GBM Resources (GBM) H2 2024 earnings summary

Executive summary

• Focused on gold exploration and development in Queensland's Drummond Basin, consolidating key assets and advancing geological models at Twin Hills, Yandan, and Mt Coolon.

• Secured major farm-in agreements: $25 million with Newmont for Mt Coolon and $12 million with Wise Walkers for Twin Hills, providing significant funding for exploration.

• Continued divestment of non-core assets, including the conditional sale of White Dam for $2.95 million plus royalty, supporting working capital and debt reduction.

Financial highlights

• Net loss after tax of $5.93 million for FY2024, compared to a $2.11 million loss in FY2023.

• Revenue from metal sales totaled $1.4 million, with 425 ounces of gold produced and 466 ounces sold from White Dam.

• Cash and cash equivalents at year-end were $1.6 million; exploration expenditure for the year was $2.57 million.

• Total gold resources remain at 1.94 million ounces, with 1.8 million ounces in the Drummond Basin.

Outlook and guidance

• Drilling at Twin Hills to commence in early 2025 under the Wise Walkers farm-in; initial drilling at Yandan also planned.

• Results from Newmont's maiden drilling at Mt Coolon expected late in the December quarter.

• Anticipates further resource growth in 2025 as new exploration targets are tested.