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Highlights
- $13M raised to fund gold exploration at key Queensland sites
- Board reshaped with experienced mining executives joining
- Full ownership of Twin Hills project regained
In a move aimed at boosting its gold exploration initiatives, GBM Resources (ASX:GBZ), a Queensland-based exploration company, has secured $13 million through a two-tranche placement priced at $0.006 per share. This strategic capital raise marks a significant step forward in strengthening the company’s operational focus across its key projects, including Yandan and Twin Hills.
Funding Exploration & Debt Clearance
The newly raised capital is set to play a pivotal role in enhancing GBM Resources’ exploration programs while also improving its financial structure. A portion of the proceeds will be used to retire and cancel $6.2 million worth of existing convertible notes. With this, GBM steps into a debt-free position, enabling it to concentrate more fully on its high-potential assets.
Upcoming activities include further drilling at the Lone Sister and 309 deposits within the Twin Hills area. Additionally, relogging historical core, along with conducting soil surveys and mapping across Yandan and Twin Hills, form part of the company’s detailed exploration plan.
Strategic Leadership Overhaul
To align leadership with its growth ambitions, GBM has introduced major changes to its board. Ian Middlemas, known for his experience with Normandy Mining Group, has been appointed as the new chair. He is joined by mining veterans Robert Behets and Peter Fox as non-executive directors. Their combined commitment of $1.74 million into the capital raise further reinforces investor confidence.
Peter Rohner, the current managing director, will transition to a CEO role until July 31, 2025, after which he will take on a consultancy role. The leadership update is expected to bring sharper strategic vision and industry experience to GBM’s growth efforts.
Twin Hills Reclaimed in Full
As part of its structural realignment, GBM has also ended its proposed farm-in agreement with Wise Walkers Ltd (WWL), regaining full ownership of the Twin Hills gold project. WWL will convert its prior investment of $2 million into equity and commit an additional $2 million under the placement, resulting in a 19.99% stake in GBM.
These developments occur as GBM looks to position itself within the broader growth narrative of the Australian resources sector, where many companies strive for visibility alongside ASX200 peers. While GBM is not yet a constituent of the ASX200, its latest strategic and financial initiatives may signal an ambitious roadmap in that direction.
With strengthened financials, focused exploration, and a newly restructured board, GBM Resources is poised to make meaningful advancements in its gold exploration journey in Queensland.
