GBM Resources (ASX:GBM) has released an investor presentation for November 2026 disclosing a total mineral resource base of 1.84 million ounces of gold across approximately 4,000 square kilometres in Queensland's Drummond Basin, alongside metallurgical testwork results showing gold flotation recoveries of 92–99% at its Twin Hills Gold Project.

Key Points

  • Total mineral resource base of 45.7Mt at 1.26g/t Au for 1.84Moz Au, with 90% within granted Mining Leases and 55% classified as Measured and Indicated
  • Twin Hills project hosts approximately 1.0Moz Au across the 309 Deposit (10.6Mt at 1.5g/t Au for 0.52Moz Au) and Lone Sister Deposit (12.4Mt at 1.2g/t Au for 0.48Moz Au)
  • Flotation testwork returned gold recoveries of 92.0–98.9% into rougher concentrate at a 75µm grind with a mass pull of just 4.8–8.7% of feed mass
  • A 50-kilometre drilling program at Twin Hills has completed approximately 32,000 metres with approximately 1,400 metres of assays pending; a Mineral Resource Estimate update is underway
  • Flowsheet design is expected in Q1 2027, with the development pathway including MRE update, prefeasibility study, feasibility study, and production

Twin Hills Drilling Program and Resource Growth

The Twin Hills multi-phased drilling program has completed approximately 32,000 metres as part of a 50-kilometre program, with approximately 1,400 metres of assays currently pending. The program is designed to confirm high-grade continuity, grow resources, and improve confidence in the mineralisation. Significant extensional intersections at the 309 Deposit include 18m at 12.01g/t Au including 2m at 104.61g/t Au from hole TNDH048, and 37m at 5.00g/t Au including 3m at 29.96g/t Au from hole TNDH012. At the Lone Sister Deposit, hole LSDH002 returned 52m at 2.77g/t Au including 3m at 15.36g/t Au, and hole LSDH020 returned 101m at 2.63g/t Au including 9m at 6.55g/t Au.

Metallurgical Flotation Testwork at 309 and Lone Sister

Initial rough flotation testwork on composites from both the 309 and Lone Sister deposits returned gold recoveries exceeding 90% in every test conducted. The Lone Sister composite achieved 92.0% gold flotation recovery at a concentrate grade of 26.0g/t Au with a mass pull of 4.8%, alongside CIL extraction of 87.3–88.8%. The 309 composite returned 98.9% flotation recovery at 18.0g/t Au concentrate grade with a mass pull of 8.7%. Low arsenic content of 88 parts per million was recorded. Gravity testing on the 309 concentrate is currently underway. The filing states that a finer 45µm grind provided no material benefit over the 75µm grind used.

Yandan Gold Project and Development Pathway

GBM Resources also holds the Yandan Gold Project, comprising the Yandan and Illamahta deposits, with a combined mineral resource of 0.51Moz Au. The East Hill Deposit at Yandan carries a resource of 12.8Mt at 1.1g/t Au for 0.44Moz Au, with significant historical intersections including 58.5m at 10.95g/t Au including 28.7m at 18.31g/t Au, and 12.7m at 49.2g/t Au including 2.5m at 247.9g/t Au. The company's indicative development pathway for Twin Hills includes completion of a Mineral Resource Estimate update, prefeasibility and feasibility studies, environmental studies and permitting, financing and a final investment decision, followed by construction and production. Discovery drilling is also underway across multiple priority targets including Powerline, Flying Fox, Airstrip, L7, Stella, and Feilwella.