Claim 50% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
The latest update is out from GBM Resources Limited ( (AU:GBM) ).
GBM Resources has sold its Cloncurry project in Queensland to a subsidiary of Evolution Mining for A$500,000 in cash and a net smelter royalty of up to 2% across the project’s tenements, allowing it to retain some upside from future production. The divestment, involving the transfer of all shares in GBM’s subsidiary ISA Tenements Pty Ltd, aligns with GBM’s strategy to unlock value from non-core assets and provides non-dilutive funding to accelerate development of its Drummond Basin gold portfolio, potentially strengthening its financial position and focus within the Queensland gold sector.
The most recent analyst rating on (AU:GBM) stock is a Sell with a A$0.03 price target. To see the full list of analyst forecasts on GBM Resources Limited stock, see the AU:GBM Stock Forecast page.
More about GBM Resources Limited
GBM Resources Limited is an Australian mineral exploration company focused on gold development in Queensland, particularly its Drummond Basin gold assets, which host approximately 1.84 million ounces of mineral resources. The company’s strategy includes rationalising non-core assets to fund and advance its core gold projects without diluting shareholders.
Average Trading Volume: 9,800,923
Technical Sentiment Signal: Hold
Current Market Cap: A$164.7M
For detailed information about GBM stock, go to TipRanks’ Stock Analysis page.