GBM RESOURCES LIMITED. — Capital/Financing Update 2024

May 23, 2024

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ASX Announcement 24 May 2024

Level 5, Suite 502, 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

Newmont Commences Drilling at Mt Coolon Gold Project

KEY POINTS

• Diamond drilling at the Mt Coolon Farm-in project in the Drummond Basin has commenced.

• Initial drilling will be focused on and around the Glen Eva project, targeting high grade, epithermal Au-Ag mineralisation.

• Per the earn-in agreement, Newmont is required, on a reasonable endeavours basis, to conduct a minimum of 3,000 m of drilling at Mt Coolon by October 2024.

GBM Resources Limited (ASX:GBZ) (GBM or the Company) is pleased to announce that Newmont has commenced a diamond drilling (DD) program at its Mount Coolon Project, located in the Drummond Basin, Queensland.

In October 2022, Newcrest Operations Limited (now an indirectly held wholly owned subsidiary of Newmont Corporation) entered into a farm-in agreement with GBM Resources Ltd (GBM) in relation to the Mount Coolon Project to advance gold exploration in the Drummond Basin in Queensland. The agreement provides the potential for Newmont to acquire up to a 75% interest in the Mount Coolon Project tenements by spending A$25 million and completing a series of exploration milestones in a 3 stage farmin over six years. (Refer ASX:GBZ release 21 October 2022 for further details of the farm-in agreement).

The 3 stages are:

1. Minimum Commitment Period: A$2 million spend within 24 months and reasonable endeavours of completing at least 3,000 metres of drilling.

2. Stage 1 Phase: Subject to satisfying the Minimum Commitment Period, Newmont may acquire a 51% farm-in interest by spending an additional A$5 million and completing a further 7,000 metres of drilling within a period of 36 months of the commencement of the agreement.

3. Stage 2 Phase: Subject to satisfying Stage 1 Phase Newmont may earn a further 24% farm-in interest by spending an additional A$18 million and completing at least another 10,000 metres of drilling within a period of a further 36 months.

The project is currently in the Minimum Commitment Period.

GBM Managing Director & CEO, Peter Rohner, commented: “Following exploration targeting work conducted by Newmont over the last 18 months, covering soil and rock chip sampling, geophysical surveys (ground and aerial) and review of historical drilling, it is good to see drilling again at our Mt Coolon Gold Project. GBM is looking forward to the safe completion of the program and results as they become available.”

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Figure 1 : Aerial view of drill rig in place on first diamond drill hole at Glen Eva Project.

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Figure 2 : V iew of drill rig in place on first diamond drill hole at Glen Eva Project (drilling commenced on 19 May 2024).

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Figure 3 : Rock chip samples coloured by quartz vein texture over surface geology map (tertiary/quaternary cover units not shown). (Refer ASX:GBZ release 30 April 2024 for further details).

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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 (0) 493 239 674 peter.rohner@gbmex.com.au

About GBM Resources

GBM Resources Limited ( ASX: GBZ) is a well-funded Queensland based mineral exploration and development company focused on the discovery of world-class gold and copper deposits in Eastern Australia. The company has a high calibre project portfolio, hosting district scale mineral systems, located in 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 a A$25m farm-in with Newmont. 2024 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 also 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 b		elow 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

• 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 EPMs 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.

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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 NewmontJV Farm-in
Resource: 515 koz Au [5,6,8] Hercules/Firefly
North EastSinter Hill Ridge/ 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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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.

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