10-Feb-2026: I hold GBR in my SPF (speccy portfolio, a smaller real money portfolo where I hold more speculative and higher risk companies such as pre-revenue gold project developers like GBR), and their Presentation today at Bell Potter's Resources Rising Stars (RRS) Summer Series Conference in Sydney (at the Four Seasons Hotel in The Rocks) explains a fair bit of why I hold them.

The presso was also lodged today on the ASX announcements platform by GBR, titled, "ASX:GBR | A MULTI-MILLION OUNCE GOLD HUB IN WESTERN AUSTRALIA: Side Well Gold Project, February 2026"

Why I hold them can be summed up almost entirely by two main factors: Their location and their exploration success to date.

Presentation plain text link: https://wcsecure.weblink.com.au/pdf/GBR/03054727.pdf

To add more colour to that location element - i.e. where their ground is located, they're just to the east of Meekatharra township in central WA, and also to the north east and south east of Meekatharra (shown on the second map below), with multiple Westgold (WGX) mines and a WGX mill to their west, New Murchison Gold (NMG) to their northwest, and Meeka Metals (MEK) to their north and northeast. I also hold NMG and MEK in that same SPF portfolio.

I've marked roughly where NMG's and GBR's tenements are, however both have tenement packages that run further north and south than those purple and brown ovals. But it's just a rough indication of where in the district they are. GBR's land (and various gold deposits) does run a fair way north of that brown oval actually.

That map above started off as a screenshot of a map from a MEK presentation, so the 50km and 100km radius circles refer to how far everything sits in relation to Meeka's Murchison Mill (formerly known as the Andy Well Mill back when it was built and operated by Doray Minerals and later owned by Silver Lake Resources after they acquired Doray).

Catalyst (CYL) shown further to the north on that map above is also a company I hold shares in, but a larger position in my much larger SMSF rather than a $10K to $12K position in my SPF like NMG & GBR are (MEK is actually the largest position in my SPF - over $20K - because they're substantially derisked already and are producing gold from their own 100%-owned mill).

I was recently asked what I thought the future might hold for GBR in terms of a timeline to having their own operating gold mill (processing plant producing gold) or if they were likely to go down another path, such as what NMG have done with crushing their ore and trucking it down to WGX's mill to their south west (as indicated by that curved orange line) and WGX buying that ore through an Ore Purchase Agreement (OPA) which gives NMG plenty of upside as the gold price rises and has allowed them (NMG) to build up a nice cash pile in the December quarter while remaining unhedged and debt free.

The short answer is I don't know, but the more gold GBR find, the more options they will have.

Most of these project developers all talk about building their own mill, but not all of them end up doing that. Some will go with OPAs or Toll Treatment (getting other companies with underutilised gold mills to process their ore for a fee), which is usually a stop-gap (temporary) measure to produce some cash to help pay for more drilling and studies, others get taken out, usually by a larger player who already has a mill and wants more feed for that mill. Meeka are in that category now, but Meeka may believe they can find enough gold within their own tenements to fill their mill over time without having to acquire another company or another asset, however I would be surprised if we do not see some M&A in that area this calendar year.

That expected M&A (by me) could play out in many different ways, such as Meeka making a play for NMG, and/or GBR, it could be WGX that tries to gobble up one or more of those junior developers, although Wayne Bramwell (the MD) at WGX has said he sees WGX's future as being an underground (UG) miner rather than an open pit (OP) miner, so to be on his radar you'd have to have some decent UG gold that he would want to get his hands on.

Another option would be a scale play like GBR and NMG merging (or one acquiring the other) because their combined gold reserves/resources would likely make the financial outlay of building one mill for all of their combined gold a much more economically sensible (meaning profitable) idea than both of them going it alone.

At this point, especially in GBR's case, it's a matter of drill baby, drill, to find more gold and hopefully even higher grades, although GBR has been finding some decent grades already so far. Not all the gold they are finding is high grade but they've had some high grade and shallow hits which look really good, and some decent widths too suggesting there's plenty more gold in that ground to be found. And they have a LOT of ground, a lot more than my map suggests.

I'm no geologist, but Hedley Widdup, who runs Lion Selection Group (LSX), who have a position in GBR, explained recently that there's a geological fold the runs down from Meekatharra and splits Westgold's (WGX's) tenements and GBR's tenements, and on the GBR side that ground has been barely explored in many places, but on the WGX side they've found heaps of gold in multiple locations and they're mining it.

Hedley was a geo by trade before he became a fund manager that specialises in mining companies, mostly those early stage elephant-hunter gold explorers and project developers like GBR, the ones who are looking for the district-scale deposits, which is what they have on the west side of that fold - all owned and being mined by WGX. And GBR own most of the good ground on the east side of the fold. Hedley says that Ironbark (one of GBR's deposits - see map below) looks to him like a mirror image of WGX's Paddy Flat on the other side.

GBR are finding gold. They have a good team of Geo's and their Board Chairman, Chris Tuckwell is a dude I've been following for quite a few years, An engineer with more than 40 years’ experience, Chris was previously MD of MACA Limited (a mining services company that was acquired by Thiess Group in late 2022) as well as COO and Country Manager of African Mining Services (the offshore subsidiary of Ausdrill Limited, now Perenti). More recently he was responsible for the rapid development of Fenix Resources’ Iron Ridge DSO iron ore project in the Murchison region of Western Australia. Chris is also a Non-Executive Director of Arrow Minerals Ltd, Albion Resources Ltd and Golden State Mining Ltd.

I made money from MACA when Chris was running that company, so I do have a sense of his track record. While Chris is the Chair, not the MD at GBR, so is in a less hands-on role than he's had previously with those other companies, I reckon he's a good man to have on the Board. I won't go into every Board member and senior manager but suffice to say their combined experience and track records collectively look good to me.

But it's their location and track record of finding gold there that keeps them in my SPF. And today's Presso (from which that colourful map above was taken) is worth a flick through for anyone interested in the junior goldie space - i.e. the high risk ones that are not producing any gold yet, but have multi-bagger potential if they do make it all the way through to becoming a gold producer.

Disc: Held.