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GBM Resources Limited (GBZ.AX)

ASX - ASX Delayed price. Currency in AUD
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0.10000.0000 (0.00%)
At close: 4:10PM AEST
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Previous close0.1000
Open0.1000
Bid0.1000 x 20439600
Ask0.1050 x 27893600
Day's range0.1000 - 0.1050
52-week range0.0566 - 0.2200
Volume4,258,164
Avg. volume735,250
Market cap43.302M
Beta (5Y monthly)0.79
PE ratio (TTM)N/A
EPS (TTM)N/A
Earnings dateN/A
Forward dividend & yieldN/A (N/A)
Ex-dividend dateN/A
1y target estN/A
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News
Press releases
  • Novo Provides Update From Malmsbury Project in Victoria, Australia
    GlobeNewswire

    Novo Provides Update From Malmsbury Project in Victoria, Australia

    VANCOUVER, British Columbia, Jan. 15, 2021 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO & NVO.WT; OTCQX: NSRPF) is pleased to provide an update from the Malmsbury project (the “Project”) pursuant to its planned joint venture with ASX-listed GBM Resources Limited (“GBM”) (ASX: GBZ) (please see the Company’s news releases dated March 30, 2020, April 6, 2020, and September 24, 2020 for further details). GBM recently announced initial exploration results from the Project which are available here. The historical resource estimate disclosed in GBM’s news release of January 15, 2021 (the “Malmsbury Historical Estimate”) is stated to have been reported in accordance with the 2012 edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves (2012 JORC Code), which is consistent with sections 1.2 and 1.3 of NI 43-101. For the key assumptions, parameters, and methods used to prepare the Malmsbury Historical Estimate, please refer to GBM’s news releases dated January 15, 2021 and January 19, 2009 and accompanying resource statement which are available here. These are the most updated estimates and data available regarding the Project and, as such, no work needs to be done at this point in time to upgrade or verify the Malmsbury Historical Estimate. Novo is unaware of the existence of any technical report (as defined in NI 43-101) prepared in connection with the technical information contained in the GBM news releases referred to above. A qualified person has not done sufficient work to classify the Malmsbury Historical Estimate as current mineral resources or mineral reserves. Novo is not treating the Malmsbury Historical Estimate as current mineral resources or mineral reserves. The Company expects to formally initiate its joint venture with GBM once certain conditions precedent are satisfied in Q1 2021. In the meantime, exploration efforts by both GBM and Novo personnel continue unhindered. “We are delighted to be working closely with the technically savvy GBM exploration team at Malmsbury,” commented Quinton Hennigh, Chairman and President of Novo. “Early stage work is already resulting in very encouraging results that support our thesis that Malmsbury hosts a high-grade epizonal orogenic gold system like that at Fosterville approximately 58 km to the north. Recent rock chip sampling is not only turning up high-grade gold assays in vein material but importantly, in disseminated form in mineralized host rocks, a characteristic of the high-grade Fosterville lodes. Although early days, we anticipate working with GBM to ramp up the level of exploration at this very exciting project.” Dr. Quinton Hennigh (P.Geo.) is the qualified person pursuant to NI 43-101 responsible for, and having reviewed and approved, the technical information contained in this news release and GBM’s news release of January 15, 2021. Dr. Hennigh is President, Chairman, and a director of Novo. About Novo Resources Corp. Novo is advancing its flagship Beatons Creek gold project to production while exploring and developing its highly prospective land package covering approximately 14,000 square kilometres in the Pilbara region of Western Australia. In addition to the Company’s primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com On Behalf of the Board of Directors, Novo Resources Corp. “Quinton Hennigh” Quinton Hennigh President and Chairman Forward-looking information Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, Novo’s thesis that Malmsbury hosts a high-grade epizonal orogenic gold system like that at Fosterville, and that all conditions precedent will be satisfied in Q1 2021. Forward-looking statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, successful exploration results, receipt of approvals from various regulatory bodies, and customary risks of the resource industry.

  • GlobeNewswire

    Novo Exercises Option Over GBM Resources’ Malmsbury Gold Project

    VANCOUVER, British Columbia, Sept. 24, 2020 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX-V: NVO; OTCQX: NSRPF) is pleased to announce that it has exercised its option to earn a 50% interest (the “Interest”) in the Malmsbury gold project (the “Malmsbury Project”) held by ASX-listed GBM Resources Limited (ASX: GBZ) (“GBM”). Transfer of the Interest to Novo is subject to approval from the Victorian Department of Jobs, Precincts and Regions and the Australian Foreign Investment Review Board (the “Conditions”). Please see the Company’s news releases dated March 30, 2020 and April 6, 2020 for further details. “We are pleased to exercise our option over the Malmsbury project,” commented Quinton Hennigh, Chairman and President of Novo. “Although early stage, Malmsbury hosts one of the closest geologic analogues to the high-grade Fosterville gold deposit situated approximately 50 km to the north. Like Fosterville, Malmsbury is situated along the eastern margin of the prolific Bendigo zone. Mineralization is of classic epizonal orogenic style displaying high-level vuggy quartz veins, elevated antimony and finely disseminated high-grade gold. Novo believes that it now holds one of the most prospective high-grade gold projects in the Victorian gold fields.”Upon satisfaction of the Conditions, Novo will issue 1,575,387 common shares (the “Option Shares”) to GBM as consideration for the exercise of the option. The Option Shares will be subject to a statutory hold period expiring four months from the date of issuance of the Option Shares. The Company will also reimburse GBM for validly incurred and documented exploration expenditures on the Malmsbury Project of up to AUD $250,000 incurred from March 30, 2020 to today, with such reimbursed amount being credited against the Earn-In Amount (defined below).Upon satisfaction of the Conditions, Novo will have the right to earn an additional 10% interest in the Malmsbury Project and form a joint venture with GBM by incurring AUD $5 million in exploration expenditure (the “Earn-In Amount”) over a four-year period (the “Earn-In Period”), as to a minimum of AUD $1 million during the first year, and AUD $1.25 million in each subsequent year, of the Earn-In Period. Any expenditure incurred during any year of the Earn-In Period which surpasses the minimum required amount will be credited against the subsequent year’s commitment. If Novo does not satisfy the Earn-In Amount during the Earn-In Period, Novo’s interest in the Malmsbury Project will decrease to 49%.If Novo satisfies the Earn-In Amount during the Earn-In Period and delivers to GBM written notice of its election to increase its interest in the Malmsbury Project to an aggregate 60% interest and initiate a joint venture with GBM (the date on which such notice is given being the “Joint Venture Date”), GBM will be required to elect to (i) retain its 40% interest in the Malmsbury Project by contributing to 40% of exploration and development expenditure incurred subsequent to the Joint Venture Date, or (ii) dilute its interest in the Malmsbury Project to 25% upon delivery by Novo of a preliminary economic assessment (the “PEA”) disclosing at least a 1 million ounce gold resource, of which at least 60% must be in the Indicated classification, within 3 years from the Joint Venture Date. In such case, Novo will pay all development expenditure incurred commencing from the Joint Venture Date, but if a decision to mine is made, GBM will reimburse Novo as to 25% of any such development expenditure from a maximum of 80% of Malmsbury Project cash flows.Novo and GBM are currently finalizing a royalty arrangement whereby, subsequent to a decision to mine, GBM will be entitled to receive a maximum 2.5% net smelter returns royalty (the “Maximum Royalty”). The Malmsbury Project is encumbered by certain pre-existing royalties; where such an encumbrance is present, GBM will only be entitled to an adjusted royalty, being the Maximum Royalty less any pre-existing royalty amount.About Novo Resources Corp.Novo is advancing its flagship Beatons Creek gold project to production while exploring and developing its highly prospective land package covering approximately 14,000 square kilometres in the Pilbara region of Western Australia. In addition to the Company’s primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com On Behalf of the Board of Directors,Novo Resources Corp. “Quinton Hennigh” Quinton Hennigh President and ChairmanNeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Forward-looking information Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, that Malmsbury project is one of the most prospective high-grade gold projects in the Victorian gold fields, the expected finalization of the Maximum Royalty arrangement, the expected satisfaction of the Conditions, and the advancement of Novo’s Beatons Creek project to production. Forward-looking statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, the results of further negotiations with GBM, the timeframe associated with Australian Foreign Investment Review Board and the Victorian Department of Jobs, Precincts and Regions approvals, and customary risks of the mineral resource exploration industry.