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Investing.com - Canaccord Genuity initiated coverage on GBM Resources Ltd (ASX:GBZ) with a Speculative Buy rating and a price target of AUD0.08.
GBM Resources is a gold explorer and developer focused on epithermal gold systems in Queensland’s Drummond Basin. The company recently completed a restructuring that included the appointment of Ian Middlemas as Non-Executive Chairman and raised A$13 million to fully repay its remaining debt of A$6.2 million in convertible notes.
As part of the restructuring, GBM Resources consolidated complete ownership of its Twin Hills asset and appointed Daniel Hastings as CEO. The company is now debt-free with approximately A$6 million in cash reserves.
The gold explorer plans to commence its first significant drilling campaign in over a year, according to Canaccord Genuity. GBM Resources currently holds a 1.84 million ounce gold resource at 1.3g/t, with 55% classified as Measured and Indicated.
The company has established an exploration target to grow its Drummond Basin portfolio to more than 3 million ounces, a goal Canaccord Genuity expects can be achieved within 12-18 months.
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