GBM Resources (GBM) Q1 2027 TU earnings summary

Executive summary

• Drilling at Twin Hills extended mineralisation beyond the existing 1.0Moz MRE and confirmed broad higher-grade intervals, supporting planned resource growth and potential grade uplift.

• Drilling commenced at Yandan under a new geological model of a large intrusive-centred hydrothermal system; the portfolio holds ~1.84Moz of gold resources across Drummond Basin assets.

• Initial Twin Hills rougher flotation tests returned 92%-99% gold recovery; quarter-end cash was $23.3m, listed investments were $2.3m and there was no debt.

Financial highlights

• Cash and cash equivalents were $23.302m at quarter end, versus $31.705m at the start of the quarter; listed investments were $2.3m and debt was nil.

• Net cash used in operating activities was $1.381m; net investing cash outflow was $7.022m, including $6.765m for exploration and evaluation.

• Interest received was $525,000; staff costs were $1.314m and administration and corporate costs were $465,000.

Outlook and guidance

• Twin Hills Stage 2 drilling is targeting MRE growth, higher-grade continuity, deeper ore shoots below 400m and technical data for future studies; an updated MRE is targeted for Q4 2026.

• Yandan’s 8,000m Stage 1 program is expected to deliver initial priority East Hill assays; East Hill resource drilling is planned for completion in November and an updated MRE is targeted for H1 2027, subject to results.

• Regional exploration plans include testing high-priority Twin Hills corridor targets and commencing brownfields and greenfields drilling along the Glen Eva corridor at Mt Coolon.