GBM Resources to sell Cloncurry Project to Evolution Mining

GBM Resources (ASX:GBM) has entered into an agreement with a subsidiary of Evolution Mining (ASX:EVN) to sell its Cloncurry Project in Queensland.

The transaction includes a cash consideration of $500,000 and a net smelter royalty of up to 2% on the Cloncurry tenements, allowing GBM to retain potential upside from the project.

The divestment aligns with GBM's strategy to unlock value from non-core assets and provides a non-dilutive source of funding to advance its Drummond Basin gold assets in Queensland, which host an estimated 1.84 million ounces of mineral resources.

At the time of reporting, GBM Resources' share price was $0.041.