Image of a truck in a gold mine
Source: Adobe Stock
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

GBM Resources Ltd (ASX:GBZ) has signed a $12 million agreement with significant shareholder Wise Walkers to advance the Twin Hills gold project in Queensland’s Drummond Basin.

According to the long form farm-in agreement signed between the two companies, GBM will receive $6 million in cash. Wise Walkers will sole fund further exploration at the play – to the tune of another $6M – over an 18-month period to earn a 70% interest in it.

GBM would continue to hold a 30% interest up to the decision to mine Twin Hills, which holds a combined resource of 23.11 million tonnes at 1.3 grams per tonne (g/t) gold and 6.5 g/t silver for 999,200 ounces of gold and 4,824,600 ounces of silver.

Managing Director and CEO Peter Rohner said the agreement reflected GBM’s desire to advance its assets while realising value for shareholders.

“GBM’s focus continues to be on the prospective Drummond Basin where large high grade epithermal gold deposits exist and where it has expanded JORC resources to ~ 1.84 Moz of gold,” he said.

“The sale component of this agreement provides the necessary funding to repay the Convertible Note when completed.”

GBM Resources shares rose on the news, and at 13:47 AEDT, they were trading at 0.9 cents – a rise of 12.5% since the market opened.

Join the discussion. See what HotCopper users are saying about GBM Resources and be part of the conversations that move the markets.

GBZ by the numbers
More From The Market Online
The Market Online Video

ASX Market Close: Aussie market weakens on disappointing bank earnings | Feb 19, 2025

The Aussie bourse did not have a great day on Wednesday, falling 0.83% after a selloff…

Hot Chili promises ‘a very large-scale porphyry is emerging’ in RIU Explorer’s address

Hot Chili Ltd continues to build on its shallow and high-grade porphyry discovery, La Verde, in…
Gareth Solley speaking at the RIU Explorer's Conference in WA

RIU Explorers Conference: From Black Cat’s first gold pour to a 200,000 ounce goal

WA Gold producer Black Cat Syndicate (ASX:BC8) has set the goal of producinig 200,000 ounces within…
The Market Online Video

ASX Market Update: Banking sector has another bad day as market pulls back from flat start | Feb 19, 2025

The Australian stock market weakened after a flattish start to Wednesday, with Finance again in the…