GBM is pleased to advise that Wise Walkers, who are a significant and supportive shareholder with an interest of 9.6% of the Company's issued shares, will enter into a farm-in agreement to advance the Twin Hills Gold Project to a decision to mine.

Pursuant to the HoA, Wise Walkers will settle a total cash consideration of A$6 million to GBM and sole fund a further $6 million in exploration expenditure over an 18-month period, subject to certain conditions. Wise Walkers will have earned a 70% interest in Twin Hills and GBM will retain a 30% free carried interest to a decision to mine. Wise Walkers has paid GBM a non-refundable exclusivity fee of A$1 million.

A further A$2 million has been received at GBM's solicitor's trust account from Wise Walkers, with the remaining A$3 million cash payment to be paid by Wise Walkers following satisfaction of certain Conditions Precedent and execution of the formal Farm-in and Joint Venture Agreement. GBM intends to apply the cash consideration component to repay the convertible notes debt held by Collins St Convertible Notes Pty Ltd and to provide working capital. GBM and Wise Walkers will use best endeavours to negotiate and agree a formal Farm-in and Joint Venture Agreement

GBM Managing Director and CEO, Peter Rohner, commented: 'GBM has continued to look to realise value from the advancement of assets for GBM's 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. This HoA, along with the Farm-in agreement with Newmont on the Mt Coolon Project, provides funding and support to advance these two large prospective tenement packages. The sale component of this agreement provides the necessary funding to repay the Convertible Note when completed. GBM will now focus on advancing the Yandan Gold Project. Wise Walkers has been a supportive shareholder and recent discussions have demonstrated significant opportunities in which they can assist to grow value'

About Twin Hills Mineral Resources

The combined resource at Twin Hills of 23.11 Mt @ 1.3 g/t Au and 6.5 g/t Ag for 999,200 oz Au and 4,824,600 oz Ag with 60% of the resource now in Measured and Indicated categories. Lone Sister - Mineral Resource Estimate (MRE) The MRE for Lone Sister deposit comprises 12.48 Mt @ 1.2 g/t Au for 475,900 oz Au with 55% of the resource now in Measured and Indicated categories. GBM considers Twin Hills as a standalone operation and the estimate includes open pit style resources that have captured most of the previously unreported gold mineralisation. The Lone Sister ore body is currently defined for 350 m along strike, over 400 m in height, and is approximately 150 m wide. The broadly tabular shape directly reflects mineralisation that is preferentially hosted within a rhyolite dyke with some evidence for limited mineralisation having formed within specific lithological units adjacent to the dyke. Higher grade gold mineralisation displays a distinct plunge to the north and remains open at depth. Gold mineralisation manifests as quartz-pyrite veinlets and disseminated pyrite with higher grades associated with increased vein density and higher pyrite percentage. Silicification is also significantly increased around mineralisation.

309 - Mineral Resource Estimate (MRE)

The MRE for 309 deposit comprises 10.63 Mt @ 1.5 g/t Au for 523,300 oz Au with 64% of the resource now in Measured and Indicated categories. Currently defined gold mineralisation extends from surface downward for 380 m, along strike in a WNW direction for 380 m and NNE for 330 m. Overall, the system dips steeply to the south and plunges to the east with high grade gold mineralisation remaining open at depth. A variety of hydrothermal mineralisation styles are present at 309. On surface, sinter crops out along an arcuate trend that rings near surface gold mineralisation. The complex shape of the 309 ore body is the result of both structural controls on fluid flow and hydrothermal processes. At depth gold mineralisation is predominantly focused along WNW and, to a lesser extent, NNE structural zones as stockwork veins and breccia fill. The best grades form in two 50 -70 m high layers broadly subparallel to bedding and presumably the palaeo surface. The uppermost of the two zones contains abundant bladed fluorite-chalcedony-quartz veins and breccia fill. GBM interprets this zone to represent a boiling and / or fluid mixing zone with associated abundant silicification potentially having formed a cap that allowed later gold rich fluids to be concentrated.

This ASX announcement was approved and authorised for release by: Peter Rohner, Managing Director For further information please contact: Investor enquiries Peter Rohner Managing Director +61 8 9316 9100 peter.rohner@gbmex.com.au

About GBM Resources

GBM Resources Limited (ASX:GBZ) is a well-funded Queensland based mineral exploration and development company focused on the discovery of world-class gold and copper deposits in Eastern Australia. The company has a high calibre project portfolio, hosting district scale mineral systems, located in several premier metallogenic terrains. GBM's flagship project in the Drummond Basin (QLD) holds 1.84 Moz of gold in JORC resources (Mt Coolon, Yandan and Twin Hills). Some tenements in the Basin are subject to a A$25m farm-in with Newmont. 2024 will see an expanded drilling program which is aiming to define 2-3 Moz and support GBM's transition into a mid-tier Australian gold company. Separately GBM also holds tenements in the Mt Morgan district, in the Mt Isa Inlier in Queensland (JV with Nippon Mining Australia - 56%). Divestment of these non-core assets is in progress. GBM has recently entered into a binding term sheet for the sale of White Dam Gold-Copper Project in South Australia (Refer ASX release dated 8 July 2024).

About Wise Walkers Wise Walkers Limited was founded in 2012 and mainly engaged in equity investment, asset management, strategic planning, project consulting, with assets under management exceeding A$1 billion. Wise Walkers has extensive resources in the Asia-Pacific region (especially Hong Kong, Singapore, and Australia), and is active in major financial capital markets such as Hong Kong and Singapore. Wise Walkers has established long-term and good partnerships with well-known enterprises. Wise Walkers has vast experience and a proven track record in acquisition of Australian enterprises and has successfully assisted these enterprises to scale up their operations.

Competent Persons Statement

The Company confirms that it is not aware of any new information or data that materially affects the information included in the respective announcements and all material assumptions and technical parameters underpinning the resource estimates within those announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons findings are presented have not been materially modified from the original market announcements

Contact:

Tel: +61 (0) 493 239 674

Email: reception@gbmex.com.au

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