GBM Resources (GBM) H2 2024 earnings summary

Executive summary

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

• Secured JV funding: $25m farm-in with Newmont at Mt Coolon and $12m farm-in at Twin Hills with Wise Walkers, supporting future growth.

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

Financial highlights

• Net loss after tax of $5.93m for FY24 (vs. $2.11m loss in FY23), including $2.72m loss from discontinued White Dam operations.

• Revenue from metal sales: $1.40m (down from $1.63m in FY23).

• Cash on hand at year-end: $1.60m (down from $1.90m in FY23).

• Exploration expenditure for the year: $2.57m; carried forward exploration assets: $41.77m.

• Capital raised: $3.8m via share issues; $0.9m convertible note converted to equity.

Outlook and guidance

• Drilling at Twin Hills to commence in early 2025 under Wise Walkers JV; initial drilling at Yandan planned.

• Results from Newmont's maiden drilling at Mt Coolon expected late December quarter 2024.

• Continued focus on advancing Drummond Basin projects and finalising asset divestments.