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GBM Resources Limited ( (AU:GBZ) ) has issued an update.
GBM Resources Limited has completed the Tranche 1 payment under its Asset Sale Agreement with Lithium Energy Limited for the sale of its Mt Morgan Gold-Copper Project, receiving $400,000 as part of a potential $3.2 million deal. This transaction supports GBM’s strategy to divest non-core assets and focus on its Drummond Basin gold portfolio, enhancing its balance sheet and allowing the company to concentrate on expanding its resource base at Twin Hills.
More about GBM Resources Limited
GBM Resources Limited is a Queensland-based mineral exploration and development company focused on discovering gold and copper deposits in Eastern Australia. The company boasts a high-caliber project portfolio in premier metallogenic terrains, with its flagship project in the Drummond Basin holding approximately 1.84 million ounces of gold in JORC resources. GBM is working towards expanding its resource base and transitioning into a mid-tier Australian gold company.
Average Trading Volume: 21,014,823
Technical Sentiment Signal: Sell
Current Market Cap: A$26.9M
See more insights into GBZ stock on TipRanks’ Stock Analysis page.