GBM RESOURCES LIMITED. — AGM Information 2020

Nov 29, 2020

==> picture [842 x 238] intentionally omitted <==

The new GBM: accelerated exploration - focused on ASX:GBZ delivering world class gold/copper resources

AGM Presentation - 30 November 2020

This Document is Confidential and may not be reproduced, redistributed or passed on, directly or indirectly.

This Document is not a Prospectus nor an Offer to Subscribe for Shares and Options (the “New Securities”) in any jurisdiction. The distribution of this Document in jurisdictions outside of Australia may be restricted by law. Any person who comes into possession of this Document in jurisdictions outside Australia should observe any such restrictions. Nothing in this Document is to be construed as authorising the distribution, or the offer or sale of the New Securities in any jurisdiction other than Australia, and GBM does not accept any liability in this regard. Failure to comply with these restrictions may constitute a violation of applicable securities laws. In particular, the New Securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended ("US Securities Act"), or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. See the section of this presentation titled “Foreign selling restrictions” for more information.

GBM and its Directors, employees and consultants make no representations or warranty as to the accuracy, reliability or completeness of this document, and have no liability, including liability to any person by reason of negligence of, or contained in or derived from, or for any omissions from this document, except liability under statute that cannot be excluded.

This document contains reference to certain targets and plans of GBM which may or may not be achieved. The performance of GBM may be influenced by a number of factors, uncertainties and contingencies, many of which are outside the control of GBM and its directors, staff and consultants.

The information in this report that relates to Exploration Targets, Exploration Results and Mineral Resources is based on information compiled by Peter Mullens, who is a Fellow of The Australasian Institute of Mining and Metallurgy. Peter Mullens is an employee of the company and is a holder of shares and options in the company. Mr Mullens has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Mullens consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

The Company confirms that the form and context in which the Competent Person’s findings are presented have not materially changed from the original market announcement.

This presentation may contain forward-looking statements including, but not limited to, comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, and other related matters. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. The Company’s current projects in Australia are at an early stage and all estimates and projections are based on limited, and possibly incomplete data. More work is required before geological and economic aspects can be confidently modelled. Actual results may differ materially from those currently anticipated in this presentation. No representation or prediction is intended as to the results of future work, nor can there be any guarantee that estimates and projections herein will be sustained in future work or that the Project will otherwise prove to be economic.

It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves ("JORC Code"). Investors outside Australia should note that while ore reserve and mineral resource estimates of GBM in this Document comply with the JORC Code (such JORC Code-compliant ore reserves and mineral resources being "Ore Reserves" and "Mineral Resources" respectively), they may not comply with the relevant guidelines in other countries and, in particular, do not comply with (i) National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators (the "Canadian NI 43-101 Standards"); or (ii) Industry Guide 7, which governs disclosures of mineral reserves in registration statements filed with the US Securities and Exchange Commission (the "SEC"). Information contained in this Document describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of Canadian or US securities laws. In particular, Industry Guide 7 does not recognise classifications other than proven and probable reserves and, as a result, the SEC generally does not permit mining companies to disclose their mineral resources in SEC filings. You should not assume that quantities reported as “resources” will be converted to reserves under the JORC Code or any other reporting regime or that GBM will be able to legally and economically extract them.

2

• Corporate management team in place  international experience + track record for success 

• Expanded shareholder base  North American + European Funds are now significant shareholders 

• 

• Recapitalised with a strong cash balance to fund activities

• cash and marketable securities[1 ]  approx. A$13.7 M

• cash flow from White Dam gold and copper production

• Focused strategy for +1 Million ounce resource base at Flagship Mt Coolon with Drummond Basin consolidation strategy

• existing resources base Mt Coolon 330 koz gold[2]

• recently acquired gold assets at Yandan  See announcement[3] – Pending 2012 JORC resource

• ~3,200 m drill program completed at Mt Coolon  Glen Eva / Koala 

• Funding other portfolio projects with North American style JV model to accelerate exploration

• Malmsbury Option to Purchase (OTP) and JV with Novo Resources   exploration underway 

• Cloncurry Copper JV with JX Nippon Mining & Metals  Ernest Henry style IOCG gold and copper exploration

• White Dam Gold-Copper heap leach JV formed with Round Oak Minerals   gold and copper production with SART 

1. Based on Novo 5 day VWAP at 27 November 2020 of CAD$2.46 and CAD/AUD exchange rate of 1.045

2. See Appendix for Mt Coolon and Malmsbury JORC Resources

3. GBM ASX Announcement, 19 October 2020, Acquisition of Yandan Project

Peter Mullens, Executive Chairman

• Geologist (BSc, FAusIMM) with 35 years’ international experience in mine and exploration geology

• 17 years in Director / officer roles in public and private resources companies

• Lydian Resources (TSX:LYD); Laramide Resources (TSX:LAM); Aquiline Resources (TSX:AQI)

Peter Rohner, Managing Director

• Metallurgist (BSc, Grad. Dip Applied Finance) with 32 years’ project development and metallurgical plant operations experience

• 14 years in Director / officer roles in public and private resources companies

• Founder and Technical Director; Core Resources: world leader in metallurgical services

Brent Cook, Non-Executive Director

• Economic Geologist with over 40 years experience in exploration, mining and finance (BSc, Grad. Dip Applied Finance)

• Former Chief Analyst Global Resource Investments, (now Sprott Global)

• Founder, widely respected Exploration Insights investment newsletter

Stephen Nano, Advisor, Technical & Corporate Development.

• Geologist (BSc (Hons), FAusIMM (CP), MAICD 32 years’ international experience in exploration and mine geology

• 15 years in Director / officer roles in public and private resources companies

• Founder and Technical Director; Global Ore Discovery: internationally recognised geoscience consultancy

• Founder, Vice President, CEO, Director; Mirasol Resources to January 2019 (TSX.V:MRZ)

GBM Resources Limited Share Price Chart ( ASX: GBZ )

1 Year Share Performance + 223%

==> picture [488 x 184] intentionally omitted <==

==> picture [490 x 94] intentionally omitted <==

----- Start of picture text -----

Trading Volume
----- End of picture text -----

Capital structure (ASX: GBZ)

Shares on issue	402.7 M
Options (Listed) exercisable at 11c1	50.6 M
Unlisted options1	26.25 M
Performance rights	0.3 M
Share price (27th November 2020)	A$0.15
Market capitalisation (undiluted)	A$60.4 M
Enterprise value	A$46.7 M

Treasury

	Cash (27th November 2020)	A$9.1 M
	Plus Marketable Securities2	A$4.6 M
	Total	A$13.7 M

• 2: Based on Novo 5 day VWAP at 27 November 2020 of CAD$2.46 and CAD/AUD exchange rate of 1.045

Not to be forgotten, GBM’s lower priority projects have strong exposure to copper with:

• Cloncurry JV and regional tenements

• Mount Morgan tenements – looking for JV partner

• White Dam tenements and production

Price increases – last 12 months

Nov. 2019 Nov, 2020 Increase Copper A$t 8,704 10,063 15.6% Gold A$/oz 2,140 2,450 14.5%

==> picture [439 x 282] intentionally omitted <==

==> picture [279 x 345] intentionally omitted <==

----- Start of picture text -----

GBM Resources Project Portfolio
Mt COOLON
YANDAN
GBM Flagship
CLONCURY JV Epithermal Gold
IOCG Style
Copper/Gold
Pan Pacific Copper JV
Mine
Mt MORGAN
World-class Priority Project with
Gold/Copper District
Initial Resource
Key Exploration
WHITE DAM MINE Project
Heap Leach Gold/Copper Production Farm-In & OTP from Round Oak Pipeline Project
Gold
MALMSBURY Gold/Copper
Fosterville Style Gold Copper/Gold
Novo Res. OTP & Farm-In
Copper/ Rare Earth
Elements
Phosphorus
OTP - Option to
500 km Purchase Agreement
----- End of picture text -----

GBM Resources Project Portfolio

1. GBM ASX Announcement, 4 December 2017, Mt Coolon Gold Project Scoping Study

2. Fosterville Gold Mine Victoria Australia Updated NI-43-101 Technical Report Apr 1 2019

3. GBM ASX Announcement, 4 July 2019, Malmsbury Resource Upgraded to JORC 2012

Drummond Basin Epithermal Gold: World class

• 3[rd] party resource consolidation strategy in progress within Mt Coolon “Processing Radius”

• Mt Coolon flagship  Existing GBM JORC (2012) resources 330 koz gold at 1.5 g/t[1]

• Recent Yandan Gold Project acquisition  JORC 2012 resource update pending

• Initial 3,200 m drill program completed , recent drilling results pending

• 2,191 km[2 ] New 100% GBM Applications  Total claims holdings 4,088 km[2] if granted

Malmsbury Gold Project 7 km[2] (100%): Targeting Fosterville style high grade gold

• 56 km south of 6.8 Moz Fosterville Mine in similar geological setting[2]

• Existing GBM JORC (2012) resource 820 kt ore at 4.0 g/t Au for 104 koz Au[3]

• Option to Purchase farm-in deal exercised 25th September 2020[4 ]  Novo Resources

• Novo 50% purchase for 1,575,387 M shares  Current value A$4.1 M[5]

• Yr 1 exploration required A$1.0 M  Exploration underway, soils, rock chip and re-assay of core pending

White Dam Gold-Copper Heap Leach Mine 489 km[2] : Low cost early cash flow opportunity

• Farm-in and option to purchase: SART plant construction + A$500 k cash payment  100% GBM

• Joint Venture formed June 2020  Copper and gold production continuing to ramp up and generating cash

• White Dam JORC (2012) resource announced August 2020  4.6 Mt averaging 0.7 g/t for 102 koz gold

Mt Morgan Gold-Copper Project 1,017 km[2] (100%): Surrounds world-class gold-copper mine

• Historic Mt Morgan Mine, 7.7 Moz gold and 361 kt copper[6]

• Historic data compilation in progress, JV partner search initiated

Cloncurry Gold-Copper JV 680 km[2] (46.2%): Targeting world-class IOCG deposits

• Multiple priority targets defined adjacent to the Glencore operated Ernest Henry copper-gold mine

• 100% funded by Joint Venture partner JX Nippon Mining & Metals

• Joint Venture partner spend to date A$16.7 M, Exploration budget 2020  ~A$750 k, geophysical program delayed due to availability of contractors

4. GBM ASX Announcement, 31 March 2020, Strategic Malmsbury JV with Novo Resources and A$1 million placement with the EuroPac Gold Fund

5. Based on Novo 5 day VWAP at 27 November 2020 of CAD$2.46 and CAD/AUD exchange rate of 1.045

6. http://www.portergeo.com.au/database/mineinfo.asp?mineid=mn443

==> picture [842 x 382] intentionally omitted <==

----- Start of picture text -----

GBM Funded Exploration Pipeline
Resource to Reserves Conversion Drilling and White
Dam
Mining Studies Resource [1] Yandan projects added to GBM’s pipeline
Mt Coolon - Expanded exploration budget for Mt Coolon
Koala, Eugenia
Resource Extension Drilling / Yandan in preparation for 2021 activities
Yandan
Brownfields Conceptual Drill Targets Mt Coolon - Glen Eva
Mt Coolon - Eastern Siliceous
Exploration Drilling Bimurra, Conway
Verbena Sinter
Mt Coolon Generative
Greenfield Exploration Mt Morgan Exploration and Business Dev
New Drummond Claims Applications
1 GBM ASX Announcement, 10 August 2020, White Dam JORC 2012 Resource of 102 koz, under a JV arrangement and subject to Option to Purchase 8
----- End of picture text -----

Mount Coolon and Yandan Gold-Silver Projects Drummond Basin

GBM drilling at Mt Coolon, 8[th] September, 2020

==> picture [842 x 385] intentionally omitted <==

----- Start of picture text -----

Drummond Basin Queensland, Australia
1 GBM management and consultants have a track record of discovering substantial epithermal Au-Ag
deposits globally Ravenswood
Mt Leyshon
2 GBM views the Drummond Basin as underexplored compared to other comparable epithermal terrains Pajingo
5.0 Moz Au [4]
The company is applying leading edge exploration technologies and significant exploration funding to
3 Wirralie
maximise discovery potential GBM 1.0 Moz Au [3]
Yandan
 GBM’s Competitive advantage: funding / track record / knowledge in an underexplored terrain Asset Purchase GBM Resources
Mt Coolon
0.33 Moz Au 1
Santa Cruz Epithermal Province, Argentina: Growth in Metal Inventory Last 15 Years
Twin Hill
2001 Reserves & Production  3.8 Moz Au 2018 Reserves & Production  20.4 Moz Au 0.63 Moz Au [2]
55.6 Moz Ag 494.1 Moz Ag
Las Heras San Jose Las Heras
1.93 / 130.2 Moz Belyando
Cerro Negro Cerro Negro 0.09 Moz Au [5]
0.47 / - Moz 7.1Moz / 56.6 Moz
Fitzroy Fitzroy
Carboniferous –
Permian Connors
Province
Virginia Middle Carboniferous
15.0 Moz Ag to Quaternary Cover
Puerto Cap-Oeste Puerto Late Devonian -
Deseado 0.9 / 26.9 Moz Deseado Early Carboniferous
0.05 / 2.5 MozCose Joaquin11.8 Moz Ag 0.9 / 53.6 MozCerro Moro Late Devonian -Early Carboniferous Sediments
Cerro Vanguardia Cerro Vanguardia Volcano-Sedimentary
Jurassic 2.8 / 33.0 Moz 8.9 / ~130 Moz Pre-Devonian
Sediments Anakie & Charters
Martha Towers Provinces
Jurassic Manantial Espejo 20.8 Moz Ag Manantial Espejo Gold Mine
Volcano-Sedimentary 0.60 / 32.6 Moz 0.71 / 46.7 Moz Gold Resource /
Au/Ag Mine 50 km 50 km Historic Mine
or Adv. Project
50 km
1. GBM ASX Announcement, 4 December 2017, Mt Coolon Gold Project Scoping Study 4. Total endowment Au-Ag: Geological Survey of Queensland, 11 September 2015, Intrusion-related minerals systems of north Queensland
2. GBM ASX Announcement, 18 January 2019, Mt Coolon and Twin Hills Combined Resource Base Approaches 1 Million Ounces 5. Zamia ASX Announcement, 29 April 2015, Zamia Metals Limited Quarterly Activities Report for the Quarter Ended 31 March 2015 10
3. Drummond Gold presentation, 2014
----- End of picture text -----*

==> picture [707 x 360] intentionally omitted <==

----- Start of picture text -----

Wirralie  1 Mt Coolon “processing radius” acquisition strategy
•
of + 1.0 Moz on active mining leases 1.0 Moz on active mining leases on active mining leases
Mt Coolon • Step 1 – Complete Yandan acquisition,
Yandan Project
Eugenia
Project
Koala
Glen Eva target achieved
Eastern
Siliceous
Yandan Project Verbena • 2 Expanding tenement position within processing radius
Sinter
East/South Hill Resource: JORC 2012
Resource pending • July 2020, Remaining Apps. 2,191 km [2]
Mt Coolon Project
km [2 ]
Koala, Eugenia &
Glen Eva Resource: 330 koz Au [1,2]
 3 Prioritising Mt Coolon and Yandan exploration
•
Initial exploration drilling at Glen Eva and Koala during 2020
Twin Hills 309
372 koz Au [1] • 3,200 m drill program completed, awaiting remaining results
Lone Sister
260 koz Au [1]
•
/ alteration vectoring – IP program in progress
20 km •
----- End of picture text -----

• Potential to consolidate additional JORC resources to support our target of + 1.0 Moz on active mining leases 1.0 Moz on active mining leases on active mining leases

• Step 1 – Complete Yandan acquisition, key resource and mining lease to provide the platform for transitioning to production once resource base target achieved

Expanding tenement position within processing radius

• Initial exploration drilling at Glen Eva and Koala during 2020

• 3,200 m drill program completed, awaiting remaining results

• Systematic along strike and covered exploration with geophysics / geology / alteration vectoring – IP program in progress

• Developing plans for expanded field and drilling programs in 2021

 Acquisition rational – Yandan is a key resource in the Drummond Basin with large mining leases, which provides the platform for transitioning to production once GBM’s resource base target is achieved. Higher grade resources from GBM’s other project areas in the Drummond Basin can be trucked to Yandan for treatment (similar to Ross Mining in the 1990’s )

• Acquisition subject to approval by GBM’s shareholders at AGM

• Aeris has confirmed board and financier approvals

• Completion now only subject to;

• finalising documentation and settlement actions (i.e. bond transfer etc.)

• the issue and allotment of 22,222,223 million fully paid ordinary shares to Aeris (Consideration Shares), in the capital of GBM, representing $3 million at an issue price of $0.135

• placement of A$1.0 million of fully paid ordinary shares in the capital of GBM to Aeris, at the same share price (Initial Share Price) or lower if the GBM share price is less than 80% of the Initial Share Price at the time of completion

1. GBM ASX Announcement, 19 October 2020, Acquisition of Yandan Project

==> picture [72 x 106] intentionally omitted <==

----- Start of picture text -----

1
East Hill
and South
Hill JORC
2012
Mineral
Resource
Pending
----- End of picture text -----

==> picture [329 x 34] intentionally omitted <==

----- Start of picture text -----

A
1. GBM ASX Announcement, 19 October 2020, Acquisition of Yandan Project
----- End of picture text -----

==> picture [74 x 344] intentionally omitted <==

----- Start of picture text -----

D
----- End of picture text -----

 Updated JORC 2012 compliant mineral resource expected to be completed shortly

==> picture [842 x 262] intentionally omitted <==

----- Start of picture text -----

Initial results to date
Mt Coolon: Glen Eva drilling -
1
----- End of picture text -----

==> picture [431 x 201] intentionally omitted <==

----- Start of picture text -----

Legend Drillhole 20_03
>5.0 g/t Au > 0.2 g/t Au Lode Vein
----- End of picture text -----

==> picture [75 x 10] intentionally omitted <==

----- Start of picture text -----

Drillhole 20_03 [1]
----- End of picture text -----

• 2.7m @ 3.62 g/t Au & 30.9 g/t Ag from 145.1m incl. 0.8m @ 11.87 g/t Au & 85.4 g/t Ag from 147.0m

==> picture [72 x 24] intentionally omitted <==

----- Start of picture text -----

Deep Target
Zone
----- End of picture text -----

Drillhole 20_01[1]

• 4.3 m @ 1.68 g/t Au & 32.7 g/t Ag from 232.4 m incl. 0.9 m @ 5.41 g/t Au & 64.8 g/t Ag from 234.0 m

• Very wide vein and vein zone intersections

• High level epithermal vein textures

• Higher grade gold – silver – tellurium pluses

• Approx. 150 vertical m tested of potential +300 m vertical extents to min.

==> picture [842 x 295] intentionally omitted <==

----- Start of picture text -----

Mt Coolon: Koala gold deposit drill targets
A Koala long section with gold gram x metres grade distribution Long SectionGold Shoot
Distribution
UD003 MDDH086
Target 1 MDDH023 MDDH038 KLRD0024 KODD015 8.2 m @ 6.0 g/t Au 4.8 m @ 6.4 g/t Au >10 g/t Au x m
4.0 m @ 9.7 g/t Aufrom 177.58-181.58 m 3.0 m @ 4.5 g/t Aufrom 249.6-252.6 m 2.6 m @ 12.3 g/t Au from 206.4-209.0 m 4.12 m @ 5.3 g/t Aufrom 105.0-109.12 m from 79.2-87.4 m from 164.8-169.6 m 5-10 g/t Au x m
A’ 1000 m 1-5 g/t Au x m
A <1 g/t Au x m
Historic Target 2 Mined Out
Pit 100m Downhole Drill
Mined Out Intersections
900 m Au g x m
Target 3 >25 – 116
>10-25
Target 3 >5-10
Target 4 >1-5
800 m
<1
Target 2
Target 4
250 m wide target zone Rhyolite cover
Target 1 no previous drilling
700 m Mined out
50m
A’ Underground
development
600 m wide target zone limited drilling below 150 /170 m  Priority Drill Targets Mine Grid Coordinates
10800m N 10600m N 10400m N 10200m N 10000m N 9800m N 9600m N
----- End of picture text -----

• Historic underground and open pit production 1930’s and 1990’s of 232,000 oz @ ~15.5 g/t Av. Au[1] .

• JORC (2012) resource estimate of 1.43 Mt @ 2.6 g/t Au for 121,500 oz Au[2] .

• Drilling program plan at Koala with up to 8 holes for approx. 2,000 m.

• Testing down dip extensions of high-grade epithermal vein intercepts at the top of the zone including:[3]

• 2.6 m at 12.3 g/t Au (hole KLRD0024 from 206.4 m down hole)

 4.0 m at 9.7 g/t Au (hole MDDH023 from 177.6 m down hole)

==> picture [842 x 291] intentionally omitted <==

----- Start of picture text -----

Mt Coolon: Koala gold deposit exploration
potential
Pajingo - Vera Nancy trend (2.58 Moz Au at 13.48 g/t Au [1] ) long section with gold gram x metres grade distribution at same scale
North
South Jandam Vera South Vera Nancy Nancy North Anne
Pajingo - Vera Nancy Trend
(Production + Resources)
1000 RL 2.58 Moz Au @ 13.48 g/t Au
Known Extent of Koala vein at the same scale
Mined Pit
800 RL Koala
(Historic Production)
250 m Largely undrilled Target3 0.23 Moz Au @ 15.5 g/t Au
Northern Extension
Conceptual Target Target Target 4
2 600 RL
Target
1
+250 m
----- End of picture text -----

Koala mineralization has strong similarities the 5.0 Moz Pajingo low sulfidation epithermal vein district.

• Pajingo epithermal vein system

• Strike length of 2.25 km

• Mineralized shoots + 250 m of vertical extent

• Koala epithermal vein system

• Strike extensions largely covered by post mineral sequences

• Exploration focused on 1 km strike extent

• Drilled to an average depth of 150 m

Significant exploration potential at Koala remains to be tested by further GBM drill programs

Targets 1- 4 : Down plunge extensions of existing shoots Conceptual Target: strike extent (North > South) covered extension of Koala vein system supported by Au anomalous veining intersected previous drilling  down thrown block?

==> picture [842 x 475] intentionally omitted <==

----- Start of picture text -----

Mt Coolon: Eugenia gold deposit exploration
potential
0.2 g/t Au A A B B’
Cutoff Composite(on drill traces) ’
0 0.1 Target 5
0.1 0.3
0.3 0.5
0.5 1
1 2.5
2.5 5 Target 2
5 67.74 Target 3
Target 1
EURC049
16.0 m @ 3.41 g/t Au PCRC066
from 138.0 m 14.0 m @ 4.83 g/t Au
incl. 4 m @ 11.76 g/t Au from 70.0 m
incl. 2 m @ 25.4 g/t Au
EUDD041 EURC014
Target 3 Target 4 Target 4 7.0 m @ 4.32 g/t Aufrom 175.0 m PCDD00913.1 m @ 1.54 g/t Au 29.0 m @ 0.53 g/t Aufrom 73.0 m
from 163.9 m
50 m incl. 0.65 m @ 14.0 g/t Au 50 m
A A’  Shallow JORC resource estimate of 3.4 Mt @ 1.1g/t Au for 124,100 oz Au [1] .
 Drilling program plan with up to 7 holes for approx. 1500 m.
 Testing down dip projections of the shallowly west dipping tabular bodies of
mineralization that define the current largely oxide resource.
 Planned holes also target down dip of interpreted high grade feeder mineralisation e.g.
B B’
 16.0 m at 3.41 g/t Au, including 4.0 m at 11.76 g/t Au (EURC049 from 138 m) [2]
 7.0 m at 4.32 g/t Au (EUDD041 from 175 m) [2]
100m Target 1 Target 2
0.2 g/t Au Composite - Calculated with internal dilution of 2 m @ 0.01 g/t Au and minimum width of 0.3 m All intercept labels from 0.2 g/t Au composite, including’s calculated at 5.0 g/t Au cut off
1. GBM Resources. 4 December 2017 News Release. Scoping Study demonstrates the Potential Economic Viability of Recommencing the Mount Coolon Gold project, Queensland. 17
2. GBM Resources, 27 August 2015, News Release. Resource Upgrade for Mount Coolon Gold Project, Central QLD
T T
T T
----- End of picture text -----

GBM is using modern deep-penetrating 3D IP methods within the Eastern Drummond Basin to prove its viability and then support the application of the technique elsewhere within priority structural corridors.

This program is partly funded by the Geological Survey of Queensland (QLD Government) under the CEI grants scheme.

==> picture [842 x 238] intentionally omitted <==

----- Start of picture text -----

18
----- End of picture text -----

Gold Project Malmsbury Gold Project

• GBM Malmsbury project - Fosterville analogue

==> picture [799 x 339] intentionally omitted <==

----- Start of picture text -----

Stawell Zone [2,3] Bendigo Zone [2,3] Melbourne Zone [2,3] Tabberabbera Zone [2,3]
6 Moz Au 60 Moz Au 4.3 Moz Au 2.9 Moz Au  Novo Option to Purchase and farm-in - 25 [[th ]]
 Option to Purchase 50% of project for 1,575,387
Novo Shares  Value A$4.1 M lue A$4.1 M [[6]]
New South Wales Central Victorian Goldfields  $1.00 M first year exploration spend.
Catalyst Metals

Victoria Melbourne Exploration activities underway since June 2020 as
Gold mine follows:
Gold Resource / Historic Gold Mines  Additional soil samples across Retention Licence
Gold workings and occurrences  Re-assaying sections of old drill holes that were
Kirkland Lake Claims
not previously assayed
Bendigo Goldfields Fosterville Gold Mine [1] (Geological Survey of Victoria)
Historic Production [2]
22 Moz @ 15 g/t Au 6.8 Moz Au @ 7.4 g/t Au Catalyst Metals  Additional rock chip sampling, including new
Fosterville South untested structures
Kalamazoo Resources
Kalamazoo ResourcesCastlemaine Project GBM Resources Kirkland Lake Gold  LIDAR survey of full property
Historic Production6.1 Moz Au [2] Malmsbury Project Northern Central Victoria Goldfields Tender  Results are pending and will be reported in the
GBM Resources new year.
Ballarat Goldfields Structural Zones
Historic Production [2] (Geological Survey of Victoria)  Completion of Novo purchase - Retention Licence interest
14 Moz @ 12 g/t Au Fosterville South Stawell Zone and FIRB approvals underway
Lauriston Project Bendigo Zone
Melbourne Zone  Finalising exploration program for 2021, including drilling
20 km Tabberabbera Zone plans
6. Based on Novo 5 day VWAP at 27 November 2020 of CAD$2.46 and CAD/AUD exchange rate of 1.045
----- End of picture text -----

• Novo Option to Purchase and farm-in - 25[[th ]] Sept 2002.[5]

• Option to Purchase 50% of project for 1,575,387 Novo Shares  Value A$4.1 M lue A$4.1 M[[6]]

  • Additional soil samples across Retention Licence

  • Re-assaying sections of old drill holes that were not previously assayed

  • Additional rock chip sampling, including new untested structures

  • Results are pending and will be reported in the new year.

• Completion of Novo purchase - Retention Licence interest and FIRB approvals underway

• Finalising exploration program for 2021, including drilling plans

==> picture [842 x 442] intentionally omitted <==

----- Start of picture text -----

Malmsbury Gold Project: historic mining and
exploration
Kalamazoo Resources
Wattle Gully South Kalamazoo GBM Malmsbury Project Historic production Leven Star Reef: GBM JORC (2012) Res.
Project EL 6752
Resources RL 6587 98 kt ore at 29 g/t Au for ~ 91 koz gold 820 kt at 4.0 g/t Au (2.5 g/t cut off) 104 koz gold
Queens Project
GBM Malmsbury
Project
Panama
1,979 oz Au
at 87.5 g/t Au BelltopperTunnel
Missing Link 8,142 oz Au
at 64.8 g/t Au
Antimony Tunnel Leven Star ReefGBM JORC (2012) Res. 820 kt at 4.0 g/t Au for 104 koz gold Target Target 2 km Target Grade Au (g/t) >4.02.5- 4.0
1.0 - 2.5
Kalamazoo Resources North O'Connors63.0 oz Au 0.5 – 1.0
Queens Project EL 7112 at 14.5 g/t Au <0.5
Under Option to NOVO Res.
O’Conners United
38,791 oz Au  Open to depth: Initial GBM JORC (2012) resource for the Leven Star Reef of
at 18 g/t Au
820 kt at 4.0 g/t Au (2.5 g/t cut off) for a total of 104 koz gold to 150 metres
Egyptian
9,000 oz Au below surface [1]
at 12 g/t Au
 Evidence of high grade gold: Nineteenth century production from the Belltopper
Fosterville South
Lauriston Project Queen’s Birthday Kalamazoo Resources / Drummond North goldfield ranged between 18 g/t Au to up to a peak of
EL 6656 38,864 oz Au Queens Project EL 7112
at 19 g/t Au Under Option to NOVO 180 g/t Au from the Missing Link Mine
LEGEND Resources
GBM Retention Licence Mine Dump  Total 8.5 km of cumulative strike length of workings with little to no modern
Tenement Boundaries Lineaments
Historic Gold Mine / from DEM exploration outside of Leven Star resource.
Gold Resource Drill Hole
Historic Pits and WorkingsWorkings CollarsAlluvialAlluvial  Significantly under explored.
Taradale fault
----- End of picture text -----

==> picture [118 x 52] intentionally omitted <==

----- Start of picture text -----

GBM Retention Licence Mine Dump
Tenement Boundaries Lineaments
Historic Gold Mine / from DEM
Gold Resource Drill Hole
Historic Pits and WorkingsWorkings CollarsAlluvialAlluvial
----- End of picture text -----

White Dam Gold-Copper Heap Leach Operation

==> picture [329 x 191] intentionally omitted <==

----- Start of picture text -----

Kalkaroo Copper -
25 km Gold Deposit
White Dam
489 km [2]
Mary Mine
White Dam North
Woman Hannaford
in White Vertigo
Mount
Mulga
Gold (Copper)
Mine
Gold (Copper)
Resource |
Historic
5 km
----- End of picture text -----

• GBM two-stage farm-in and Option to Purchase (OTP) agreement to acquire 100% of a producing gold-copper mine and processing facility from Round Oak Minerals

• July 2020 Stage 1 triggered: GBM commissioned plant upgrade and entitled to 50% of cash flow from continuing operation of White Dam heap leach

• August 2020: White Dam JORC 2012 resource announced  102 koz gold

• October 2020: first gold pour and copper concentrate in production, consistent production now being achieved.

• Stage 2: 12 month option - A$500,000 payment plus assuming environmental bond to acquire:

  • 100% of White Dam gold-copper heap leach operation and mine lease

White Dam assets included in farm-in, OTP agreement with Round Oak Minerals:

• Mine heap leach and adsorption facility

• In-pit remnant mineralisation

• Small team of skilled plant operators

• 489 km[2] of mining and exploration licences with priority drill targets defined

• 489 km[2] of exploration lease

• Next Steps:

• Pit optimisation studies on Vertigo underway

• Met testing (Heaps, Vertigo / White Dam North) January 2020 onwards

• Drilling Vertigo / White Dam North prospects February – May 2021

1 GBM ASX Announcement, 16 October 2019, GBM to Acquire 100% Interest in Millstream Resources Pty Ltd

GBM White Dam Gold Resource – JORC 2012

White Dam North Resource Outline 1.2 Mt @ 0.5 g/t Au for 20,300 oz Au Hannaford Pit 1.7 Mt @ 0.8 g/t Au for 43,300 oz Au Vertigo Pit 1.7 Mt @ 0.7 g/t Au for 38,300 oz Au

==> picture [376 x 215] intentionally omitted <==

• GBM has, with JV partner Round Oak, poured two gold dore bars at White Dam now and reaching consistent operation

• 5[th] Oct. – 100.1 oz Au

• 30[th] Nov. – ~400 oz unrefined dore, see photo to left

• The SART Plant continues to ramp-up broadly in-line with expectations

• Evaluation of the estimated remaining resources of 4.6 Mt averaging 0.7 g/t Au for 101,900 ounces of gold has commenced with pit optimisation studies[1]

• 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.

==> picture [75 x 10] intentionally omitted <==

----- Start of picture text -----

1,000 m
----- End of picture text -----

Cautionary Statement - GBM has entered into a production joint venture regarding the White Dam Gold-Copper Heap Leach Operation, and has no current ownership of the White Dam tenements and processing infrastructure. Acquisition of these assets is subject to successful exercise of an option, of which further details are provided in ASX announcement dated 16 October 2019.

1 GBM ASX Announcement, 10 August 2020, White Dam JORC 2012 Resource of 102 koz, under a JV arrangement and subject to Option to Purchase

The new GBM: building critical resource scale

1

2

3

4

5

• 

6

Appendix

==> picture [842 x 238] intentionally omitted <==

----- Start of picture text -----

Mineral Resource Estimates
----- End of picture text -----

GBM confirms that it is not aware of any new data or information that materially affects the information disclosed in this presentation and previously released by GBM in relation to Mineral Resource estimates on its tenure. All material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed.

27