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GBM RESOURCES LIMITED. Capital/Financing Update 2023

Mar 13, 2023

64966_rns_2023-03-13_866d75e5-933d-43ef-ba4a-b9db87c0bd03.pdf

Capital/Financing Update

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

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E [email protected] P +61 (8) 9316 9100 F +61 (8) 9315 5475

gbmr.com.au

ASX Announcement 14 March 2023

ABN 91 124 752 745

Results of Yandan Mineral Resource Update

HIGHLIGHTS

  • Total mineral resource estimate (MRE) for the Yandan Project is 15.9 Mt @ 1.0 g/t Au for 514,500 oz Au (Previously 521,000 oz Au).

  • 47% of the Yandan Project is now classified as Indicated ounces, prior to the review the MRE was all classified as Inferred, significantly improving both confidence and quality of the resource.

  • The new Yandan Project MRE has less tonnes (reduced by 5.6 Mt ) and an increase in grade from 0.8 g/t Au to 1.0 g/t Au, due mainly to increasing the cut-off grade.

  • The MRE was reviewed following results of FY22 drilling data combined with the updated geological model on the main deposit at East Hill.

  • The East Hill MRE returned 12.8 Mt @ 1.1 g/t Au for 443,000 oz Au and includes a highgrade core of 1.1 Mt @ 5.7 g/t Au for 201,000 oz Au .

  • Maiden MRE for Illamahta has delivered 2.19 Mt @ 0.8 g/t Au for 55,500 oz Au, including 1.15 Mt @ 0.73 g/t Au for 26,900 oz Au of oxide ore.

  • Additionally, the revised geological models/interpretations have identified new exploration targets which will be reported in a future release.

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Drummond Basin “Processing Hub” now totals – 45.6 million tonnes at 1.26 g/t Au for
1,844,200 ounces with over a million ounces now classified as Indicated Mineral
Resource.
Drummond Basin Total JORC Resources
Tonnes (000 t) Contained Au Metal (koz)
60,000 2,200
2,000 1.1 g/t 1.3 g/t
50,000 1,800
1.2 g/t
1,600
40,000 1,400 Inferred Inferred
Inferred Inferred 1,200
30,000 1,000 0.9 g/t Inferred
Inferred
800
20,000
10,000 Inferred Inferred Indicated Indicated Indicated 600 400 200 Inferred1.5 g/t Inferred Indicated Indicated Indicated
- Indicated Indicated - Measured Indicated Measured Indicated Measured Measured Measured
Jun-20 Jun-21 Jan-22 Dec-22 Mar-23 Jun-20 Jun-21 Jan-22 Dec-22 Mar-23
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GBM Managing Director and CEO, Peter Rohner, commented:

“Converting more than half of the East Hill Deposit gold ounces to Indicated status is very pleasing and an important advancement for the Yandan project. Recent interpretative work on the formation of the East Hill deposit in conjunction with the high-grade core mineralisation provides significant encouragement for future drilling. The Illamahta deposit is similar to the Yandan Main deposit that we now know represents the very top of the system. The small Illamahta resource is at one end of a large, mineralised alteration system and represents a significant exploration gold target for the future.

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GBM Resources Limited (ASX: GBZ) ( GBM or the Company ) is pleased to announce an updated Mineral Resource Estimate (MRE) for Yandan of 15.9 Mt @ 1.0 g/t Au for 514,500 oz Au. The main deposits in the MRE are - East Hill of 12.8 Mt @ 1.1 g/t Au for 443,000 oz Au and the maiden MRE for Illamahta of 2.2 Mt @ 0.8 g/t Au for 55,500 oz Au (Table 1).

Deposit MRE Category
Cutoff
(Au g/t)
Tonnes
Au
(g/t)
Ag
(g/t)
Au oz
Ag oz
East Hill Measured
-
-
-
-
-
Indicated
0.4
4,860,000
1.5
2.2
240,000
347,000
Inferred
0.4
7,900,000
0.8
1.4
203,000
362,000
Total
0.4
12,800,000
1.1
1.7
443,000
709,000
East Hill Open Pit (above -150m RL)
Measured
-
-
-
-
-
Indicated
2.0
750,000
6.4
6.3
154,000
153,000
Inferred
2.0
350,000
4.1
5.2
47,000
71,000
Total High Grade Core
2.0
1,100,000
5.7
5.9
201,000
224,000
East Hill High Grade Core (included in East Hill above -150m RL)
Yandan
South		 Measured
-
-
-
-
-
Indicated
-
-
-
-
-
Inferred
0.3
900,000
0.6
-
16,000
-
Total
0.3
900,000
0.6
-
16,000
-
Yandan South (previously released)
Illamahta Measured
-
-
-
-
-
Indicated
-
-
-
-
-
Inferred
0.4
2,192,000
0.8
-
55,500
-
Total
0.4
2,192,000
0.8
-
55,500
-
Illamahta Open Pit
Yandan
Project		 Measured
-
-
-
-
-
Indicated
0.4
4,860,000
1.5

240,000

Inferred
0.3/0.4
10,992,000
0.8

274,500

Yandan Project Total
0.3/0.4
15,852,000
1.0

514,500

East Hill, Yandan South and Illamahta Total
  • not shown as no silver data reported for Yandan South and Illamahta

Table 1: Summary of Yandan Project resources including East Hill and Illamahta.

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Yandan Project and Drummond Basin Combined Resources

The Yandan Project comprises 2 mining leases and 4 exploration permits and is located 150 km SSE of Charters Towers in northeast Queensland.

The project contains known deposits (Yandan Main, Yandan South, East Hill, and Illamahta) and numerous prospects and is hosted in the Saint Anns Formation sedimentary rocks and Yandan Andesite, within a 22 km long by 3 km wide, north-south elongate fault bounded subbasin, known as the Yandan Tough.

The project is underlain by Devonian to Carboniferous aged sedimentary and volcanic rocks of the Drummond Basin that host the Yandan, Twin Hills, Wirralie, Mt Coolon and Pajingo Gold Mines (Figure 11)

The combined resource across the Yandan Project now stand at 15.9 Mt @ 1.0 g/t Au for 514,500 oz Au with 47% of the resource now classified as Indicated . Together with the recently released Twin Hills resources, GBM’s Drummond Basin resources now stand at 45.6 Mt at 1.26 g/t Au for 1,844,200 ounces (Appendix 1).

East Hill MRE

A new MRE for East Hill deposit (Figures 3, 4 and 5) has been completed and comprises 12.8 Mt @ 1.1 g/t Au for 443,000 oz Au with 54% of East Hill resources now classified as Indicated, where the previous resource was all classified as Inferred (Table 1).

The new MRE was completed following the FY22 drilling program, collection of SG data, and reassessment of the geology model. Mineralisation is consistent with the previous MRE and historic drill intercepts. The East Hill ore body comprises two main pods of mineralisation that together extend from surface downward for 380 m. Overall, the system dips moderately to the south and plunges to the west with no clear links to the adjacent Yandan Main or Yandan South ore bodies.

The cut-off grade at East Hill was increased to 0.4 g/t Au (to bring in line with the recent Twin Hills MRE update) and together with the new drilling/SG data and geological model greatly improved the deposit by reducing tonnes by 7.26 Mt and increasing the head grade by 38% to 1.1 g/t Au., Refer ASX:GBZ release 23 December 2020. The Yandan South MRE was not reviewed at this stage as no new drilling or geological information has been gathered.

Of significances is the East Hill MRE high-grade core of 1.1 Mt @ 5.7 g/t Au for 201,000 oz Au . which has the potential with further drilling to add additional high grade ounces to the resource.

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Figure 3: A plan showing outlines of the East Hill and Yandan South block models projected to surface. Note the location of section lines A-A’, B-B’, and C-C’ shown in Figures 4 and 5.

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Figure 4. Cross Sections showing East Hill block model overlain on drilling and are looking west. Note that high grades are concentrated in a series of sheeted veins that terminate against the underlying fault. The location of the section lines are shown on Figure 3.

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Figure 5. A long Section showing East Hill block model overlain on drilling and is looking north. Note the sharp termination against the underlying fault. The location of the section line is shown on Figure 3.

East Hill Mineralisation Model

The FY22 drill program focussed on testing the high-grade core of the East Hill resource while investigating the potential for strike and dip extensions to mineralisation. In addition, the drilling aimed to test GBM’s geological model. Thirteen diamond drill holes were completed for 5,676 m with directional drilling used as needed to intersect key targets and to ensure drilling intercepted the veins at a high angle (Refer ASX:GBZ releases 11 November 2021 and 16 August 2021).

East Hill mineralisation is hosted in the Yandan andesite volcanic unit at the base of the Saint Anns Formation. Gold mineralisation at East Hill is developed over a 380 m vertical interval and is associated with an As, Sb and Zn plume that encloses the gold deposit. Mineralisation varies from breccia and veins with grey silica-pyrite infill near surface to dominantly colloform/crustiform and bladed textured quartz-chalcedony-carbonate-adularia-pyrite sheeted veins at depth (Figure 6). High-grade veins are typically < 10 cm wide but up to 1.5 m thick and returned assays of up to 347 g/t Au over 1 m from 335.5 m in YAN010. (Refer GBZ:ASX release 23 December 2020). Quartz textures typical of the deeper parts of an epithermal system were not observed.

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The highest density veining and highest gold grades are developed in the hanging wall of the moderately NW dipping Generator Fault (Figures 4 and 5). The relationship between high-grade mineralisation and the Generator Fault was previously unclear. The latest drilling has demonstrated that low sulphidation style veining and alteration are present under the fault. Together with a reinterpreted geology model GBM now believes the Generator Fault crosscuts and offsets mineralisation and that there is potential to find higher grade mineralisation at depth.

GBM’s technical team is working through the reinterpreted geological model to generate priority exploration targets to extend the mineralised zones at East Hill.

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Figure 6. Photographs of East Hill mineralisation in drill core showing (A) silica-pyrite veins and breccia typical of the upper levels of the deposit from 21YEDD008 at ~ 246 m and grading ~ 0.5 g/t Au, and (B) Quartz-chalcedony-carbonate-pyrite vein with well-developed colloform/crustiform and felted/bladed texture from the high-grade core of the East Hill deposit from YAN011 at ~ 364 m and grading ~ 81.8 g/t Au.

Illamahta Deposit MRE

The maiden MRE for Illamahta deposit comprises 2.19 Mt @ 0.8 g/t Au for 55,500 oz Au , including 1.15 Mt @ 0.73 g/t Au for 26,900 oz Au of oxide ore calculated at a cut-off grade of 0.4 g/t Au (Table 1 and Figures 7, 8, and 9).

Illamahta deposit sits approximately 15 km south southwest of Yandan Main and East Hill deposits. See Figure 11 for its location relative to other projects.

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Gold mineralisation occurs in several bedding parallel layers that dip shallowly to the northwest. The Illamahta resource has been defined for more than 330 m along a NW strike, is typically 160 m wide and extends from surface downward for 80 m.

Illamahta Deposit Mineralisation Model

Gold mineralisation at Illamahta occurs as a stratabound body of disseminated and fracture veinlet gold hosted within altered and silicified siltstone of the upper Saint Anns Formation. Gold is associated with fine grained disseminated pyrite, massive to banded chalcedony veinlets < 5 mm thick and minor brecciation. A steeply dipping, broadly east trending fault extends along the length of the deposit and may represent a key fluid conduit.

Illamahta mineralisation is similar to Yandan Main and is interpreted to represent the upper and perhaps distal part of an epithermal system. A very large silicification halo surrounds Illamahta (Figure 10) and GBM views Illamahta as being a small part of a much larger system, with the potential for higher grades and more ounces in permissive structural settings and key lithological units at depth.

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Figure 7. A plan showing Illamahta mineralisation and outline of block model projected to surface. Note the location of section lines A-A’, B-B’, and C-C’ shown in Figures 8 and 9.

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Figure 8. Cross Sections showing Illamahta block model overlain on drilling and are looking west. Note that mineralisation dips shallowly to the northwest, this is sub-parallel to bedding. The location of the section lines are shown on Figure 7.

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Figure 9. A long section showing the Illamahta block model overlain on drilling and is looking north. The location of the section line is shown on Figure 7.

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Figure 10. A plan showing the location of the Illamahta Gold Deposit. Note that Illamahta forms at one end of a large zone of pervasive silicification.

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Yandan Project Geology and Exploration

The Yandan Project comprises 2 mining leases and 4 exploration permits and is located 150 km SSE of Charters Towers in northeast Queensland. The project is underlain by Devonian to Carboniferous aged sedimentary and volcanic rocks of the Drummond Basin that host the Yandan, Twin Hills, Wirralie, and Pajingo Gold Mines (Figure 11). Gold mineralisation within the project varies from replacement to breccia to colloform / crustiform vein hosted styles but is classified as Low Sulphidation Epithermal Mineralisation.

The project contains 4 known deposits (Yandan Main, Yandan South, East Hill, and Illamahta) and numerous prospects and is hosted in the Saint Anns Formation sedimentary rocks and Yandan Andesite, within a 22 km long by 3 km wide, north-south elongate fault bounded subbasin, known as the Yandan Tough. Yandan Main style mineralisation is characterised as a tabular stratabound body of disseminated and facture veinlet gold hosted within altered and silicified bedded volcanoclastic sediment and limestone units of the upper Saint Anns Formation. The small East Pit open cut, developed by Ross Mining to the east of Yandan Main, gold mineralisation at surface reflects the low-grade upper halo to the East Hill deposit. Straits Resource discovered the East Hill deposit in 2005 with this gold deposit now accounting for the majority of GBM’s JORC 2012 resource at Yandan.

East Hill mineralisation is hosted in the Yandan andesite volcanic unit at the base of the Saint Anns Formation. Gold mineralisation at East Hill is developed over a 380 m vertical interval and is associated with an As, Sb and Zn plume that encloses the gold deposit. Mineralisation varies from dominantly breccia controlled near surface to dominantly sheeted vein style at depth with vein textures and silica species displaying systematic changes from the lower grade gold “plume” at the top of the deposit to “bonanza grade” veinlets at depth. The highest density veining and highest gold grades are developed in the hanging wall of a moderately NW dipping fault. The relationship between the high-grade mineralisation and the fault was previously unclear. The latest drilling has demonstrated that low sulphidation style veining and alteration are present under the fault. Together with a reinterpretation geology model GBM now believes the fault crosscuts and offsets mineralisation and that there is potential to find higher grade mineralisation at depth.

Ross Mining produced approximately 365,000 ounces of predominantly oxide gold from Yandan Main, Yandan South and East Pit in the 1990s. Gold was extracted with either conventional CIL for higher grade material or from a dump leach process for lower grade oxide material. Mining ceased in 1998 when oxide resources were exhausted, with the last gold poured in April 1999. The Yandan Mining Lease under which Ross Mining operated remains in place and contains considerable infrastructure including a large, permitted tailings dam site and water storage dams. The CIL process plant was removed from Yandan in late 1999.

GBM holds 4,667 km[2] of mining and exploration tenure across 23 granted EPMs and 7 Mining Leases within the Drummond Basin (Figure 11), Australia’s pre-eminent epithermal gold terrain. This includes granted mining leases at Twin Hills, Yandan, Koala and Glen Eva. In 2022 Newcrest entered a Farm-in Agreement over the Mt Coolon Project (Refer ASX:GBZ release 21 October 2022). GBM’s tenement holdings in the Drummond Basin will continue to be explored with the aim of defining 3 million ounces of JORC compliant gold resources within the Basin.

Forward Plans

Yandan continues to be a key project for GBM, with significant potential for discovery of additional resources, and better grades associated with key feeder structures at both East Hill and Illamahta. Exploration at East Hill in 2023 will initially focus on confirming the new geological model and establishing vein texture, alteration, and metal zoning patterns in order to reconstruct the system and vector to the centre. The results of this work will be used to define the most effective geophysics

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method and drill targets. Exploration at Illamahta will initially involve IP or CSAMT type geophysics across key structural zones and the mapped silicification to identify targets followed by drilling.

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Mt Coolon Project
100% GBM
Resource: 330 koz Au [1,2]
Wobegong (Conway)
Station
Range Red Flag Hill
Jedda
Bimurra Legend
Clewitts GBM EPM granted
Yandan Project
100% GBM Whiteglow Newcrest Mining
JV Farm-in
Resource: 515 koz Au [5,6,8] Hercules/Firefly
North East Ridge/Sinter Hill Grasstree
Yandan Blackadder Project Size
Horse Creek Large
Eugenia 1.75 to 4.1 Moz
Murdering Lagoon Canadian Medium
Illamahta Koala Glen Eva 0.15 to 1.75 Moz
Jaffa TPM Eastern Small
Badlands Siliceous <0.15 Moz
Verbena Sinter Epithermal
prospect
Regional Geology
Other Post Mineral
Cover
Quaternary to Mid.
Carboniferous Cover
Bullock Creek
Late Devonian - Early
West Microwave Carboniferous
Bali High / Skyline 309 Sediments
309 South LS7Centipede
Lone Sister Late Devonian -Carboniferous Early
Twin Hills Project Southern Volcano-Sedimentary
100% GBM Sister
309 + Lone Sister
Resource: ~1 Moz Au [7] Pre-Mineral
Basement
20 km
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Figure 11. GBM holds 4,667 km[2] of mining and exploration tenure across 23 granted EPMs and 7 Mining Leases within the Drummond Basin, Australia’s pre-eminent epithermal gold terrain. This includes granted mining leases at Twin Hills, Yandan, and Mt Coolon. Along with a key JV with Newcrest on the Mt Coolon tenements.

Drilling Techniques

These Mineral Resource Estimates are based on diamond (DD) and reverse circulation (RC) drilling data compiled from previous exploration activity and recent diamond drill holes be GBM. At East Hill drilling was completed in several phases from approximately 1986 to 2011 by WMC, Normandy (NM), Ross Mining (RSM), Straits Resources (SRL) and Drummond Gold (DGO) with recent drilling in 2021 by GBM. The dominant drill hole type is RC with 77 holes for 13,295.6 m while DD drilling (including RC pre-collars) accounted for 45 holes for 16,246.8 m.

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There is no documentation for details of the drilling techniques for the Western Mining Corporation (WMC), Ross Mining (RSM) or Drummond Gold (DGO), although drilling was completed by Eagle Drilling from Charters Towers. Standard face sampling hammers would have been used for the Reverse Circulation drilling. Recovery data was available for 22 RC holes, 13 DD holes and 19 precollared Diamond holes. In these DD holes NQ3 triple tube was used to maximise recovery. Recovery of core from the East Hill drilling is high, averaging 96.3%.

At Illamahta, drilling was completed in several phases from approximately 1986 to 2018 by WMC, RSM, DGO and Aries (AIS). Drilling included 114 RC holes for 7114.8 m and 3 DD holes for 663.9 m with a total of 6,997 drill samples from the Illamahta prospect. Details of the drilling techniques for the WMC, RSM, and DGO programs were not recorded. Standard face sampling hammers would have been used for the RC drilling. Sample recovery appears to be sufficient for assay, but recovery information was not available.

Sampling Methods

RC drilling drill cuttings were sampled from the cyclone at 1.0 m intervals and sub-sampled using riffle splitters to a 2 kg – 3 kg sample.

Diamond drill core was sub-sampled by cutting the core in half longitudinally using a diamond saw. The core was cut at the highest angle possible to geological features to ensure that half of each geological feature was sampled. Diamond core samples were generally to 1.0 m.

Sample Analysis Method

East Hill sample analysis consisted of 3 – 8 kg samples pulverized to produce a 30 g or 50 g charge for gold fire assay analysis with an AAS finish. No details were available for WMC, or RSM but SRL reported sample assaying was undertaken by ALS Chemex in Townsville for Au (Au-AA25 is 30 g fusion with AAS determination and gravimetric determination for high grade Au samples) and ALS Chemex in Brisbane for other multi-element analysis (0.5 g aqua regia digestion with ICP-AES/MS determination and 0.5 g multi-acid digestion with ICPAES determination). GBM Drill samples were analysed for Gold by Intertek Laboratories, Townsville using FA50/OE04: lead collection fire assay with a 50 g charge and ICP-OES finish and multi-element assays for the first 3 holes using 4A/MS48 where-by a 0.2 g sample is subjected to near-total digestion by a four-acid mixture and finished by ICP Mass Spectrometry.

Little information is available to evaluate data quality of the WMC or RSM RC drilling. SRL collected duplicate RC samples approximately every 60 m to 80 m for QA/QC purposes. GBM implemented systematic QAQC procedures with blanks (coarse and pulp) and standards (Certified Reference Materials) regularly inserted and focused in mineralised zones. Standards were selected for a range of grades and reflected oxidation states. Some Lab pulp duplicates were selected by GBM to be collected after the pulverisation stage. Control sample insertion rates averaged 9%, with approximately 2% pulp blanks, 2% coarse blanks and 5% standards. Oxide and sulphide standards of varying grades were selected to match drilling matrix and grades. Insertion of pulp duplicates was minimal. Coarse blanks were inserted at the start of the holes and within diamond drill core. QAQC data was available for analysis and is acceptable.

Illamahta sample analysis consisted of 3 – 8 kg samples pulverized to produce a 30 g or 50 g charge for gold fire assay analysis with an AAS finish. Details of WMC and RSM analysis were not available, DGO record ALS batch number and an unspecified method (UN_AAS). AIS sample assaying was undertaken by ALS Chemex in Townsville for Au by Au-AA24 (50 g fusion with AAS determination) and Au-AA26 determination for high grade Au samples over 10 g/t. No QAQC data was available for analysis.

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Estimation Methodology

East Hill Deposit:

Estimation was undertaken in Surpac 2022, (7.5.2). Experimental Variograms were generated in Supervisor and Surpac. Experimental Variograms were poorly formed, due to the grade distribution expected in an epithermal gold-silver deposit. Variogram sills were standardised to 1. Nuggets were generally moderate to low, ranging from 0.29 to 0.81, and the range of the variograms was from 10 m to 150 m. Geometric anisotropy was adopted, and ellipsoid ratios applied to reflect directional variograms. Estimation parameters: Minimum samples of 10 was applied for all domains, with the low-grade domains having maximums of 23 (LG4) and 27 (LG5) first pass, and high-grade domains EH13 and EH15 set to 15, and EH12 and EH14 set to 21. Required number of samples was halved for pass 2. Search distances were set at 70 m with anisotropy ratios of 1.5 and 2.5 for the low grade and 1.33 and 2 for the high grade. search distances were doubled on pass 2. Informing composites were limited to 8 per drill hole. 93% of blocks are estimated in pass 1 and 7% in pass two. Block size was 20 m x 10 m x 10 m (XYZ) which considers vein orientation and drill pattern (Approximately ½ the drill spacing). Sub-blocking of 1.25 m x 2.5 m x 1.25 m was permitted allowing sufficient detail in the model to reflect the higher-grade vein sets.

Illamahta Deposit:

Estimation was undertaken in Surpac 2022, (7.5.2) using ordinary kriging algorithms. Experimental Variograms were generated in Supervisor and ellipse orientation were checked in Surpac. Experimental Variograms were reasonably formed, due to the grade distribution expected in a low grade disseminated epithermal gold deposit. Data underwent normal scores transformation to generate experimental variograms, subsequent to modeling 2007 sills were standardised to 1. Nuggets were generally moderate to low, ranging from 0.29 to 0.81, and the range of the variograms was from 10 m to 150 m. Geometric anisotropy was adopted and ellipsoid ratios applied to reflect directional variograms. Estimation parameters were constrained to minimum of 10 samples and maximum of 20 samples was applied for all domains. Search distances were set at 50 m with anisotropy ratios of 1.6 and 2.5 for the low grade and 1.5 and 2 for the second pass. Search distances were doubled on pass 2. Informing composites were limited to 8 per drill hole. Block size was 15 m x 10 m x 10 m (XYZ) which considers vein orientation and drill pattern (Approximately ½ the drill spacing). Sub-blocking of 3.75 m x 2.5 m x 1.25 m was permitted allowing sufficient detail in the model to reflect the interpreted volumes.

Resource Classification Criteria

The Resource Estimates were classified in accordance with the JORC 2012 code. The East Hill and Illamahta resource classification is based data quality, drill density, number of informing samples, kriging efficiency, average distance to informing samples and vein consistency (geological continuity) with geological continuity has been demonstrated at 50 m grid spacing over the entire strike of both the East Hill and Illamahta deposits.

Cut-off Grades

East Hill wireframes were constructed based on drill hole intercepts greater than 0.2 g/t Au for the low-grade domains, with high-grade domains defined using greater than 2.0 g/t Au. Wireframes were used to constrain the individual vein estimates. High-grade outliers were capped and identified erratic high grades were sidelined during the capping analysis. Gold was capped by domain with capped grades ranging from 3 to 87.3 g/t Au and capped samples were used in the estimate.

Illamahta wireframes were constructed based on drill hole intercepts greater than 0.3 g/t Au. Wireframes were used to constrain the individual lode estimates. High-grade outliers were assessed, and Au was capped by domain with capped grades of 5.18 g/t (U11), 3.52 g/t (M12) and 2.9 g/t (L13).

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Mining and Metallurgical Methods

This Resource estimate is based on the following assumptions, that:

For the East Hill deposit mineralisation is close to surface. GBM foresees mining via open pit and convention grinding and leach recovery. Mining Associates (MA) notes that this is a reasonable assumption but should not be regarded as rigorous at this stage of the project. The current Mineral Resource does not include any dilution or ore loss associated with practical mining constraints. Ross Mining mined the East Hill pit and processed the material on the Yandan Heap Leach. There has been limited metallurgical work looking at refractory versus non-refractory mineralisation at East Hill. The project is considered a brown field exploration project and requires further metallurgical testing.

At Illamahta mineralisation is close to surface. GBM foresees mining via open pit and heap or grinding and leach recovery. MA notes that this is a reasonable assumption but should not be regarded as rigorous at this stage of the project. The current Mineral Resource does not include any dilution or ore loss associated with practical mining constraints. The Illamahta mineralisation sampled has been shown to be amenable to direct cyanidation for gold extraction. Limited metallurgical work shows significant recovery differences between oxidised and fresh material. Most recent metallurgical testwork was completed in 2019, only looking at oxidised material for heap leach performance. Gold recoveries within the oxidised material were generally within 60 to 70% recovery with the maximum recovery >80%

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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 Peter Rohner Managing Director +61 8 9316 9100 [email protected]

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 caliber project portfolio, hosting district scale mineral systems, located in several premier metallogenic terrains.

GBM’s flagship project in the Drummond Basin (QLD) holds ~1.84 Moz of gold in JORC resources (Mt Coolon, Yandan and Twin Hills). Some tenements in the Basin have recently become the subject of a A$25m farm-in with Newcrest. 2023 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 GBM also holds tenements in the Mt Morgan district, in the Mt Isa Inlier in Queensland (JV with Nippon Mining Australia - 54%) and also holds a 100% interest in the White Dam Gold-Copper Project in South Australia. Divestment of these non-core assets is in progress.

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COMPETENT PERSON STATEMENT

The information in this report that relates to The East Hill and Illamahta Mineral Resources is based on information compiled by Mr Ian Taylor, who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Taylor is a full-time employee of Mining Associates Pty Ltd. Mr Taylor 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 Taylor 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 respective announcements and all material assumptions and technical parameters underpinning the resource estimates within those announcements continue to apply and have not materially changed.

The Company confirms that the form and context in which the Competent Persons findings are presented have not been materially modified from the original market announcements.

Figure 11 - References:

1. GBM ASX Announcement, 18 Jan. 2019, Mt Coolon and Twin Hills Combined Resource Base Approaches 1 Million Ounces and 2 February 2022, Significant Resource Upgrade at Twin Hills Project

2. GBM ASX Announcement, 4 Dec. 2017, Mt Coolon Gold Project Scoping Study *Including Tailings 3. Evolution Mining. Pajingo-Fact-Sheet_March-2016_web-1.pdf

4. Osborne & Chambers. (2017). Pajingo Gold deposit. In Philips (ed), Australian Ore Deposits. AusIMM. Monograph 23.

5. Drummond Gold Limited , 24 Oct 2014, Mining 2014 Presentation, October Brisbane

6. GBM ASX Announcement, 23 Dec 2020, Mt Coolon and Yandan Combined Resources Total 852,000 oz following completion of Yandan acquisition

7. GBM ASX Announcement, 5 Dec 2022, Twin Hills Gold Project Upgrades to 1 Moz Mineral Resource

8. This release

Other References:

9. Abbott., J. 2010. Resource Estimation for the East Hill Deposit. Technical report from Hellman and Schofield Pty Ltd.

10. Gilbert M. 1999. North Drummond Basin: Geology, Epithermal Mineralisation and Future Potential. Ross Mining Presentation.

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APPENDIX 1: GBM Mineral Resource Estimate for the Drummond Basin Projects (Mt Coolon, Yandan and Twin Hills) along with other company interests

Deposit Re Re source Category source Category 000' t
Aug/t
Au oz
Total		 Cut-off
000' t
Aug/t
Au oz
Measured		 000' t Aug/t
Au oz
Indicated		 000' t
Aug/t
Au oz
Inferred
Koala -ML
Open Pit
UG Extension
Tailings		 114
1.7
6,200		 670
50
9		 2.6
55,100
3.2
5,300
1.6
400		 440
1.9
26,700
260
4
34,400		 1,120
2.3
81,800
320
3.9
39,700
124
1.6
6,600		 0.4
2.0
1.0
Sub Total 114
1.7
6,200		 729
 2.6
60,800
 700
2.7
61,100		 1,563
2.5
128,100
Eugenia
Oxide - Open Pit
Sulphide - Open Pit		 885
905		 1.1
32,400
1.2
33,500		 597
1.0
19,300
1,042
1.2
38,900		 1,482
1.1
51,700
1,947
1.2
72,400		 0.4
0.4

Sub Total		 1,790 1.1
65,900
 1,639

1.1
58,200		 3,430
1.1
124,100
Glen Eva - ML
Sub Total - Open Pit 1,070 1.6
55,200		 580
1.2
23,100		 1,660
1.5
78,300		 0.4
Yandan - ML
East Hill - Open Pit
Yandan South - Open Pit		 4,860 1.5
240,000		 7,900
0.8
203,000
900
0.6
16,000		 12,800
1.1
443,000
900
0.6
16,000		 0.4
0.3
Sub Total 4,860 1.5
240,000		 8,800
0.8
219,000		 13,700

1.0
459,000
Illamahta
Oxide - Open Pit
Sulphide - Open Pit		 886
673		 0.7
21,100
0.9
19,600		 261
0.7
5,800
372
0.8
9,000		 1,147
0.7
26,900
1,045
0.9
28,600		 0.4
0.4

Sub Total		 1,559 0.8
40,700		 633
0.7
14,800		 2,192
0.8
55,500
Twin Hills - ML
309 - Open Pit
309 - UG
Lone Sister - Open Pit
Lone Sister - UG		 830
2.5
73,900		 5,480
190

5,250
370		 1.3
235,200
4.0
24,500
1.3
277,300

2.9
34,300		 3,650
1.1
129,800

480
3.9
59,900
6,550

0.9
188,500
310
2.6
25,800		 9,960
1.4
438,900
670
3.9
84,400
11,800
1.1
415,800
680
2.7
60,100		 0.4
2.0
0.4
2.0
Sub Total 830
2.5
73,900		 11,290 1.6
571,300		 10,990

1.1
404,000		 23,110
1.3
999,200
Drummond Basin Total 944
2.6
80,100		 21,298 1.5
1,033,900		 23,342
1.0
780,200
 45,655
1.26
1,844,200
White Dam - ML
Hannaford - Open Pit
Vertigo - Open Pit
White Dam North - Open Pit		 700
300
200		 0.7
16,400
1.0
9,400
0.5
2,800		 1,000
0.8
26,900

1,400

0.6
29,000
1,000
0.6
17,600		 1,700

0.8
43,300
1,700
0.7
38,400
1,200
0.5
20,400		 0.2
0.2
0.2

Sub Total		 1,200 0.7
28,600		 3,400
0.7
73,500		 4,600
0.7
101,900
cut-off grade is 0.20 g/t Au for a ll, Vertigo is restricted to above 150RL (~70m b elow surface)
Malmsbury - RL, No te Malmsbury ounces referred to in this table are subject to the SPA completion, Refer ASX:GBZ release 10 March 2023
Sub Total - UG 820
4.0
104,000		 820
4.0
104,000		 2.5
Sub Total - UG - GBM Share 410
4.0
52,000		 410
4.0
52,000		 2.5
GBM Total 1,998,100

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 Newcrest and are on tenements subject to a recent farm-in agreement with Newcrest

  • Yandan – GBM ASX Announcement, 23 December 2020, Mt Coolon and Yandan Combined Resources Total 852,000 oz, following completion of Yandan acquisition

  • Twin Hills – GBM ASX Announcements, 18 January 2019, Mt Coolon and Twin Hills Combined Resource Base Approaches 1 Million Ounces, 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

  • Malmsbury – GBM ASX Announcement, 4 July 2019, Malmsbury Resource Upgraded to JORC 2012

  • Including this announcement

  • 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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APPENDIX 2: Illamahta Collar Table

Hole ID
Easting
(MGA94
Zone 55S)
Northing
(MGA94
Zone 55S)
RL (m)
EOH
Depth
(m)		 Hole ID
Easting
(MGA94
Zone 55S)
Northing
(MGA94
Zone 55S)
RL (m)
EOH
Depth
(m)		 Hole ID
Easting
(MGA94
Zone 55S)
Northing
(MGA94
Zone 55S)
RL (m)
EOH
Depth
(m)		 Hole ID
Easting
(MGA94
Zone 55S)
Northing
(MGA94
Zone 55S)
RL (m)
EOH
Depth
(m)		 Hole ID
Easting
(MGA94
Zone 55S)
Northing
(MGA94
Zone 55S)
RL (m)
EOH
Depth
(m)		 Collar
Dip		 Collar
Azimuth
Hole
Type
Company		 Collar
Azimuth
Hole
Type
Company		 Collar
Azimuth
Hole
Type
Company		 Hole ID
Easting
(MGA94
Zone 55S)
Northing
(MGA94
Zone 55S)
RL (m)
EOH
Depth
(m)		 Hole ID
Easting
(MGA94
Zone 55S)
Northing
(MGA94
Zone 55S)
RL (m)
EOH
Depth
(m)		 Hole ID
Easting
(MGA94
Zone 55S)
Northing
(MGA94
Zone 55S)
RL (m)
EOH
Depth
(m)		 Hole ID
Easting
(MGA94
Zone 55S)
Northing
(MGA94
Zone 55S)
RL (m)
EOH
Depth
(m)		 Hole ID
Easting
(MGA94
Zone 55S)
Northing
(MGA94
Zone 55S)
RL (m)
EOH
Depth
(m)		 Collar
Dip		 Collar
Azimuth
Hole
Type
Company		 Collar
Azimuth
Hole
Type
Company		 Collar
Azimuth
Hole
Type
Company
MHED028 491184 7633619 246.0 99.4 -60 188 DD WMC MHEC020 491160 7633632 241.1 80.0 -60 188 RC WMC
MHED180 491143 7633478 263.0 266.7 -60 8 DD WMC MHEC021 491206 7633597 252.9 80.0 -60 188 RC WMC
MHED181 491129 7633354 257.6 297.8 -60 8 DD WMC MHEC022 491209 7633626 246.5 80.0 -60 188 RC WMC
ILRC001 491039 7633578 229.6 201.0 -50 190 RC DGO MHEC023 491198 7633529 268.5 70.0 -60 188 RC WMC
ILRC002 490994 7633602 221.5 201.0 -50 190 RC DGO MHEC024 491198 7633496 279.3 77.0 -60 188 RC WMC
ILRC003 490930 7633526 219.9 75.0 -60 190 RC DGO MHEC025 491169 7633493 268.8 80.0 -60 188 RC WMC
ILRC004 490946 7633618 215.3 201.0 -50 190 RC DGO MHEC026 491173 7633522 266.1 80.0 -60 188 RC WMC
ILRC005 490889 7633585 212.7 201.0 -50 190 RC DGO MHEC027 491146 7633505 262.1 80.0 -60 188 RC WMC
ILRC006 490880 7633546 214.5 105.0 -50 190 RC DGO MHEC183 491146 7633505 262.1 19.5 -60 180 RC WMC
ILRC007 491235 7632733 197.7 201.0 -60 180 RC DGO MHRC061 491076 7633976 203.1 26.0 -90 360 RC WMC
ILRC008 491440 7632834 199.5 153.0 -60 180 RC DGO MHRC062 491065 7633879 207.0 20.0 -90 360 RC WMC
ILRC009 491000 7633496 229.8 79.0 -60 188 RC AIS MHRC063 491054 7633782 212.4 20.0 -90 360 RC WMC
ILRC010 491002 7633518 228.8 79.0 -60 188 RC AIS MHRC064 491043 7633684 219.5 20.0 -90 360 RC WMC
ILRC011 491006 7633541 227.2 65.0 -60 188 RC AIS MHRC065 491032 7633587 227.9 20.0 -90 360 RC WMC
ILRC012 491027 7633518 233.0 43.0 -60 188 RC AIS MHRC066 491130 7634019 202.3 20.0 -90 360 RC WMC
ILRC013 491049 7633512 237.5 49.0 -60 188 RC AIS MHRC067 491119 7633922 206.7 20.0 -90 360 RC WMC
ILRC014 491045 7633483 238.4 67.0 -60 188 RC AIS MHRC068 491110 7633824 212.7 20.0 -90 360 RC WMC
ILRC015 491062 7633417 242.2 67.0 -60 188 RC AIS MHRC069 491099 7633727 220.9 20.0 -90 360 RC WMC
ILRC016 491078 7633516 244.1 50.0 -60 188 RC AIS MHRC070 491092 7633679 225.8 20.0 -90 360 RC WMC
ILRC017 491071 7633490 243.8 67.0 -60 188 RC AIS MHRC071 491086 7633630 231.5 20.0 -90 360 RC WMC
ILRC018 491126 7633522 258.8 62.0 -60 188 RC AIS MHRC072 491081 7633582 236.6 20.0 -90 360 RC WMC
ILRC019 491100 7633517 249.9 64.0 -60 188 RC AIS MHRC073 491168 7633916 208.1 20.0 -90 360 RC WMC
ILRC020 491095 7633490 251.8 73.0 -60 188 RC AIS MHRC074 491157 7633819 214.7 20.0 -90 360 RC WMC
ILRC021 491091 7633459 251.6 67.0 -60 188 RC AIS MHRC075 491146 7633722 225.6 20.0 -90 360 RC WMC
ILRC022 491123 7633480 262.2 61.0 -65 188 RC AIS MHRC076 491135 7633625 239.4 20.0 -90 360 RC WMC
MEC29 490967 7633425 226.5 55.0 -60 188 RC RSM MHRC077 491130 7633576 246.9 20.0 -90 360 RC WMC
MEC30 490971 7633454 227.1 65.0 -60 188 RC RSM MHRC078 491211 7633862 212.6 20.0 -90 360 RC WMC
MEC31 490976 7633483 226.9 70.0 -60 188 RC RSM MHRC079 491200 7633765 222.2 20.0 -90 360 RC WMC
MEC32 491020 7633477 233.9 60.0 -60 188 RC RSM MHRC080 491195 7633716 229.3 20.0 -90 360 RC WMC
MEC33 491025 7633506 233.5 68.0 -60 188 RC RSM MHRC082 492114 7634004 221.8 20.0 -90 360 RC WMC
MEC34 491044 7633469 238.9 70.0 -60 188 RC RSM MHRC083 492116 7633680 235.3 20.0 -90 360 RC WMC
MEC35 491052 7633527 237.4 85.0 -60 188 RC RSM MHRC084 492059 7633520 240.0 20.0 -90 360 RC WMC
MEC36 491062 7633430 242.8 50.0 -60 188 RC RSM MHRC085 492002 7633593 245.0 20.0 -90 360 RC WMC
MEC37 491066 7633458 243.8 80.0 -60 188 RC RSM MHRC085A 491097 7633284 251.1 20.0 -90 360 RC WMC
MEC38 491069 7633478 244.1 100.0 -60 188 RC RSM MHRC086 492019 7633691 241.1 20.0 -90 360 RC WMC
MEC39 491081 7633548 241.9 99.0 -60 188 RC RSM MHRC086A 491086 7633187 239.0 20.0 -90 360 RC WMC
MEC40 491085 7633441 248.8 69.0 -60 188 RC RSM MHRC087 491823 7633728 236.1 20.0 -90 360 RC WMC
MEC41 491089 7633471 249.0 95.0 -60 188 RC RSM MHRC088 492143 7633853 224.5 20.0 -90 360 RC WMC
MEC42 491100 7633526 249.5 80.0 -60 188 RC RSM MHRC089 492292 7633839 220.1 20.0 -90 360 RC WMC
MEC43 491121 7633467 261.4 65.0 -60 188 RC RSM MHRC090 492395 7633877 214.6 20.0 -90 360 RC WMC
MEC44 491126 7633498 263.2 80.0 -60 188 RC RSM MHRC091 491256 7634695 190.7 20.0 -90 360 RC WMC
MEC45 491133 7633546 256.5 73.0 -60 188 RC RSM
MEC46 491141 7633434 262.3 50.0 -60 188 RC RSM Hole Type: DD - Diamond, RC - Reverse Circulation
MEC47 491143 7633463 267.3 65.0 -60 188 RC RSM Company: WMC- Western Mining Corporation, RSM - Ross Mining, DGO - Drummond Gold,
MEC48 491158 7633553 261.7 34.0 -60 188 RC RSM AIS - Aeris Resources
MEC49 491166 7633430 267.3 55.0 -60 188 RC RSM
MEC50 491171 7633464 273.2 59.3 -60 188 RC RSM
MEC51 491182 7633544 268.5 75.0 -60 188 RC RSM
MEC52 491193 7633438 272.6 55.0 -60 188 RC RSM
MEC53 491197 7633467 277.4 25.0 -60 188 RC RSM
MEC54 491214 7633445 276.1 50.0 -60 188 RC RSM
MEC55 491217 7633476 279.0 75.0 -60 188 RC RSM
MEC56 491221 7633505 277.6 67.0 -60 188 RC RSM
MEC57 491349 7633529 265.8 101.0 -60 188 RC RSM
MEC58 492255 7633858 222.0 50.0 -60 188 RC RSM
MEC59 492250 7633827 224.0 50.0 -60 188 RC RSM
MEC60 491056 7633546 236.5 54.0 -60 188 RC RSM
MHEC001 490928 7633549 218.3 77.0 -70 188 RC WMC
MHEC002 490978 7633544 223.3 77.0 -70 188 RC WMC
MHEC003 491027 7633538 230.3 74.0 -70 188 RC WMC
MHEC004 491075 7633533 240.7 74.0 -60 188 RC WMC
MHEC005 491124 7633527 253.5 63.0 -60 188 RC WMC
MHEC006 491173 7633522 266.1 59.0 -60 188 RC WMC
MHEC007 491059 7633387 243.2 76.0 -60 188 RC WMC
MHEC008 491064 7633436 243.7 38.0 -60 188 RC WMC
MHEC009 490975 7633520 224.1 80.0 -70 188 RC WMC
MHEC010 490981 7633568 222.3 80.0 -60 188 RC WMC
MHEC011 491192 7633692 233.0 120.0 -70 188 RC WMC
MHEC012 491082 7634025 201.3 80.0 -70 188 RC WMC
MHEC013 490890 7632766 192.6 100.0 -60 188 RC WMC
MHEC014 491047 7633502 236.8 78.0 -60 188 RC WMC
MHEC015 491072 7633504 242.5 75.0 -60 188 RC WMC
MHEC016 491097 7633506 248.7 76.0 -60 188 RC WMC
MHEC017 491149 7633534 259.6 76.0 -60 188 RC WMC
MHEC018 491178 7633571 256.5 80.0 -60 188 RC WMC
MHEC019 491157 7633602 246.5 80.0 -60 188 RC WMC

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APPENDIX 3: Illamahta Collar Plan

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APPENDIX 4: Illamahta Drill Hole Assay Table

Drill Hole
Note
From
(m)
To
(m)
Interval
(m)^
Au (g/t)
Au g*m^^		 Drill Hole
Note
From
(m)
To
(m)
Interval
(m) ^
Au (g/t)
Au g*m^^
2
3
1
0.22
0		 0
8
8
0.44
3
26
27
1
0.44
0
MHED028		 13
22
9
0.39
4
47
49
2
0.65
1
 27
36
9
0.38
3
ILRC021
53
54
1
0.21
0		 45
46
1
0.26
0
4
26
22
1.53
34		 57
66
9
0.43
4
inc.
6
14
8
3.06
24		 0
11
11
0.76
8
inc.
21.6
22.6
1
3.16
3
MHED180		 15
23
8
1.18
9
ILRC022
36.5
80
43.5
0.42
18		 inc.
19
20
1
5.52
6
inc.
67
68
1
2.17
2		 28
60
32
0.36
11
20
28
8
0.16
1		 1
2
1
0.31
0
MEC29
37
38
1
0.51
1		 29
30
1
0.22
0
57
59
2
0.56
1
MHED181		 21
23
2
0.53
1
64
92
28
0.31
9
 32
34
2
0.23
0
MEC30
105
116
11
0.36
4		 58
59
1
0.36
0
inc.
108
109
1
2.38
2		 MEC31
20
24
4
0.33
1
58
60
2
0.31
1		 2
3
1
0.25
0
66
80
14
0.50
7
ILRC001		 10
15
5
0.20
1
88
89
1
0.32
0		 20
22
2
0.30
1
MEC32
ILRC002
34
45
11
0.56
6		 27
37
10
0.35
4
ILRC003
61
75
14
0.49
7		 45
50
5
0.20
1
0
4
4
0.32
1		 57
60
3
0.41
1
74
79
5
0.33
2		 13
16
3
0.28
1
93
97
4
0.29
1
ILRC004		 26
37
11
0.80
9
102
103
1
0.33
0
 inc.
27
28
1
6.12
6
MEC33
139
146
7
0.55
4		 43
45
2
0.96
2
171
172
1
0.25
0		 55
68
13
1.51
20
ILRC005
3
4
1
0.27
0		 58
67
9
1.90
17
0
4
4
0.26
1		 6
10
4
0.79
3
9
17
8
0.51
4
ILRC009		 inc.
6
7
1
2.56
3
52
64
12
0.27
3
 14
15
1
2.30
2
78
79
1
0.50
1		 19
21
2
0.61
1
15
67
52
1.48
77		 26
34
8
0.33
3
MEC34
inc.
24
25
1
2.38
2
ILRC010		 45
50
5
0.65
3
inc.
37
51
14
3.96
55
 inc.
45
46
1
2.66
3
76
79
3
0.29
1		 59
69
10
0.80
8
0
2
2
0.53
1		 inc.
63
64
1
2.02
2
14
21
7
0.18
1
ILRC011		 0
3
3
0.47
1
29
65
36
0.70
25
 20
76
56
1.46
82
44
50
6
1.73
10		 inc.
38
40
2
2.08
4
MEC35
28
43
15
0.63
10
ILRC012		 inc.
50
64
14
3.93
55
inc.
30
31
1
2.11
2
 82
84
2
0.45
1
0
8
8
0.26
2
ILRC013		 0
1
1
0.36
0
22
49
27
0.62
17
 14
15
1
0.93
1
MEC36
0
4
4
0.21
1		 23
29
6
0.37
2
15
16
1
0.37
0		 41
48
7
0.27
2
21
40
19
0.38
7
ILRC014		 6
16
10
0.62
6
47
48
1
0.27
0
 inc.
15
16
1
2.74
3
55
67
12
1.00
12		 22
23
1
0.70
1
inc.
58
59
1
3.29
3		 28
32
4
0.61
2
0
3
3
0.27
1		 38
41
3
1.33
4
MEC37
13
32
19
0.34
7		 inc.
40
41
1
2.27
2
inc.
25
26
1
2.12
2
ILRC015		 53
54
1
0.43
0
41
42
1
0.28
0		 59
72
13
0.40
5
58
59
1
0.28
0		 78
80
2
0.31
1
1
2
1
0.20
0		 0
2
2
0.32
1
8
9
1
0.22
0
ILRC016		 7
22
15
0.34
5
19
30
11
0.25
3
 26
44
18
0.31
6
37
49
12
0.73
9		 48
78
30
1.13
34
MEC38
0
6
6
0.28
2		 inc.
48
49
1
5.42
5
11
27
16
0.29
5
ILRC017		 inc.
53
54
1
7.78
8
32
49
17
0.65
11
 inc.
74
75
1
2.58
3
53
66
13
0.61
8		 82
96
14
0.64
9
0
33
33
0.55
18		 0
1
1
0.24
0
inc.
15
16
1
4.91
5
ILRC018		 23
35
12
0.29
4
37
61
24
0.50
12
 41
79
38
0.50
19
MEC39
inc.
52
53
1
2.02
2		 inc.
41
42
1
3.01
3
12
15
3
0.25
1		 83
84
1
4.34
4
22
37
15
0.38
6		 1
2
1
0.21
0
inc.
26
27
1
2.02
2
ILRC019		 11
22
11
0.21
2
43
62
19
1.15
22		 29
48
19
0.27
5
MEC40
inc.
54
55
1
4.77
5		 58
68
10
0.71
7
0
3
3
0.69
2		 inc.
59
60
1
2.23
2
7
26
19
0.37
7
inc.
23
24
1
2.04
2
ILRC020
32
63
31
0.42
13
67
73
6
1.24
7

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Drill Hole
Note
From
(m)
To
(m)
Interval
(m)^
Au (g/t)
Au g*m^^		 Drill Hole
Note
From
(m)
To
(m)
Interval
(m)^
Au (g/t)
Au g*m^^
0
10
10
0.60
6		 1
13
12
0.26
3
15
49
34
0.51
17		 27
35
8
0.48
4
53
54
1
0.63
1
MEC41		 inc.
31
32
1
2.54
3
61
76
15
0.64
10
 41
42
1
0.37
0
MEC56
83
84
1
1.27
1		 49
52
3
0.79
2
88
94
6
0.37
2		 56
67
11
1.06
12
0
2
2
0.29
1		 inc.
59
60
1
4.29
4
12
13
1
0.70
1		 7
10
3
0.18
1
17
18
1
0.26
0		 17
18
1
4.17
4
26
36
10
0.29
3
MEC42		 32
33
1
0.29
0
43
80
37
0.68
25		 38
43
5
0.20
1
MEC57
inc.
73
74
1
2.17
2		 48
58
10
0.47
5
inc.
77
78
1
3.40
3		 77
81
4
0.38
2
0
17
17
0.32
5		 92
98
6
0.21
1
39
43
4
0.49
2
MEC43		 7
18
11
0.19
2
MEC58
49
50
1
0.25
0		 29
30
1
0.20
0
3
29
26
1.41
37		 2
3
1
0.33
0
inc.
3
4
1
2.24
2		 10
11
1
0.72
1
inc.
20
21
1
9.89
10		 20
21
1
0.22
0
MEC59
inc.
27
28
1
10.40
10
MEC44		 37
42
5
0.32
2
33
34
1
0.25
0		 48
49
1
0.24
0
39
67
28
0.38
11		 26
29
3
0.26
1
74
77
3
0.43
1		 34
53
19
1.34
25
MEC60
11
25
14
0.37
5		 inc.
44
49
5
3.70
19
31
32
1
0.32
0		 38
61
23
0.48
11
MHEC001
40
47
7
0.28
2
MEC45		 65
66
1
0.55
1
51
73
22
0.57
13		 3
4
1
0.41
0
inc.
56
57
1
3.46
3		 16
18
2
0.23
0
MHEC002
0
1
1
0.37
0		 37
50
13
0.29
4
8
18
10
0.38
4		 61
70
9
0.33
3
22
28
6
0.69
4
MEC46		 30
32
2
0.28
1
inc.
24
25
1
2.40
2
 36
47
11
0.31
3
MHEC003
33
35
2
0.47
1		 55
58
3
0.59
2
47
48
1
0.25
0		 66
71
5
0.15
1
0
34
34
0.54
18		 12
13
1
0.28
0
inc.
28
29
1
2.58
3
MEC47		 17
62
45
0.44
20
MHEC004
40
50
10
0.53
5
 69
74
5
1.00
5
57
58
1
0.20
0		 0
4
4
0.69
3
1
10
9
0.82
7		 11
17
6
0.32
2
inc.
3
4
1
3.48
3
MEC48		 22
32
10
1.14
11
14
33
19
0.30
6		 24
28
4
1.78
7
MHEC005
18
19
1
0.34
0		 36
37
1
0.32
0
23
28
5
0.56
3
MEC49		 42
63
21
0.77
16
inc.
23
24
1
2.02
2
 inc.
51
52
1
2.96
3
32
49
17
0.25
4		 73
74
1
2.33
2
0
9
9
0.60
5		 MHEC006
0
9
9
0.49
4
inc.
4
5
1
2.12
2		 14
15
1
0.43
0
14
15
1
0.96
1		 28
29
1
1.04
1
MHEC007
19
31
12
0.81
10
MEC50		 50
52
2
0.45
1
inc.
30
31
1
5.46
5		 0
2
2
0.29
1
40
52
12
0.30
4		 7
8
1
0.64
1
58
59
1
0.39
0		 13
18
5
0.90
4
MHEC008
0
6
6
0.52
3		 inc.
13
14
1
2.06
2
14
19
5
0.52
3		 26
38
12
0.57
7
31
32
1
0.36
0		 inc.
31
32
1
2.08
2
40
41
1
0.24
0
MEC51		 4
5
1
0.60
1
46
75
29
0.81
24
 29
46
17
0.52
9
inc.
51
52
1
2.10
2		 55
58
3
2.05
6
MHEC009
inc.
61
62
1
2.16
2		 inc.
57
58
1
5.60
6
inc.
73
75
2
2.11
4		 63
80
17
0.82
14
8
10
2
0.71
1
MEC52		 inc.
64
65
1
2.75
3
17
50
33
0.34
11
 0
4
4
0.26
1
0
8
8
0.43
3		 12
17
5
0.16
1
12
14
2
0.35
1
MEC53		 23
30
7
0.47
3
MHEC010
24
25
1
0.45
0		 34
35
1
0.23
0
22
23
1
0.31
0		 48
64
16
0.31
5
30
31
1
2.06
2
MEC54		 69
76
7
0.18
1
40
41
1
0.25
0
 1
5
4
0.23
1
MHEC011
48
50
2
1.09
2		 10
11
1
0.32
0
8
24
16
0.29
5		 MHEC012
5
6
1
0.23
0
29
34
5
0.17
1		 1
4
3
0.38
1
40
41
1
0.36
0
MEC55		 25
52
27
0.55
15
45
46
1
0.20
0
 59
78
19
1.33
25
MHEC014
51
67
16
0.36
6		 inc.
60
62
2
5.90
12
72
73
1
0.55
1		 inc.
69
70
1
3.89
4

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Drill Hole
Note
From
(m)
To
(m)
Interval
(m)^
Au (g/t)
Au g*m^^		 Drill Hole
Note
From
(m)
To
(m)
Interval
(m)^
Au (g/t)
Au g*m^^
1
4
3
0.29
1		 MHRC070
4
5
1
0.22
0
17
28
11
0.45
5		 0
3
3
0.20
1
32
75
43
0.95
41
MHEC015		 8
11
3
0.24
1
MHRC071
inc.
41
46
5
2.35
12		 14
18
4
0.24
1
inc.
62
63
1
3.37
3		 MHRC072
9
10
1
0.26
0
14
25
11
1.27
14		 MHRC075
2
3
1
0.37
0
inc.
16
17
1
6.20
6
MHEC016		 MHRC076
4
11
7
0.32
2
inc.
24
25
1
3.16
3
 0
5
5
0.51
3
31
75
44
0.64
28		 10
16
6
0.36
2
MHRC077
0
31
31
1.53
48		 MHRC083
17
18
1
1.13
1
inc.
2
4
2
7.81
16		 MHRC084
18
19
1
0.21
0
inc.
27
29
2
7.13
14
MHEC017		 MHRC085
15
19
4
0.35
1
44
45
1
1.93
2
 4
8
4
0.23
1
MHRC086
53
71
18
0.80
14		 16
17
1
0.21
0
inc.
63
65
2
3.35
7		 MHRC088
11
13
2
0.33
1
0
12
12
0.62
7
26
27
1
0.22
0		 Intercepts calculated with 0.2 g/t Au cut-off and 3 m internal dilution.
33
34
1
0.42
0
MHEC018		 High grade included intercepts calculated with 2.0 g/t Au cut off and 3 m
48
58
10
0.25
2
 internal dilution.
67
71
4
0.20
1		 ^ All widths and intercepts are expressed as metres down hole.
77
78
1
0.20
0		 ^^ Au g/t multiplied by metres
0
15
15
0.31
5
26
29
3
0.24
1
36
37
1
0.23
0
MHEC019
42
43
1
0.20
0
59
60
1
0.48
0
4
12
8
0.73
6
19
20
1
0.47
0
MHEC020
28
29
1
0.23
0
MHEC021
57
59
2
0.41
1
1
3
2
0.22
0
7
11
4
0.33
1
MHEC022
55
59
4
0.17
1
1
2
1
0.29
0
9
10
1
1.07
1
19
21
2
1.43
3
26
27
1
0.62
1
MHEC023
40
42
2
1.46
3
inc.
41
42
1
2.70
3
59
62
3
0.49
1
67
70
3
1.18
4
15
16
1
5.16
5
30
31
1
0.25
0
35
36
1
0.61
1
41
42
1
1.12
1
MHEC024
46
48
2
0.36
1
53
77
24
0.70
17
inc.
64
65
1
4.58
5
0
14
14
0.45
6
19
24
5
0.88
4
28
29
1
0.60
1
37
38
1
0.56
1
MHEC025
45
78
33
0.52
17
inc.
50
51
1
2.77
3
inc.
58
60
2
2.34
5
7
8
1
0.20
0
12
13
1
0.69
1
19
22
3
0.18
1
39
40
1
0.21
0
46
48
2
1.82
4
MHEC026
inc.
46
47
1
3.00
3
55
72
17
0.74
13
inc.
62
63
1
2.09
2
79
80
1
0.58
1
0
18
18
0.35
6
22
34
12
1.01
12
inc.
30
31
1
4.83
5
MHEC027
38
80
42
0.40
17
inc.
38
39
1
2.10
2
0
3
3
0.45
1
7
19.5
12.5
0.91
11
MHEC183
inc.
14
15
1
2.36
2
13
17
4
0.26
1
MHRC061
21
22
1
0.53
1
MHRC063
0
1
1
0.27
0
MHRC064
0
2
2
0.31
1
MHRC067
17
18
1
0.22
0
Fll GBM LikdI
0
1
1
0.31
0
oow on nen
10
12
2
0.29
1
MHRC069

24

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APPENDIX 5: Table 1 East Hill Deposit

JORC Code, 2012 Edition – Table 1 East Hill Deposit

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Important Note:

This Table 1 refers to 2021 drilling completed at the East Hill Deposit that forms part of GBM’s Yandan Project. Drilling and exploration has been carried out at East Hill and across the broader Yandan area over a long period by a variety of companies. Table 1 data was previously reported for historical drilling and recent resource estimation (Refer ASX: GBZ release 23 December 2020, Mt Coolon and Yandan Combined Resources Total 852,000 oz, following completion of Yandan acquisition).

Criteria JORC Code explanation Commentary Commentary
Sampling • Nature and quality of sampling (e.g. cut channels, random chips, or • Previous drilling was completed in several phases from
techniques specific specialised industry standard measurement tools appropriate approximately 1986 to 2010.The drilling was completed
to the minerals under investigation, such as down hole gamma predominantly by WMC, Normandy (NM), Ross Mining (RSM),
sondes, or handheld XRF instruments, etc.). These examples should Straits Resources (SRL) and Drummond Gold (DGO). The most
not be taken as limiting the broad meaning of sampling. recent drilling, undertaken in 2021 by GBM, was a diamond drill
• Include reference to measures taken to ensure sample representivity program comprised of 9 holes and 4 daughter holes. 8 of the 9
and the appropriate calibration of any measurement tools or systems primary holes had PCD pre-collars, and 5 included Navi drilling
used. cycles.
• Aspects of the determination of mineralisation that are Material to the • Reverse Circulation (RC) drilling and diamond drilling (DD) are
Public Report. the main sampling methods with drilling completed in multiple
• In cases where ‘industry standard’ work has been done this would be phases, amounting to 208 drill holes for a total of 31,243.4 m
relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 and 17,526 samples from the East Hill prospect.
m samples from which 3 kg was pulverised to produce a 30 g charge • The dominant drill hole type is RC drilling with 77 holes for
for fire assay’). In other cases, more explanation may be required, 13,295.6 m but with a substantial number of DD holes (including
such as where there is coarse gold that has inherent sampling RC precollars) i.e. 45 holes for 16,246.8 m. The project area also
problems. Unusual commodities or mineralisation types (e.g. has 86 percussion holes for 1,7010 metres and a small number
submarine nodules) may warrant disclosure of detailed information. of costeans which were not used in the resource estimate.
• RC drilling was used to obtain 1m samples which were riffle split
togive a 3-8 kgwhich was thenpulverised toproduce a 30gor

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Criteria JORC Code explanation Commentary Commentary
50 g charge for gold fire assay analysis with an AAS finish.
• DD was used to obtain core samples which were marked up for
sampling by geologists, generally at 1m intervals, but under
geological control. Samples were sawn in half using a diamond
blade saw to give 3-5 kg sub-samples which were pulverised to
produce a 30 g or 50 g charge for gold fire assay analysis with
an AAS finish.
• All samples were logged; virtually all drill hole intervals were
sampled and analysed.
• Documentation for sampling and analytical procedures is
available for the SRL work only, although Hellman and Schofield
(H&S)9is familiar with the RSM work completed around this time
in the general area, but there is no documentation for sampling
and analytical procedures for WMC or DGO. It is understood this
work will have been completed to industry standards.
• Sampling and assaying are assumed to be to industry standard
practice for the time.
• Sampling and assaying techniques are considered appropriate
for the deposit type at the time of the analysis.
For GBM Drilling
• All sampling was on half cut diamond core, mainly NQ with minor
HQ core samples.
• After logging and photographing, selected core was cut at
nominal 1 m interval lengths or at selected sample intervals
ranging from 0.2 to 1.4 m (e.g. major quartz vein margins).
• Samples were half cut lengthways using a Corewise automatic
core saw or a manual core saw (Discoverer Series 1 diamond
core saw). Half-core interval length samples were then packed in
labelled calico bags for laboratory shipment.
• Laboratory analysis at Intertek Townsville included pulverising
up to 3 kg to produce a 50 g charge for gold fire assay.
• The 1st 3 drillholes were also assayed for multi-element
analysis by four acid digest with a 0.2 g charge.
• Samplesgreater than 3 kgwere crushed,split via a rotary

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Criteria
JORC Code explanation
Commentary		 Criteria
JORC Code explanation
Commentary
splitter and 3 kg pulverised.
Drilling
techniques
• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air
blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter,
triple or standard tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by what method, etc.).
•
•
•
•		 Details of the drilling at East Hill by company are included below:
Company
Hole_Type
CountOfHole_ID
SumOfMax_Depth
WMC
DD
10
2,016
RSM
PERC
86
1,701
RSM
RC
51
4,282
SRL
DD
9
3,176.6
SRL
RC
24
8,683.6
DGO
RC
2
330
DGO
RCDD
9
3,595.1
GBM
DD
17
7459.1
Total
208
31,243.4
DD includes holes with RC or percussion precollars.
There is no documentation for details of the drilling techniques
for the Western Mining Corporation (WMC), Ross Mining (RSM)
or Drummond Gold (DGO), although drilling was completed by
Eagle Drilling from Charters Towers. Standard face sampling
hammers would have been used for the Reverse Circulation
drilling. It is not known whether triple tube was used for diamond
drilling. Sample recovery seems to be sufficient for assay.
The SRL drilling was completed in 4 phases and utilised a
UDR650 rig with RC precollars drilled with a 5” or 5½” face
sampling hammer bit with a cyclone-mounted sample splitter
(1:7). Diamond holes were drilled using a 650 rig to give NQ2
core with some top of hole HQ core. Oriented core was
measured by both a simple spear technique and the ACE core
orientation tool.
Drilling techniques are considered appropriate for the deposit
type.

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Criteria JORC Code explanation Commentary Commentary
For GBM Drilling
• All drilling was completed using a UDR1200 drill rig by Eagle
Drilling NQ.
• As mineralisation targets were at depth, drillholes were
precollared by rotary mud techniques (variably 52-73 m depth)
with no sampling from precollars. Rotary mud employs a
polycrystalline diamond (PCD) impregnated cutting bit, with
resultant cuttings/mud evacuated to surface by water.
• Upon refusal holes were then drilled by HQ core (variably to
approx. 150 m) then NQ core size to end of hole.
• Diamond core was recovered in a standard wireline 3m core
barrel using standard HQ size equipment and 6m core barrel
using standard NQ size equipment. Samples were emptied into
core trays by gravity or pushed out from the core barrel using
water injected under pressure.
• Directional (Navi) drilling was used to produce a bend in the hole
to achieve desired drill trajectories and intersect key target
zones. ‘Daughter’ holes (hole name with A and B suffix) were
also drilled by cutting a lip at the top of the navi bend and drilling
straight ahead.
• Core was oriented in the later part of the program (from Hole 4)
using aReflex ACTIII RDdownhole orientation tool.
Drill sample • Method of recording and assessing core and chip sample recoveries • Recovery data was available for 22 RC holes, 13 DD holes and
recovery and results assessed. 19 pre-collared Diamond holes
• Measures taken to maximise sample recovery and ensure • NQ3 triple tube was used for most of the DD drilling to maximise
representative nature of the samples. recovery.
• Whether a relationship exists between sample recovery and grade • Recovery of core from the East Hill drilling is high, averaging
and whether sample bias may have occurred due to preferential 96.3%.
loss/gain of fine/coarse material. For GBM Drilling
• Diamond drill recovery was recorded run by run reconciling
against driller’s depth blocks noting depth, core drilled, and core
recovered.
• Drilling recovery is good and there no evidence for sample bias.

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  • Criteria JORC Code explanation Commentary Logging • Whether core and chip samples have been geologically and • geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical • studies.

    • 100% of RC chips were logged using a qualitative system by a geologist with sufficient experience.

    • 100% of core was logged for geological, mineralogical and geotechnical purposes. Core logging was conducted in the site core yard, logged by a geologist with sufficient experience using a qualitative system.

  • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.

  • The total length and percentage of the relevant intersections logged.

  • A lack of available documentation has meant it is difficult to comment on the logging systems that were used. However, from the drill hole database the logging appears to be qualitative based on a series of codes for various geological aspects e.g. lithology, alteration etc.

For GBM Drilling

  - All diamond core is logged in detail for lithology, weathering, mineralisation style, alteration, structure, and basic geotechnical parameters (RQD).

  - The logging has been carried out to an appropriate level of detail for resource estimation.

  - Core is jigged, orientated, and metre marked prior to being photographed using a digital camera in a proprietary frame to capture one photo of each core tray. All drill core was photographed.

  • Sub-sampling • If core, whether cut or sawn and whether quarter, half or all core techniques taken. and sample • If non-core, whether riffled, tube sampled, rotary split, etc. and preparation whether sampled wet or dry.

  • For all sample types, the nature, quality and appropriateness of the sample preparation technique.

  • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

  • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

  • Whether sample sizes are appropriate to the grain size of the material being sampled.

  • SRL and DGO sampled 1m intervals through the mineralised zones using RC drill holes and Diamond holes, with the latter commonly guided by geological contacts. Sample intervals include waste sampling either side of the mineralisation.

  • • Little information is available to evaluate data quality of the RSM RC drilling, except that a riffle splitter was used to generate the 1m samples (sample weight unknown).

  • For the RSM drilling the 1 m RC returns were sub-sampled using a 1:3 Jones splitter yielding a 1-3 kg sub-sample, samples were passed through the splitter several times. The later drilling (SRL, DGO) used a 1:7 Jones riffle splitter either rig-mounted or freestanding to give an approximate 3 kg sub-sample, on either 1m (dominant) or 2 m composite intervals.

  • • All core was pre-marked for sampling by geologists. The core

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Criteria JORC Code explanation Commentary Commentary
samples were sawn in half using a diamond-blade saw with the
same half of the core selected for sampling for the length of the
hole.
• RC drilling did not involve water injection. Ground conditions
were generally dry, with no mention of any groundwater in flows.
• No sample prep detail is available for the WMC.
• SRL: Phase 1 of the RC drilling assay had samples composited
at 2 m intervals from the smaller split 1m sample and further split
by external riffle splitter down to 2-3 kg if necessary. A duplicate
sample by hollow spear from the larger split plastic bag sample
was taken approximately every 60 m for QA/QC purposes.
Representative drilling rock chips were collected at 1m intervals
into plastic chip trays. Phase 3-4 RC drilling assay samples were
collected at 4m intervals by hollow spear from individual larger
1m sample split. A duplicate sample was taken approximately
every 80 m for QA/QC purposes. The smaller split 1 m calico
bag samples were retained for assaying later if the 4 m
composite sample was geochemically significant (Au>0.4 g/t).
Representative drill chips were collected at 1m intervals into
plastic chip trays. Core was 100% sampled on a geological
basis, generally at 1m intervals but with a minimum of 0.3 m and
maximum of 1.3 m per sample. Half-core samples, cut by
diamond saw where possible, or otherwise spoon sampled in
highly weathered core. Uninteresting samples from a
mineralisation perspective were composited into approximately
4m samples to reduce costs (undertaken by the laboratory after
crushing and pulverisation of individual samples). The remaining
half core is stored at the Yandan core yard (also RC chip trays).
• The Ross Mining samples were dried at 150°C for 12 hours and
then either pulverised using an LM5 to 85% passing 75 micron
(Townsville lab) or sub-sampled (riffle split) and pulverised using
an LM3 to 85% passing 75 microns (mine site lab), both
producing a 200 g scoop sample for analysis.
• All laboratories were certified commercial laboratories working to
best practices for the times.
• All samplepreparation,sample sizes and analytical methods are

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Criteria JORC Code explanation Commentary Commentary
assumed to be appropriate for the time.
For GBM Drilling
• All core samples were half cut lengthways using an automatic
(Corewise) or manual core saw (Discoverer Series 1 diamond
core saw). As stated above, samples were around 1 m length on
average, though locally ranged between 0.2 to 1.4 m to
represent vein and mineralisation boundaries as selected by the
geologist.
• Sample preparation at Intertek Townsville comprised drying
samples, crushing to 2 mm and pulverising 3 kg to 85% passing
75 µm. Samples greater than 3 kg were crushed, split via a
rotary splitter and 3 kg pulverised. Lab QAQC included
standards, blanks, pulverised size checks and pulp repeats.
• Quality control procedures for sampling were implemented
systematically; blanks (coarse and pulp) and standards (Certified
Reference Materials) were inserted; focused in mineralised
zones. Standards were selected for a range of grades and
reflected oxidation states. Some Lab pulp duplicates were
selected by GBM to be collected after the pulverisation stage.
• Control sample insertion rates averaged 9%, with approximately
2% pulp blanks, 2% coarse blanks and 5% standards. Oxide and
sulphide standards of varying grades were selected to match
drilling matrix and grades. Insertion of pulp duplicates was
minimal. Coarse blanks were inserted at the start of the holes
and within diamond drill core. Some minor issues were noted
and monitoring recommended. Results from Intertek lab blanks,
standards and pulp checks were generally acceptable with some
minor issues flagged for follow-up. Pulps from 21YEDD005A
were submitted to ALS for umpire assaying, with results
generally matching well with a slight negative bias to the ALS
results.
• No additional measures were taken to ensure the representivity
of the samples. Field duplicates and twinned holes were not part
of this program.
• Samplepreparation is considered appropriate for the sample

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Criteria JORC Code explanation Commentary Commentary
types and material sampled.
Quality of • The nature, quality and appropriateness of the assaying and • WMC: No details available.
assay data laboratory procedures used and whether the technique is considered • RSM: No details available.
and partial or total. • NM: no details available.
laboratory
tests		 • For geophysical tools, spectrometers, handheld XRF instruments,
etc., the parameters used in determining the analysis including		 • SRL: Sample assaying was undertaken by ALS Chemex in
Townsville for Au and ALS Chemex in Brisbane for other multi-
instrument make and model, reading times, calibrations factors element analysis with the following methods used (no sample
applied and their derivation, etc. prep details available):
• Nature of quality control procedures adopted (e.g. standards, blanks, o
Au-AA25 is 30 g fusion with AAS determination
duplicates, external laboratory checks) and whether acceptable levels (gravimetric determination for high grade Au samples).
of accuracy (i.e. lack of bias) and precision have been established. o
ME-ICP41 is 0.5 g aqua regia digestion with ICPAES
determination.
o
ME-MS42 is 0.5 g aqua regia digestion with ICPMS
determination.
o
ME-ICP61 is 0.5 g multi-acid digestion with ICPAES
determination.
• DGO: No details available.
• No QAQC data was available for analysis by MA.
• Information regarding QAQC for the 2021 drilling undertaken by
GBM was provide as a memorandum summarising the process
and outcomes. Based on this memorandum, the QAQC program
produced satisfactory results.
• The QAQC program for the previous drilling is considered as
industry normal practice for the time but would potentially be
considered today to be insufficient. QAQC sample data is
available for the Straits drilling in PDF electronic format.
• Fire assay for gold is considered a total analytical technique.
For GBM Drilling
• Gold assays were undertaken by Intertek Laboratories,
Townsville using FA50/OE04: lead collection fire assay with a 50
g charge and ICP-OES finish.
• Multi-element assays for the first 3 holes used Intertek
Laboratories 4A/MS48: a 0.2 g sample is subjected to near-total
digestion by a four-acid mixture and finished by ICP Mass
Spectrometry.

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Criteria JORC Code explanation Commentary Commentary
• Laboratory QAQC involves the use of internal lab standards
using certified reference material, blanks, pulp repeats as part of
the inhouse Intertek procedures.
• GBM quality control procedures for sampling were implemented
systematically; coarse and pulp blanks and certified pulp
standards were inserted focused in mineralised zones.
Standards were selected for a range of grades and reflected
oxidation states. Some Lab pulp duplicates were selected by
GBM at the pulverisation stage.
• Some pulp samples were submitted to an umpire laboratory.
Verification of
• The verification of significant intersections by either independent or		 • No independent verification has been undertaken.
sampling and alternative company personnel. • There are no details of any specific twin hole analysis.
assaying • The use of twinned holes. • There is no procedural documentation available for the primary
• Documentation of primary data, data entry procedures, data data, data entry procedures, data verification and data storage
verification, data storage (physical and electronic) protocols. (physical and electronic) protocols.
• Discuss any adjustment to assay data. • Available data for this work comprises an Access drill hole
database and a suite of geological interpretations maintained by
DGO up to 2011. Prior to the 2021 drill program, no work had
occurred on the project since 2011.
• All current data has been partially checked by MA for data entry
or other inconsistencies via its Access database. This includes
simple error checking for duplicate entries, incorrect hole depths
and overlapping samples. Visual checks have been made for
excessive hole deviation.
• No adjustments were made to assay data except for
replacement of assays with below lower detection limits values
with half lower detection limit values.
For GBM Drilling
• External data verification is not required at this time.
• No verification samples (including twinned holes) have been
taken.
• All data, data entry procedures, data verification and data
storage has been carried out by GBM staff in accordance with
GBM Standard OperatingProcedures(SOPs). GBM SOP’s meet

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Criteria JORC Code explanation Commentary Commentary
industry best practice standards. Final data verification and data
storage is being managed with final storage to be in industry
standard DataShed software.
• GBM standards, blanks and pulp duplicates, and lab standards,
blanks and repeats are reviewed to ensure they fall within
acceptable limits.
• No adjustments or calibrations were made to any assay data
used.
Location of • Accuracy and quality of surveys used to locate drill holes (collar and • No documentation on collar survey techniques is available. Most
data points down-hole surveys), trenches, mine workings and other locations of the drilling is pre-hand held GPS so is likely to either
used in Mineral Resource estimation. professionally surveyed or hand measured using a tape and
• Specification of the grid system used. compass. The collar locations for the more recent DGO drilling
• Quality and adequacy of topographic control. are likely to have been obtained via hand held GPS.
• No documentation on downhole surveys was supplied for the
previous drilling. A review of the drill hole database indicates a
lack of downhole surveys for the RC drilling (which was often
industry practice at the time). Downhole surveys for the DD
drilling appear to be on nominal 50 m or 30 m (DGO) intervals. It
is most likely that the survey equipment was a single shot
Eastman style camera which was a standard industry practice at
the time except for the DGO drilling which is likely to a single
shot digital measuring system.
• Collar coordinates and geological interpretations are in the
MGA94 Zone 55 grid projection.
• A topographic surface created by H&S was supplied by GBM;
the surface grid (40 m Nodes) was made from the drill hole collar
elevations. The 3D surfaces for the East Hill pit excavations
were provided by GBM.
• Topographic control is considered adequate given the relatively
subdued relief in the resource area.
For GBM Drilling
• All collar locations were pegged by GBM personnel using
handheld GPS units.
• Collars will be resurveyed using geodeticqualityDGPS(< 1 cm)

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Criteria JORC Code explanation Commentary Commentary
by qualified surveyors at the end of the drilling program.
• Downhole single shot drill surveys (using a Reflex EZ Trac tool)
were carried out initially at 10 m then at nominally 30 m intervals
while drilling, followed by a 10 m multi-shot survey upon
completion of each hole. Surveys are also taken every 3 to 6 m
while Navi drilling to ensure correct setting of directional drill tool.
Multi-shot survey data at completion of hole was collected using
a Reflex EZ Gyro survey tool equipped with a Sprint IQ
continuous survey wireline tool to facilitate end of hole surveys.
The data is recorded in grid (true) north as well as QAQC
information and uploaded from the EZ GYRO via a Bluetooth
connection to a Reflex tablet data recorder which is then
uploaded to Reflex’s proprietary Web based storage system
(IMDEXHUB-IQ) for perusal and transfer by GBM technical staff.
• All work was carried out in the Map Grid of Australia (MGA Zone
55) using the GDA94 datum.
Data spacing • Data spacing for reporting of Exploration Results. • Hole spacing is generally on a 25 m by 20 m grid extending to
and • Whether the data spacing and distribution is sufficient to establish the larger and irregular spacing with depth.
distribution degree of geological and grade continuity appropriate for the Mineral • Downhole sampling interval is 1m for the RC drilling and is
Resource and Ore Reserve estimation procedure(s) and predominantly 1m for the DD but can range from 0.1 to 3 m in
classifications applied. core as a result of geological control.
• Whether sample compositing has been applied. • Sample assay data was composited to 2 m intervals for the
grade interpolation in the low-grade Halos of East Hill. Within the
interpreted high-grade veins of East Hill samples were
composited to 1 m intervals.
• Holes are generally angled steep to the south for the upper
reaches of the main East Hill mineralisation but then they are
angled 60oto 70oto the north for the deeper sections of the
mineralisation; occasionally holes have been oriented in the
opposite direction to act as scissor holes.
• Drilling depth is up 500 m below surface with collar elevations
range from 170 to 190 m RL.
Orientation of • Whether the orientation of sampling achieves unbiased sampling of • Drilling is generally at high angles to the gold mineralisation.
data in possible structures and the extent to which this is known, considering • There are however some drill holes that were drilled parallel to
relation to the deposit type. highergrade structural zones and are at risk of addinga bias to

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Criteria JORC Code explanation Commentary Commentary
geological • If the relationship between the drilling orientation and the orientation the sampling data. No quantification of this potential bias has
structure of key mineralised structures is considered to have introduced a been undertaken.
sampling bias, this should be assessed and reported if material. • The full extents to mineralisation may not necessarily have been
fully established.
For GBM Drilling
• Every effort was made to design drilling at high angles to the
mineralisation based on the style and shape of mineralisation
defined by previous drilling.
Sample • The measures taken to ensure sample security. • Measures taken to ensure sample security have not been
security recorded for historic data.
GBM Samples
• All drill core is processed and stored at the Yandan site by
company personnel.
• Prepared samples are then transported to Intertek Laboratories
in Townsville by company personnel.
• Core, coarse rejects and pulps are stored at the GBM core
facility on site.
Audits or • The results of any audits or reviews of sampling techniques and data.
•		 No Validation of previous drill data sets has been undertaken.
reviews

a. Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria JORC Code explanation Commentary Commentary
Mineral • Type, reference name/number, location and ownership including • The Yandan Project is located approximately 40 km west of the
tenement and
agreements or material issues with third parties such as joint		 township of Mount Coolon and 155 km southeast of Charters
land tenure ventures, partnerships, overriding royalties, native title interests, Towers, north Queensland.
status historical sites, wilderness or national park and environmental • GBM has acquired the Yandan project (EPM8257, ML1095 and
settings. ML1096) which covers an area of approximately 75 sq. km from
• The security of the tenure held at the time of reporting along with any Aeris Resources in 2020. GBM will grant Aeris a 1.5% Net
known impediments to obtaining a license to operate in the area. Smelter Royalty on the 1st300,000 oz of gold equivalent
produced.

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Criteria JORC Code explanation Commentary Commentary
• EPM8257 expires on 1 September 2023 & a renewal will be
lodged.
• ML1095 will expire on 30 June 2036
• ML1096 will expire on 30 June 2036
• GBM is not aware of any material issues with third parties which
may impede current or future operations at Yandan.
Exploration • Acknowledgment and appraisal of exploration by other parties. • The Drummond basin has been explored for gold by a number of
done by other companies since the beginning of the 1980’s. Previous
parties exploration at the Yandan Project is summarised as
WMC 1985-1992
• WMC’s regional exploration discovered all the main prospects
on the Yandan tenements. Mineral resources defined at East Hill
and Yandan. WMC consolidated tenements as EPM8257 in
1991.
RSM 1992-2000
• Purchased Yandan. Mined Main and East Pit at Yandan during
1992-1998, recovering 365,000oz Au. Exploration included
prospect geochemistry, geophysics, and drilling.
Delta Gold 2000-2003
• Takeover of RSM. Normandy/Newmont JV
Ashburton Minerals 2003-2004
• Acquired Yandan. No in ground expenditure.
Straits Exploration 2004-2009
• Option and JV with Wirralie Mines (a subsidiary of Ashburton
Minerals) and eventual purchase in September 2006. From 2004
to 2006 a substantial drilling program was completed looking for
higher grade zones at depth underneath East Hill (and Yandan).
Straits Resources completed a total of 31 drill holes for 11,292.0
metres on the Yandan East project area.

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Criteria JORC Code explanation Commentary Commentary
Drummond Gold 2009-2011
• DGO acquired the property and completed a drilling program in
2008-2009, with the announcement of a maiden resource
estimate for East Hill in 2010 under the 2004 JORC Code &
Guidelines. DGO completed 11 drill holes for 3,925.1 metres.
Around 7 of these holes either did not reach target depth or were
drilled outside the resource at Yandan East.
Straits/Aeris 2011-2020
• Regional and prospect scale (Illamahta and East Hill) 3D
geological modelling was undertaken.
Geology • Deposit type, geological setting and style of mineralisation. • The Yandan Project leases are located in Devonian to
Carboniferous aged sedimentary and volcanic rocks of the
Drummond Basin. The mineral prospects are structurally
controlled low sulphidation gold epithermal deposits. The project
contains 14 deposits and prospects, hosted in the Saint Anns
Formation and Yandan Andesite, within a 22 km long by 3 km
wide, north-south elongate fault bounded subbasin, known as
the Yandan Tough.
• The Yandan Mine Corridor is a 1.2 km long east-west oriented
structural trend that includes the Yandan Main, Yandan South
and East Hill deposits.
• Yandan Main style mineralisation is characterised as a tabular
stratabound body of disseminated and facture veinlet gold
hosted within the altered and silicified bedded volcaniclastic
sediment and limestone units of the upper Saint Anns Formation.
• The small East Pit open cut (developed by Ross Mining) at the
eastern end of the YMC, gold mineralisation is now understood
to be the low-grade upper halo to the East Hill deposit. Straits
Resource discovered the East Hill deposit in 2005 with this gold
deposit now accounting for the majority of GBM’s JORC 2012
resource at Yandan.
• The East Hill mineralisation is hosted in the Yandan andesite
volcanic unitat the base of the Saint AnnsFormation.Gold

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Criteria JORC Code explanation Commentary Commentary
mineralisation at East Hill is developed over a 380 m vertical
interval and is associated with an As, Sb and Zn plume that
encloses the gold deposit. It is interpreted to have been originally
“capped” by a now breached silica replacement horizon, formed
by silicification of a folded limestone unit during the mineralising
event. Mineralisation is characterised as structurally controlled
sheeted epithermal veinlet zone underneath and partially
overprinting extensive brecciation possibly related to a palaeo
hot spring. Highest density veining and highest gold grades are
developed in the hanging wall of the moderately NW dipping
Generator Fault. Vein textures and silica species show
systematic changes from the “bonanza grade” veinlets at depth
to the lower grade gold “plume” in silica-pyrite veinlets and
breccia fill at the top of the deposit.
Drill hole • A summary of all information material to the understanding of the • Exploration results not being reported.
Information exploration results including a tabulation of the following information
for all Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level – elevation above sea level in
metres) of the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
• If the exclusion of this information is justified on the basis that the
information is not Material and this exclusion does not detract from
the understanding of the report, the Competent Person should clearly
_explain why this is the case. _
Data • In reporting Exploration Results, weighting averaging techniques, • Exploration results are not being reported
aggregation maximum and/or minimum grade truncations (e.g. cutting of high
methods grades) and cut-off grades are usually Material and should be stated.
• Where aggregate intercepts incorporate short lengths of high grade
results and longer lengths of low grade results, the procedure used
for such aggregation should be stated and some typical examples of
such aggregations should be shown in detail.
• The assumptions used for any reporting of metal equivalent values
should be clearly stated.

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Criteria JORC Code explanation Commentary Commentary
Relationship • These relationships are particularly important in the reporting of • Exploration results are not being reported
between Exploration Results.
mineralisation
• If the geometry of the mineralisation with respect to the drill hole
widths and angle is known, its nature should be reported.
intercept • If it is not known and only the down hole lengths are reported, there
lengths should be a clear statement to this effect (e.g. ‘down hole length, true
_width not known’). _
Diagrams • Appropriate maps and sections (with scales) and tabulations of • Exploration results are not being reported
intercepts should be included for any significant discovery being
reported These should include, but not be limited to a plan view of
_drill hole collar locations and appropriate sectional views. _
Balanced • Where comprehensive reporting of all Exploration Results is not • Exploration results are not being reported
reporting practicable, representative reporting of both low and high grades
and/or widths should be practiced to avoid misleading reporting of
_Exploration Results. _
Other • Other exploration data, if meaningful and material, should be reported
•		 Exploration results are not being reported
substantive including (but not limited to): geological observations; geophysical
exploration survey results; geochemical survey results; bulk samples – size and
data method of treatment; metallurgical test results; bulk density,
groundwater, geotechnical and rock characteristics; potential
_deleterious or contaminating substances. _
Further work • The nature and scale of planned further work (e.g. tests for lateral • There is scope for some additional peripheral exploration in
extensions or depth extensions or large-scale step-out drilling). order to incrementally add to the sulphide resource.
• Diagrams clearly highlighting the areas of possible extensions, • Preferentially oriented drilling may better define the geometry of
including the main geological interpretations and future drilling areas, the deeper higher grade gold mineralisation.
provided this information is not commercially sensitive. • Validation drilling of historic exploration activities, twin holes and
quarter core duplicates.
• Data entry of QAQC samples into an electronic database to
facilitate analysis.
• Drilling and geophysics will be undertaken to explore for the
offset part of the resource and will be discussed in another
release.

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b. Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria JORC Code explanation Commentary Commentary
Database • Measures taken to ensure that data has not been corrupted by, for • MA was provided with an export of the current GBM drill hole
integrity example, transcription or keying errors, between its initial collection database in MS Access format.
and its use for Mineral Resource estimation purposes. • The database contained tables for Collar details and metadata,
• Data validation procedures used. downhole surveys, assays, lithology, alteration, core recoveries,
veins, minerals, and oriented structures.
• MS Access queries were used to perform basic validation
checks, and holes were then loaded into Surpac for a second
round of validation, hole lengths, sample lengths, down hole
survey errors.
Site visits • Comment on any site visits undertaken by the Competent Person and
•		 Ian Taylor (FAusIMM(CP)) of Mining Associates visited the
the outcome of those visits. property in July of 2018 and again in August 2019. Field
• If no site visits have been undertaken indicate why this is the case. exposures and numerous drill holes collars were examined
during this visit. The CP’s site visit was pre-GBM involvement in
the project.
Geological • Confidence in (or conversely, the uncertainty of ) the geological • Zones of broad massive silica alteration, including zones
interpretation interpretation of the mineral deposit. massive silica-pyrite, with low grade Au mineralisation were
• Nature of the data used and of any assumptions made. grouped as a low-grade domain above a nominal 0.2 g/t.
• The effect, if any, of alternative interpretations on Mineral Resource • Higher grade domains consisting of crustiform banded silica-
estimation. adularia-calcite veins within logged buddingtonite alteration
• The use of geology in guiding and controlling Mineral Resource above 2.0 g/t Au were digitised to define higher grade lodes.
estimation. • The high-grade veins are interpreted to strike 070° and dip
• The factors affecting continuity both of grade and geology. moderately (~50°) to the south-south east. Additional high-grade
veins smaller than the drill hole spacing, and smaller than that
which can be explicitly modelled, do exist within the low-grade
domains. High grade assays associated with un-modelled veins
and veinlets may inflate the grade of the low-grade halo
mineralisation. This factor is considered when selecting the
maximum number of informing samples.
• A similar orientation to the interpreted “feeder zone” at Yandan
pit (Gilbert 1999)10.
• North South cross sections were digitised on 25 m intervals.
• Interpretingspecific high-grade zones restricts the influence of

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Criteria JORC Code explanation Commentary Commentary
the high-grade assays. These zones are not diluted with the
background anomalous 0.2 g/t Au mineralisation. The interpreted
zones do carry internal dilution below 2.0 g/t Au.
• Mineralisation is best defined by a combination of geological
interpretation and the gold assays. The data in the supplied drill
hole database is limited and in parts is sub-optimal e.g. oxidation
levels. The base of mineralisation is defined by a fault,
interpreted as a reverse / thrust fault.
Dimensions • The extent and variability of the Mineral Resource expressed as • Mineralisation is largely constrained within a fault block
length (along strike or otherwise), plan width, and depth below approximately 250 m in strike. The low-grade mineralisation is
surface to the upper and lower limits of the Mineral Resource. identified further west providing an overall strike length of 430 m
and a width of 275 m, the higher-grade veins strike
approximately 200 m and are generally narrow (5 m wide) with
rare intersections up to 20 m wide.
• Mineralisation occurs from the surface to the identified basement
fault 380 m below the surface.
Estimation • The nature and appropriateness of the estimation technique(s) • Estimation was undertaken in Surpac 2022, (7.5.2).
and modelling
applied and key assumptions, including treatment of extreme grade		 • Experimental Variograms were generated in Supervisor and
techniques values, domaining, interpolation parameters and maximum distance Surpac. Experimental Variograms were poorly formed, due to
of extrapolation from data points. If a computer assisted estimation the grade distribution expected in an epithermal gold-silver
method was chosen include a description of computer software and deposit. Variogram sills were standardised to 1. Nuggets were
parameters used. generally moderate to low, ranging from 0.29 to 0.81, and the
• The availability of check estimates, previous estimates and/or mine range of the variograms was from 10m to 150m. Geometric
production records and whether the Mineral Resource estimate takes anisotropy was adopted and ellipsoid ratios applied to reflect
appropriate account of such data. directional variograms.
• The assumptions made regarding recovery of by-products. • Estimation parameters: Minimum samples of 10 was applied for
• Estimation of deleterious elements or other non-grade variables of all domains, with the low-grade domains having maximums of 23
economic significance (e.g. sulphur for acid mine drainage (LG4) and 27 (LG5) first pass, and high-grade domains EH13
characterisation). and EH15 set to 15, and EH12 and EH14 set to 21. Required
• In the case of block model interpolation, the block size in relation to number of samples was halved for pass 2.
the average sample spacing and the search employed. • Search distances were set at 70 m with anisotropy ratios of 1.5
• Any assumptions behind modelling of selective mining units. and 2.5 for the low grade and 1.33 and 2 for the high grade.
• Any assumptions about correlation between variables. search distances were doubled on pass 2. Informing composites
• Description of how the geological interpretation was used to control
_the resource estimates. _		 were limited to 8 per drill hole. 93% of blocks are estimated in
pass 1 and 7% in pass two.

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Criteria JORC Code explanation Commentary Commentary
• Discussion of basis for using or not using grade cutting or capping. • Silver is considered a by-product, and estimation has been
• The process of validation, the checking process used, the comparison undertaken using the same parameters and domains as the gold
of model data to drill hole data, and use of reconciliation data if estimate, but was not reported as part of the resource.
available. • No other variables were considered in this resource estimate.
• Block size was 20m x 10m x 10m (XYZ) which considers vein
orientation and drill pattern. (approximately ½ the drill spacing).
• Sub-blocking of 1.25m x 2.5m x 1.25m was permitted allowing
sufficient detail in the model to reflect the higher grade vein sets.
• Wireframes were constructed based on surface mapping and
drill hole intercepts greater than 0.2 g/t Au for the low-grade
domains, with high-grade domains defined using greater than
2.0 g/t Au. Wireframes were used to constrain the individual vein
estimates.
• High-grade outliers were capped. Identified erratic high grades
were sidelined during the capping analysis. These samples were
capped and used in the estimate. Au was capped by domain
with capped grades ranging from 3 to 87.3 g/t Au.
• Global mean grades for estimated blocks and drill hole samples
compared well.
• Ordinary kriging estimates were compared to nearest neighbour
and inverse distance estimates, to assess the impact of data
clustering and semi-variograms.
• Swath plots along strike were constructed and showed a good
correlation between sample data and estimated block grades,
especially in well informed areas.
• No production data is available for the East Hill Pit. Mined
material was added to the Yandan Heap Leach.
Moisture • Whether the tonnages are estimated on a dry basis or with natural • Tonnages are based on dry tonnes.
moisture, and the method of determination of the moisture content. • Density samples from previous drilling were measured using the
immersion method to determine the dry density of the host rock.
• Density samples from GBM 2021 drilling were measured using a
Manual Specific Gravity Weighing Station fitted with an Adam
Equipment “Cruiser CKT 8H” scale.

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Criteria JORC Code explanation Commentary Commentary
Cut-off • The basis of the adopted cut-off grade(s) or quality parameters • The Mineral Resource is reported above 0.4 g/t Au within a
parameters applied. conceptual pit shell to approximately 330 metres below the
surface.
• The Mineral Resource considers: Assumed mining methods
($22.40/t ore, 5% dilution), processing ($18/t ore) and
administration costs, gold (A$3,392), Royalties (5%) and
recovery factors (96%) resulting in reasonable prospects for
economic extraction. Silver grades are not considered in the
economic cut-off at this early stage of the project.
Mining factors
• Assumptions made regarding possible mining methods, minimum		 • Mineralisation is close to surface. GBM foresees mining via open
or mining dimensions and internal (or, if applicable, external) mining pit and grind leach recovery. MA notes that this is a reasonable
assumptions dilution. It is always necessary as part of the process of determining assumption but should not be regarded as rigorous at this stage
reasonable prospects for eventual economic extraction to consider of the project.
potential mining methods, but the assumptions made regarding • The current Mineral Resource does not include any dilution or
mining methods and parameters when estimating Mineral Resources ore loss associated with practical mining constraints.
may not always be rigorous. Where this is the case, this should be
reported with an explanation of the basis of the mining assumptions
_made. _
Metallurgical • The basis for assumptions or predictions regarding metallurgical • Ross Mining mined the East Hill pit and processed the material
factors or amenability. It is always necessary as part of the process of on the Yandan Heap Leach.
assumptions determining reasonable prospects for eventual economic extraction to
•		 There has been limited metallurgical work looking at refractory
consider potential metallurgical methods, but the assumptions versus non-refractory mineralisation at East Hill.
regarding metallurgical treatment processes and parameters made • The project is considered a brown field exploration project and
when reporting Mineral Resources may not always be rigorous. requires further metallurgical testing.
Where this is the case, this should be reported with an explanation of
_the basis of the metallurgical assumptions made. _
Environmen- • Assumptions made regarding possible waste and process residue • The project is located on an existing mining lease, approximately
tal factors or disposal options. It is always necessary as part of the process of 0.5 km from the Yandan site.
assumptions determining reasonable prospects for eventual economic extraction to
•		 There are no specific issues beyond normal requirements for
consider the potential environmental impacts of the mining and open pit mining in QLD.
processing operation. While at this stage the determination of
potential environmental impacts, particularly for a greenfields project,
may not always be well advanced, the status of early consideration of
these potential environmental impacts should be reported. Where
these aspects have not been considered this should be reported with
_an explanation of the environmental assumptions made. _

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Criteria JORC Code explanation Commentary Commentary
Bulk density • Whether assumed or determined. If assumed, the basis for the • 11 pit samples and 355 immersion measurements from diamond
assumptions. If determined, the method used, whether wet or dry, the core from previous drilling. Density samples were measured
frequency of the measurements, the nature, size and using the immersion method to determine the dry density of the
representativeness of the samples. host rock.
• The bulk density for bulk material must have been measured by • Specific gravity measurements were obtained by GBM
methods that adequately account for void spaces (vugs, porosity, Resources for a total of 936 drill core samples from the 2021
etc.), moisture and differences between rock and alteration zones drilling program. The average SG value for all 936 samples from
within the deposit. the GBM Resources drilling is 2.643. Most of the holes show
• Discuss assumptions for bulk density estimates used in the very little variation in SG.
evaluation process of the different materials. • A bulk density of 2.0 is assigned to the oxidised material and a
default bulk density of 2.5 is assigned to Density has been
assigned to the model based on rock type, with the background
unit Rock Type 1 having a value of 2.5 t/m3. There is very little
variation in specific gravity between the various rock types, apart
from a bulk density of 2.0 t/m3assigned to oxidised material.
Classification • The basis for the classification of the Mineral Resources into varying • Resource classification is based data quality, drill density,
confidence categories. number of informing samples, kriging efficiency, average
• Whether appropriate account has been taken of all relevant factors distance to informing samples and vein consistency (geological
(i.e. relative confidence in tonnage/grade estimations, reliability of continuity).
input data, confidence in continuity of geology and metal values, • Geological continuity has been demonstrated at 50m grid
quality, quantity and distribution of the data). spacing over the entire strike of East Hill project.
• Whether the result appropriately reflects the Competent Person’s
_view of the deposit. _
Audits or • The results of any audits or reviews of Mineral Resource estimates. • No external audits or reviews of the resource estimate have
reviews been carried out to date.
Discussion of • Where appropriate a statement of the relative accuracy and • The resource estimate has been developed from “first principals”
relative confidence level in the Mineral Resource estimate using an approach based on a review and re-interpretation of the geological controls
accuracy/ or procedure deemed appropriate by the Competent Person. For and drill data using Surpac Software.
confidence example, the application of statistical or geostatistical procedures to • The ordinary kriging result, due to the high level of smoothing,
quantify the relative accuracy of the resource within stated confidence should only be regarded as a global estimate, and is suitable for
limits, or, if such an approach is not deemed appropriate, a qualitative strategic resource development. Should local estimates be
discussion of the factors that could affect the relative accuracy and required for detailed mine scheduling, additional drilling and
confidence of the estimate. consideration of techniques such as Uniform conditioning or
• The statement should specify whether it relates to global or local conditional simulation would be required.
estimates, and, if local, state the relevant tonnages, which should be • The resource classification reflects the accuracyof the block

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Criteria JORC Code explanation Commentary Commentary
relevant to technical and economic evaluation. Documentation should estimates.
include assumptions made and the procedures used. • Production data is not available for the East Hill Pit which
• These statements of relative accuracy and confidence of the estimate precludes comparison of the Mineral Resource with production
should be compared with production data, where available. data.

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APPENDIX 6: Table 1 Illamahta Deposit

JORC Code, 2012 Edition – Table 1 Illamahta Deposit

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Important Note:

This Table 1 refers to 2022 drilling completed at the Illamahta Deposit that forms part of GBM’s Yandan Project. Drilling and exploration has been carried out at Illamahta and across the broader Yandan area over a long period by a variety of companies.

Criteria JORC Code explanation Commentary Commentary
Sampling • Nature and quality of sampling (e.g. cut channels, random chips, or • Previous drilling was completed in several phases from
techniques specific specialised industry standard measurement tools appropriate approximately 1986 to 2018.The early drilling was completed
to the minerals under investigation, such as down hole gamma predominantly by WMC and Ross Mining (RSM) and followed up
sondes, or handheld XRF instruments, etc.). These examples should by Drummond Gold 2009. The most recent drilling, undertaken in
not be taken as limiting the broad meaning of sampling. 2018 by Aeris (AIS), comprised of 14 RC holes for 892 m.
• Include reference to measures taken to ensure sample representivity • Reverse Circulation (RC) drilling sampled on 1 m intervals from
and the appropriate calibration of any measurement tools or systems a jones splitter completed in multiple phases, amounted to 114
used. RC drill holes (7114.8 m) and 3 DD holes (663.9 m) for a total of
• Aspects of the determination of mineralisation that are Material to the 7,778.7 m and 6,997 samples from the Illamahta prospect.
Public Report. • There is no documented evidence for how the WMC diamond
• In cases where ‘industry standard’ work has been done this would be holes were sampled.
relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 • RC drilling was used to obtain 1m samples which were riffle split
m samples from which 3 kg was pulverised to produce a 30 g charge to give a 3-8 kg which was then pulverised to produce a 30 g or
for fire assay’). In other cases more explanation may be required, 50 g charge for gold fire assay analysis with an AAS finish.
such as where there is coarse gold that has inherent sampling • All samples were logged; virtually all drill hole intervals were
problems. Unusual commodities or mineralisation types (e.g. sampled and analysed.
submarine nodules) may warrant disclosure of detailed information. • Documentation for sampling and analytical procedures is
available for the AIS work only. There is no documentation for
sampling and analytical procedures for WMC RSM or DGO. It is
understood this work will have been completed to an industry
commonpractice appropriate to the timeperiod.

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Criteria JORC Code explanation Commentary Commentary
• Sampling and assaying are assumed to be to industry common
practice for the time.
• Sampling and assaying techniques are considered appropriate
for the deposit type at the time of the analysis.
Drilling • Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air • There is no documentation for details of the drilling techniques
techniques blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, for the Western Mining Corporation (WMC), Ross Mining (RSM)
triple or standard tube, depth of diamond tails, face-sampling bit or or Drummond Gold (DGO). Standard face sampling hammers
other type, whether core is oriented and if so, by what method, etc.). would have been used for the Reverse Circulation drilling.
Sample recovery appears to be sufficient for assay.
• The 2018 drilling utilised a track mounted UDR rig drilling with a
5½” face sampling hammer bit with a cyclone-mounted sample
splitter.
• Drilling techniques are considered appropriate for the deposit
type.
Drill sample • Method of recording and assessing core and chip sample recoveries • No recovery methods were recorded.
recovery and results assessed. • Common practices to ensure reasonable recovery were
• Measures taken to maximise sample recovery and ensure undertaken, shrouds at the hammer, appropriate collar shrouds
representative nature of the samples. and controlled water to minimise loss of dust.
• Whether a relationship exists between sample recovery and grade • No recovery data is available to determine sample bias to
and whether sample bias may have occurred due to preferential recovery.
loss/gainof fine/coarse material.
Logging • Whether core and chip samples have been geologically and • 100% of RC chips were logged using a qualitative system by a
geotechnically logged to a level of detail to support appropriate geologist with sufficient experience.
Mineral Resource estimation, mining studies and metallurgical • A lack of available documentation has meant it is difficult to
studies. comment on the logging systems that were used. However, from
• Whether logging is qualitative or quantitative in nature. Core (or the drill hole database the logging appears to be qualitative
costean, channel, etc.) photography. based on a series of codes for various geological aspects eg
• The total length and percentage of the relevant intersections logged. lithology, alteration etc.
Sub-sampling
• If core, whether cut or sawn and whether quarter, half or all core		 • RC Drill holes are sampled at 1m intervals through the
techniques taken. mineralised zones.
and sample • If non-core, whether riffled, tube sampled, rotary split, etc. and • Little information is available to evaluate data quality of the RC
preparation whether sampled wet or dry. drill programs, except that a riffle splitter was used to generate
• For all sample types, the nature, quality and appropriateness of the the 1m samples(sample weight unknown).

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Criteria
JORC Code explanation
Commentary		 Criteria
JORC Code explanation
Commentary
sample preparation technique.
• Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples.
• Measures taken to ensure that the sampling is representative of the in
situ material collected, including for instance results for field
duplicate/second-half sampling.
• Whether sample sizes are appropriate to the grain size of the material
being sampled.
•
No sample prep detail is available for the historic sub sampling
methods.
•
All sample preparation, sample sizes and analytical methods are
assumed to be appropriate for the time.
Quality of
assay data
and
laboratory
tests
• The nature, quality and appropriateness of the assaying and
laboratory procedures used and whether the technique is considered
partial or total.
• For geophysical tools, spectrometers, handheld XRF instruments,
etc., the parameters used in determining the analysis including
instrument make and model, reading times, calibrations factors
applied and their derivation, etc.
• Nature of quality control procedures adopted (e.g. standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels
of accuracy (i.e. lack of bias) and precision have been established.
•
WMC and RSM: No details available.
•
DGO: record ALS batch number and an unspecified method
(UN_AAS). Likely a 30 or 50 g charge Fire Assay with an AAS
determination.
•
AIS: sample assaying was undertaken by ALS Chemex in
Townsville for Au
o
Au-AA24 is 50 g fusion with AAS determination (Au-
AA26 determination for high grade Au samples over 10
g/t).
•
No QAQC data was available for analysis by MA.
Verification of
sampling and
assaying
• The verification of significant intersections by either independent or
alternative company personnel.
• The use of twinned holes.
• Documentation of primary data, data entry procedures, data
verification, data storage (physical and electronic) protocols.
• Discuss any adjustment to assay data.
•
The infill drilling completed in 2018 confirmed the earlier drilling
grade tenor and mineralised widths.
•
No Twinned holes are drilled on the project.
•
Limited documentation of primary data, data entry procedures,
data verification, data storage (physical and electronic) protocols
are available.
•
AIS (2018) procedures are available.
Location of
data points
• Accuracy and quality of surveys used to locate drill holes (collar and
down-hole surveys), trenches, mine workings and other locations
used in Mineral Resource estimation.
• Specification of the grid system used.
• Quality and adequacy of topographic control.
•
No documentation on collar survey techniques is available for
WMC and RDM. Most of the drilling is pre-hand held GPS so is
likely to either professionally surveyed or hand measured using a
tape and compass.
•
DGO & AIS record DGPS (RTK) as the survey method
•
No documentation on downhole surveys was supplied for the
previous drilling. A review of the drill hole database indicates a

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Criteria
JORC Code explanation
Commentary		 Criteria
JORC Code explanation
Commentary
lack of downhole surveys for the shallow RC drilling (which was
often industry practice at the time). Most holes are recored as
compass reading of the rig.
•
Eight RC holes have digital down hole surveys
•
Collars that could be found were resurveyed by GBM using
geodetic quality DGPS (< 1 cm) by a qualified surveyor.
Data spacing
and
distribution
• Data spacing for reporting of Exploration Results.
• Whether the data spacing and distribution is sufficient to establish the
degree of geological and grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s) and
classifications applied.
• Whether sample compositing has been applied.
•
Hole spacing is generally on a 25 m by 25 m grid extending to
larger and irregular spacing with depth.
•
Infill drilling over the centre of the deposit is at 12 m centres
along 25 m sections.
•
Downhole sampling interval is 1m for the RC drilling.
•
Holes are generally angled steep to the south occasionally holes
have been oriented in the opposite direction to act as scissor
holes.
Orientation of
data in
relation to
geological
structure
• Whether the orientation of sampling achieves unbiased sampling of
possible structures and the extent to which this is known, considering
the deposit type.
• If the relationship between the drilling orientation and the orientation
of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material.
•
Drilling is generally at high angles to the shallowly dipping gold
mineralisation.
•
The full extents to mineralisation may not necessarily have been
established.
Sample
security
• The measures taken to ensure sample security.
•
There is no documentation for sample security
Audits or
reviews
• The results of any audits or reviews of sampling techniques and data.
•
No Audits of previous drill data sets has been undertaken.

c. Section 2 Reporting of Exploration Results

Criteria JORC Code explanation Commentary Commentary
Mineral • Type, reference name/number, location and ownership including • The Illamahta Deposit is located approximately 45 km west of
tenement and
agreements or material issues with third parties such as joint		 the township of Mt Coolon and 160 km southeast of Charters
ventures, partnerships, overriding royalties, native title interests, Towers,northQueensland. Approximately15km from the

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Criteria JORC Code explanation Commentary Commentary
land tenure historical sites, wilderness or national park and environmental Yandan Deposits.
status settings. • GBM acquired the Yandan project (EPM8257, ML1095 and
• The security of the tenure held at the time of reporting along with any ML1096) which covers an area of approximately 75 sq. km from
known impediments to obtaining a licence to operate in the area. Aeris Resources in 2020. GBM will grant Aeris a 1.5% Net
Smelter Royalty on the 1st300,000 oz of gold equivalent
produced.
• Illamahta Deposit is located on EPM8257.
• EPM8257 expires on 1 September 2023 & a renewal will be
lodged.
• GBM is not aware of any material issues with third parties which
may impede current or future operations at Illamahta
Exploration • Acknowledgment and appraisal of exploration by other parties. • The Drummond basin has been explored for gold by a number of
done by other companies since the beginning of the 1980’s. Previous
parties exploration at the Yandan Project is summarised as
• WMC 1985 – 1992. WMC’s regional exploration discovered all
the main prospects on the Yandan tenements. Mineral resources
defined at East Hill and Yandan. WMC consolidated tenements
as EPM8257 in 1991. Eighty-eight RAB, sixty RC and three
diamond holes drilled at Illamahta.
• Ross Mining 1992 – 2000. Purchased the Yandan Project from
WMC. Mined Main and East Pit at Yandan during 1992-1998,
recovering 365,000oz Au. Exploration included prospect
geochemistry, geophysics, and drilling. Thirty-two RC holes
drilled at Illamahta.
• Delta Gold 2000 - 2003. Takeover of Ross Mining.
• Ashburton Minerals 2003 – 2004. Acquired the Yandan Project,
no in-ground expenditure.
• Straits Exploration 2004 – 2009. Option and JV with Wirralie
Mines (subsidiary of Ashburton Minerals) and purchase in 2006.
Discovery of high-grade East Hill Mineralisation.
• Drummond Gold 2009 – 2011. JV with drilling at Yandan and
East Hill. Eight RC drill holes at Illamahta.
• Straits / Aeris 2011 – 2020. Regional and prospect scale
(Illamahta and East Hill) review and 3D geological modelling. 14
RC holes drilled at Illamahta

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Criteria JORC Code explanation Commentary Commentary
Geology • Deposit type, geological setting and style of mineralisation. • Illamahta Deposit can be classified as a Low Sulphidation
Epithermal (LSE) deposit. Mineralisation manifests as veinlet,
breccia and disseminated styles within silicified host rocks.
• The Illamahta deposit is hosted by siltstone of the Upper Saint
Anns Formation in the Drummond Basin. Mineralisation is mostly
bedding parallel but forms around an E trending fault
Drill hole • A summary of all information material to the understanding of the • Historic drill hole information is tabulated in Appendix 2 and
Information exploration results including a tabulation of the following information shown on plan in Appendix 3.
for all Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level – elevation above sea level in
metres) of the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
• If the exclusion of this information is justified on the basis that the
information is not Material and this exclusion does not detract from
the understanding of the report, the Competent Person should clearly
_explain why this is the case. _
Data • In reporting Exploration Results, weighting averaging techniques, • Historic assay data is tabulated in Appendix 4.
aggregation maximum and/or minimum grade truncations (e.g. cutting of high • All quoted drill intercepts have been length-weighted where
methods grades) and cut-off grades are usually Material and should be stated. required.
• Where aggregate intercepts incorporate short lengths of high grade • Intercepts were calculated using a 0.2 g/t Au cut-off grade and a
results and longer lengths of low grade results, the procedure used maximum 3 m internal dilution. No high-grade cut was applied.
for such aggregation should be stated and some typical examples of • Higher graded ‘included’ intercepts were calculated using a 2.0
such aggregations should be shown in detail. g/t Au cut-off grade and 3 m maximum internal dilution.
• The assumptions used for any reporting of metal equivalent values
_should be clearly stated. _
Relationship • These relationships are particularly important in the reporting of • All quoted drill intercepts have been length-weighted where
between Exploration Results. required.
mineralisation
• If the geometry of the mineralisation with respect to the drill hole		 • Intercepts were calculated using a 0.2 g/t Au cut-off grade and a
widths and angle is known, its nature should be reported. maximum 3 m internal dilution. No high-grade cut was applied.
intercept • If it is not known and only the down hole lengths are reported, there • True widths are not reported and are not known at this stage.
lengths should be a clear statement to this effect (e.g. ‘down hole length, true • Downhole depths are reported.
_width not known’). _ • No structural measurementsweretakenasthe drillingismostly

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Criteria JORC Code explanation Commentary Commentary
RC.
Diagrams • Appropriate maps and sections (with scales) and tabulations of • Appropriate images are included within the text of the release
intercepts should be included for any significant discovery being and Appendix 3.
reported These should include, but not be limited to a plan view of
_drill hole collar locations and appropriate sectional views. _
Balanced • Where comprehensive reporting of all Exploration Results is not • Intercepts were calculated using a 0.2 g/t Au cut-off grade and a
reporting practicable, representative reporting of both low and high grades maximum 3 m internal dilution.
and/or widths should be practiced to avoid misleading reporting of • Higher graded ‘included’ intercepts were calculated using a 2.0
Exploration Results. g/t Au cut-off grade and 3 m maximum internal dilution.
Other • Other exploration data, if meaningful and material, should be reported
•		 No other exploration results are reported in this release.
substantive including (but not limited to): geological observations; geophysical
exploration survey results; geochemical survey results; bulk samples – size and
data method of treatment; metallurgical test results; bulk density,
groundwater, geotechnical and rock characteristics; potential
_deleterious or contaminating substances. _
Further work • The nature and scale of planned further work (e.g. tests for lateral • No further work is planned on the immediate Illamahta resource
extensions or depth extensions or large-scale step-out drilling). at present.
• Diagrams clearly highlighting the areas of possible extensions, • Exploration programs outside the immediate resource will
including the main geological interpretations and future drilling areas, investigate the intersection of the key fluid focusing structures
provided this information is not commercially sensitive. and the interpreted underlying andesite unit.
• Exploration across the broader area will investigate the
substantial silica alteration halo for additional ore zones.

d. Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria JORC Code explanation Commentary Commentary
Database • Measures taken to ensure that data has not been corrupted by, for • MA was provided with an export of the current GBM drill hole
integrity example, transcription or keying errors, between its initial collection database in MS Access format.
and its use for Mineral Resource estimation purposes. • The database contained tables for Collar details and metadata,
• Data validation procedures used. downhole surveys, assays, lithology, alteration, core recoveries,
veins, minerals and oriented structures.
• MS Access queries were used to perform basic validation
checks,and holes were then loaded into Surpac for a second

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Criteria JORC Code explanation Commentary Commentary
round of validation, hole lengths, sample lengths, down hole
survey errors.
Site visits • Comment on any site visits undertaken by the Competent Person and
•		 Ian Taylor (FAusIMM(CP)) of Mining Associates visited the
the outcome of those visits. property in July of 2018 and again in August 2019. Field
• If no site visits have been undertaken indicate why this is the case. exposures and numerous drill holes collars were examined
during this visit. The CP’s site visit was pre-GBM involvement in
the project during the AIS drill programme.
Geological • Confidence in (or conversely, the uncertainty of ) the geological • North South cross sections were digitised on 25 m intervals.
interpretation interpretation of the mineral deposit. • Interpreting specific zones contain diluted background
• Nature of the data used and of any assumptions made. anomalous 0.3 g/t Au mineralisation.
• The effect, if any, of alternative interpretations on Mineral Resource • Mineralisation is best defined by a combination of geological
estimation. interpretation and the gold assays. The data in the supplied drill
• The use of geology in guiding and controlling Mineral Resource hole database is limited and in parts is sub-optimal e.g. oxidation
estimation. levels.
• _The factors affecting continuity both of grade and geology. _
Dimensions • The extent and variability of the Mineral Resource expressed as • Mineralisation is largely constrained within a fault block
length (along strike or otherwise), plan width, and depth below approximately 200 m in strike and approximately 100 m wide.
surface to the upper and lower limits of the Mineral Resource. • Mineralisation is contained within three sub parallel lodes dipping
with the topography to a depth of 70 m within the surface.
Estimation • The nature and appropriateness of the estimation technique(s) • Estimation was undertaken in Surpac 2022, (7.5.2) using
and modelling
applied and key assumptions, including treatment of extreme grade		 ordinary kriging algorithms.
techniques values, domaining, interpolation parameters and maximum distance • Experimental Variograms were generated in Supervisor and
of extrapolation from data points. If a computer assisted estimation ellipse orientation were checked in Surpac. Experimental
method was chosen include a description of computer software and Variograms were reasonably formed, due to the grade
parameters used. distribution expected in a low grade disseminated epithermal
• The availability of check estimates, previous estimates and/or mine gold deposit. Data underwent normal scores transformation to
production records and whether the Mineral Resource estimate takes generate experimental variograms, subsequent to modeling
appropriate account of such data. 2007 sills were standardised to 1. Nuggets were generally
• The assumptions made regarding recovery of by-products. moderate to low, ranging from 0.29 to 0.81, and the range of the
• Estimation of deleterious elements or other non-grade variables of variograms was from 10 m to 150 m. Geometric anisotropy was
economic significance (e.g. sulphur for acid mine drainage adopted and ellipsoid ratios applied to reflect directional
characterisation). variograms.
• In the case of block model interpolation, the block size in relation to • Estimation parameters: Minimum samples of 10 was applied for
the average sample spacing and the search employed. all domains and a maximum of 20.

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Criteria JORC Code explanation Commentary Commentary
• Any assumptions behind modelling of selective mining units. • Search distances were set at 50 m with anisotropy ratios of 1.6
• Any assumptions about correlation between variables. and 2.5 for the low grade and 1.5 and 2 for the second pass.
• Description of how the geological interpretation was used to control Search distances were doubled on pass 2. Informing composites
the resource estimates. were limited to 8 per drill hole.
• Discussion of basis for using or not using grade cutting or capping. • No other variables were considered in this resource estimate.
• The process of validation, the checking process used, the comparison
•		 Block size was 15m x 10m x 10m (XYZ) which considers vein
of model data to drill hole data, and use of reconciliation data if orientation and drill pattern. (approximately ½ the drill spacing).
available. • Sub-blocking of 3.75m x 2.5m x 1.25m was permitted allowing
sufficient detail in the model to reflect the interpreted volumes.
• Wireframes were constructed based on surface mapping and
drill hole intercepts greater than 0.3 g/t Au. Wireframes were
used to constrain the individual lode estimates.
• High-grade outliers were assessed. Au was capped by domain
with capped grades of 5.18 g/t (U11), 3.52 g/t (M12) and 2.9g/t
(L13).
• Global mean grades for estimated blocks and drill hole samples
compared well.
• Ordinary kriging estimates were compared to nearest neighbour
and inverse distance estimates, to assess the impact of data
clustering and semi-variograms.
• Swath plots along strike were constructed and showed a good
correlation between sample data and estimated block grades,
especially in well informed areas.
Moisture • Whether the tonnages are estimated on a dry basis or with natural • Tonnages are reported on a dry tonnage basis.
moisture, and the method of determination of the moisture content. • Moisture content was not determined.
• No density or moisture samples have been collected from the
project.
Cut-off • The basis of the adopted cut-off grade(s) or quality parameters • The Mineral Resource is within 70 to 100 m of the surface and is
parameters applied. reported above 0.4 g/t Au cut-off
• The Mineral Resource considers: Assumed mining methods
($9.60/t ore, 5% dilution), processing ($18/t ore) and
administration costs, gold (A$3,150/oz), Royalties (5%) and
recovery factors (80%) resulting in reasonable prospects for
economic extraction.

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Criteria JORC Code explanation Commentary Commentary
Mining factors
• Assumptions made regarding possible mining methods, minimum		 • Mineralisation is close to surface. GBM foresees mining via open
or mining dimensions and internal (or, if applicable, external) mining pit and heap or tank leach recovery. MA notes that this is a
assumptions dilution. It is always necessary as part of the process of determining reasonable assumption but should not be regarded as rigorous
reasonable prospects for eventual economic extraction to consider at this stage of the project.
potential mining methods, but the assumptions made regarding • The current Mineral Resource does not include any dilution or
mining methods and parameters when estimating Mineral Resources ore loss associated with practical mining constraints.
may not always be rigorous. Where this is the case, this should be
reported with an explanation of the basis of the mining assumptions
_made. _
Metallurgical • The basis for assumptions or predictions regarding metallurgical • The Illamahta mineralisation sampled has been shown to be
factors or amenability. It is always necessary as part of the process of amenable to direct cyanidation for gold extraction.
assumptions determining reasonable prospects for eventual economic extraction to
•		 The limited metallurgical work shows significant recovery
consider potential metallurgical methods, but the assumptions differences between oxidised and fresh material. Most recent
regarding metallurgical treatment processes and parameters made metallurgical testwork was completed in 2019, only looking at
when reporting Mineral Resources may not always be rigorous. oxidised material for heap leach performance.
Where this is the case, this should be reported with an explanation of • Recoveries within the oxidised material were generally within 60
the basis of the metallurgical assumptions made. to 70% recovery with the maximum recovery >80%
Environmen- • Assumptions made regarding possible waste and process residue • The project is located on an existing exploration lease,
tal factors or disposal options. It is always necessary as part of the process of approximately 15 km from the Yandan site.
assumptions determining reasonable prospects for eventual economic extraction to
•		 The project is on pastoral land.
consider the potential environmental impacts of the mining and • There are no specific issues beyond normal requirements for
processing operation. While at this stage the determination of open pit mining in QLD.
potential environmental impacts, particularly for a greenfields project,
may not always be well advanced, the status of early consideration of
these potential environmental impacts should be reported. Where
these aspects have not been considered this should be reported with
_an explanation of the environmental assumptions made. _
Bulk density • Whether assumed or determined. If assumed, the basis for the • No bulk density samples have been collected at the project
assumptions. If determined, the method used, whether wet or dry, the
•		 A Bulk density of 2.5 t/m3was assigned to the fresh material, it is
frequency of the measurements, the nature, size and assumed the oxidized material will be 20% lighter and a 2.0t/m3
representativeness of the samples. was assigned.
• The bulk density for bulk material must have been measured by
methods that adequately account for void spaces (vugs, porosity,
etc.), moisture and differences between rock and alteration zones
within the deposit.
• Discuss assumptions for bulk density estimates used in the

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Criteria JORC Code explanation Commentary Commentary
_evaluation process of the different materials. _
Classification • The basis for the classification of the Mineral Resources into varying • Resource classification is based data quality, drill density,
confidence categories. number of informing samples, kriging efficiency, average
• Whether appropriate account has been taken of all relevant factors distance to informing samples and vein consistency (geological
(i.e. relative confidence in tonnage/grade estimations, reliability of continuity).
input data, confidence in continuity of geology and metal values, • Geological continuity has been demonstrated at 50 m grid
quality, quantity and distribution of the data). spacing over the entire strike of Illamahta project
• Whether the result appropriately reflects the Competent Person’s
_view of the deposit. _
Audits or • The results of any audits or reviews of Mineral Resource estimates. • No external audits or reviews of the resource estimate have
reviews been carried out to date.
Discussion of • Where appropriate a statement of the relative accuracy and • The resource estimate has been developed from “first principals”
relative confidence level in the Mineral Resource estimate using an approach based on a review and re-interpretation of the geological controls
accuracy/ or procedure deemed appropriate by the Competent Person. For and drill data using Surpac Software.
confidence example, the application of statistical or geostatistical procedures to • The ordinary kriging result, due to the high level of smoothing,
quantify the relative accuracy of the resource within stated confidence should only be regarded as a global estimate, and is suitable for
limits, or, if such an approach is not deemed appropriate, a qualitative strategic resource development. Should local estimates be
discussion of the factors that could affect the relative accuracy and required for detailed mine scheduling, additional drilling and
confidence of the estimate. consideration of techniques such as Uniform conditioning or
• The statement should specify whether it relates to global or local conditional simulation would be required.
estimates, and, if local, state the relevant tonnages, which should be • The resource classification reflects the accuracy of the block
relevant to technical and economic evaluation. Documentation should estimates. Note: No density or QAQC data has been located.
include assumptions made and the procedures used.
• These statements of relative accuracy and confidence of the estimate
should be compared withproduction data, where available.

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