ABN 91 124 752 745
Annual Report
2016
Contents
Chairman's Report 1
Company Snapshot - GBM Project Locations 2
Our Vision - Our Values - 2016 Highlights Summary 3
Review of Operations 4-20
Tenement Schedule 21
Annual Mineral Resources Statement 22-24
Sustainable Development 25
Directors' Report 26-32
Auditor's Independence Declaration 33
Consolidated Statement of Profit or Loss and Other Comprehensive Income 34
Consolidated Statement of Financial Position 35
Consolidated Statement of Changes in Equity 36
Consolidated Statement of Cash Flows 37
Notes to the Financial Statements 38-64
Directors' Declaration 65
Independent Auditor's Report 66-67
ASX Additional Information 68-69
Corporate Directory 71
Chairman's Report
Dear Shareholders
On behalf of the Board of Directors of GBM Resources I am pleased to present you with the Company's 2016 Annual Report.
As a board we set several key corporate and project objectives for the year with the key objective to become a gold producer in the near-term. This objective remains on track with the progress of the Company's flagship Mount Coolon Gold Project.
We have increased the size, scope and viability of the Mount Coolon Gold Project over the last financial year. The Scoping Study demonstrated positive project economics of heap leaching the oxide resource at the Eugenia Deposit and has the potential to see the Company achieve near-term gold production with potential to generate a strong positive cash flow and growth opportunities. Further exploration works are currently being completed
in parallel with the Eugenia Deposit with a focus on investigating development options including the potential for near-term production from toll milling of the Koala and Glen Eva gold resources.
Exploration work completed by the Company at Mount Morgan has led to the re-classification of Mount Morgan as a porphyry-related deep epithermal style. This follows with acquiring one of the largest-known mineralised porphyry copper systems in eastern Australia, The Moonmera Copper-Molybdenum Project from Rio Tinto, which lies less than 10 km away from Mount Morgan. The focus for the Company in 2017 will be around unlocking the potential higher-grade mineralisation zones by undertaking a project wide data compilation and review.
In keeping with our strategy, the Company is also pleased to advise that the Lubuk Mandi Gold Mine in Malaysia listed on the Singapore Exchange, and following the Joint Venture partner's operations incorporated into a
new company, GBM now has an 11% equity interest, via its holding of 35 million ordinary shares in Anchor Resources Limited.
We have also continued into our fifth consecutive year with an excellent record of zero harm in safety and environment. This is a credit to our people and an indication of the Company's committed approach to operating in a safe, sustainable, socially and environmental responsible manner.
On behalf of the Board, I would like to thank all our shareholders, employees, contractors and suppliers who have contributed to our success and achievements during the year.
Yours sincerely
Peter Thompson
Executive Chairman
GBM Resources Annual Report 2016 1
Company Snapshot
Figure 1: Project Location Plan.
GBM Project Locations
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Mount Coolon Gold Mines
100% owned Project area 773km2
Target Epithermal and IRGS Gold
Defined Resources totalling 315,000 ounces of gold Plus additional exploration target between
120,000-230,000 ounces of gold
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Mount Morgan
100% owned
Project area 781km2 (granted), Target Copper-Gold Porphyry
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Brightlands 100% owned Project area 292km2
Defined Cu-U-Mo-REE-P Resource containing 108,000 t TREEYO,97,000t Cu 14 M lbs U3O8
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Pan Pacific Copper and Mitsui Corporation Farm-In Projects
100% moving to 49% GBM Project area 631km2
Target IOCG
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Mayfield
100% owned Project area 302km2 Target IOCG
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Malmsbury 100% owned Project area 25km2
Defined Resource containing 104,000 ounces of gold
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Yea
100% owned Project area 187km2 Target IRGS
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Willaura
100% owned Project area 223km2
Target Cu-Au porphyry
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Lubuk Mandi
Equity investment
Tailing treatment gold operations
Listed on Singapore Exchange in April 2016
2 GBM Resources Annual Report 2016
