Highlights

• GBM Resources said drilling at its Twin Hills gold project returned 18 metres at 12.

• GBM Resources Limited , a gold explorer and developer focused on Queensland's Drummond Basin, reported in its September.

• At the Lone Sister zone, also at Twin Hills, hole LSDH020 returned 101 metres at 2.

• About 60 per cent of the 50,000-metre Stage 2 program at Twin Hills is complete, with one rig.

GBM Resources (ASX:GBM) — said drilling at its Twin Hills gold project returned 18 metres at 12.01 grams per tonne gold, and that cash was $23.3 million at 30 September 2026.

GBM Resources Limited , a gold explorer and developer focused on Queensland's Drummond Basin, reported in its September 2026 quarterly report that drilling at the 309 zone of its Twin Hills project returned 18 metres at 12.01 grams per tonne (g/t) gold from 247 metres in hole TNDH048, including 2 metres at 104.61 g/t. The company said the intercept is about 85 metres from a previously reported 37 metres at 5.00 g/t gold.

Drilling results at Twin Hills

At the Lone Sister zone, also at Twin Hills, hole LSDH020 returned 101 metres at 2.63 g/t gold from 256 metres. The company said a substantial part of that interval was materially above the current resource model. These are exploration results and are not themselves Mineral Resources; they will need to be modelled before any change to the resource inventory.

About 60 per cent of the 50,000-metre Stage 2 program at Twin Hills is complete, with one rig operating at Twin Hills and one at Yandan. GBM's chief executive, Daniel Hastings, said the company was confident the program will increase resources. The company expects an updated Twin Hills Mineral Resource Estimate in the December 2026 quarter, following the remaining Lone Sister and 309 assays.

Existing resources

GBM reports about 1.84 million ounces of gold in Mineral Resources across Twin Hills, Yandan and Mt Coolon. Twin Hills accounts for about 1.0 million ounces, while the East Hill resource at Yandan stands at 12.8 million tonnes at 1.1 g/t gold for 0.44 million ounces.

Preliminary metallurgy

Rougher flotation tests recovered between 92.0 and 99.0 per cent of gold across the samples. At a 75-micron grind, Lone Sister material recovered 92.0 per cent of gold into a 4.8 per cent mass pull, while 309 material recovered 98.9 per cent into an 8.7 per cent mass pull. The company noted that the tests used a conventional reagent scheme without significant optimisation, and that final recoveries depend on cleaning and cyanide leaching, which are still being evaluated.

Yandan and other programs

At Yandan, a Stage 1 program of 8,000 metres, split evenly between reverse circulation and diamond drilling, is scheduled over about three months. East Hill resource drilling is due to finish in November, and an updated East Hill resource estimate is targeted for the first half of 2027, subject to drilling results. Other upcoming work includes the first Stage 1 assays from East Hill, step-out drilling towards the Coreshed and Stella targets, drilling along the Glen Eva corridor at Mt Coolon, and an airborne electromagnetic survey over the Twin Hills tenements that is partly funded by a $250,000 grant from the Queensland Collaborative Exploration Initiative Round 10.

Cash and funding

Cash at 30 September 2026 was $23.3 million, alongside listed investments of $2.3 million, being 15.0 million shares in Broken Hill Gold. The company has no debt. Operating outflows for the quarter were $1.4 million and exploration and evaluation spending was $6.8 million, taking total investing outflows to $7.0 million. No cash was raised during the quarter and there are no unused financing facilities. Related party payments of $107,000 covered salaries, director fees and superannuation.

The Appendix 5B estimates a funding runway of 2.9 quarters at the current rate of spending. Because the runway is under three quarters and no undrawn facilities are available, additional funding may be needed to sustain the drilling programs, although the document does not set out any specific capital raising plans.

Risks

The 12.01 g/t intercept is a single drill hole result and does not by itself establish the continuity of mineralisation.

The company cautioned that exploration results and resource growth are not guaranteed, and that the Twin Hills resource update depends on assays and modelling. The approaching wet season may also affect drilling.