GBM Resources Limited (ASX:GBZ) Update on White Dam Gold Project
Production Update
GBM Resources Limited (ASX:GBZ) announced substantial progress at its White Dam Gold Project. To date in the December 2024 quarter, the company has sold approximately 466 ounces of gold, generating revenue near $1.9 million. This increase in production is attributed to newly irrigated heap leach material and the recovery of mineralised material from the gold room and elution circuits, alongside a rising AUD gold price.
Future Outlook
The company anticipates further increases in gold production in the upcoming quarter. This is expected to stem from ongoing maintenance of the gold room and elution circuit, coupled with upcoming assays and sales of fine carbon stocks containing gold.
Executive Comments
Peter Rohner, Managing Director and CEO, stated, “GBM has continued to look to maximise value from the sale of non-core assets for GBM’s shareholders. Our focus remains on the prospective Drummond Basin, where we have significantly expanded JORC resources to approximately 1.84 million ounces of gold.” He further noted the importance of the recent increases in gold production to strengthen the company’s working capital for 2025.
This announcement underscores GBM’s commitment to optimising its operations and enhancing shareholder value through strategic developments and production growth.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.