GBM Resources Sells Mt Morgan Project to Lithium Energy Limited

GBM Resources Limited (ASX: GBZ) has executed a Definitive Agreement to sell its Mt Morgan Gold-Copper Project tenements to Lithium Energy Limited (ASX: LEL). The transaction includes AU$ 2.03 million in staged cash payments, contingent payments of up to AU$ 1.67 million, and a 1.33% NSR royalty with a buyback option. Lithium Energy will also commit AU$4 million to exploration over the next two years, targeting large-scale gold and copper deposits. This sale aligns with GBZ’s strategy to focus on its Drummond Basin gold assets while ensuring ongoing exposure to Mt Morgan through milestone-based payments.

Additionally, the asset sale supports the repayment of GBZ’s Convertible Note and strengthens its partnership with Lithium Energy, a well-funded and technically capable company. By divesting this non-core asset, GBZ unlocks value while streamlining its portfolio for future growth in gold exploration.

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