GBM RESOURCES LIMITED. — AGM Information 2023

Nov 28, 2023

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AGM Presentation

ASX:GBZ

29 November 2023

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

Capital Structure	Capital Structure
Ordinary shares on issue	620.3 million
Unlisted options (>$0.06, various expiries)	17.3 million
Performance Rights	1.1 million
Share Price (28 November 2023)	A$0.013
Market Capitalisation (28 November 2023)	A$8.1 million

Convertible Note	Convertible Note
Principal outstanding	A$7.5m
Pre-paid interest (paid in CY 22)	A$1.5m
Net liability outstanding (end Nov 23)	A$6.0m
Maturity	$5m Oct 25, $2.5m Dec 25

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$0.060 10
9
$0.050
8
7
$0.040
6
$0.030 5
4
$0.020
3
2
$0.010
1
$- -
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 23 Aug
22 22 22 22 23 23 23 23 23 23 23
Volume Close Price
Millions
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Funding	Funding
Cash and Receivables (30 Sep 23)	A$1.4m
Listed Investments(ASX:C29 and TSX:NVO)1	~A$0.9m

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DRUMMOND
BASIN
CLONCURRY JV
Mine
MT MORGAN
Priority Project with
Initial Resource
Key Exploration
Project
Pipeline Project
WHITE DAM
Gold
Gold/Copper
Copper/Gold
Phosphorus
500 km
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Focus on discovering 100% owned, quality gold ounces at core Drummond Basin projects - Twin Hills and Yandan

• Expand the current GBM 1.84 Moz Au resource base[1]  2 to 3 Moz Au

• Prioritize targets with potential to deliver high grade ounces  +2.0 g/t Au open pit, + 4.0 g/t Au underground

•  Catalysts:

• Larger scale development / acquisition by Tier 1 producer

• Low EV/ounce re-rating

Accelerate exploration of extensive Drummond Basin portfolio

• GBM exploration program planned[2,3] focused on expanding Twin Hills and Yandan resource base

• Newmont Mining Mt Coolon JV – A$25 m over 6 years, including commitment for 20,000 m of drilling for 75% - currently GBM 100%, NEM spend to Sep 23 ~A$6.1m

Continue successful divestment strategy to provide funding

White Dam, SA (gold/copper) - Divestment and funding options progressing, reviewing options to integrate Portia Project Mt Morgan, QLD (gold/copper) - Exposure via spin out

Cloncurry, QLD (copper/gold) - Exposure via partner funded exploration adjacent to Evolution Mining's Ernest Henry Copper – Gold Mine

• ~A$1 m commitment by JV partner (Nippon Mining Australia) to 2023/24 exploration, drilling planned for early 2024, on targets ~7 kms from Ernest Henry mine[4] .

• A$55m Farm-in for 90%, currently GBM 44%, Nippon spend to Sep 23 ~A$18.3m

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• Significant increase in gold resources and quality[1] in Drummond Basin

• December 2022, Twin Hills resource update

• March 2023, Yandan resource update

• Quality tenement package attracted interest of Newcrest (now Newmont) with significant expenditure (A$6.1 to Sep 23) in last 12 months, drilling planned for early 2024

• Reduction in Convertible Note debt from $10m to $7.5m with Malmsbury project interest sale (Net Convertible Note debt ~$6.0m, with prepaid interest to end 2025)

• Continue successful Non-Core asset disposals to further reduce Convertible Note debt in 2024.  Sell Novo shares, share consideration from Malmsbury project interest sale  White Dam sale targeted by June 30, 2024

• Pursue funding models to advance Twin Hills and Yandan exploration projects

• Manage Nippon Mining Australia exploration JV on Cloncurry exploration tenements

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Townsville
Mt Wright 70 km
Charters Hadleigh Castle 1.0 Moz Au
Towers 0.7 Moz Au
Charters Towers Ravenswood
7.1 Moz Au 8.6 Moz Au Mt Carlton
1.1 Moz Au
Mt Leyshon
3.0 Moz Au
Collinsville
Pajingo
5.0 Moz Au BurdekinDam DrummondBasin
Drummond
Basin Mt Coolon Project
100% GBM with
Newmont Farmin
Resource: 330 koz Au [1,2]
Yandan Project 100% GBM Resource: 514 koz Au [4] 1.0 WirralieMoz Au Past and present resources ~ 560 koz Au
Past and present
resources ~ 900 koz Au
Yandan
Eugenia
Koala
Glen Eva
Illamahta
GBM Exploration Twin Hills Project
Tenure 100% GBM
GBM EPM granted 309 + Lone Sister
Resource: 1 Moz Au [3]
Newmont Mining
JV Farm-in
Mines and Mineral 309
Occurrences
Lone Sister
Epithermal Au mines
and resources
Drummond
Intrusive Related Au
mines and resources Basin
Geology
Drummond Basin
(Cycle 1 and Cycle 2) 25 km
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• Key reasons that GBM is in Drummond Basin, Queensland, Australia

• Significant history of resource discovery in Drummond

• Discoveries were made in the 1980’s with little work since

• Substantial change in the understanding of hydrothermal systems in last 20 years

• Clear opportunity for GBM to apply the new understanding

• This has already resulted in updated resources at Twin Hills (increase of 360 koz Au) and clear targets at Yandan

Why invest in GBM?

• Large prospective tenement package assembled in last 3 years

• Significant JORC resource base (~1.8 Moz Au) – with higher grade resources at higher cut-off grades

• Most resources on granted mining leases

• Strong epithermal geological knowledge base in team

• Tier 1 JV partner in Newmont at Mt Coolon Project

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||||||||
|---|---|---|---|---|---|---|
|Target|
|2020 targeted +1 Moz resource base|
|3 Moz|
|2023 delivered 1.84 Moz with 300% increase MEA+ IND|Target 3|
|Moz|
||90% of resource ounces on permitted mining leases for potential|
|Additi|accelerated development|
|onal 1-||Higher grade Measured + Indicated + Inferred core to resources at|
|1.5|
|1.85 Moz|1.84 Moz|1.0 g/t cut off|
|Moz|
|1.1 g/t|1.3 g/t|–|
|1.61 Moz|MEA|MEA|–|Yandan|2.2 Mt @ 3.6 g/t Au|13.5 Mt @ 2.4 g/t Au for|
|1.2 g/t|309|5.7 Mt @ 2.4 g/t Au|
|MEA|a contained 1.0 Moz Au|
|–|
|IND|IND|Lone Sister|5.6 Mt @ 2.0 g/t Au|
|IND|
|0.85 Moz|
|1.84|
|0.9 g/t|
|Moz|
|IND|MEA,|
|0.33 Moz|INF|INF|IND &|
|1.5 g/t|INF|INF|INF|
|IND|
|INF|
|1|2|3|4|5|

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March 2023 Resources stated at 0.4 g/t cut-off for open pit resources at Koala, Eugenia, Glen Eva, East Hill, Illamahta and Twin Hills. A 0.3 g/t cut-off was used for Yandan south open pit. A cut-off of 2.0 g.t was used for underground resources at all projects.

1. GBM ASX Release: 04/012/2017, Scoping Study Demonstrates the Potential Economic Viability of Recommencing the Mount Coolon Gold Project, Queensland Project

2. GBM ASX Release: 23/12/2020, Mt Coolon and Yandan Combined Resources Total 852,000 oz, following completion of Yandan acquisition

3. GBM ASX Release: 02/02/2022, Significant Resource Upgrade at Twin Hills Project

4. GBM ASX Release: 05/12/2022, Twin Hills Gold Project Upgrades to ~ 1Moz Mineral Resource

5. GBM ASX Release: 15/03/2023, Results of Yandan Mineral Resource Update

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Newmont Mt Coolon Farm-in
Resource: 330 koz Au [1,2]
Legend
Yandan Project GBM EPM granted
100% GBM
Newmont Mining
Resource: 514 koz Au [4] Farm-in
GBM focused
Yandan exploration projects
Eugenia Newmont focused exploration projects
Koala Glen Eva Epithermal
prospects
Illamahta
Regional Geology
Other Post Mineral
Cover
Quaternary to Mid.
Twin Hills Project Carboniferous Cover
100% GBM Late Devonian -
309 + Lone Sister 309 Early Carboniferous
Sediments
Resource: 1 Moz Au [3]
Lone Sister Late Devonian - Early Carboniferous
Volcano-Sedimentary
Pre-Mineral
Basement
20 km
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• Accelerates exploration of prospective large Drummond tenement package

• Significant exploration spend on Mt Coolon farm-in by Tier 1 gold producer

• Allow GBM to focus $ and exploration team on Twin Hill and Yandan exploration

Newmont Mt Coolon Farm-in  targeting large scale high grade epithermal gold

• Minimum commitment: A$2m (2 years)

• Spend to 75% interest: Totalling A$25m (6 years) includes a minimum commitment of 20,000 m of drilling

• Newcrest (now Newmont) is the operator, with support from GBM

2022/23 and 2023/24 current Newmont Mt Coolon exploration program

• Historical samples to be assayed (or re-assayed) Apr – Jun 23

• • IP geophysics and soils along 2 structural corridors Jun – Sep 23

• • Magnetic and Radiometric survey Apr – Jun 23

• • Activities above will input into prioritisation of drilling FY 24

9

Newmont Mt Coolon Farm-in Resource: 330 koz Au[1,2] Legend Yandan Project GBM EPM granted 100% GBM Newmont Mining Resource: 514 koz Au[4] Farm-in GBM focused Yandan exploration projects Eugenia Newmont focused exploration projects Koala Glen Eva Epithermal prospects Illamahta

Regional Geology Other Post Mineral Cover Quaternary to Mid. Twin Hills Project Carboniferous Cover 100% GBM Late Devonian - 309 + Lone Sister 309 Early Carboniferous Sediments Resource: 1 Moz Au[3] Lone Sister Late Devonian - Early Carboniferous Volcano-Sedimentary Pre-Mineral Basement 20 km

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Maps showing completed IP (71 line km completed), above left and soil lines centred around the structural corridors of Koala, Eugenia and Glen Eva, above right.

(Total 6,200 soil samples collected to date, along with 603 rock chip samples collected as part of initial geological reconnaissance program).

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Historic Soils
Au ppb  1.0 Moz Au and 4.8 Moz Ag in M + Ind + Inf resources
> 50
25-50
Bullock Creek 10-25  All on permitted mining lease
5-10
3-5  Priority resource extension and near resource exploration targets
Hill 253
 Large underexplored prospective district scale tenement package
309 Deposit
10.6 Mt @ 1.5 g/t Au  Clear focus on drill targets in highly prospective +10 km long Twin Hills Corridor targets [2]
for 0.52 Moz Au [1]
 At the tenement scale, very underexplored but good historic datasets to leverage

Recent previous owners looking for shallow high resources to truck to Pajingo operation
 Numerous broad scale soil anomalies have not been systematically tested
Bendee

Includes two 8 km long soil anomalies at Bullock Creek and Lanark - Tourmaline Hill
prospects along with the Bendee anomaly
Lone Sister
Lanark
12.5 Mt @ 1.2 g/t Au
for 0.48 Moz Au [1]
Southern Sister
Tourmaline
Hill
5,000 m
greyscale1vd magnetics
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Geology
Late Carboniferous
Post mineral cover
309 Deposit and intrusives
10.6 Mt @ 1.5 g/t Au Late Devonian
for 0.52 Moz Au1 Target stratigraphy
Early Devonian
Post Min
Pre mineral basement
Cover
Coreshed
309 Trend Targets 309 South Pre Min
Centipede Basement Mineral Occurrence
Mine
LS7
Resource
Priority Exploration
Bendee Target
Prospect
Airstrip
Lone Sister
12.5 Mt @ 1.2 g/t Au Anomalies
for 0.48 Moz Au1 3D IP Resistivity
Anomaly
Soil Grid Contours
Powerline Lone SisterSouth (Au ppb)
+1 +100
Southern Sister
Post Min
Cover GBM Tenement
GBM EPM
Boundary QX Resources Leases
2,000 m
H
I
L
L
S
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• Twin Hills Corridor – 10 km Corridor

• Priority resource extension and near resource exploration drill targets

Many high grade historical intersections:

309 Deposit

 THRCD875: 140.6 m @ 5.2 g/t Au from 154 m (731 g/m) incl. 8 m @ 81.8 g/t Au from 177 m  TRCD384: 190 m @ 2.3 g/t Au from 25 m (437 g/m) incl. 27 m @ 7.3 g/t Au from 100 m  309DD22005, 49 m @ 5.18 g/t Au from 310 m (253 g/m)

Lone Sister Deposit

 LRCD015: 146 m @ 9.8 g/t Au from 104 m (1,430 g/m) incl. 28 m @ 45.2 g/t Au from 211 m  LRCD063 20 m @ 14.2 g/t Au from 247 m (284 g/m)

309 trend priority geophysics +/- geochemical targets adjacent to resource Very prospective +10 km long Twin Hills Corridor with multiple untested / undertested targets

Integrated analysis and targeting with extensive historic datasets in progress

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NW
309 Deposit
10.6 Mt @ 1.5 g/t Au
for 0.52 Moz Au1
309 high grade
Open down plunge targets
Open
Open Coreshed
target
ML 70316
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SW
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309 South target

3DIP Model Historic Resistivity Soils (ohm.m) Au ppb +530 > 50 25-50 10-25 5-10 1 Drill collar/trace

 309 Trend – Compelling Coreshed and 309 South drill targets

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Section: 309 Trend 1.8 km NNW Resistivity Trend parallel to key fault orientation
309 high grade Coreshed 309 South
down plunge targets Poorly tested Untested resistivity anomaly
NW resistivity anomaly Gold in soils and historic drilling SW
250mRL
309 Deposit
Open
0mRL
Coreshed
Open
Open 309 South
-250mRL
 309 resource outlined by IP geophysics resistivity anomaly 2
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 Untested or undertested Coreshed and 309 South targets

 +10 ppb Au soil anomalies at surface coincident with outcropping silicified milled matrix breccias  Anomalous (0.5 -1.9 g/t Au) hits in historic RC drilling  no follow-up

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309 Plan View with block model 309 Cross Section
(Looking north northeast with 50 m towards and away)
W E
High grade
eruption
breccia
Open
A 150RL
E
E TRCD756
Open 46 m @ 5.54 g/t Au
from 297 m
309DD22005
49 m @ 5.18 g/t Au Open
Open from 310 m
Open
1 m @ 129.4 g/t Au 309DD22005 from 327 m. Visible gold Open 309DD2201540 m @ 3.12 g/t Au 2022 Resource
as electrum, hosted in late chalcedony veins. -150RL from 399 m Block Model Au g/t
and Drill Assays
THRCD827 > 5.0
Open 54 m @ 4.63 g/t Aufrom 352 m 2.5 to 5.0
1.0 to 2.5
0.4 to 0.5
0.5 to 1.0
Drill Collar
and Trace
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 Bulk mineable configuration and gold grades

• High grade stage with visible gold

• 40 to 50 m wide + 4 g/t intersections open

to depth

 Priority resource step out drill targets

309, M + Ind + Inf resource 10.6 Mt @ 1.5 g/t Au and 2.3 g/t Ag

Potential for open pit and bulk minable underground configuration

High grade sections of resource associated with late stage visible gold

Broad intervals at +4 g/t Au define priority high grade resource step out drill targets

• TRCD756, 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

• GBM ASX Release: 05/12/2022, Twin Hills Gold Project Upgrades to ~ 1 Moz Mineral Resource - Total measured indicated and inferred resource from open pit above 0RL and underground below 0RL

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Lone Sister Plan View with block model 2022 Resource Historic Soils Lone Sister Long Section
Block Model Au g/t Au ppb (Looking east with 50 m towards and away)
> 5.0 > 50
25-50
2.5 to 5.01.0 to 2.5 10-25 N S
5-10
0.4 to 0.5
N 0.5 to 1.0 3-5
T Drill Collar and Trace LRCD14329 m @ 7.98 g/t Au
from 139 m
High grade gold
shoot open 150RL
down plunge
LRCD015
37 m @ 36.53 g/t Au
from 211 m
LRCD063
20 m @ 14.20 g/t Au
from 247 m
LRCD066
No drilling 20 m @ 4.32 g/t Aufrom 401 m
anomalous
gold in soils
-150RL
Open
Open
S Open
T
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• Bulk mineable configuration

• Gold from surface

• High grade gold stage with 20 to

37 m wide 4 to 37 g/t Au

intersections

• Priority resource step out drill

targets

Lone Sister total Ind + Inf resource 12.5 Mt @ 1.2 g/t Au and 10.0 g/t Ag

Potential for open pit style gold mineralisation from surface

Broad high-grade intersections within conceptual pit

• LRCD143, 29 m @ 7.98 g/t Au from 139 m

• LRCD015, 37 m @ 36.53 g/t Au from 211 m

Priority drill target high grade open to North  LRCD066 20 m at 4.32 g/t Au from 401 m

Extensive gold in soils surrounding resource with limited to no drilling

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Kroman
Whiteglow
Hercules
Firefly
Yandan East Hill and
South Hill I+I. Resource Northeast
Ridge
13.7 Mt at 1.0 g/t Au for
459 koz Inc. 201 koz at Sinter Hill
5.7 g/t Au [1]
Horse Creek
Billabong
Murdering
Lagoon
Illamahta Historic Soils
I+I. Resource Au ppb
2.2 Mt @ 0.8 g/t Au > 50
for 56 koz Au [1]
25-50
Inc. 27 koz Au oxide 10-25
5-10
Background: 3-5
greyscale 1vd magnetics
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• 515 koz Au (Ind + Inf) Yandan resources

• Most on permitted mining lease

• Yandan new priority conceptual high-grade feeder zone target

• Large underexplored prospective district scale tenement package with 11 known gold systems

New geological understanding at Yandan highlights exciting conceptual high-grade feeder zone target

Evaluating undertested multi km scale epithermal alteration system at Illamahta

At the tenement scale very underexplored but good historic datasets to leverage and advance new round of targets

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Yandan Schematic Deposit Model S Yandan East Hill Cross Section (viewing west) N
200 mRL
Higher grade gold intersections at base
of resource  43.7 m at 13.9 g/t Au
best intersection 0.3 m @ 278 g/t Au
100 mRL
Andesite
Volcanics Interpreted as structurally displaced top
to concealed bonanza grade vein
https://www.aerisresources.com.au/exploration/yandan/ target
0 mRL
East Hill Resource
12.8 Mt @ 1.1 g/t Au 21YEDD006A
for 443 koz Au 13.0 m @ 9.2 g/t Au
from 321 m
Inc. 1.0 m @ 48.4 g/t Au
-100 mRL
100 m
East Hill high-grade YAN022
1.1 Mt @ 5.7 g/t Au 43.7 m @ 13.9 g/t Au Drill Assays
for 201 koz Au from 325.4 m Au g/t
(2.0 g/t Au cut-off) inc. 0.4 m @ 145 g/t Au
-200 mRL and 0.3 m @ 278 g/t Au
Conceptual high grade
B fissure vein target
Increasing grade
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17

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Waihi Gold Mine –
Favona Deposit
Targeting high grade Metamorphic 1.8 Mt at 10.3 g/t Au for
0.57 Moz Au [2]
fissure vein mineralisation Basement
Qtz Veining at 850 mRL
with dashed outline of
N historic underground
T workings (2011-2014) [1]
At same scale to map
Pajingo Gold Mine –
Historic Heap
Leach Vera-Nancy Trend
1.67 Mt at 14.7 g/t Au for
0.78 Moz Au [3]
Main Pit
East Hill
Nancy Vera-Nancy mined and remaining resources
(as at Nov 2002) [3]
Projected to surface
expression of underground
S mining area (black dashed
South Hill Approx. position of schematic section outline) [3]
At same scale to map
Gradient Array
Metamorphic Vera Chargeability (mV/V)
Basement
1 km long gold Yandan trend 1.44 11.48
0.2 g/t Au
+900 k ounces Au (hist. & current) Drill Composite
500 m 500 m
T
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• Compelling conceptual high grade fissure vein target

• New geological interpretation supported recent drill information and analogies to known hot spring fissure vein deposits

Yandan surface expression ~1 km long with +900 koz Au (historic production and current resources)

Interpreted as fault displaced upper low-grade halo and at the base of the resource the very top of the high-grade fissure vein

• YAN022, 43.7 m @ 13.9 g/t Au from 325.4 m inc. 0.4 m @ 145 g/t Au and 0.3 m @ 278 g/t Au

• 21YEDD006A, 13.0 m @ 9.2 g/t Au from 321 m

• Inc. 1.0 m @ 48.4 g/t Au

Scale of low-grade halo mineralisation (900 koz Au) and high grades at the epithermal veinlets at the base of drilling suggest conceptual potential for significant concealed fissure vein

NEXT STEPS

• Geological mapping and relogging to build 3D structural model

• CSAMT or Deep IP geophysics survey

• Drill testing

18

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Illamahta Gold Prospect
Plan View
East Hill
Main Pit
Metamorphic No Drilling
Basement Target zone
South Hill
Yandan +0.5 g/t Au
2 k m T a r g e t Z o n e cut-off outlines
500 m
At same scale to map
Volcanics and
volcaniclastics Fault Drill Assays (Au g/t)
Zone of intense
pervasive silicification
Drill Collar
(DDH/RC)
No Drilling
Target zone
Metamorphic
Basement
Volcanics and
volcaniclastics
Metamorphic
Basement
500 m
Base: RTP Magnetics
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 2.2 Mt @ 0.8 g/t Au (Inf resource)[1]

 Strong Yandan analogy

• Attractive very under explored exploration target for

• bulk mineable and high-grade feeder zone targets

• Illamahta alteration zone 2 km long – Bigger than Yandan with East Hill to Yandan Main 1.2 km long

• Illamahta structural setting and mineralization character strongly apologue to Yandan Main – East hill

• Very limited previous exploration

NEXT STEPS

• Geological mapping and relogging to build 3D structural model

• CSAMT or Deep IP geophysics survey

• Drill testing

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• Maps showing (A) soil anomalies > 5 ppb Au across the Yandan Project overlain on magnetics (RTP). Coverage of soil samples is also shown with just 8% of the project covered by soil sampling.

• (B) Gold in soil (ppb) overlain on magnetics (RTP) at Horse Creek and Murdering Lagoon.

• Note how well elevated gold matches the circular magnetic features.

• We interpret the circular magnetic features to reflect buried intrusions that could represent intrusion related exemplified to north by deposits such as Mt Leyshon, Kidston, and Mt Wright.

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Key Milestones Ahead - Calendar Years	2Q'23	3Q'23	4Q'23	4Q'23	1Q'24	2Q'24
Malmsbury Gold Project- remaining 50% sold (VIC)
Completed sale to Novo Resources Corp NVO shares/warrants issued to GBM	 
					Escrow Ends
Mount Coolon- JV with Newmont- 100% (QLD)
Newmont Farm-in activities ramp up(up to 75% interest for A$25m spend, min. 20,000 m of drilling)	Soils, Geophysics (Ground and Aerial)		Finali Drill P	se lan
Drilling planned ~10,000 m - GBM team to support Possible Stage 1 interest earned - 51% Newmont Twin Hills / Yandan Gold Projects- 100% (QLD)					Drilling
					JV?
Complete exploration data review and consolidation of targets with next steps		Underway
Drilling planned ~3,000 m Evaluate partner options Cloncury Copper/Gold JV- 44% (QLD) Partner funded IOCG exploration leverage					Drilling
				Progress
Geophysics and single drill hole to test geology	Completed
Additional drilling planned - ~2,000 m (~7 km north of Ernest Henry Mine) Mount Morgan Gold/Copper Project- 100% (QLD)					Drilling
Spin-out underway, GBM to retain equity stake	Underway				Complete	IPO in 2024
White Dam Gold/Copper Project- 100% (South Australia)
Producing asset, new alliance with owner of Portia Project	Progessing
Ramp up production Complete asset sale		Mobilise Mining Eq		uip.
					Complete

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Contact

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Peter Rohner Managing Director GBM Resources +61417780462 Level 5, Suite 502 303 Coronation Drive Milton QLD 4064 www.gbmr.com.au

ASX: GBZ

Appendix

Peter Rohner, Managing Director

• Metallurgist (BSc, Grad. Dip Applied Finance) with 35 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

Tom Cooney, Chief Operating Officer

• Mining Engineer (BEng, MMgt, GradCert Project Mgt, MAusIMM) with 37 years across the full cycle of project development from early-stage evaluations to implementation

• Recent experience includes successful delivery of whole of life plans for multi-faceted mining projects and technical leadership across an international mining business, with earlier career roles broad ranging and encompassing open pit and underground operational management, business development and environmental management

Stephen Nano, Advisor, Technical & Corporate Development

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

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

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

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The announcements containing the Table 1 Checklists of Assessment and Reporting Criteria relating to the 2012 JORC compliant Resources are:

• Koala/Glen Eva and Eugenia – GBM ASX Announcement, 4 December 2017, Mt Coolon Gold Project Scoping Study, note these resources have not been verified by Newmont and are on tenements subject to a recent farm-in agreement with Newcrest (now Newmont)

• Yandan – GBM ASX Announcement, 23 December 2020, Mt Coolon and Yandan Combined Resources Total 852,000 oz, following completion of Yandan acquisition, and GBM Announcement, 14 March 2023, Results of Yandan Mineral Resource Update

• Twin Hills – GBM ASX Announcements, 18 January 2019, Mount Coolon and Twin Hills Combined Resource Base Approaches 1 Million Ounces and 2 February 2022, Significant Resource Upgrade at Twin Hills Project and 5 December 2022, Twin Hills Gold Project Upgrades to ~1 Moz Mineral Resource

• White Dam - GBM ASX Announcement, 18 August 2020, White Dam Maiden JORC 2012 Resource of 102 koz

• a) The preceding statements of Mineral Resources conforms to the “Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition”

• b) All tonnages are dry metric tonnes

• c) Data is rounded to (‘000 tonnes, 0.0 g/t and ‘000 ounces). Discrepancies in totals may occur due to rounding

• d) Resources have been reported as both open pit and underground with varying cut-off based off several factors as discussed in the corresponding Table 1 which can be found with the original ASX announcement for each Resources.

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

CLONCURRY
JV
DRUMMOND BASIN
Mine
MT MORGAN
Priority Project with
Initial Resource
Key Exploration
Project
Pipeline Project
WHITE DAM
Gold
Gold/Copper
Copper/Gold
Phosphorus
500 km
----- End of picture text -----

• High potential copper-gold ground in NW Qld mineral province

• JV partner Nippon Mining funding exploration ~$1.0m in 2023/24.

Cloncurry JV (44%, with Nippon Mining 56%)

 GBM managing exploration targeting ISCG and IOCG copper and gold, A$55m Farm-in for 90%, Nippon spend to Sep 23 ~A$18.3m

• Alongside Evolution’s Ernest Henry copper-gold mine

• Exploration Plan – 2023/24

• Drilled ~500 m hole to test best conductor – completed  hole intersected a major new shear zone and broad base metal mineralisation

• Drilling plan (~2,000 m) in early 2024, to test targets

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Cloncurry - Copper Gold JV

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Planned 2023/24 exploration focus just north of Ernest Henry

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

CLONCURRY JV
DRUMMOND BASIN
----- End of picture text -----

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

Mine
----- End of picture text -----

MT Priority Project with Initial Resource MORGAN Key Exploration Project Pipeline Project WHITE DAM Gold Gold/Copper Copper/Gold Phosphorus

 High potential gold-copper tenements (1,017 km[2] ) surrounding the world class historic Mt Morgan mine (7.7 Moz gold and 361 kt copper)

 Vend out being progressed

Mount Morgan (100%, deal to vend out in process)

• Multiple high-priority GBM targets identified for gold and copper mineralisation

• GBM to retain exposure (subject to completion of vend out)

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

500 km
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Mt Morgan – District Scale Gold Copper Exploration Opportunity

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White Dam - Gold Copper Heap Leach Operation

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GBM White Dam Gold Resource – JORC 2012

• Small producing gold project

• Resources attractive for a new mining campaign

White Dam North Resource Outline 1.2 Mt @ 0.5 g/t Au for 20,300 oz Au

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

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

• 102 koz gold JORC resource[1]

• Recently announced Alliance with Portia Gold mine

• Stockpiled ore moved to heap and rehandle heap material to increase gold recovery

• Initial trial treating Portia high grade tailings at White Dam being advanced

NEXT STEPS

• Continue to add value to project while project sale is completed

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