AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
GBM Resources restructures capital with new funding and board changes
Farm-in agreement on Twin Hills Gold Project formally terminated
Exploration activities to ramp up with a debt-free balance sheet
Queensland-based gold and copper explorer GBM Resources Ltd (ASX:GBZ), listed on the All Ordinaries, has announced a recapitalisation strategy alongside leadership changes and asset realignment. The latest developments include the company terminating a farm-in agreement for one of its key projects while securing significant funding through a multi-tranche placement.
This transformation is aimed at strengthening the company’s financial position and aligning its focus more firmly on exploration activities across its Drummond Basin assets.
Recapitalisation to Eliminate Debt and Support Growth
As part of its updated strategy, GBM Resources outlined a substantial placement that enables full repayment of convertible notes previously issued to Collins St Asset Management. The placement also includes provisions for early redemption through the issuance of new shares and options.
These proceeds are set to remove all outstanding debt, thereby positioning the company to accelerate exploration across its gold projects. According to the company, the recapitalisation places it in a favourable financial condition to support its growth ambitions in the region.
Termination of Twin Hills Deal with Wise Walkers
GBM Resources has officially terminated its farm-in agreement with Wise Walkers over the Twin Hills Gold Project in Queensland. The initial agreement was focused on advancing the asset through sole-funded exploration efforts. However, the conclusion of the arrangement is accompanied by a participation and release deed between the two parties.
In lieu of additional expenditure, Wise Walkers' prior contributions have been converted into equity in GBM. As a result, Wise Walkers now emerges as the company’s largest shareholder with a sizeable ownership position.
Leadership Transitions Underpin Strategic Refocus
A number of changes are also occurring at the board level. Ian Middlemas is stepping in as the new non-executive Chairman, accompanied by new subscriptions from directors supporting the latest capital raise. Meanwhile, Sunny Loh transitions from Chairman to a non-executive position, and Peter Rohner will step down from his role as Managing Director while remaining as CEO until his current term ends.
Post tenure, Rohner is expected to continue offering guidance as a consultant. These changes represent a deliberate reshaping of the board to align with the company’s revitalised operational goals.
Focus on Gold Exploration in Drummond Basin
With financing secured and liabilities cleared, GBM Resources aims to pursue systematic exploration of epithermal gold mineralisation across its projects in the Drummond Basin. The company states that its forward-looking strategy includes efforts to build on its existing resource base at both Yandan and Twin Hills.
