FY 2022). Net loss: AU$2.11m (loss widened 229% from FY 2022). Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has fallen by 52% per year, which means it is significantly lagging earnings. Announcement • Aug 10
Havilah Resources Limited (ASX:HAV) signed an agreement to acquire Non-core exploration lease EL 6299 from GBM Resources Limited (ASX:GBZ) for AUD 0.1 million. Havilah Resources Limited (ASX:HAV) signed an agreement to acquire Non-core exploration lease EL 6299 from GBM Resources Limited (ASX:GBZ) for AUD 0.1 million on August 8, 2023. Havilah Resources will pay AUD 0.05 million on completion of transfer of the tenement and the rest on commencement of first commercial production of iron ore. Announcement • Aug 07
GBM Resources Limited, Annual General Meeting, Sep 07, 2023 GBM Resources Limited, Annual General Meeting, Sep 07, 2023, at 10:00 E. Australia Standard Time. Location: Suite 502, Level 5, 303 Coronation Drive Milton Australia Agenda: To consider the ratification of prior issue of Shares; to consider the issue of shares to related party, Peter Rohner; to consider the issue of shares to related party, Sunny Loh; to consider ratification of prior issue of shares; to consider issue of shares to related party in lieu of salary, Peter Rohner; to consider adoption of incentive option plan; to consider adoption of incentive performance rights plan; and to transact such other business issues. Announcement • Jun 30
GBM Resources Limited Announces Executive Changes GBM Resources Limited advised that Non-Executive Chairman Mr. Peter Mullens has tendered his resignation as a director of the Company due to increasing other work commitments. Peter's resignation will take effect from June 30, 2023. Following Peter's resignation becoming effective, Mr. Sunny Loh, who is currently Deputy Chairman will assume the role of Non-Executive Chairman of the Company. The board will remain supported by Stephen Nano who was appointed Senior Advisor, Technical and Business Development in February 2020 and Mark Lindsay, GBM's Chief Geologist. Stephen Nano brings over 30 years of industry experience as well as an extensive network from his international career as a successful exploration geologist. He has previously held senior technical and management positions with major precious and base metal companies including Newmont, Newcrest and MIM. Mr. Nano's geological expertise extends to a wide range of gold and base metal mineralisation types spanning the Americas, central Asia and the Asia-Pacific regions. Mr. Nano is a Fellow of the AusIMM, Member of the SEG and Member of the AICD. Dr. Mark Lindsay brings over 25 years of international gold and copper exploration experience managing multi-faceted exploration programs across a wide range of deposit types. He has a track record of discovery success and resource growth through application of integrated geological analysis and recognition of opportunities for adding ounces to existing resources. He has held senior roles with Oxiana in Laos, Newmont in PNG, Resolute in Queensland and managed a privately funded junior explorer in PNG. Mr. Lindsay is a fellow of the SEG and Member of the AIG. Reported Earnings • Mar 16
First half 2023 earnings released: AU$0.002 loss per share (vs AU$0.005 loss in 1H 2022) First half 2023 results: AU$0.002 loss per share (improved from AU$0.005 loss in 1H 2022). Revenue: AU$1.52m (up 30% from 1H 2022). Net loss: AU$975.6k (loss narrowed 59% from 1H 2022). Over the last 3 years on average, earnings per share has increased by 127% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Announcement • Dec 06
GBM Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 1.36454 million. GBM Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 1.36454 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 23,269,262
Price\Range: AUD 0.054
Discount Per Security: AUD 0.00324
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 2,000,000
Price\Range: AUD 0.054
Discount Per Security: AUD 0.00324
Transaction Features: Subsequent Direct Listing Announcement • Dec 05
Gbm Resources Limited Announces Twin Hills Gold Project Upgrades to 1 Moz Mineral Resource GBM Resources Limited announced a new Mineral Resource Estimate (MRE) for Twin Hills Gold Project (Twin Hills) with a Measured, Indicated, and Inferred (M+I+I) resource of 999,200 oz Au and 4,824,600 oz Ag. This is an increase of 238,500 oz Au, or approximately 31% on the previous MRE of 760,000 oz Au. In addition, announce a new mineralisation model for the 309 deposit and report recent excellent assay results from Lone Sister. Also included in this release is the assays of two drill holes (one GBM drilled, and an interval previously not assayed in an old hole) at Lone Sister and a summary of the new redefined mineralisation model for the 309 deposit which will greatly enhance future exploration. GBM is pleased to release a new combined resource at Twin Hills of 23.11 Mt @ 1.3 g/t Au and 6.5 g/t Ag for 999,200 oz Au and 4,824,600 oz Ag with 60% of the resource now in Measured and Indicated categories. The new MRE adds 238,500 oz Au or 31% to the previous MRE of 760,700 oz Au. The updated MRE comprises open pit resources to approximately 250 m below surface, of 21.76 Mt @ 1.2 g/t Au for 854,700 oz Au calculated at a cut-off grade of 0.4 g/t Au and underground resources below 250 m of 1.35 Mt @ 3.3 g/t Au for 144,500 oz Au at a cut-off grade of 2.0 g/t Au. Together with the upgraded Twin Hills resources, GBM's Drummond Basin resources increase to 1,850,700 oz Au . Twin Hills was a cornerstone acquisition by GBM, that included the 309 and Lone Sister deposits and over 1,102 km2 of mining and exploration tenements considered by GBM to be highly prospective for discovery of additional gold mineralisation. At the time of the acquisition Twin Hills contained a JORC 2012 Mineral Resource Estimate for the 309 and Lone Sister deposits of 6.9 Mt @ 2.8 g/t Au for 633,000 oz Au. The new MRE for Lone Sister deposit comprises 12.48 Mt @ 1.2 g/t Au for 475,900 oz Au with 55% of the resource now in Measured and Indicated categories. This resource adds 215,800 oz Au or 83% to the previous MRE of 260,100 oz Au. The updated resource comprises open pit resources to approximately 250 m below surface, of 11.8 Mt @ 1.1 g/t Au for 415,800 oz Au calculated at a cut-off grade of 0.4 g/t Au and underground resources below 250 m of 0.68 Mt @ 2.7 g/t Au for 60,100 oz Au at a cut-off grade of 2.0 g/t Au. Announcement • Nov 29
GBM Resources Limited Announces Resignation of Brent Cook as Non-Executive Director, with Effect from 30 November 2022 GBM Resources Limited announced that Mr. Brent Cook has tendered his resignation as a non-executive director of the Company due to other personal commitments. Brent's resignation will take effect immediately following completion of the Company's annual general meeting on 30 November 2022. Announcement • Nov 21
GBM Resources Limited Provides Update on Exploration Activities and Proposed Activities At the Malmsbury Project JV in Central Victoria GBM Resources Limited provided an update on exploration activities and proposed activities at the Malmsbury Project JV in central Victoria. The Malmsbury Project is subject to a Farm In and Joint Venture agreement with Novo Resources Corp. (GBM 50%, Novo 50%). Novo assumed management of the Malmsbury Project on 1 October 2022 after previously advising GBM that they are now sufficiently advanced in developing management systems specific to Victoria, however they have indicated a desire to continue to involve a number of key GBM staff in future operations. All gold and multi-element assays have now been returned from a recent 3,162 m diamond drilling program for 11 holes at the Malmsbury Project. Significant results from the final three holes (MD20, MD21 and MD22) are presented herein. Significant results for earlier holes (MD13 through MD19) have been reported previously. An oblique component to the intersections in both MD21 and MD22 is interpreted. Error! Reference source not found. below highlights new >1 gram metre results reported for a significant intersection in MD22 across the mineralised felsic intrusive (Missing Link Monzogranite) representing intrusion related gold ("IRG") mineralization and/or intrusion-hosted mineralization. An oblique component to the intersection presented for MD22 is interpreted. Different parameters to calculate the intersections are used for reef-related verses IRG or intrusion hosted mineralization. These parameters are outlined clearly in the respective tables. Drill hole MD21 successfully tested a developing high-grade shoot /splay zone on the Leven Star Reef within 30 m of MD16 which recently returned >220 gram metres of gold down-hole. Significant results from MD21 include two distinct intersections: 8.1 m @ 5.79 g/t Au from 131.9 m and 6.2 m @ 3.92 g/t Au from 144.6 m; and support modelling of one or more mineralized splay structures along the Leven Star main lode, a feature that was also apparent in MD16. Drill hole MD20 (Figure 5) was collared on farmland on the Drummond Historic Goldfield and was designed to test down-dip continuity and tenor of the Queens Birthday and O'Connor's Historic reefs. MD20 returned a high-grade intercept of 3.1 m @ 9.27 g/t Au from 400.9 m across a heterogeneously brecciated and quartz veined fine to medium grained sandstone sequence with fine grained disseminated, acicular arsenopyrite mineralization (locally to 5%) and similar to the characteristic form observed at the Fosterville Gold Mine. This interval included a 35 cm wide quartz bearing sulphide breccia that returned a gold assay of 35.1 g/t Au and corresponding As assay of 2.3%. This intersection represents continuity of the high-grade Queens Birthday reef at depth, where it remains open and untested. The Queens Birthday reef system extends for over 1.25 km strike, where it disappears southward under tertiary basalt cover The Queens Birthday, Egyptian and O'Connor's mines produced 89,900 ounces of gold from within this strike length between 1883 and 1911 and together represent the Drummond North Goldfield. The 4 holes drilled by GBM and Novo represent the only holes to test this entire goldfield. Also in MD20, a 0.5 m logged and sampled interval containing a puggy fault within laminated siltstone from 116.2 m returned a gold assay of 0.46 g/t Au, with a corresponding As assay of 9310 ppm. This interval potentially represents intersection of the O'Connor's reef as a discrete As-rich and gold anomalous structure. Step-out hole MD22 successfully intercepted a strongly altered, quartz veined and sulphide bearing porphyritic intrusive (Missing Link Monzogranite) 80 m north of the previous reported gold-mineralized intrusive in MD17Error! Bookmark not defined. Assays across the mineralized porphyritic intrusive interval returned 45 m at 0.23 g/t Au and include the upper contact zone. Peak multi-element assays within the mineralized felsic intrusive include: 1,935 ppm (As); 1.63 ppm (Ag); 64.7 ppm (Bi); 143.5 ppm (Mo); 63.5 ppm (Sb); 356 ppm (W). The intrusive remains open and untested at depth and gives further validation for an intrusion hosted and/or IRG system at the Malmsbury Project. Ground Geophysical Surveys: An IP survey for approximately 18 line km commenced on the 26 October 2022. The survey spans the Malmsbury Project and the Queens Project areas and involves 11 planned traverses across priority mapping, drilling, historic reef, and geochemical targets, in additional to developing geophysical magnetic and gravity targets. The IP survey aims to identify potential "sulphide-rich target," zones within the granite (IRGS) target corridor, in addition to delineating disseminated sulphide haloes around high-priority gold reef targets. It will also aide in delineating key prospective structural corridors in addition to providing useful information on preferred litho-stratigraphic domains. Additional ground magnetics and ground gravity acquisition will run contemporaneously with the current IP survey to help refine and expand the current geophysical targets. It is anticipated that the ground geophysical work (IP, magnetics and gravity) will take approximately 6 weeks to complete. Synthesis of all available ground and airborne magnetic and gravity data with the current IP survey in progress will form a critical component to aid prioritising of numerous high-calibre targets for upcoming diamond drill testing in H1 2023. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent Non-Executive Director Brent Cook was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 28
GBM Resources Limited, Annual General Meeting, Nov 30, 2022 GBM Resources Limited, Annual General Meeting, Nov 30, 2022, at 11:30 E. Australia Standard Time. Location: Suite 502 Level 5, 303 Coronation Drive QLD 4064 Milton Australia Agenda: To consider adoption of remuneration report; to consider re-election of director -Sunny Loh; to consider re-election of Director - Peter Thompson; to consider approval of 7.1A Mandate; to consider ratification of prior issue of placement shares -Listing Rule 7.1A; to consider ratification of prior issue of Convertible Notes to CSCN; and to transact other business. Announcement • Oct 02
GBM Resources Limited Auditor Raises 'Going Concern' Doubt GBM Resources Limited filed its Annual on Sep 30, 2022 for the period ending Jun 30, 2022. In this report its auditor, Hlb Mann Judd, gave an unqualified opinion expressing doubt that the company can continue as a going concern. Announcement • Sep 10
GBM Resources Limited announced that it expects to receive AUD 0.305 million in funding GBM Resources Limited announced a private placement of 6,100,000 common shares at a price of AUD 0.05 per share for gross proceeds of AUD 305,000 on September 9, 2022. The expected closing date September 13, 2022. Announcement • Sep 08
GBM Resources Limited Provides an Update on Exploration Activities GBM Resources Limited provided an update on exploration activities and proposed activities at the Malmsbury Project JV in central Victoria. The Malmsbury Project is subject to a Farm In and Joint Venture agreement with Novo Resources Corp. (GBM 50%, Novo 50%). During the quarter Novo advised that they are now sufficiently advanced in developing management systems specific to Victoria that they will be able to assume management in the fourth quarter of 2022, however they have indicated a desire to continue to involve a number of key GBM staff in future operations. Novo will assume project management from 1 October 2022. A total of 11 diamond drill holes for 3,162 meter were completed during fourth quarter 2021 through third quarter 2022, with the final hole of the program completed in July 2022. Gold and multi-element assays from 8 of 11 holes have been returned. Significant results from the first three holes sampled (MD13, MD14 & MD16) and partial results from MD17 have been reported previously. Significant new results over 5 gram metres are: 7.75 m at 2.8 g/t gold from 87 m in MD15, 9 m at 1.1 g/t gold from 257 m in MD19 and 0.95 m @ 10.01 g/t gold from 102.65 m in MD17. Further drilling along the Leven Star Reef continues to deliver robust results. Drill hole MD15 tested a failed historic drill section along the main mineralization trend and returned 7.75 m @ 2.8 g/t gold from 87 m. All drill holes that targeted the Leven Star Reef as part of the current campaign have been highly successful, with MD16 the standout, returning > 220 gram metres of gold down-hole. Drill hole MD21 is the final drill hole in the current campaign that tests a potential high-grade shoot zone on the Leven Star, with assays pending. Additional significant results returned from MD17 include a high-grade intersection of 0.95 m @ 10.01 g/t gold from 102.65 m incorporating a 30 mm vuggy quartz vein that may represent extension of the historically mined N-S trending Hanover West Reef. This intersection occurs in the hanging-wall to the gold-mineralized Missing Link Monzogranite interval that was intersected further down-hole and previously reported. Drill holes MD19 and MD20 were collared on farmland on the Drummond North Goldfield and were designed to investigate the structural setting, down-dip continuity and tenor of the Queens Birthday and O'Connors Reefs, in addition to testing potential parallel reef systems. Both holes successfully intersected the target reefs, with MD19 returning 9 m @ 1.1 g/t gold from 257 m across a wide zone of alteration interpreted to represent the main O'Connors reef. Either zone potentially representing down-dip continuity of the main high-grade Queens Birthday Reef. Both the O'Connors and Queens Birthday Reefs remain sparsely drilled and remain open at depth. Step-out hole MD22 successfully intersected a strongly altered, quartz veined and sulfide bearing porphyritic intrusive (Missing Link Monzogranite) between 137.2 - 179.3 m depth and some 80 m north of the previous reported gold-mineralized intrusive in MD17. The intrusive remains open and untested at depth and gives further validation for an intrusion hosted and/or intrusion related ("IRG") system at the Malmsbury Project. Gold and multi-element assays for MD22 are pending. A series of high order gravity and magnetic targets have been generated at the Malmsbury Project following a comprehensive review of existing regional and local geophysical datasets. A key component of the review involved reprocessing historic ground gravity data collected in 2008 across the highly prospective Belltopper Hill Area. High-resolution elevation data (DEM) acquired during a recent LiDAR survey (2020) and utilized during reprocessing has been fundamental in improving the quality of the historic regional and local ground gravity surveys in terms of reducing known legacy issues with terrain effects. Current geophysical interpretation is underpinned by new petrophysical data collected from a range of mineralized and unmineralized type-lithologies sampled from diamond core across the Malmsbury Project area. These new data provide crucial insight into anticipated ranges for physical properties of the local units at Malmsbury and help inform characterisation of the interpreted sub-surface geology and potential "target" zones of mineralization within the project area. Further characterisation of the developing geophysical targets at the Malmsbury Project will involve an induced polarisation survey that is currently scheduled for fourth quarter 2022 that aims to identify potential "sulfide-rich target," zones within the granite (IRGS) target corridor, in addition to delineating disseminated sulfide haloes around high-priority gold reef targets. Additional ground magnetics and ground gravity data is planned commensurate with the upcoming IP survey to expand on these datasets and further refine the evolving geophysical targets. Future exploration will involve a second phase of drilling at the Malmsbury Project that aims to build on current success and test the remaining and developing high-priority targets not tested in the recently completed campaign. This is currently scheduled for early 2023 pending rig availability. Geophysics involves a significant upcoming IP survey accompanied by ground gravity and an extensive ground magnetic survey which is currently scheduled for fourth quarter 2022. Further expansion of systematic soil geochemistry, mapping and rock chip sampling is also scheduled to recommence in fourth quarter 2022. Announcement • Sep 01
GBM Resources Limited Announces Further Excellent Results from its Initial Diamond Drill Program At the Twin Hills Project - 309 Deposit GBM Resources Limited announced further excellent results from its initial diamond drill program at the Twin Hills Project - 309 Deposit. The current drill program has been completed with 16 holes for 6,242 m (one hole was redrilled due to rods getting stuck). A drill program of 14 holes for approximately 7,000 m at the nearby Lone Sister Deposit was also planned with 2 holes completed before wet weather delayed the program until later in the year. GBM's initial drill program at Twin Hills was designed to: confirm historic drilling results and data; infill areas of lower drill density drilling to upgrade resource confidence; and importantly provide an initial test of extensions to mineralisation outside of the current resource boundaries. 309 Deposit Assay Results: Further excellent results have been returned for the 309 Deposit drilling program with the best intersections of 40 m @ 3.12 g/t Au from 399 m in 309DD22015 and 81 m @ 2.50 g/t Au from 119 m and a further 84.7 m @ 1.79 g/t Au from 214 m in 309DD22016. These results build on previously reported outstanding results of 162 m @ 2.65 g/t Au from 69 m in 309DD22001, 148 m @ 1.11 g/t Au from 26 m in 309DD22003, 49 m @ 5.18 g/t Au from 310 m in 309DD22005, 152.1 m @ 1.16 g/t Au from 47.9 m in 309DD22006, and 186 m @ 1.77 g/t Au from 47 m in 309DD22007 and other recent results. Drilling has again intersected broad intervals of gold mineralisation with gram x metre (gm) intersections of 125 g m Au in 309DD22015 and 203 and 152 gm in 309DD22016. Continuous mineralisation from just 119 m down hole in 309DD220016 highlights the open pit mining potential of the 309 Deposit. High-grade, breccia and vein style shoots with visible gold were intersected in both holes with 309DD22015 returning a peak result of 1 m @ 42.01 g/t Au from 426 m in an interval of 28 m @ 4.06 g/t Au from 408 m and 309DD22016 returning 0.5 m @ 166.05 g/t Au from 287.5 in an interval of 2 m @ 43.2 g/t Au from 286 m. Drill hole 309DD22015 intersected: 31 m @ 0.5 g/t Au and 0.45 g/t Ag from 325 m including 0.9 m @ 2.4 g/t Au and 0.74 g/t Ag from 342 m 17 m @ 1.09 g/t Au and 0.82 g/t Ag from 362 m including 1 m @ 2.03 g/t Au and 0.71 g/t Ag from 365 m 1 m @ 6.31 g/t Au and 1.94 g/t Ag from 376 40 m @ 3.12 g/t Au and 1.6g/t Ag from 399 m including 2 m @ 3.44 g/t Au and 1.18 g/t Ag from 399 m 28 m @ 4.07 g/t Au and 1.93 g/t Ag from 408 m. Gold mineralisation intersected by 309DD22015 is consistent with adjacent drill holes with the best result of 40 m @ 3.12 g/t Au and 1.6 g/t Ag from 399 m comparing well with the modelled resource estimate. The intersection of 1 m @ 42.01 g/t Au from 426 m in an interval of 28 m @ 4.06 g/t Au from 408 m likely correlates with 2 m @ 42.75 g/t Au from 386 m in previously drilled hole THRCD827 approximately 20 m down dip. Drill hole 309DD22016 intersected: 81 m @ 2.50 g/t Au and 2.32 g/t Ag from 119 m including 14 m @ 7.84 g/t Au and 4.96 g/t Ag from 124 m, and 3.1 m @ 5.9 g/t Au and 2.94 g/t Ag from 150.9 m, and 1.0 @ 2.48 g/t Au and 2.09 g/t Ag from 165 m, and 3.0 m @ 8.33 g/t Au and 4.46 g/t Ag from 179 m, and 1.0 m @ 11.06 g/t Au and 4.16 g/t Ag from 197m. 84.7 m @ 1.79 g/t Au and 1.84 g/t Ag from 214 m including 1.0 m @ 2.02 g/t Au and 2.03 g/t Ag from 251 m, and 1.2 m @ 3.38 g/t Au and 0.82 g/t Ag from 257 m, and 4.0 m @ 3.42 g/t Au and 0.71 g/t Ag from 268 m, and 2.0 m @ 43.20 g/t Au and 26.76 g/t Ag from 286m. 309DD22016 returned excellent results across two > 80 m thick intervals. The upper intersection of 81 m @ 2.50 g/t Au and 2.32 g/t Ag from 119 m including 14 m @ 7.84 g/t Au and 4.96 g/t Ag from 124 m drilled directly below the historic stopes confirming the continuation of high-grade mineralisation. The lower intersection returned 84.7 m @ 1.79 g/t Au and 1.84 g/t Ag from 214 m including 2.0 m @ 43.20 g/t Au and 26.76 g/t Ag from 286m. These are better grades than anticipated by the resource model with 58 m @ 2.46 g/t Au from 242 m sitting just outside the model. Significantly the lower intersection (84.7 m @ 1.79 g/t Au and 1.84 g/t Ag from 214 m) spatially correlates with newly defined mineralisation in both 309DD22009 and 309DD22011 and will provide an upgrade to the resource model. Recent Insider Transactions Derivative • Aug 25
Executive Chairman exercised options to buy AU$240k worth of stock. On the 23rd of August, Peter Mullens exercised options to buy 4m shares at a strike price of around AU$0.05, costing a total of AU$200k. This transaction amounted to 41% of their direct individual holding at the time of the trade. Since September 2021, Peter's direct individual holding has decreased from 7.98m shares to . Company insiders have collectively bought AU$544k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Jul 09
GBM Resources Limited Announces Initial Drill Program Results At Twin Hills GBM Resources Limited announced that more excellent results from the initial ~ 7,000 m diamond drill program at the Twin Hills Project 309 Deposit. Drilling is rapidly advancing with 15 of the planned 17 holes completed and the remaining two holes on hold pending assay results. A drill program of 14 holes for ~7,000 m at the nearby Lone Sister Deposit is also planned. GBM's initial drill program at Twin Hills is designed to: confirm historic drilling results and data; infill areas of lower drill density drilling to upgrade resource confidence; and importantly provide an initial test of extensions to mineralisation outside of the current resource boundaries. Further excellent results have been returned for the 309 Deposit drilling program with the best intersections of 56 m @ 2.8 g/t Au from 121 m in 309DD22013 and 78 m @ 1.31 g/t Au from 249 m in 309DD22014. These results build on previously reported outstanding results of 162 m @ 2.65 g/t Au from 69 m in 309DD22001, 148 m @ 1.11 g/t Au from 26 m in 309DD22003, 49 m @ 5.18 g/t Au from 310 m in 309DD22005, 152.1 m @ 1.16 g/t Au from 47.9 m in 309DD22006, and 186 m @ 1.77 g/t Au from 47 m in 309DD22007 and other recent results. Drilling has again intersected broad intervals of gold mineralisation with gram x metre (gm) intersections of 157 gm Au in 309DD22013 and 102 g*m Au in 309DD22014. Continuous mineralisation from just 121 m down hole in 309DD220013 highlights the open pit miningpotential of the 309 Deposit. High grade, breccia hosted shoots were intersected in both holes with 309DD22013 returning a peak result of 1.1 m @ 60.61 g/t Au from 121.7 m in an interval of 1.8 m @ 38.96 g/t Au from 121 m and 309DD22014 returning 14 m @ 4.39 g/t Au from 252 m. Drill hole 309DD22013 intersected: 6 m @ 1.38 g/t Au and 0.52 g/t Ag from 27 m including 1m @ 7.21 g/t Au and 1.2 g/t Ag from 28 m; 11 m @ 0.65 g/t Au and 1.41 g/t Ag from 55 m including 1m @ 2.03 g/t Au and 4.5 g/t Ag from 65 m; 56 m @ 2.8 g/t Au and 3.84 g/t Ag from 121 m including 1.8 m @ 38.96 g/t Au and 32.92 g/t Ag from 121m, 2.0m @ 10.52 g/t Au and 13.55 g/t Ag from 138 m,and 2m @ 15.47 g/t Au and 8.4 g/t Ag from 157m; 18.1 m @ 0.73 g/t Au and 1.62 g/t Ag from 182 m including 1 m @ 5.95 g/t Au and 2.9 g/t Ag from 190m. 309DD22013 identified additional high-grade mineralisation with 19 m @ 5.22 g/t Au from 121 m including 1.8 m @ 38.96 g/t Au from 121 m intersected immediately above the existing resource model. Intervals of modest grade were also intersected above the resource model near surface including 6 m @ 1.38 g/t Au from 27 m and 11 m @ 0.65 g/t Au and from 55 m. The company anticipates that these intersections will upgrade the resource ounces in the resource model. Results below 140 m downhole are broadly comparable to surrounding drill holes and the estimated resource grade. Drill hole 309DD22014 intersected the best results of: 78 m @ 1.31 g/t Au and 1.66 g/t Ag from 249 m including 14 m @ 4.39 g/t Au and 4.52 g/t Ag from 252 m, and 6 m @ 1.66 g/t Au and 0.73 g/t Ag from 293 m. Gold mineralisation intersected by 309DD22014 is broadly as anticipated. The best results of 78m @ 1.31 g/t Au from 249 m including 14 m @ 4.39 g/t Au from 252 m are comparable to surrounding drill holes and the estimated resource grade. The lower margin of gold mineralisation at 327 m corresponds to the disappearance of veining and is not a distinct structural or lithological control. Announcement • Jun 23
Gbm Resources Limited Provides Malmsbury Gold Project Exploration Update GBM Resources Limited announced that it has now completed the planned diamond drill holes as part of the Phase 1 diamond core drilling program at the Malmsbury Project JV in central Victoria. However due to the success of the program so far, the current drill program has been expanded to include an additional hole on the Leven Star and a follow up hole on the granite IRG target . The Malmsbury Project is subject to a Farm In and Joint Venture agreement with Novo Resources Corp. (GBM 50%, Novo 50%). Drill holes completed to date have targeted several gold mineralisation styles present on the Malmsbury Project that include "Fosterville-type," structurally controlled orogenic targets, kilometre scale fault zones and breccias and an intrusion-related (IRGS) /intrusion-hosted gold system associated with the mineralised Missing Link Monzogranite at Belltopper Hill 1. Drilling Program 2021 – 2022: Approximately 2,525 m (8 holes, 1 in progress and 1 planned) of an expanded circa 2,800 m diamond drilling program have been completed to the end of May at the Malmsbury Project. At the time of writing, gold, and multi-element assays from 4 of 8 holes completed have been returned in full. Significant results from the first three of these holes were reported previously. Diamond drill hole MD17 tested the Missing Link Monzogranite IRG target, identified for the first time by GBM/Novo geologists during the mapping and sampling program. The greisen-altered unit has been traced for more than 340 m and displays intense greisen-style alteration and disseminated sulphide mineralisation with gossanous textures locally. Intense unidirectional solidification texture (UST) indicate the top of the system is exposed at surface and a sheet quartz vein network is well developed in the granite (cross-cutting the UST fabric) and the surrounding host sedimentary rocks. Assaying of core previously unsampled from historical drill hole DDMA3 that intersected the monzogranite near surface returned 23 m @ 0.46 g/t Au from 18 m (including 6 m @ 0.8 g/t Au from 31 m). Drill hole MD17 was a westerly directed, 380 m diamond drill hole to test the recently discovered Missing Link Monzogranite at depth, in addition to the Missing Link and Hanover West historic gold reefs. This hole aimed to determine the geometry and gold endowment of the intrusion and targeted the monzogranite for its potential as an IRGS, in addition for the potential for vein style mineralisation. MD17 successfully intercepted the Missing Link Monzogranite between 204 m 269 m down hole, in addition to a smaller and potentially parallel shallow sub-surface granite dyke interpreted in strongly oxidised material near the collar. Drilling confirms a steep (70 - 80°) east-dipping geometry for the intrusive that widens noticeably at depth. The intrusive is characterised by strong sericite alteration and disseminated sulphides throughout with regular intervals of planar white quartz- sulphide stockwork veining. A distinct 1 m wide sulphide-shear-breccia within strongly quartz veined sandstone occurs within a metre of the upper granite contact. The entire granite intersection including mineralised wall rock at the margins returned an intersection of; 197 m to 276.9 m, a total distance of 79.9 m downhole averages 0.26 g/t Au. This section of the hole was given priority and at this time, final results for samples from the rest of the hole have not been received. Background to IRGS at Malmsbury: The presence of antimony at the Leven Star and other locations within the Belltopper Hill Goldfield makes it atypical of Central Victorian Goldfields and has resulted in questions about the genesis of the mineralisation for many years. Based largely on geochemical associations, Bierlein and McKnight (2005) 2 noted four Victorian gold deposits as possibly being formed as part of intrusive related gold systems. These were the Leven Star, Myrtle Creek (approximately 20 km south of Fosterville), Mount Piper and the Wonga Deposit at Stawell. In early 2009, GBM completed soil sampling covering the Belltopper Hill area. Results from this survey identified the expected broad gold and arsenic anomalies with associated antimony. The presence of a very discrete molybdenum anomaly and closely aligned bismuth anomaly centred on and east of the Missing Link workings, and over a subtle magnetic low strongly supported the interpretation that a IRGS did exist on Belltopper Hill 3. GBM successfully applied for a Rediscover Victoria Drilling Grant and completed a 1 kilometre deep diamond drillhole to test for an intrusive source. This hole provided significant geochemical evidence further supporting the existence of an IRGS at Belltopper Hill. Scheelite, molybdenite and fluorite veining, considered key minerals in distinguishing IRGS from orogenic gold systems were observed as accessory minerals, particularly at deeper levels in the hole 4. Announcement • May 26
GBM Resources Limited Announces More Results from the Initial ~ 7,000 M Diamond Drill Program At the Twin Hills Project 309 Deposit GBM Resources Limited announced more excellent results from the initial ~ 7,000 m diamond drill program at the Twin Hills Project 309 Deposit. Drilling is rapidly advancing with 13 of the planned 17 holes completed. A drill program of 14 holes for ~ 7,000 m at the nearby Lone Sister Deposit is also Planned. GBM's initial drill program at Twin Hills is designed to: confirm historic drilling results and data; infill areas of lower drill density drilling to upgrade resource confidence; and importantly provide an initial test of extensions to mineralisation outside of the current resource boundaries 309 Deposit Assay Results: Additional excellent results have been returned for the 309 Deposit drilling program with the best intersections of 152.1 m @ 1.16 g/t Au from 47.9 m in 309DD22006 and 186 m @ 1.77 g/t Au from 47 m in 309DD22007. These results build on previously reported outstanding results of 162 m @ 2.65 g/t Au from 69 m in 309DD22001, 79 m @ 1.09 g/t Au from 131 m in 309DD22002, 148 m @ 1.11 g/t Au from 26 m in 309DD22003, and 49 m @ 5.18 g/t Au from 310 m in 309DD22005. Assay results from holes 309DD22006 and 007 have returned broad intervals of gold mineralisation with gram x metre (gm) intersections of 176 and 329 gm respectively. These intervals start from 47.9 m downhole in 309DD22006 and 47 m downhole in 309DD22007 highlighting the open pit mining potential of the 309 Deposit (Table 1) whilst 309DD22007 returned a peak result of 0.5 m @ 155.75 g/t Au and 154.4 g/t Ag from 125 m emphasizing the continued presence of high-grade mineralization. Drill hole 309DD22006 (Figures 1 and 2) intersected: 152.1 m @ 1.16 g/t Au and 3.71 g/t Ag from 47.9 m including, 4.3 m @ 8.25 g/t Au and 5.33 g/t Ag from 51 m, 4 m @ 10.2 g/t Au and 51.6 g/t Ag from 90 m, 5 m @ 2.47 g/t Au and 4.5 g/t Ag from 135 m. Gold grades intersected by 309DD22006 are comparable to surrounding drill holes and the estimated resource grade. Several intersections between 50 and 100 m were better than expected whilst grades below 200 m downhole were less than expected. Drill hole 309DD22007 intersected: 186 m @ 1.77 g/t Au and 3.43 g/t Ag from 47 m including, 3 m @ 6.78 g/t Au and 14.3 g/t Ag from 69 m, 9 m @ 12.99 g/t Au and 22.91 g/t Ag from 124 m, 4.4 m @ 7.26 g/t Au and 5.32 g/t Ag from 154.6 m, 9 m @ 5.67 g/t Au and 5.29 g/t Ag from 168 m, 2 m @ 8.49 g/t Au and 2.65 g/t Ag from 212 m, 23 m @ 0.9 g/t Au and 1.42 g/t Ag from 269 m. The 309DD22007 intercept of 186 m @ 1.77 g/t Au and 3.43 g/t Ag from 47 m is an excellent result as it confirms the existing resource model grade distribution and will help to upgrade the classification of the resource in this area. Gold grades intersected are comparable to surrounding drill holes, however, two thirds of the intersection of 23 m @ 0.9 g/t Au and 2.65 g/t Ag from 269 m sits outside the resource model. 309DD22007 returned a peak result of 0.5 m @ 155.75 g/t Au and 154.4 g/t Ag from 125 m that is manifested as fine visible gold within a quartz-chalcedony-fluorite breccia vein. 309DD22007 also intersected multi-stage quartz-chalcedony-fluorite breccia fill in several places including in an interval of 1 m @ 19.02 g/t Au and 21.9 g/t Ag from 169 m. Drill hole 309DD22008 intersected: 14.2 m @ 0.72 g/t Au and 2.39 g/t Ag from 53.8 m. This drill hole returned lower grades than anticipated. Multiple zones of core loss were recorded in weathered material through the key ore zone between 38 and 54 m and this hole will likely be redrilled. The bulk of the intercept of 14.2 m @ 0.72 g/t Au and 2.39 g/t Ag from 53.8 m sits outside the existing resource model. Drill hole 309DD22009 intersected: 4 m @ 3.54 g/t Au and 1.97 g/t Ag from 57 m including: 1 m @ 11.32 g/t Au and 7.87 g/t Ag from 60 m, 28 m @ 1.14 g/t Au and 1.75 g/t Ag from 94 m including, 8.3 m @ 3.01 g/t Au and 2.81 g/t Ag from 96.7 m, 30 m @ 1.23 g/t Au and 2.93 g/t Ag from 127 m including 2 m @ 9.85 g/t Au and 7.17 g/t Ag from 132 m, 10 m @ 1.17 g/t Au and 1.71 g/t Ag from 176 m, 12.4 m @ 2.72 g/t Au and 11.29 g/t Ag from 248 m including: 1 m @ 30.66 g/t Au and 2.55 g/t Ag from 248 m and 28 m @ 0.34 g/t Au and 1.21 g/t Ag from 265 m. Gold grades intersected by 309DD22009 are comparable to surrounding drill holes and the estimated resource grade. Two zones of mineralisation were intercepted outside the resource model and will likely provide a modest upgrade to the contained ounces. Of note, 309DD22009 drilled further south than previous holes. Intense to moderate silicification and adularia as both alteration and vug and vein fill together with veining and brecciation was intersected across a 200 m down hole width below the last significant intercep. This shows that the alteration system is more extensive than previously understood and may provide a vector towards better grades or additional mineralisation at depth. Recent Insider Transactions Derivative • May 26
Executive Chairman exercised options to buy AU$75k worth of stock. On the 25th of May, Peter Mullens exercised options to buy 798k shares at a strike price of around AU$0.075, costing a total of AU$60k. This transaction amounted to 8.9% of their direct individual holding at the time of the trade. Since June 2021, Peter's direct individual holding has increased from 7.98m shares to 8.98m. Company insiders have collectively bought AU$144k more than they sold, via options and on-market transactions, in the last 12 months. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent Non-Executive Director Brent Cook was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 06
GBM Resources Limited Announces Drilling at Twin Hills Hits 162 m @ 2.65 g/t Au GBM Resources Limited announced results from the first two drill holes of a 17 hole, 6,840 m initial diamond core drill program at the 309 Deposit within the Twin Hills Project (Figure 1 and Appendix 1). In addition to the 309 Deposit drilling, a planned program of 14 holes totaling 7,060 m at the nearby Lone Sister Deposit is being finalised. GBM's initial drill program at Twin Hills is designed to: confirm historic drilling results and data; infill areas of lower drill density drilling to upgrade resource confidence; and importantly provide an initial test of extensions to mineralisation outside of the current resource boundaries. Twin Hills Mineral Resource Estimate: Twin Hills gold deposit is a recent cornerstone acquisition by GBM, that includes the 309 and Lone Sister deposits and over 1,102 km2 of mining and exploration tenements considered by GBM to be highly prospective for discovery of additional gold mineralisation. At the time of acquisition Twin Hills contained a JORC 2012 inferred and indicated and Inferred Mineral Resource Estimate (MRE) for the 309 and Lone Sister deposits of 6.9 Mt @ 2.8 g/t Au for 633,000 oz Au, bringing GBM's combined resources within the companies Drummond Basin central processing hub (Twin Hills /Yandan /Mt Coolon) to 35 Mt @ 1.3 g/t Au for 1,484,500 oz Au. GBM has recently announced a resource upgrade for the Twin Hills 309 Deposit that now totals 12.9 Mt @ 1.8 g/t Au for 760,700 oz Au, an approximate 20 % upgrade in contained ounces of gold. 309 Deposit Initial Assay Results: The current drilling program, initially focused on the 309 Deposit, is advancing rapidly with six holes of the planned 17 hole completed to date. These drill holes are targeting the eastern side of the resource with the aim of confirming existing grades, upgrading the confidence and importantly testing down plunge extensions, of the existing MRE in this area. Assay results from holes 309DD22001 and 002 have returned broad intervals of gold mineralisation with gram x metre (g X m) intersections of 429 and 86 g*m respectively, highlighting the potential bulk mineable style to the 309 Deposit. Results also confirm the presence significant intervals of higher-grade mineralisation within the deposit emphasizing the presence of high grade mineralising event(s) at 309 that has returned individual assay results of up to 0.7 m at 89.5 g/t Au from 98.5 m in 309DD22001. Drill hole 309DD22001 intersected the best results of: 162 m @ 2.65 g/t Au from 69 m including 9 m @ 9.45 g/t Au from 96 m; 16 m @ 13.49 g/t Au from 187 m. The results in 309DD22001 are stronger than anticipated with the high grade intersection of 16 m @ 13.65 g/t Au, which was significantly higher grade than that of the adjacent hole THRCD844 that returned 16 m @ 7.15 g/t Au from 197 m. Again, stronger grades than anticipated were also intersected between 153 m and 163 m with 4 m @ 3.49 g/t Au from153 m and 2 m @ 8.96 g/t Au from 161 m significantly better than the underlying historic intercept of 9 m @ 0.92 g/t Au from 102m in THRCD811. Importantly, intersections of 2 m @ 4.64 g/t Au from 218 m and 3 m @ 1.87 g/t Au from 224m are encompassed within an intersection of 13 m @ 1.72 g/t Au from 218 m that extends mineralisation outside the current resource limits. Drill hole 309DD22002 (Figures 1 and 2) intersected: 79 m @ 1.09 g/t Au from 131 m including; 7 m @ 4.41 g/t Au from 152 m; 8 m @ 5.76 g/t Au from 300 m including 2 m @ 21.75 g/t Au from 301 m. Gold grades for the majority of mineralisation intersected in 309DD22002 are comparable or stronger to the estimated resource grade, with an intersection of 7 m @ 4.41 g/t Au from 154 m down hole again higher than the intersection of 5 m @ 2.14 g/t Au from 146 m in the adjacent historic hole THRCD844. The intersection of 8 m @ 5.76 g/t Au from 300 m including 2 m @ 21.75 g/t Au from 301 m sits ell outside the resource model in the footwall of the deposit representing a priority target with the potential to expand resources at the 309 Deposit. Announcement • Feb 22
GBM Resources Limited Announces Glen Eva System Exploration Update GBM Resources Limited announced Glen Eva system exploration update. All remaining assays from the 2021 drilling program have now received with the best results 14.6 m @ 1.15 g/t Au within a 57 m wide zone of intense epithermal veining intersected by 21GEDD017. Two scout holes completed in the Koala area are also reported. All holes recorded gold mineralization along strike from the Glen Eva Pit intersecting multi-phase epithermal veining and vein breccias in zones of between 3.5 meters and up to an impressive 57 m wide. Drilling has confirmed an initial target area over a 1 km strike length and a vertical extent of over 350 m from the Glen Eva Pit. Drilling, which has only tested the shallow part of the epithermal systems and characteristics of the rock units, points to high grades, potentially localized within the steeply plunging shoots consistent with the geology at the Mount Coolon Gold Project. The best gold grades show a distinct Au-Ag-Te ± Mo-Bi association, similar to Cracow and indicating a magmatic source. Hole 21GEDD017 had a section deeper intersection (than intersection listed above) with high Ag-Te of 2.5 m @ 1.34 g/t Au and 145.7 g/t Ag. Geological interpretations of results to date suggest that the Glen Eva epithermal veining, the pyrite halo and Carbonate Base Metal veining (with Zinc and Lead) may be part of a large multi-stage mineral system that zones outward from an intrusion centered base metal carbonate core to low sulfidation precious metal systems with Glen Eva to the northwest and eastern siliceous to the southeast. Follow up review and field work is underway to finalize drill targeting in the second half of 2022. Additional work along the GEES corridor (6 km long mineralized trend) will include detailed surface geochemistry, mapping and geophysics to identify favorably oriented fault segments that are coincident with the key gold element associations. The combined geochemical and structural anomalies will be ranked and drill tested for high grade shoots later in 2022. Announcement • Feb 18
GBM Resources Limited Commences Phase 1 of the Diamond Core Drilling Program at the Twin Hills Project GBM Resources Limited advised that it has commenced Phase 1 of the diamond core drilling program at the Twin Hills Project (309 Deposit) in the Drummond Basin, QLD. The Phase 1 program at 309 is designed as resource definition and extension drilling. The program is designed to confirm some of the high-grade intersections that characterise this deposit to improve confidence in the resource ounces and to test new areas; potentially adding to the already significant resource base. The immediate goal is to convert a larger proportion of the current resource from Inferred to Indicated classification as a precursor to mine design and feasibility studies planned. The investment in upgrading the camp and core processing facilities provide a functional and safe base to conduct similar programs at Lone Sister and other highly prospective targets in the recently acquired tenement package. Twin Hills is hosted by a sedimentary-volcanic package interpreted to have been deposited in a late Devonian age, structurally controlled, pull apart basin that formed along the margin of a Cambro- Ordovician age metamorphic basement high, the Anakie metamorphic inlier. Gold-silver mineralisation is temporally and probably genetically linked to subvolcanic to volcanic felsic domes and related breccia pipes. The age of mineralisation at Lone Sister and by association the related domes has been shown to be early Carboniferous (341 to 346 ma). Announcement • Feb 09
GBM Resources Limited Announces Malmsbury Drilling Update GBM Resources Limited announced that it has completed three diamond drill holes as part of the phase 1 diamond core drilling program at the Malmsbury project JV in central Victoria. The Malmsbury project is subject to a farm in and joint venture agreement with Novo Resources Corp. (GBM 50%, Novo 50%). Work to date has identified several gold mineralization target styles present on the Malmsbury project that include Fosterville-type, structurally controlled orogenic targets, kilometre scale fault zones and breccias and an intrusion-related (IRGS) /intrusion-hosted-gold system associated with the mineralized. Missing link monzogranite at Belltopper Hill 1. Phase 1 diamond drilling by Deepcore Pty Ltd. commenced on RL6587 for the Malmsbury JV on December 14, 2021. The proposed program at Belltopper Hill consists of eight diamond holes for approximately 1,750 m and includes the following: Five holes (approximately 660 m planned) testing the Leven Star Reef (current JORC Resource area) as part of the tenure expenditure commitment requirements, one deeper exploration focused hole testing an extension to the Leven Star Reef and potential extensions/structural intersections with the Missing Link, Antimony and Panama/Panama West Reefs; one drill hole testing the mineralized Missing Link monzogranite and Missing Link Reef at depth, and one drill hole testing the complex horsetail fault zone associated with the Never Despair Reefs and deep workings north of the historic Panama Mine. To date three holes are complete for a total of 609.1 m. It is interpreted that the drill holes have intersected their predicted target structures (Leven Star Reef and associated splays, Missing Link and Panama Reefs). In addition, several zones of intense alteration, disseminated and stringer sulphide mineralization have also been intersected. Of high significance is the confirmation of an anticlinal fold hinge position in MD14. This important structure was identified during recent detailed mapping coupled with structural data synthesis and is located within the higher priority Au-As-Sb-Mo soil anomaly that also hosts the Missing Link monzogranite. Anticlinal folding is key element in the structural architecture of the Fosterville-style, gold mineralization. This structural setting highlights the opportunities for multiple gold mineralization styles expected to be discovered and advanced across the project area. Announcement • Feb 02
GBM Resources Limited Announces Significant Resource Upgrade at Twin Hills Project GBM Resources Limited updated JORC 2012 Mineral Resource estimate for The Twin Hills deposits (Lone Sister and 309) of 12.9 million tonnes at 1.8 g/t Au for 760,700 ounces (previously 633,000 ounces) of contained gold on granted mining leases. Combined gold resources under GBM's ownership in the Drummond Basin now total approximately 1.6 Moz across the Yandan, Mt Coolon and Twin Hills assets. All are located within 70 km of GBM's proposed "Drummond Basin Processing Hub" centred on the Yandan ML's, which has significant infrastructure (i.e. water storage dams, tailings facilities, airstrip, leach pads and grid power). Twin Hills is considered highly prospective for the discovery of additional mineralisation, with preliminary analysis suggesting high grade gold shoots at 309 and Lone Sister may be open at depth. GBM is now aiming to commence drilling in the coming weeks at Twin Hills to test these targets. GBM's analysis of the deposit geometry and grade distribution suggests that the 309 and Lone Sister resources maybe be successfully mined via a combination of bulk minable open pit and bulk underground mining methods. Resource upgrade work will continue with new pit optimisation work commencing soon on the 309 deposit to evaluate opportunities to deepen the pit below the 1,050 RL used in this resource update. The 309 and Lone Sister deposits are low sulphidation, epithermal gold deposits hosted within the western arm of the Drummond Basin in Queensland. The Drummond Basin is host to a number of significant gold deposits and is considered by GBM to hold potential for further discoveries. The 309 and Lone Sister gold deposits are located 7 kilometres apart and linked by a major north-south structural lineament. Both deposits have previously been interpreted as intrusion related, high gold fineness, low sulphidation epithermal gold deposits, sometimes exhibiting bonanza gold grades (as evidenced by the peak gold value in the 309 deposit of 2,940 g/t Au, with 300 individual metre samples exceeding 30 g/t Au, and a peak gold value of 939 g/t Au at Lone Sister). GBM considers that potential depth extensions and strike repetition of both the 309 and Lone Sister deposits have not been adequately tested. No changes were made to the 2019 resource model, however metallurgical and mining costs were reviewed and as a result of the increase in the gold price the cut-off grade was reduced from 1.0 g/t Au to 0.4 g/t Au for the open pit resources. The 309 Deposit has been re-estimated to comprise 10.8 Mt averaging 1.4 g/t Au containing 500,600 ounces of gold and 783,100 ounces of silver (assuming open pit mining to 1050 RL, or a depth of approximately 200 m, and underground mining below 1050 RL). The Lone Sister Deposit is re-estimated at 2.0 Mt at an average grade of 4.0 g/t Au containing 260,100 ounces of gold and 604,800 ounces of silver. Twin Hills is hosted by a sedimentary-volcanic package interpreted to have been deposited in a late Devonian age, structurally controlled, pull apart basin that formed along the margin of a Cambro-Ordovician age metamorphic basement high, the Anakie metamorphic inlier. Gold-silver mineralisation is temporally and probably genetically linked to subvolcanic to volcanic felsic domes and related breccia pipes. The age of mineralisation at Lone Sister and by association the related domes has been shown to be early Carboniferous (341 to 346 ma). Mineralisation at the Twin Hills project, 309 and Lone Sister deposits belongs to the felsic dome related, high gold fineness, low sulphidation quartz sulphide class of mineralisation that has produced a number of notable high value gold deposits including the high-grade Sleeper deposit and large bulk minable style deposits like Round Mountain in Nevada. This class of deposit usually develops an early phase of quartz-sulphide gold mineralisation followed by later stages of very high-grade often free gold quartz and or gold electrum chalcedony events, as is seen at Twin Hills, that are important to the deposit economics. GBM's preliminary interpretation shows that the Twin Hills deposits are characterised by the 309 (phreatomagmatic to phreato-hydrothermal) milled matrix breccia body and the Lone Sister breccia and veinlet zone that is hosted within a rhyolite feeder dyke to a flow dome and the adjacent wall rock sediments. Better gold mineralisation in these deposits is strongly associated with epithermal quartz breccia matrix fill and cross cutting quartz fracture veinlet networks, forming discontinuous veinlet corridors that crosscut the host rock. GBM believes that the 309 and Lone Sister deposit characteristics are better suited to open pit or underground bulk mining approach compared to the selective underground mining previously used at Twin Hills. Announcement • Jan 18
GBM Resources Limited (ASX:GBZ) completed the acquisition of Twin Hills Gold Project of Minjar Gold Pty Ltd from NQM Gold 2 Pty Ltd. GBM Resources Limited (ASX:GBZ) entered into a non-binding agreement to acquire Twin Hills Gold Project from Minjar Gold Pty Ltd on February 15, 2021. GBM Resources Limited (ASX:GBZ) signed an agreement to acquire Twin Hills Gold Project from NQM Gold 2 Pty Ltd for AUD 2 million on July 19, 2021. The transaction is subject to consummations of due diligence investigation, after the satisfactory completion of which GBM Resources Limited and approval by the parent company of Minjar Gold Pty Ltd, Jinan High-tech Development Co. Ltd. As of March 19, 2021, GBM Resources Limited has now completed the technical and environmental due diligence. Minjar Gold Pty Ltd will proceed to drafting and execution of a binding Tenement Sale Agreement within 3 months. As of March 19, 2021, Minjar Gold Pty Ltd will proceed to drafting and execution of a binding Tenement Sale Agreement within 2 months. As of June 11, 2021, Minjar Gold Pty Ltd have commenced an internal process to finalize and approve the binding Tenement Sale Agreement and Settlement Deed.
GBM Resources Limited (ASX:GBZ) completed the acquisition of Twin Hills Gold Project of Minjar Gold Pty Ltd from NQM Gold 2 Pty Ltd on January 17, 2022. Announcement • Dec 15
GBM Resources Limited Provides White Dam Exploration Update GBM Resources Limited presented the remaining reverse circulation (RC) assay results, including cyanide soluble copper (CuCN) results, from recent drilling within the Vertigo and White Dam North deposits at the White Dam Gold-Copper Project (White Dam) in South Australia. In addition, recent surface sampling results and a review of historical exploration work at the nearby Mary Mine is also included. Initial assay results were reported in July which indicated potential to add to the oxide/transitional resources at Vertigo, supporting a pit wall cutback and additional ore feed to the operational White Dam heap leach pad. New results add further support to the pit expansion concept with a number of drill holes returning strong intersections in areas not previously reporting within the existing resource block model. Cyanide soluble copper assays indicate copper mineralisation above or near the base of oxidation will respond well to leaching (e.g. 4 m @ 0.39% Cu in V21-RC-055 returned 0.35 % Cu as cyanide soluble) and copper recovery with the operating SART plant at White Dam. At White Dam North, copper and gold assay results were as expected, with the drill hole program designed to test the fault bounding the mineralisation to the west. Some long, low grade interceptswere returned such as 9 m @ 0.65 g/t Au and 0.12% Cu from 46 m in WDN002. Narrow higher grade intervals are present (>2 g/t Au). Cyanide soluble copper assays are yet to be received for White Dam North drill holes. HIGHLIGHTS: Significant mineralised intercepts from remaining results at Vertigo include: Hole V21-RC-039: 8 m @ 4.40 g/t Au & 0.83% Cu from 67 m, Incl. 4 m @ 7.24 g/t Au and 1.11 % Cu from 70 m. Hole V21-RC-043: 11 m @ 2.07 g/t Au & 0.39% Cu from 47 m, Incl. 3 m @ 5.76 g/t Au & 0.72% Cu from 49 m. Hole V21-RC-041: 4 m @ 2.66 g/t Au & 0.88% Cu from 60 m. Hole V21-RC-008: 14 m @ 1.21 g/t Au & 0.30% Cu from 51 m, Incl. 1 m @ 3.45 g/t Au & 0.75% Cu from 51 m. Demonstrates significant sulphide gold and copper mineralisation around the base of oxidation. Drilling results at Vertigo strongly support the objective for a potential cut back for oxide/transitional ore feed to be treated at the White Dam Heap Leaching Operation. With receipt of final assays, work has commenced on an updated Mineral Resource Estimate. Recent Mary Mine dump samples returned high grades (to 6.4 g/t Au & 13.1% Cu), similar to historic sampling by Aberfoyle. The Mary lode is interpreted to be open in all directions based on historical drilling by Aberfoyle which reported: Hole MMP5: 10 m @ 3.3% Cu & 1.34 g/t Au from 14 m Incl. 4 m @ 6.0% Cu & 2.68 g/t Au from 17 m. A follow up RC drilling program is being considered as a next step to test this system with oxide copper/gold mineralisation capable of being treated at White Dam with the SART plant operational. RC Drilling Results White Dam NorthAssay results from White Dam North (WDN) were generally lower (as expected) when compared toVertigo. Drilling was focused on the interpreted fault zone targets outside the existing resource areasand while fault or shear zones were intersected, these structural targets were generally not wellmineralised.The best gold intersection from the White Dam North drilling occurred in WDN_002 with 1 m @ 2.22g/t Au from 50 m, which is part of a broader 9 metre intersection returning 0.65 g/t Au from 46 m.This intersection is associated with a very soft and clay rich intensely chlorite altered biotite gneisswhich is interpreted to be within a shear zone. Mary Mine Sampling & Interpretation: GBM recently completed two reconnaissance sampling excursions to the historical Mary Mine,located approximately 16 km NW of the White Dam mine leases. The Mary Mine was workedprincipally for oxide copper ore in the late 1800's to early 1900's. Two shafts were sunk around 1905to at least a depth of 150 ft (50 m) on a moderate to steeply dipping lode beneath the extensiveshallow open cut workings. High grade copper oxide ore at surface gave way at depth to "copperpyrites mixed with black oxide" (chalcopyrite and chalcocite?). Gold was thought to be associatedwith silica-rich rocks within the lode (Barrier Miner, 1908 2).At the historic Mary Mine, recent sampling by GBM returned very high grade surface Au-Cu assays(to 6.4 g/t Au and 13.1% Cu) from mine dumps along the 300m workings trend. These resultsconfirmed Aberfoyle sampling from the 1980's and an analysis of the minimal Aberfoyle drilling onthe prospect indicates the mineralisation is open at depth and along strike beneath thin cover. Nomodern exploration has occurred at the Mary Mine since the 1990's and GBM believes significantpotential exists to define a small, high grade Cu-Au resource supplying heap leach feed to the WhiteDam operation located 12 km to the south east.Traditionally the presence of copper in an oxide gold resource is seen as problematic and leads tohigher cyanide consumption impacting negatively on costs. With the SART plant operational at theWhite Dam Heap Leach Operation, this type of mineralisation can now be more attractive as copperbecomes a credit not a cost. Announcement • Sep 15
GBM Resources Limited announced that it expects to receive AUD 7.4 million in funding GBM Resources Limited announced a private placement of 74,000,000 common shares at an issue price of AUD 0.10 per share for gross proceeds of AUD 7,400,000 on September 15, 2021. The transaction will include participation from directors Peter Mullens and Peter Rohner for 1,000,000 and 3,000,000 shares respectively, subject to shareholder approval. The transaction is expected to close on September 22, 2021. Announcement • Jul 06
GBM Resources Limited Announces Initial Drilling Results At White Dam Gold-Copper Project in South Australia GBM Resources Limited (GBM or the Company) present the initial reverse circulation (RC) assay results from the recently completed drilling program at the White Dam Gold-Copper Project (White Dam) in South Australia. Initial assay results give increased confidence in the known oxide JORC Mineral Resource Estimate for Vertigo and highlight the potential of significant sulphide gold and copper mineralisation around the base of oxidation. Once cyanide soluble copper assays are received, potential for this material to be heap leached will be examined. The primary focus of the recent drilling at White Dam was at the Vertigo open pit (current resource 38 koz Au). The objective of the program was to increase the confidence level, characterise and add to the oxide/transitional resources to support a cut back of the Vertigo pit wall to supply suitable ore for addition to the operational White Dam heap leach located approximately 1.8 km away. A smaller component of the drill program was completed at the nearby White Dam North resource. A total of 53 reverse circulation (RC) drill holes (4,041 m) have been drilled by GBM as part of Phase 1 of the planned drilling at White Dam, with 43 RC holes (3,270 m) drilled at Vertigo and 10 holes (771 m) drilled at White Dam North. Assay results have now been received for 20 of the 43 holes drilled at Vertigo. Samples are currently in the laboratory for the remaining Vertigo holes and the completed 10 White Dam North holes. Remaining results are expected by the end of July 2021. Significant mineralised intersections logged as oxidised included: Hole V21-RC-022. 14 m @ 0.81 g/t Au & 0.29 % Cu from 37 m- Hole V21-RC-035. 3 m @ 0.87 g/t Au & 0.38 % Cu from 38 m; Hole V21-RC-028. 13 m @ 0.41 g/t Au & 0.11 % Cu from 28 m; Hole V21-RC-027. 11 m @ 0.44 g/t Au & 0.07 % Cu from 26 m; Drilling results from the sulphide zone around the base of oxidation demonstrate significant gold and copper mineralisation potential with continuous economic grades identified across multiple drill holes and section lines. The results broadly confirm the modelled mineralised zones, with significant mineralised intercepts logged as fresh rock hosted include: Hole V21-RC-035: 12 m @ 2.95 g/t Au & 0.94 % Cu from 67 m, Incl. 5 m @ 5.44 g/t Au & 1.69 % Cu from 70 m; Hole V21-RC-033: 9 m @ 2.29 g/t Au & 0.58 % Cu from 61 m, Incl. 4 m @ 4.16 g/t Au & 0.96 % Cu from 64 m; Hole V21-RC-012: 12 m @ 1.39 g/t Au & 0.42 % Cu from 46 m; Hole V21-RC-034: 13 m @ 1.24 g/t Au & 0.38 % Cu from 65 m; Incl. 2 m @ 4.57 g/t Au & 1.01 % Cu from 66 m. While geological logging of oxidisation/weathering gives an indication of the likely distribution of oxidised cyanide heap leachable and fresh sulphide mineralisation, additional geochemical work is underway to further characterise their extent. All mineralised intersections from the recent drilling will be assayed for cyanide soluble copper. This method will provide further insight into the distribution of oxidised, transition and fresh ore while also providing a better understanding of heap leachable copper contained within the current resource.
Initial geological interpretation suggests gold-copper mineralisation at Vertigo is primarily hosted within a biotite gneiss rock with distinctive white feldspar and translucent blue quartz. This unit is interpreted to be intermediate to mafic intrusive in origin. The upper mineralised zones are interpreted to be hosted within an intercalated sequence of quartzite and biotite rich gneissic units of sedimentary origin with occasional layers of pyroxene rich hornfels and microgranite. GBM's 50% production interest in the White Dam JV was earnt via the construction of a SART plant which is designed to extract copper from the gold leach solution, improving overall gold recoveries and lowering cyanidation costs. Since commissioning, the SART has operated above expectations with lower costs due to less cyanide usage and improved gold recoveries from the existing heaps. GBM has exercised the option to acquire 100% of the White Dam Gold Copper Project, which includes the gold plant, mining leases and other tenements. The exercise price is $500 k and replacement of $1.9 million environmental bonds. See GBM ASX release dated 16 June 2021. The White Dam Project is located in the Olary District of South Australia approximately 80 km west of Broken Hill. The deposits are of the IOCG classification (Au-Cu + Mo) and are hosted by high- grade metamorphic rocks and pegmatites of the Curnamona Group. Gold mineralisation is fine- grained (<60 microns) and predominantly found in biotite laminae and micro-fractures within medium-grained gneissic units. Mining at White Dam took place between 2009 and 2017 during which time 7.5 Mt ore was mined from the Hannaford and Vertigo pits for 177,000 oz Au recovered. The current combined resource for the White Dam Project is 4.6 Mt at 0.7 g/t Au for 101,900 oz Au. The Vertigo open cut is located within a granted mining lease (ML 6395) and the nearby White Dam North resource is enclosed within an advanced lease adjacent to ML 6395 (MPL 105). Announcement • Jul 03
GBM Resources Limited Executes Binding Term Sheet with Native Mineral Resources Holdings Limited GBM Resources Limited advised that it has executed a binding term sheet with Native Mineral Resources Holdings Limited, (Native Mineral or NMR), for the purchase of the Mt Morgan exploration tenement EPM17850 ("Mt Morgan") in Queensland. Under the terms of the transaction, GBM will acquire a 100% legal and beneficial interest in EPM17850 for the following consideration: GBM will pay a deposit fee of $35,000 to NMR within 2 business days from the date of execution of the agreement. Should the granting of the renewal of EPM17850 not occur within 12 months from the execution date of the Term Sheet the $35,000 Deposit Fee will be refunded to GBM; and Within 14 days of the notice given by NMR to GBM confirming renewal of EPM17850, GBM will complete the purchase by the issue of 1,562,500 ordinary fully paid shares (approximating $200,000 in value) (Consideration Shares). Pricing of the shares is 12.8 cents per share being the 30 day VWAP price before the execution date of the Term Sheet. Announcement • Jul 02
GBM Resources Limited (ASX:GBZ) entered into binding term sheet to acquire Mt Morgan exploration tenement EPM17850 in Queensland from Native Mineral Resources Holdings Limited (ASX:NMR) for AUD 0.21 million. GBM Resources Limited (ASX:GBZ) entered into binding term sheet to acquire Mt Morgan exploration tenement EPM17850 in Queensland from Native Mineral Resources Holdings Limited (ASX:NMR) for AUD 0.21 million on July 1, 2021. GBM will pay a deposit fee of AUD 0.035 million to NMR within 2 business days from the date of execution of the agreement. Should the granting not occur within 12 months from the execution date of the Term Sheet the AUD 0.035 million Deposit Fee will be refunded to GBM, and Within 14 days of the notice given by NMR to GBM confirming renewal of Mt Morgan, GBM will complete the purchase by way of payment of AUD 0.2 million in GBM shares. Within 14 days of the notice given by NMR to GBM confirming renewal of EPM17850, GBM will complete the purchase by the issue of 1,562,500 ordinary fully paid shares. Pricing of the shares will be set using the 30 day VWAP price before the execution date of the Term Sheet. Announcement • Jun 18
Smartset Services Inc. (TSXV:SMAR.P) signed a binding letter of intent to acquire Mount Morgan Gold-Copper Project in Australia from GBM Resources Limited (ASX:GBZ). Smartset Services Inc. (TSXV:SMAR.P) signed a binding letter of intent to acquire Mount Morgan Gold-Copper Project in Australia from GBM Resources Limited (ASX:GBZ) on June 18, 2021. In a concurrent transaction Smartset is also acquiring 100% of the issued share capital of Great Southern Gold Corp Smartset Services Inc. (TSXV:SMAR.P) will pay CAD 5.47 million consisting of issue 20 million shares and upto CAD 0.25 million cash to GBM Resources Limited. Transaction is subject to; completion of satisfactory due diligence, Execution of definitive transaction documentation, TSXV and ASX approval, if required, Shareholder approval from both GSG and GBM and compliance with any listing rules, Completion of the proposed equity raising, Smartset having minimum available working capital of not less than C$8 million, Delivery by GBM and GSG of satisfactory National Instrument 43-101 technical reports in respect of the respective projects, Disposition by GSG of certain assets unrelated to the Australian projects; and Other customary conditions for a transaction of this nature Announcement • Jun 16
GBM Resources Limited (ASX:GBZ) agreed to acquire White Dam Gold Copper Project in Australia from Round Oak Minerals Pty Limited. GBM Resources Limited (ASX:GBZ) agreed to acquire White Dam Gold Copper Project in Australia from Round Oak Minerals Pty Limited on June 16, 2021. Transaction is expected to be completed by the end of July, 2021. Announcement • May 08
GBM Resources Limited Commences Phase 1 of the Reverse Circulation (RC) Drilling Program GBM Resources Limited has commenced Phase 1 of the Reverse Circulation (RC) drilling program at its White Dam Gold/Copper JV (White Dam) (50% GBM). The current JORC (2012) Mineral Resource estimate for White Dam is 4.6 Mt at 0.7 g/t Au for 101,900 ounces gold. The Phase 1 program targets both infill and extensional drilling of the mineralisation to the south east. This resource material was not extracted during the last White Dam mining campaign due to lower prevailing gold prices and higher cyanide soluble copper grades. The initial focus of the program is on the Vertigo zone, which has a current JORC (2012) Mineral Resource estimate of 1.7 Mt at 0.7 g/t Au for 38,300 ounces gold. Drilling at Vertigo is expected to encompass approximately 43 holes for 3,250 total drilling metres. The program is then planned to transition to the White Dam North zone, which has a current JORC (2012) Mineral Resource estimate of 1.2 Mt at 0.5 g/t Au for 20,300 ounces gold. Drilling at White Dam North is planned to entail approximately 10 holes for 750 total drilling metres. The key objectives of the Phase 1 RC drilling at White Dam are: Upgrading Inferred category resource material (improving resource confidence) in these zones; Increasing overall resources in these zones; and Providing additional copper assay data. The drilling results from this program, combined with the resultant resource outcomes, are expected to feed into a study being undertaken with respect to mining and treatment of additional material at White Dam. This work is designed to evaluate and capture the magnitude of potential life extension (and expansion) opportunity available at White Dam. White Dam also contains a broader exploration tenement package with considerable potential for further resource accretion given further exploration. Announcement • Feb 16
GBM Resources Limited (ASX:GBZ) entered into a non-binding agreement to acquire Twin Hills Gold Project from Minjar Gold Pty Ltd. GBM Resources Limited (ASX:GBZ) entered into a non-binding agreement to acquire Twin Hills Gold Project from Minjar Gold Pty Ltd on February 15, 2021. The transaction is subject to consummations of due diligence investigation, after the satisfactory completion of which GBM Resources Limited and Minjar Gold Pty Ltd will proceed to drafting and execution of a binding Tenement Sale Agreement within 3 months. Announcement • Jan 29
GBM Resources Limited Completed Its Initial Diamond Core and Reverse Circulation Drill Program At the Mt Coolon Gold Project GBM Resources Limited completed its initial diamond core and reverse circulation drill program at the Mt Coolon Gold Project (Mt Coolon). The activities covered: Drilling a total of 3,415 m; 11 holes at the Glen Eva prospect and 3 holes at the Koala prospect. The company also completed a 31 line km 3D and 2D Induced Potential (IP) geophysics surveys to test a +6 km long section of the Glen Eva Eastern Siliceous epithermal gold trend (GEES) Glen Eva Prospect: Drill hole (20GEDD011) intersected a 13.4 m (down hole) wide epithermal vein hosting 8.9 m @ 1.66 g/t Au and 18.6 g/t Ag from 281.1 m, including higher grade pulses of mineralisation of 1 m @ 6.75 g/t Au and 41.5 g/t Ag and 1 m @ 4.09 g/t Au and 72.6 g/t Ag reporting to high grade ginguro bands of fine dark sulphide. This intersection doubles the strike extent of the Glen Eva gold system and provides strong epithermal vectors for further drilling to the SE to test for shoots of high-grade gold and silver mineralisation. GEES epithermal gold trend: Results to date of the IP geophysics program have identified a target outlined by a large, open ended, low order chargeability and resistivity anomaly localised at a permissive structural intersection, interpreted to potentially represent a halo to an epithermal vein zone concealed by post mineral cover. This anomaly is a key exploration target for the 2021 program. Within the GEES epithermal gold trend, lies the Eastern Siliceous prospect which recorded historic drilling at the prospect that outlines zones of near surface strata bound gold mineralisation. Best intersections were from holes: 92GERC007: 7.0 m @ 2.44 g/t Au from 65.0 m, inc. 1m @ 13.52 g/t Au and 92GERC012: 19.0 m @ 1.60 g/t Au from 55.0 m, inc. 1 m @ 9.90 g/t Au. Further surface exploration is planned at the prospect including completing the 3D IP geophysics in June 2021, with follow up drilling to test for higher grade strata bound mineralisation and high grade feeder zones to the known mineralisation. Koala Prospect: 3 of the 5 holes planned were completed with the other 2 holes to test priority targets under known high grade shoots at the northern end of the resource rescheduled to early 2021 due to a combination of weather and equipment availability towards the end of the year. The GEES gold trend is a +6 km long WNW striking mineralised corridor defined by a series of structures evident in detailed aeromagnetic data and an alignment of gold prospects, including Glen Eva deposit at the NW end and the Eastern Siliceous prospect at the SE end of the Trend. By December 2020, GBM completed approximately 40% of combined 2D and 3D IP geophysical survey, partly funded by an AUD184,000 Queensland Government CEI grant, to test the GEES trend for mineralisation concealed by post mineral cover. Results to date have identified a large, open ended, +5 mv/v (peak value 10 mv/v) chargeability and coincident low order resistivity anomaly localised at a permissive structural intersection in the centre of the GEES gold trend. Post mineral cover in the area of the anomaly, means the area has not been previously tested by soil geochemistry or drilling. Chargeability and resistivity anomalies of the scale and magnitude identified in the GEES trend may represent the pyrite argillic wall rock alteration halo to an epithermal vein zone, highlighting the GEES geophysics anomaly as a key target for exploration in 2021. Targets identified at Glen Eva, Eastern Siliceous prospect and the partially defined geophysical anomaly highlight the GEES gold trend as a key focus of GBM's Mt Coolon priorities for the 2021 exploration program. Announcement • Jan 16
GBM Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 6.4 million. GBM Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 6.4 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 47,407,407
Price\Range: AUD 0.135
Discount Per Security: AUD 0.0081
Transaction Features: Subsequent Direct Listing Announcement • Jan 14
GBM Resources Limited (ASX:GBZ) completed the acquisition of Straits Gold Pty Ltd from Aeris Resources Limited (ASX:AIS) GBM Resources Limited (ASX:GBZ) entered into a Binding Heads of Agreement("HoA") to acquire Straits Gold Pty Limited from Aeris Resources Limited (ASX:AIS) for AUD 3.3 million on October 19, 2020. Under the terms of the consideration, GBM will issue 22.2 million shares to settle the transaction. GBM will grant to Aeris a 1.5% Net Smelter Royalty (NSR) on the first 0.3 million oz of gold equivalent produced from ML1095, ML1096 and EPM8257. This NSR will be registered as security over the Project’s Mining and Exploration Licences. GBM will undertake a private placement issuing 40 million shares at AUD 0.135 per share in which Aeris will subscribe to AUD 1 million of fully paid ordinary shares in the capital of GBM. The transaction is subject to Aeris's seeking approval from its financiers; GBM and Aeris entering into a definitive agreement consistent with the terms set out in the Binding HoA; GBM and Aeris board approvals; GBM's shareholder approval; Aeris and GBM obtaining all authorizations, including from ASIC or ASX in accordance with the Listing Rules; any approvals required by the Minister for Natural Resources, Mines and Energy (QLD). On November 30, 2020, GBM received shareholder approval for acquisition. On December 23, 2020, GBM Resources Limited advises that all conditions precedent have now been completed for the acquisition of the Yandan Gold Project. The shareholder meeting will be held on November 30, 2020. The transaction is expected to close on December 14, 2020. On December 23, 2020, Completion date for the acquisition is confirmed to occur on January 13, 2021.
GBM Resources Limited (ASX:GBZ) completed the acquisition of Straits Gold Pty Ltd from Aeris Resources Limited (ASX:AIS) on January 13, 2021. Announcement • Nov 20
GBM Resources Appoints Dan Travers as Joint Company Secretary GBM Resources advised of the appointment of Dan Travers as joint Company Secretary of the company effective immediately. Dan is a Fellow of the Association of Chartered Certified Accountants with over 14 years' experience in the administration and accounting of publicly listed companies following significant public practice experience. Is New 90 Day High Low • Oct 20
New 90-day high: AU$0.20 The company is up 105% from its price of AU$0.10 on 22 July 2020. The Australian market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is down 1.0% over the same period. Announcement • Oct 06
GBM Resources Limited Announces First Gold Dore Produced at White Dam GBM Resources Limited advised that it has, with JV partner Round Oak, poured the first gold dore bar at White Dam. The SART Plant, and associated copper concentrate production, continues to ramp-up broadly in-line with expectations. Identified optimisation opportunities are also expected to drive further expanded production and reduced costs. Further details of the White Dam Joint Venture, including GBM's share of production, revenue and costs will be provided in the Company's quarterly reports following refining and copper sales. Reported Earnings • Oct 01
Full year earnings released - AU$0.007 loss per share Over the last 12 months the company has reported total losses of AU$1.20m, with losses narrowing by 72% from the prior year. Announcement • Sep 26
Novo Resources Corp. (OTCPK:NSRP.F) agreed to acquire 50% stake in Malmsbury gold project from GBM Resources Limited (ASX:GBZ) for AUD 5.5 million. Novo Resources Corp. (OTCPK:NSRP.F) agreed to acquire 50% stake in Malmsbury gold project from GBM Resources Limited (ASX:GBZ) for AUD 5.5 million on September 24, 2020. As consideration, Novo will issue 1.57 million common shares to GBM, which will be subject to a statutory hold period expiring four months from the date of issuance. Novo will also reimburse GBM for validly incurred and documented exploration expenditures on Malmsbury project of up to AUD 0.25 million incurred from March 30, 2020 to September 24, 2020, with such reimbursed amount being credited against the Earn-In Amount of AUD 5 million.
Novo has exercised its option to earn 50% interest in Malmsbury project and upon satisfaction of the conditions, Novo will have the right to earn an additional 10% interest in Malmsbury project. Novo can also form a joint venture with GBM by incurring AUD 5 million in exploration expenditure over a four-year period as to a minimum of AUD 1 million during the first year and AUD 1.25 million in each subsequent year. If Novo does not satisfy the payments over the years, Novo’s interest in Malmsbury project will decrease to 49%. Novo and GBM are currently finalizing a royalty arrangement whereby GBM will be entitled to receive a maximum 2.5% net smelter returns royalty. The transaction is subject to approval from the Victorian Department of Jobs, Precincts and Regions and the Australian Foreign Investment Review Board. Announcement • Sep 17
Gbm Resources Limited Announces Board Changes, Effective on September 17, 2020 GBM Resources announced the appointment of Mr. Brent Cook as an Independent Non-Executive Director of the company effective 17 September 2020. Brent Cook is an economic geologist with over 40 years' experience in exploration, mining and finance. During his career he has worked on nearly every deposit type in over 60 countries. From 1997 until 2003 Brent was chief analyst at Global Resource Investments (now Sprott Global) and an advisor to three micro-cap junior exploration funds. Since 2003 Brent has also acted as an independent advisor and mining analyst, working with a number of junior mining companies, money management groups and individual investors. He brings a wealth of knowledge from his experiences within the Financial and Mining sectors, particularly those of North America, along with his many contacts throughout the industry. Brent's expertise, experience and contacts will provide much value to the GBM board, for both technical evaluations and business development. Neil Norris retires as Exploration Director effective 17 September 2020. Announcement • Jun 16
GBM Resources Limited announced that it has received AUD 1.268157 million in funding from Investment Managers Series Trust, Von Der Heydt Invest SA, 10656917 Canada Inc. and other investors On April 17, 2020, GBM Resources Limited (ASX:GBZ) closed transaction. The company amended the terms of the transaction. The company entered into additional subscription agreements with professional and sophisticated investors and issued a total of 23,057,396 shares for AUD 1,268,157, together with 11,528,698 free-attaching options in the transaction and 2,499,996 shares and 1,249,998 in its second and final tranche for AUD 137,500 including 1,499,996 shares and 749,998 options to individual investor Tobias Tretter and 500,000 shares and 250,000 options each to 10656917 Canada Inc. and individual investor Alex Sands. 
