GBM RESOURCES LIMITED. — Capital/Financing Update 2022

Jan 27, 2022

Proposed issue of securities

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Update Summary

Entity name GBM RESOURCES LIMITED

Announcement Type

Update to previous announcement

Date of this announcement 28/1/2022 Reason for update to a previous announcement Amendment to Entitlement Offer timetable and Offer jurisdictions.

Refer to next page for full details of the announcement

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Proposed issue of securities

Part 1 - Entity and announcement details

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1.1 Name of +Entity

GBM RESOURCES LIMITED

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2 Registered Number Type Registration Number ABN 91124752745

1.3 ASX issuer code

GBZ

1.4 The announcement is

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Update/amendment to previous announcement

1.4a Reason for update to a previous announcement

Amendment to Entitlement Offer timetable and Offer jurisdictions.

1.4b Date of previous announcement to this update

22/12/2021

1.5 Date of this announcement

28/1/2022

1.6 The Proposed issue is:

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A standard +pro rata issue (non-renounceable or renounceable)

1.6a The proposed standard +pro rata issue is:

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• Non-renounceable

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Part 3 - Details of proposed entitlement offer issue

Part 3A - Conditions

3A.1 Do any external approvals need to be obtained or other conditions satisfied before the entitlement offer can proceed on an unconditional basis? No

Part 3B - Offer details

Class or classes of +securities that will participate in the proposed issue and class or classes of +securities proposed to be issued

ASX +security code and description

GBZ : ORDINARY FULLY PAID

Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)? New class

Will the proposed issue of this If the entity has quoted company +security include an offer of options, do the terms entitle option attaching +securities? holders to participate on exercise? No Yes

Details of +securities proposed to be issued

ISIN Code (if Issuer is a foreign company and +securities are non CDIs)

ISIN Code for the entitlement or right to participate in a non-renounceable issue (if Issuer is foreign company and +securities are non CDIs)

Have you received confirmation from Will the entity be seeking quotation ASX that the terms of the proposed of the 'new' class of +securities on +securities are appropriate and ASX? equitable under listing rule 6.1? No No ASX +security code +Security description New class-code to be confirmed Unquoted options exercisable at $0.075 each and expiring 30 November 2022

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+Security type

Options

Offer ratio (ratio to existing holdings at which the proposed +securities will be issued)

The quantity of additional +securities	For a given quantity of +securities
to be issued	held
1	10
What will be done with fractional	Maximum number of +securities
entitlements?	proposed to be issued (subject to
	rounding)
Fractions rounded up to the next	51,080,931
whole number

Offer price details for retail security holders

In what currency will the offer be What is the offer price per +security made? for the retail offer? AUD - Australian Dollar AUD 0.02500

Oversubscription & Scale back details

Will individual +security holders be permitted to apply for more than their entitlement (i.e. to over-subscribe)?

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Yes

Describe the limits on over-subscription

Applications for over-subscriptions will be determined by the Board in its sole discretion.

Will a scale back be applied if the offer is over-subscribed?

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Yes

Describe the scale back arrangements

Scale back of over-subscribe securities will be determined by the Board in its sole discretion.

Will all the +securities issued in this class rank equally in all respects from their issue date?

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Yes

Options details

+Security currency AUD - Australian Dollar

Exercise price Expiry date AUD 0.0750 30/11/2022

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Details of the type of +security that will be issued if the option is exercised

GBZ : ORDINARY FULLY PAID

Number of securities that will be issued if the option is exercised

1

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities proposed to be issued or provide the information by separate announcement.

Material terms of the securities will be included in the Offer Prospectus

Details of company options where holders entitled to participate in the offer

ASX +security code and description

GBZOB : OPTION EXPIRING 06-JUL-2023

Date Option must be exercised by

2/2/2022

Part 3C - Timetable

3C.1 +Record date

8/2/2022

3C.2 Ex date

7/2/2022

3C.4 Record date

8/2/2022

3C.5 Date on which offer documents will be sent to +security holders entitled to participate in the +pro rata issue

11/2/2022

3C.6 Offer closing date

25/2/2022

3C.7 Last day to extend the offer closing date

22/2/2022

3C.9 Trading in new +securities commences on a deferred settlement basis

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3C.11 +Issue date and last day for entity to announce results of +pro rata issue 1/3/2022 3C.12 Date trading starts on a normal T+2 basis 3C.13 First settlement date of trades conducted on a +deferred settlement basis and on a normal T+2 basis

Part 3E - Fees and expenses 3E.1 Will there be a lead manager or broker to the proposed offer? No 3E.2 Is the proposed offer to be underwritten? No 3E.3 Will brokers who lodge acceptances or renunciations on behalf of eligible +security holders be paid a handling fee or commission? No 3E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed offer None Part 3F - Further Information 3F.1 The purpose(s) for which the entity intends to use the cash raised by the proposed issue Funds raised from the Entitlement Offer and Shortfall Offer will contribute to costs of the offer, working capital and further acceleration of Drummond Basin exploration activities while other asset rationalisation developments progress. 3F.2 Will holdings on different registers or subregisters be aggregated for the purposes of determining entitlements to the issue? No 3F.3 Will the entity be changing its dividend/distribution policy if the proposed issue is successful? No 3F.4 Countries in which the entity has +security holders who will not be eligible to participate in the proposed issue All countries other than Australia, New Zealand, Singapore, Hong Kong, China, Germany and British Columbia (Canada).

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3F.5 Will the offer be made to eligible beneficiaries on whose behalf eligible nominees or custodians hold existing +securities No

3F.6 URL on the entity's website where investors can download information about the proposed issue

www,gbmr.com.au

3F.7 Any other information the entity wishes to provide about the proposed issue

None

3F.8 Will the offer of rights under the rights issue be made under a disclosure document or product disclosure statement under Chapter 6D or Part 7.9 of the Corporations Act (as applicable)? Yes

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