GBM RESOURCES LIMITED. — Capital/Financing Update 2022

Feb 28, 2022

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Suite 8, 7 The Esplanade, Mt Pleasant, WA 6153

E info@gbmr.com.au P +61 (8) 9316 9100 F +61 (8) 9315 5475 www.gbmr.com.au ABN 91 124 752 745

ASX Announcement 1 March 2022

Company Announcements Office Australian Securities Exchange 20 Bridge St Sydney NSW 2000

Results of Entitlement Offer

GBM Resources (ASX:GBZ) ( GBM or the Company ) is pleased to advise it has received strong support from its shareholders in respect of the Non-Renounceable Pro Rata Entitlement Offer of Options ( Offer ), which closed on 25 February 2022 (Closing Date), with applications received for entitlements for 31,059,811 New Options, to raise $776,495, before costs of the Offer.

New Options will be issued on Wednesday 2 March 2022 in respect of valid applications for entitlements received as at the Closing Date.

Shortfall Offer

The Shortfall Offer is a separate offer of entitlements not taken up pursuant to the Offer and is made pursuant to section 2.6 of the Prospectus dated 2 February 2022.

GBM has received applications in excess of what Shortfall Offer securities are available from existing shareholders, institutional and sophisticated investors.

Applications for additional securities by existing shareholders will be scaled back at the discretion of the directors pursuant to section 2.6 of the Prospectus and the allotment and issue of New Options pursuant to the Shortfall Offer will be completed in due course.

New Options

New Options issued pursuant to the Offer and Shortfall Offer will be exercisable at $0.075 per option and will expire at 5.00 pm (WST) on 30 November 2022.

GBM will not apply for quotation of the New Options on the ASX, as such registered holders of the New Options will receive a holder statement from the Company’s share registry.

Peter Rohner, Managing Director and CEO, commenting on the entitlement issue:

We appreciate the strong support from shareholders for the Entitlement Offer for Options which will support the execution of our 'processing halo' strategy to build over two million ounces under ownership within the Drummond Basin, providing the potential for transition to a genuine mid-tier Australian gold company. “We look forward to continuing the aggressive initial extensional and infill drilling program at Twin Hills (2 holes completed) along with progressing our exciting Yandan and Mt Coolon projects.”

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This ASX announcement was approved and authorised for release by:

Peter Rohner, Managing Director

For further information please contact:

Investor enquiries Media enquiries Peter Rohner Michael Vaughan Managing Director Fivemark Partners +61 8 9316 9100 +61 422 602 720 peter.rohner@gbmex.com.au michael.vaughan@fivemark.com.au

About GBM Resources

GBM Resources Limited ( ASX: GBZ) is a well-funded Queensland based mineral exploration and development company focused on the discovery of world-class gold and copper deposits in Eastern Australia. The company has a high calibre project portfolio, hosting district scale mineral systems, located in a number of premier metallogenic terrains.

Its 100% owned flagship project in the Drummond Basin (QLD) holds ~1.6 Moz of gold in JORC resources (Mt Coolon, Yandan and Twin Hills). 2022 will see an expanded drilling program which is aiming to define 2-3 Moz and support GBM’s transition into a mid-tier Australian gold company.

Separately it also holds tenements in the Mt Morgan district (subject to a vend into a TSX company) and in the Mt Isa Inlier in Queensland (JV with Nippon Mining Australia - 54%), and the Malmsbury Project (JV with Novo Resources Corp. - 50%, earning additional 10%) in the prolific Victorian Goldfields. This is complemented by the cash generating White Dam Gold-Copper Project in South Australia in which GBM now holds a 100% interest. Divestment of non-core assets will continue.

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