GBM Resources (GBM) H2 2026 earnings summary

Executive summary

• Focused on exploration and resource growth at 100% owned Drummond Basin gold projects, including Twin Hills, Yandan, and Mt Coolon, with a combined Mineral Resource of 1.84Moz Au.

• Completed successful Stage 1 and 2 drilling at Twin Hills, enhancing geological models and intersecting high-grade mineralisation outside existing resources.

• Launched Stage 1 drilling at Yandan, targeting key areas with historical high-grade intercepts and aiming for an updated Mineral Resource Estimate in H1 2027.

• Divested non-core assets (White Dam, Cloncurry, Mt Morgan), raising cash and retaining upside through royalties and shareholdings.

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

Financial highlights

• Net loss for the year ended 30 June 2026 was $9.0m, compared to $3.9m loss in 2025.

• Gain on sale of exploration and evaluation assets and other revenue totaled $1.47m, mainly from Mt Morgan and Cloncurry sales.

• Finance expenses increased to $3.77m, primarily due to early redemption fees on convertible notes.

• Cash reserves at 30 June 2026 were $31.7m (2025: $1.8m); borrowings reduced to nil (2025: $6.1m).

• Net assets increased to $92.5m (2025: $40.8m).

Outlook and guidance

• Intends to continue aggressive exploration and resource development at Drummond Basin projects.

• Updated Mineral Resource Estimate for Yandan targeted for H1 2027, subject to drilling results.

• Ongoing focus on unlocking further resource growth and brownfields discoveries.