GBM Resources Limited (ASX: GBZ) is a Queensland based company focused on the discovery, acquisition and development of gold and copper deposits. The Company has a high calibre project portfolio which are located in the premier metallogenic provinces of Eastern Australia.
World-class low sulphidation targets
Drummond Basin, Mt Coolon and Yandan Gold Projects – 1,898 km2 granted and 2,191 km2 under application (100%)
Underexplored, district-scale gold-silver prospectivity; targeting aggressive drilling and rapid resource build to +1 Moz
Victoria – the place to be for high-grade gold
Malmsbury Gold Project – 7 km2 (50% GBM and 50% Novo Resources Corp)
Key landholding in a highly endowed, high-grade gold field; recent regional success has unlocked a refreshed geological focus and prospectivity
Early cashflow opportunity
White Dam Gold-Copper HL Operation – 489 km2 (earning in)
Low cost cashflow opportunity with optionality in a rising gold price environment
The Company has recently completed a restructure (late 2019/2020) covering the following major Events:
Board restructure
Executive Board Appointments with Mr Peter Rohner as Managing Director (Grad Dip Applied Finance & Investment, BSc Metallurgy) and Peter Mullens as Executive Chairman (BSc Geology, Fellow AUSIMM). Both appointments bring extensive project operational experience, with specific expertise in developing resource assets and a track record in building significant value.
Acquisition of gold producing asset
GBM completed the acquisition and acquired a 100% of Millstream Resources Pty Ltd (Millstream). Millstream can initially earn a 50% interest in the White Dam Gold Project with an option to move to 100%. The project has the potential to support the Company’s working capital requirements.
Share placements
Share Placements raised gross proceeds of $1.8 million dollars and issued a total 59,090,909 ordinary fully paid shares. The Placements were well supported with strong interest and completed pursuant to shareholder ratification and approval at the Company’s AGM on 25 November 2019.
Consolidation of capital
At the Company’s AGM on 25 November 2019, for every 10 shares held and 10 options held were respectively consolidated into 1 share or 1 option. At the date of this report the Company has a total of 192,889,829 ordinary shares on issue.
Review of GBM asset portfolio
The Board has commenced a process to review the portfolio of GBM assets and this review is currently ongoing.
Our core strategy
GBM’s core strategy is to identify opportunities for accelerated gold production and cash flow with potential for major resource growth. GBM applies a highly systematic approach to mineral exploration and development, targeting the discovery of world-class gold and copper-gold deposits.
Resources growth
Identify opportunities for accelerated gold production and cash flow with potential for major resource growth.
High-value commodities
Target discovery of world-class gold and copper-gold deposits.
Low cost explorer
Competent, rapid and cost-effective evaluation of discoveries.
Maximise exploration probability
Explore in regions with historic endowment to maximise probability of a new discovery.
Exploration focus
Minimise corporate overhead to maximise in-ground exploration spend.
Systematic approach
Apply a highly systematic approach to mineral exploration and development.