GBM RESOURCES LIMITED. — Capital/Financing Update 2024

Nov 17, 2024

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ASX Announcement 18 November 2024

Level 1, Suite 102, 303 Coronation Drive, Milton, QLD, 4064 E reception@gbmex.com.au P +61 (0) 493 239 674

gbmr.com.au ABN 91 124 752 745

White Dam Gold Project Update

KEY POINTS

Recent Gold Production and Sales in December ’24 Quarter

• White Dam Gold project has shipped significantly more gold in the current quarter to date, of approximately 500 ounces of gold with an estimated value of ~$2 million.

• Higher gold production and revenue is a result of the new heap leach material under irrigation and from mineralised material recovered from around the gold room and elution circuits.

• Potential for further higher gold production in this quarter and the next as a result of the general maintenance of the gold room and elution circuit. In addition, fine carbon stocks containing gold are being prepared for assay and sale in the coming months.

• The jump in gold production and revenue in the December quarter will strengthen the company’s working capital position going into next year.

Sale of White Dam Gold Project (South Australia)

• Olary and their funding parties have confirmed to GBM that they continue to work to secure the minimum funding condition under the term sheet (Refer ASX:GBZ release 8 July 2024) to allow completion. GBM continues to assist Olary as needed.

• Separately, GBM continues to have discussions with a number of other parties on the sale of the White Dam project along with site visits. The high A$ gold price continues to support interest in the asset.

White Dam Production and Gold Sales

GBM Resources Limited (GBM) is pleased to confirm that significant gold sales have been completed and are in progress since the end of September ’24 quarter.

The gold shipments made and outturned this quarter;

- - -	Outturn Date 14 Oct 24 13 Nov 24 27 Nov 24 (expected) gold prices	Fine Gold (oz) Revenue 40.4 ~$160,000 Received(A$3,941.81/oz) 97.0 ~$388,000 Received(A$3,995.05/oz) 330 to 400 ~$1.3 to $1.6M Payment ~28 Nov 24, based on current

Additional minor silver sold also.

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Figure 1: Gold Doré Bar that left site today. (estimated fine gold content 80% to 92% gold) Note: Doré is the term used for the rough or unrefined gold produced in the mine's metallurgical plant. Its composition varies depending on the mineralogy of the ore.

GBM Managing Director and CEO, Peter Rohner, commented:

“GBM has continued to look to maximise value from the sale of non-core assets for GBM’s shareholders. GBM’s focus continues to be on the prospective Drummond Basin where large high grade epithermal gold deposits exist and where it has expanded JORC resources to ~ 1.84 Moz of gold, including a Farmin agreement with Newmont on the Mt Coolon Project and the more recent partial sale and Farm-in agreement with Wise Walkers on the Twin Hills Project. While the delays in selling White Dam are frustrating the recent progress in realising significant gold production and lock-up is of significant value to GBM.”

This ASX announcement was approved and authorised for release by:

The Board of Directors

For further information please contact:

Investor enquiries Peter Rohner Managing Director +61 (0) 493 239 674 peter.rohner@gbmex.com.au

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About GBM Resources

GBM Resources Limited ( ASX: GBZ) is a Queensland based mineral exploration and development company focused on the discovery of world-class gold and copper deposits in Eastern Australia. The company has a high calibre project portfolio, hosting district scale mineral systems, located in 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 (see Appendix 2) in the Basin are subject to farm-in arrangements and 2024/25 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 - 56%) and holds a 100% interest in the White Dam Gold-Copper Project in South Australia. Divestment of these non-core assets is in progress.

Competent Persons Statement

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.

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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	Resource Category	Resource Category	Resource Category	Resource Category	Resource 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 (subject to the 2022 farm‐in agreement with Newmont,formerlyNewcrest)
Open Pit UG Extension Tailings	114 1.7 6,200		670 2.6 55,100 50 3.2 5,300 9 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(subject to the 2022 farm‐in agreement with Newmont,formerlyNewcrest)
Oxide ‐ Open Pit Sulphide ‐ Open Pit			885 1.1 32,400 905 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 (subject to the 2022 farm‐in agreement with Newmont,formerlyNewcrest)
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					1,147 0.7 26,900 1,045 0.9 28,600	1,147 0.7 26,900 1,045 0.9 28,600	0.4 0.4
Sub Total					2,192 0.8 55,500	2,192 0.8 55,500
				Twin Hills ‐ ML
309 ‐ Open Pit 309 ‐ UG Lone Sister ‐ Open Pit Lone Sister ‐ UG	830	2.8 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	2.8 73,900	11,290	1.4 521,300	10,990 1.1 404,000	23,110 1.3 999,200
Drummond Basin Total	944	2.6 80,100	19,739	1.5 943,200	24,901 1.0 820,900	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 all, Vertigo is restricted to above 150RL (~70 m below surface)

GBM Total 1,946,100

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 reviewed or verified by Newmont and are on tenements subject to the 2022 farm-in agreement with Newmont (formerly Newcrest)

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

• 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, subject to partial sale and farm-in agreement (to be completed) with Wise Walkers Limited

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

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

• b) All tonnages are dry metric tonnes

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

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

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APPENDIX 2: GBM holds 4,667 km2 of mining and exploration tenure across 23 granted EPM’s and 7 Mining Leases within the Drummond Basin, Australia’s preeminent epithermal gold terrain. This includes granted mining leases at Twin Hills, Yandan, and Mt Coolon. Along with a key JV with Newmont on the Mt Coolon tenements and the to be completed JV with Wise Walkers on the Twin Hills tenements.

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Mount Coolon Project tenements (blue above) subject to Newmont Farm-in include; EPM’s 15902, 25365, 25850, 7259, 26842, 26914, 27555, 27556, 27557, 27558, 27598 and ML’s 10227, 1029, 1085, 1086.

Twin Hills Project tenements (green above) subject to Wise Walkers Farm-in (to be completed) include; EPM’s 19504, 19856, 25182, 27594, 27597, 27974, 28140, 27554 and ML 70316.

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