GBM Resources (GBM) H1 2026 earnings summary

Executive summary

• Focused on exploration and resource growth in the Drummond Basin, with Twin Hills and Yandan projects hosting 1.84Moz gold MRE.

• Stage 1 drilling at Twin Hills (309 and Lone Sister) intersected broad, high-grade mineralisation outside existing resources.

• Divested non-core assets: White Dam, Cloncurry, and Mt Morgan projects, raising cash and retaining royalty exposure.

• Raised A$40m via placement to institutional and sophisticated investors, strengthening the balance sheet.

• Consolidated full ownership of Mt Coolon Gold Project, enhancing land position in Drummond Basin.

Financial highlights

• Net loss for the half year ended 31 December 2025 was $9.5m (2024: $0.55m loss), driven by discontinued operations, finance expenses, and share-based payments.

• Gain on sale of exploration and evaluation assets and other revenue totaled $980k (2024: $104k).

• Cash reserves at 31 December 2025 were $33.4m (30 June 2025: $1.8m); borrowings reduced to nil (30 June 2025: $6.1m).

• Net assets increased to $84.0m (30 June 2025: $40.8m).

• Placement raised gross proceeds of A$40m; additional $5.1m and $2.8m raised post-period from share issues and option exercises.

Outlook and guidance

• Stage 2 drilling at Twin Hills underway, targeting 50,000m to grow resources and support future feasibility studies.

• Ongoing focus on advancing Drummond Basin projects and leveraging strengthened financial position for exploration.