New Risk • Mar 19
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (33% average weekly change). Negative equity (-CA$238k). Shareholders have been substantially diluted in the past year (87% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$9.69m market cap, or US$7.06m). Minor Risk Large one-off items impacting financial results. Announcement • Mar 12
Gelum Resources Ltd. announced that it has received CAD 1.501052 million in funding On March 11, 2026, Gelum Resources Ltd. closed the transaction. Insider participation included the Company’s new director, Chad Williams for 434,790 units. Finder’s fees were paid to Canaccord Genuity Corp. (CAD 14,007 and 60,900 finder’s warrants), Haywood Securities Inc (CAD 8,050 and 35,000 finder’s warrants) and Ventum Financial Corp. (CAD 4,830 and 21,000 finder’s warrants) Board Change • Feb 12
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. 3 non-independent directors. Independent Director Susannah Van Alphen was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 05
Gelum Resources Ltd. announced that it expects to receive CAD 1.5 million in funding Gelum Resources Ltd. announced a non-brokered private placement of up to 6,521,739 units at a price of CAD 0.23 per unit for aggregate proceeds of up to CAD 1,499,999.97 on February 5, 2026. Each unit consists of one common share and one-half of one common share purchase warrant, each warrant entitling the holder thereof to purchase one additional common share of the company at a price of CAD 0.38 per share for a period of 24 months from the closing of the private placement. Finders' fees of 7% in cash and 7% in finders' warrants may be payable to qualified finders in connection with the private placement. All securities issued in connection with the offering have a four-month-and-one-day hold period in Canada from closing. Finders' fees may be paid to eligible finders in accordance with Canadian Securities Exchange policies and applicable securities laws. Announcement • Feb 04
Gelum Resources Ltd., Annual General Meeting, Apr 06, 2026 Gelum Resources Ltd., Annual General Meeting, Apr 06, 2026. Location: suite 1570, 200 burrard street, british columbia, v6c 3l6, vancouver Canada New Risk • Jan 08
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 32% 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 (-CA$42k free cash flow). Shares are highly illiquid. Negative equity (-CA$871k). Earnings have declined by 31% per year over the past 5 years. Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$2.17m market cap, or US$1.56m). Recent Insider Transactions • Jan 01
Corporate Secretary recently bought CA$76k worth of stock On the 29th of December, Marla Ritchie bought around 2m shares on-market at roughly CA$0.05 per share. This transaction increased Marla's direct individual holding by 5x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Board Change • Dec 11
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 2 highly experienced directors. Member of Advisory Board John Robins was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Dec 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 2 highly experienced directors. Member of Advisory Board John Robins was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Oct 29
Gelum Resources Ltd., Annual General Meeting, Dec 30, 2024 Gelum Resources Ltd., Annual General Meeting, Dec 30, 2024. Location: suite 1570, 200 burrard street, british columbia, v6c 3l6, vancouver Canada Announcement • Jan 18
Gelum Resources Ltd. Receives Assay Results for Six Diamond-Drill Holes (1340 Metres) Completed in October At the Eldorado Gold Project Gelum Resources Ltd. through its option agreement with Wealth Minerals Ltd. has received assay results for six diamond-drill holes (1340 metres) completed in October at the Eldorado Gold Project. Breccia and veins comprising chalcedonic silica (indicative of a high-level epithermal gold environment) with iron-carbonate and sulphides were intersected in all holes. Holes ELD23-01 (182 metres depth) and ELD23-02 (263 m) were drilled in opposite directions from the same drill pad. ELD23-01 was designed to test the potential of an interpreted subvertical "feeder" for the east-dipping breccias, and ELD23-02 targeted additional northeast-dipping, sulphide-bearing, siliceous ankerite vein/breccia panels structurally below an approximately 80metre thick panel intersected in hole ELD22-03 drilled in 2022. At a depth of 143.4 m, a 1 cm arsenopyrite vein was intersected at 75o to core and aligns with the downdip extension of the vein; a 0.82 m sample returned 0.743 g/t Au. Both drill hole appeared to intersect the Robson vein, though a 2 m interval between 25 - 27 m that returned 0.231 g/t Au may be the distal expression of the vein. The Robson vein is described as having a very shallow dip (parallel to slope) and may not strike into the area of these two holes. Three separate intervals ran 0.75 m at 0.294, 0.5 m at 0.605, and 1.37 m at 0.307 g/t Au (true widths estimated at 70-90%). The strong alteration suggests more mineralization could occur beneath the thick till cover to the east, on the main mineralized trend, and geophysics is warranted to develop additional drill targets. Readers are cautioned that historical drilling and surface sampling results reported here should be viewed primarily as a guidance for future exploration drilling. Gelum engaged Quesnel Bros. Diamond Drilling ("QB') in September 2023 to continue drilling the 3000-metre programme started in September 2022. A total of 1340.0 metres were drilled in six holes from five widely spaced platforms. As the drilling started late in the season (end of September), QB mobilized two rigs: 1) a lightweight Hydracore 2000 drill rig, supported with helicopter service by Eclipse Helicopters of Penticton, B.C., utilizing the nearby Gun Lake strip for logistics, and 2) a skid-mounted rig, which was trucked and pulled to site via the north logging road access and new drill trails to the ridge crest. All core was NQ size, and the average recovery was 87%. The Bralorne mines historically exploited the largest, highest-grade, longest-producing lode-gold deposit in B.C. Management is proud to have developed an excellent working relationship with the Bridge River Indian Band (Xwisten) the project is within the St'at'imc territory (Traditional Territory) in which Xwisten and its members assert, hold and exercise legally protected Aboriginal Title and Rights ("Ind Indigenous Title and Rights"). Announcement • Oct 17
Gelum Resources Ltd.'S Drill Program Targeting High-Grade Gold Near Completion on Eldorado Gold Project Gelum Resources Ltd. through its recently announced option agreement with Wealth Minerals Ltd. is completing an approximately 1.5 square kilometres of the main mineralized trend. Readers should note that geochemical results from a hand-held XRF analyzer are given herein only for exploration guidance and to determine mineralogy and relative metal content; the analysis significance is limited by the narrow (1cm) sampling window, inhomogeneity of mineralization, and limited depth penetration. All XRF results are subject to confirmation by chemical analysis from an independent laboratory when the samples are submitted. New Risk • Sep 17
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: -CA$1.3m 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 (-CA$1.3m free cash flow). Share price has been highly volatile over the past 3 months (21% average weekly change). Earnings have declined by 54% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$3.95m market cap, or US$2.92m). Minor Risk Shareholders have been diluted in the past year (11% increase in shares outstanding). New Risk • Aug 30
New major risk - Revenue and earnings growth Earnings have declined by 46% 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 Earnings have declined by 46% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$5.26m market cap, or US$3.89m). Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Shareholders have been diluted in the past year (11% increase in shares outstanding). Announcement • Jul 23
Gelum Resources Ltd., Annual General Meeting, Oct 03, 2023 Gelum Resources Ltd., Annual General Meeting, Oct 03, 2023, at 09:00 Pacific Daylight. Location: Suite 2710 200 Granville Street Vancouver, BC V6C 1S4 Vancovuer British Columbia Canada Announcement • Jul 08
Gelum Resources Ltd. announced that it expects to receive CAD 1.5 million in funding Gelum Resources Ltd. announced a non-brokered private placement consisting of 5,000,000 flow-through units at an issue price of CAD 0.20 per flow-through unit for the gross proceeds of CAD 1,000,000 and 3,125,000 non-flow through units at an issue price of CAD 0.16 per non flow-through unit for the gross proceeds of CAD 500,000, for the aggregate proceeds of CAD 1,500,000 on July 7, 2023. Each Flow-Through Unit and Non Flow-Through Unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase an additional common share of the Company at a price of CAD 0.30 per share for a period of 18 months from the closing of the Offering. All securities issued in connection with the Offering have a four-month and one day hold period in Canada from closing. Finder’s fees may be paid to eligible finders in accordance with CSE policies and applicable securities laws. Board Change • Apr 19
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 2 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Director Bob Kopple is the most experienced director on the board, commencing their role in 2015. Independent Director Henk van Alphen was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Announcement • Dec 13
Gelum Resources Ltd. announced that it expects to receive CAD 0.5 million in funding Gelum Resources Ltd. announced a non-brokered private placement consisting of up to 2,500,000 units at a price of CAD 0.20 per unit for gross proceeds of up to CAD 500,000 on December 12, 2022. Each unit consists of one common share and one common share purchase warrant, each warrant entitles the holder to purchase an additional common share at a price of CAD 0.40 per share for a period of 24 months from the closing of the transaction. Finder’s fees may be paid in connection with the transaction. All securities issued in connection with the transaction have a four-month and one day hold period in Canada from closing. Board Change • Nov 16
Less than half of directors are independent There are 3 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 new directors. 2 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Director Bob Kopple is the most experienced director on the board, commencing their role in 2015. Independent Director Henk van Alphen was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Board Change • Oct 20
Less than half of directors are independent There are 3 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 new directors. 2 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Director Bob Kopple is the most experienced director on the board, commencing their role in 2015. Independent Director Henk van Alphen was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Announcement • Sep 22
Gelum Resources Ltd. announced that it expects to receive CAD 1.5 million in funding Gelum Resources Ltd. announced a non-brokered private placement of 3,333,333 flow-through shares at a price of CAD 0.3 per flow-through share for gross proceeds of CAD 999,999.9 and 2,500,000 non flow-through units at a price of CAD 0.2 per non flow-through unit for gross proceeds of CAD 500,000 for total gross proceeds of up to CAD 1,499,999.9 on September 20, 2022. Each non flow-through unit and ordinary unit consists of one common share and one half of a common share purchase warrant. Each warrant can be exercised to acquire one common share at a price of CAD 0.45 per share for a period of 18 months from the date of closing. The expiry of the warrants may be accelerated if the closing price of the common shares on the exchange is equal to or greater than CAD 0.60 for a minimum of twenty consecutive trading days and a notice of acceleration is provided in accordance with the terms of the warrants. The securities are being subject to four months and one day hold period. Announcement • Sep 15
Gelum Resources Ltd. Mobilizes A Hydracore 2000 Drill Rig to the Eldorado Gold Property Gelum Resources Ltd. has mobilized a Hydracore 2000 drill rig to the Eldorado Gold property and started drilling a 3000-metre helicopter-supported programme targeting high-grade gold mineralization. The Eldorado Gold Project Drill Programme: Gelum has engaged Quesnel Bros. Diamond Drilling (Quesnel) to drill approximately 3000 metres from ten (10) drill pads located targeting gold-arsenic-antimony geochemical anomalies and their possible source structures. The areas to be tested have very shallow or no previous record of historical drilling. Quesnel will use a lightweight Hydracore 2000 drill rig and helicopter service will be provided by Blackcomb Helicopters, with a base in nearby Gun Lake. The first drill hole will be collared near the entrance to the Northern Lights No. 1 historical adit, where a 4,643-pound sample of sulphide-vein mineralization from an adjacent historical test pit returned 1.74 ounces/ton (2108 kg at 54 g/t) in 1934. Several directions of gold-bearing sulphide veins are present in addition to thick panels of listwanite cutting the Eldorado diorite and older Bralorne greenstone units over 1000 metres along strike, on the east slope of the highly gold- anomalous ridge leading south from Nea Peak. The second hole will target this mineralization along strike 250 metres to the north of the first. The remaining holes are targeting the large gold-arsenic-antimony talus geochemical anomaly 1500 metres to the north, as well as the north end of a highly gossanous, gold-mineralized feldspar-porphyry dike on the Robson claim. Readers are cautioned that surface sampling results reported here should be viewed primarily as a guidance for future exploration drilling. Surface sampling is prone to sampling bias and is not necessarily a reliable indicator of mineralization at depth. The qualified person for this release has not done sufficient work to independently verify the historical sampling results described above. High-grade gold mineralization in similar listwanite-bearing rocks on the southern portions of the same north-northwest, regional fault structures is being successfully targeted by Endurance Gold Corporation on their Reliance Gold project, located 14 kilometres to the southeast. Tempus Resources Ltd. is successfully targeting similar orogenic gold mineralization on the Elizabeth Gold Project, located 25 kilometres east of Eldorado, and hosted in similar geological units (Late Cretaceous diorite intruding ultramafic rocks). Talisker Resources are actively expanding resources at the Bralorne mine and exploring a wide area east and north of the Eldorado claim block. The Eldorado Gold Property is located 22 kilometres north of the Bralorne mine, and 17 kilometres North of the community of Gold Bridge. The 9028-hectare property covers multiple Minfile listings and two past-producing (1930s & 40s), small-scale gold mines that form the northern extent of the Bridge River-Bralorne/Pioneer orogenic gold system. Gold occurs in polymetallic sulphide veins and vein-stockworks within broad quartz-carbonate alteration in the Eldorado granodiorite stock and surrounding rocks. These units are complexly juxtaposed by numerous faults associated with regional-scale structures linked to gold mineralization. Announcement • Sep 14
Gelum Resources Ltd. Appoints John Robins, P.GEO as Advisor Gelum Resources Ltd. reported that John Robins, P.GEO. has been appointed as an advisor to the Company. John Robins is a professional geologist, prospector and entrepreneur with over 35 years of experience in the mining industry. In 2008 he was awarded the Spud Huestis award for his contributions to mineral exploration in British Columbia and Yukon. Mr. Robins has been involved in several notable discoveries including the Dixie Lake Gold Deposits in Red Lake Ontario, the 5 million oz Coffee Gold deposit in Yukon, Three Bluffs gold deposit in the Committee Bay greenstone belt and the Aviat/Churchill diamond districts of Nunavut. He has been involved in over a 2.5 billion dollars in MA activity and has generated over $500 million in direct and indirect mineral expenditures throughout Canada, Latin America and Australia. Mr. Robins is the Founder and Co-Founder of several notable companies including Great Bear Royalties, Hunter Exploration, Kaminak Gold Corp., Stornoway Diamond Corp., Northern Empire Resources Corp., Bluestone Resources Inc. and Fireweed Zinc Corp. Mr. Robins is the former Chairman of Great Bear Royalties and holds board positions with K2 Gold, Fireweed Metals and Elemental Royalties. Mr. Robins is Strategic Advisor to Prospector Metals, Kodiak Copper Corp., ValOre Metals and Baroyeca Gold and Silver Inc. and was previously an advisor to Great Bear Resources. Recent Insider Transactions Derivative • Jul 20
Director exercised options to buy CA$841k worth of stock. On the 12th of July, Robert Kopple exercised options to buy 3m shares at a strike price of around CA$0.06, costing a total of CA$202k. This transaction amounted to 45% of their direct individual holding at the time of the trade. Since September 2021, Robert has owned 7.53m shares directly. Company insiders have collectively bought CA$347k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Jun 24
Gelum Resources Ltd. Announces Board Changes Gelum Resources Ltd. welcomed Mr. Ken Shannon to the Company's Advisory Board. Director Hendrik van Alphen is particularly pleased having successfully worked with Ken on Corriente Resources Inc., a copper project in Ecuador which was successfully sold in 2010 to CRCC-Tongguan Investments (Canada) Co. Ltd., a Chinese partnership, for $680,000,000. Mr. Shannon has worked for over 20 years in the role of CEO, raising over $200 million of venture capital for mineral exploration projects. His accomplishments include the discovery or confirmation of the Taca-Taca deposit in Argentina, and the Mirador, Mirador Norte, Panantza and San Carlos deposits of the Corriente Copper Belt in Ecuador (>30 Billion pounds of contained copper in total). In addition to Mr. Shannon's experience and knowledge relating to corporate management, the Board welcomes his recognition and experience in building a trusting and prosperous relationship with Indigenous Peoples, a focus of the existing management. Announce the addition of Kelly Earle to Advisory Board (December 2021): Ms. Earle has 15 years of experience in the mining industry and is currently Vice President, Communications with Skeena Resources Limited, where she oversees all corporate development and investor relations activities. Ms. Earle spent several years in the field as a geologist prior to making the transition into the corporate side of the industry. She is a founding member of the British Columbia Regional Mining Alliance (BCRMA), a regional partnership between Aboriginal groups, industry and provincial government representatives to promote mining investment in the Golden Triangle of northwest BC. Ms. Earle brings significant relevant experience to the Company's advisory board. Announcement • Jun 01
Gelum Resources Ltd., Annual General Meeting, Aug 12, 2022 Gelum Resources Ltd., Annual General Meeting, Aug 12, 2022, at 09:00 Pacific Daylight. Location: Suite 2710 200 Granville Street Vancouver British Columbia Canada 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. 2 non-independent directors. Independent Director Henk Van Alphen was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Dec 07
Gelum Resources Ltd. announced that it expects to receive CAD 2 million in funding Gelum Resources Ltd. announced a private placement of up to 2,857,143 flow-through shares at a price of CAD 0.35 per share for gross proceeds of CAD 1 million, up to 4,000,000 non-flow through units at a price of CAD 0.25 per non-flow through unit for gross proceeds of CAD 1 million; for aggregate proceeds of up to CAD 2 million on December 6, 2021. Each non-flow through unit consists of one common share and one-half of one common share purchase warrant, each whole warrant entitles the holder to purchase an additional common share at a price of CAD 0.45 per share for a period of 18 months from the closing of the transaction. The expiry of the warrants may be accelerated if the closing price of the company's common shares on the Canadian Securities Exchange is equal to or greater than CAD 0.60 for a minimum of twenty consecutive trading days and a notice of acceleration is provided in accordance with the terms of the warrants. All the securities issued in the transaction have a four-month and one day hold period in Canada from closing. Board Change • Oct 30
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. 2 non-independent directors. Independent Director Henk Van Alphen was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 
