GBM Resources (GBM) H1 2025 earnings summary

Executive summary

• Net loss after tax for the half-year was $552,829, a significant improvement from a $2,922,523 loss in the prior corresponding period, driven by lower exploration, finance, and fair value losses.

• Revenue from gold sales totaled approximately $2.1 million, with 526 ounces sold during the period.

• Major asset sales and farm-in agreements progressed, including the White Dam and Mount Morgan projects, and a $12 million Twin Hills farm-in deal.

Financial highlights

• Cash and cash equivalents at 31 December 2024 were $1,263,986, down from $1,600,808 at 30 June 2024.

• Assets held for sale increased to $9,291,260 from $7,907,680.

• Capitalised mineral exploration and evaluation expenditure stood at $41,665,507.

• Net loss from continuing operations was $1,252,737, offset by a $699,908 profit from discontinued operations.

• Basic loss per share from continuing operations was 0.11 cents, improved from 0.28 cents in the prior period.

Outlook and guidance

• Completion of the White Dam sale is pending, with $2.95 million in cash and a capped royalty expected.

• The Twin Hills farm-in agreement is expected to bring $12 million in cash and exploration funding.

• A definitive agreement for the sale of the Mount Morgan project has been executed, with staged and contingent payments plus a royalty.

• Directors believe the company remains a going concern, supported by asset sales and ongoing capital management.