GBM Resources (ASX:GBZ) has received $1.9 million in December quarter revenue following the sale of 466 ounces of gold from the White Dam Gold Project in South Australia.
Since the end of the September quarter, three gold shipments have been made, in addition to “minor” amounts of silver.
In October 2024, some 40.4 ounces of gold were sold and shipped, while 425.3 ounces of gold were sold and shipped in November 2024.
CEO Peter Rohner says the company has continued to maximise value from the sale of non-core assets.
“GBM’s focus continues to be on the prospective Drummond Basin where large, high-grade epithermal gold deposits exist and where it has expanded resources to 1.84 million ounces of gold, including a farm-in agreement with Newmont (ASX:NEM) on the Mt Coolon Project and the more recent partial sale and farm-in agreement with Wise Walkers on the Twin Hills Project,” Rohner says.
“While the delays in selling White Dam are frustrating, the recent progress in realising significant gold production and lock-up is of significant value to GBM.”
The company says the increase in gold production and revenue in the December quarter will strengthen the company’s working capital position for 2025.
GBM Resources is a Queensland-based mineral explorer and developer focused on the discovery of gold and copper deposits across Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: GBM Resources
