GBM RESOURCES LIMITED. — Major Shareholding Notification 2025

Oct 16, 2025

Form 603

Corporations Act 2001

Section 671B

Notice of initial substantial holder

To Company Name/Scheme ACN/ARSN

GBM Resources Limited

124 752 745

1. Details of substantial holder (1)

Name

Jupiter Asset Management LTD

ACN/ARSN (if applicable)

The holder became a substantial holder 16/10/ 2025 on

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
Ordinary Shares	255,955,729	255,955,729	5.70%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
Jupiter Asset Management	Investment Manager Of	Ordinary Shares
LTD	Collective Investment Schemes	255,955,729

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered asholder(8)	Class and number of securities
Jupiter Asset Management LTD	Jupiter Asset Management LTD	Jupiter Asset Management LTD	Ordinary Shares
			255,955,729

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)			Class and number of securities
		Cash		Non-cash
Jupiter Asset Management LTD	24/09/2025	$652,760.83			14,661,452
Jupiter Asset Management LTD	25/09/2025	$600,470.98			12,715,485
Jupiter Asset Management LTD	26/09/2025	$603,001.35			12,300,000
Jupiter Asset Management LTD	29/09/2025	$763,913.55			14,599,078
Jupiter Asset Management LTD	30/09/2025	$865,860.73			15,050,922
Jupiter Asset Management LTD	01/10/2025	$1,175,537.48			18,650,000
Jupiter Asset Management LTD	02/10/2025	$730,605.12			11,200,000
Jupiter Asset Management LTD	03/10/2025	$844,626.09			13,170,109
Jupiter Asset Management LTD	06/10/2025	$1,619,223.80			27,570,947
Jupiter Asset Management LTD	09/10/2025	$1,447,159.65			24,309,856
Jupiter Asset Management LTD	10/10/2025	$1,508,765.46			25,690,144
Jupiter Asset Management LTD	16/10/2025 Placing	$3,500,000.01			66,037,736

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

See attached Annexure A

Name and ACN/ARSN (if applicable) Nature of association

7. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Jupiter Asset Management Limited	The Zig Zag Building, SW1E 6SQ 70 Victoria Street, London,
	0044 2038171620

Signature

print name K Wild capacity Regulatory Reporting Manager 16/10/2025 sign here date

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.

• (2) See the definition of "associate" in section 9 of the Corporations Act 2001.

• (3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.

• (6) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (7) Include details of:

• (a) any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or

disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• (8) If the substantial holder is unable to determine the identity of the person ( eg. if the relevant interest arises because of an option) write "unknown".

• (9) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

THIS IS ANNEXURE A OF 1 PAGE REFERRED TO IN FORM 603

GBM Resources Limited 124 752 745

LIST OF ASSOCIATES OF Jupiter Asset Management Limited

Jupiter Fund Management PLC - England and Wales

Merian Global Investors Limited - Jersey

Merian Global Investors (Jersey) Limited - Jersey

Merian Global Investors (Finance) Limited - Jersey Merian Global Investors Holdings Limited - England and Wales Jupiter Investment Management Limited - England and Wales Jupiter Fund Managers Limited - England and Wales Jupiter Asset Management (Asia Pacific) Limited - Hong Kong Jupiter Fund Management Group Limited – England and Wales Jupiter Asset Management Group Limited – England and Wales Knightsbridge Asset Management Group Limited – England and Wales Jupiter Investment Management Group Limited – England and Wales Jupiter Asset Management Limited – England and Wales

Jupiter Asset Management (Hong Kong) Limited – Hong Kong

Jupiter Asset Management (Europe) Limited – Ireland Jupiter Unit Trust Managers Limited – England and Wales

Jupiter Investment Management Limited – England and Wales Jupiter Asset Management (Asia) Private Limited – Singapore Jupiter Fund Managers Limited - England and Wales Tyndall Holdings Limited - England and Wales Tyndall Investments Limited - England and Wales Jupiter Investment Trust Limited - England and Wales Jupiter Asset Management (Switzerland) AG – Switzerland Jupiter Management Cayman GP LLC – Cayman Jupiter Asset Management (N.America) Inc – USA Jupiter Asset Management US LLC – USA Jupiter Management GP LLC – USA Jupiter Investment Management Holdings LLC – USA NZS Capital LLC – USA

Jupiter Asset Management Australia Pty Limited – Australia Jupiter Asset Management International S.A. – Luxembourg Jupiter Asset Management International S.A. Spanish Branch – Madrid

Jupiter Asset Management International S.A. Nordic Branch – Stockholm

Jupiter Asset Management International S.A. Niederlassung Deitschland –

Frankfurt

Jupiter Asset Management International S.A. Italian Branch - Milan