ABN 91 124 752 745

Registered Office: Suite 8, 7 The Esplanade, Mt Pleasant, Western Australia 6153 Tel: (08)9316 9100• Fax: (08)9315 5475 • Web: www.gbmr.com.au Exploration Office: 10 Parker Street, Castlemaine, Victoria 3450

Tel: (03) 5470 5033

ASX Announcement 30 April 2012

REPORT FOR THE QUARTER ENDED 31st March 2012

Key Highlights: Milo IOCG- Rare Earth Project:

Maiden 82,500 tonne Rare Earth Inferred Resource.

Current drilling extends the mineralised zone both north and south by over 400m.

Drill hole MIL011 returned 124m @ 0.5% Cu Eq; including 21m @ 1% Cu Eq with a rare earth elements of 17 m @ 1411ppm of TREEYO.

Drill hole MIL012 returned 25m @ 1% Cu Eq; including 9m @ 2% Cu Eq with rare earth elements of 24m @ 2457ppm and 18m @ 1460ppm of TREEYO.

Scoping Study on track for completion midyear.

Other Exploration Activities:

GBM acquired the highly prospective Mayfield Exploration Permit (EPM14111) in North West Queensland Mineral Province. IOCG-style targets identified in previous exploration.

Two large intrusive related gold and copper mineralisation systems discovered near the historical Mt Morgan mine where the company holds 8 licenses covering 1000km2.

Corporate Activities:

Appointment of Sunny Loh as Non-Executive Director. Mr Loh brings extensive financial market experience (particularly in Asia) and the appointment builds on the strong relationship with Swift Venture Holdings. Mr Loh is also substantial shareholder in GBM.

GBM to realise $3.3million in fully paid shares in IPO from the Sale of its 30% interest of the Queensland Phosphate Project. A Shareholder meeting is to be held on 25th May to approve the distribution of 16.5 million fully paid ordinary shares in Swift Resources Ltd in specie to GBM shareholders. This will provide GBM shareholders one fully paid ordinary in listed public company Swift Resources Limited for approximately every 14.4 GBM shares.

On 16 April GBM received firm commitments to place the balance left within the Company’s 15% capacity of 16.7million shares at an issue price of 8 cents per share to raise approximately $1.3million. Tranche one was completed on 24 April with the issue of 6,812,500 shares. Settlement of Tranche two of $755,000 is scheduled for 10 May.

http://www.gbmr.com.au/

Figure: GBM Resources Project Location Plan

SAFETY AND ENVIRONMENT No LTI, MTI or environmental incidents were reported during the quarter. The Company has now completed 9 consecutive months with no LTI’s and 53 consecutive months with no significant environmental incidents.

GBM will continue to target zero injuries and environmental incidents in line with the Company’s policy of striving to achieve the highest standards in safety and environmental management.

QUEENSLAND EXPLORATION ACTIVITIES Mount Isa Region Copper Gold Projects

1. Brightlands Project, 100% GBM. Milo IOCG and Rare Earth Project: GBM Resources 2012 exploration program will focus on the Milo Prospect area and its immediate surrounds as a scoping study now in progress to establishe the potential of the project to move towards ultimate production. The scoping study is scheduled for completion midyear.

Drilling recommenced late March with three holes completed at the time of writing. The objective of the current drilling is to extend the previously announced maiden rare earth inferred resource. Drilling will delineate extensions both to the north and south of the maiden inferred resource of 103Mt containing an estimated 83,500 tonnes of total rare earth elements and yttrium oxide (TREEYO). Improvements to access tracks completed prior to the end of the 2011 field season, has enabled the company to gain early access in 2012. During the March quarter results have been received for three holes completed late in the December quarter of 2012. In the quarter the company announced a maiden rare earth resource and further significant drill results for the Milo Iron Oxide Copper Gold (IOCG) and Rare Earth Elements and Yttrium (REEY) Project. Important aspects of this work include:

• The maiden inferred resource includes 103 million tonnes containing an estimated 80,000 tonnes of TREEYO at an average grade of 760 g/t TREEYO based on a 400 g/t cut-off grade.

• Inferred Resource 200m wide and continuous over 800m.

• The inferred resource contains appreciable quantities of Neodymium, Yttrium, Dysprosium and Europium. These metals are designated as likely to be in critical undersupply.(US Department of Energy Dec 2011: Critical Materials Strategy).

• Initial metallurgical testwork indicates that beneficiation of TREEYO (bearing minerals) is favourable.

• Drill hole MIL011 returned 124m @ 0.5% Cu Eq; including 21m @ 1% Cu Eq with a rare earth elements of 17 m @ 1411ppm of TREEYO.

• Drill hole MIL012 returned 25m @ 1% Cu Eq; including 9m @ 2% Cu Eq with rare earth elements of 24m @ 2457ppm and 18m @ 1460ppm of TREEYO.

• Both Scout holes MIL012 and 13 confirm northern extension of system beyond the resource outline. Drilling has now recommenced at Milo to further test the North and South extensions of the system.

• Milo Scoping Study on track to be completed by midyear.

cutoff (TREEYO) tonnes

TREEYO (ppm, t)

P2O5 (%, t)

CeO2 (ppm, t)

La2O3 (ppm, t)

* Nd2O3

(ppm, t)Pr2O3

(ppm, t)Sm2O3

(ppm, t)

* Eu2O3

(ppm, t)Gd2O3

(ppm, t)

* Y2O3

(ppm, t)

* Dy2O3

(ppm, t)Er2O3

(ppm, t)Others (ppm, t)

Grades 760 0.85 340 180 95 30 14 5 12 57 9 5 10

Tonnages 400 103,000,000 82,500 873,000 34,600 18,600 9,800 3,080 1,460 520 1,190 5,900 970 550 1,080

LREEO HREEY

Table: total tonnages and grades of TREEYO contained within the Milo Inferred Resource. (*designates elements assessed as being in critical supply by the US Dept. of Energy, Dec 2011: Critical Materials Strategy, P4.)

CeO2 La2O3 Nd2O3 Pr2O3 Sm2O3 Eu2O3 Gd2O3 Y2O3 Dy2O3 Er2O3 Others (ppm, t)

REEYO Prices (US$/t) 24,500 24,000 130,000 130,000 86,000 3,010,000 103,000 130,000 1,160,000 N/A(metal pages 5 April 2012)

LREEO HREEY

Table: available REE prices (red denotes elements in critical undersupply, US Dept. of Energy, Dec 2011: Critical Materials Strategy).

The Maiden inferred resource is based on GBM’s two initial drilling programmes, soil sampling, geological mapping, structural interpretation and collected a range of geotechnical data since acquiring the area in 2009. Based on this work an inferred resource has been estimated by Geomodelling Pty. Ltd., an independent New Zealand based consultancy. This estimate confirms that Milo is a poly-metallic deposit containing significant quantities of a range of metals including REEY, Cu, Mo, Au, Ag and U. In addition significant quantities of phosphate and magnetite are also present in the deposit. Geological and geochemical data were used to produce a 3D outline of the broad zone of REEY mineralisation at Milo. The REEY resource is summarised for a range of cut off grades in table below. At a 400ppm TREEYO cut-off grade the resource is 103M tonnes averaging 760ppm TREEYO and containing an estimated 82,500 tonnes of TREEYO. It is noteworthy that 21% of this material is comprised of Neodymium, Europium, Yttrium and Dysprosium, elements that have recently been deemed as in critical supply for the short to medium term by the US Department of Energy. The resource is contained within a broad mineralised zone and at lower cut-off grades the tonnage potential increase markedly representing significant upside to within the current resource outline subject to outcomes of the scoping study.

Figure: Milo resource tonnage curve for changing cut-off grades.

Figure: Milo resource grade curve for varying TREEYO cut-off grades.

Within the REE zone there is zone with elevated Cu-Au-Ag-Mo-U-Co values which contains significant quantities of this suite (CuEq suite) of metals. This zone still has significant exploration upside as indicated by recent drilling. Drillholes MIL011 and 012 completed during December intersected sulphide mineralisation suggesting that the mineralised system may extend significantly further to the North. This result is not included in the maiden Milo resource estimate, and further drilling will be undertaken during the coming field season extend and further delineate the CuEq suite mineralisation.

Metallurgical test work and petrography has commenced to determine the host minerals for TREEYO mineralisation and to investigate potential means of beneficiation and concentration. Early testwork indicates that a mineralisation is hosted by Apatite and also a range of carbonate minerals. Initial flotation test work indicated approximately 70% of the Yttrium and 25% of other REE’s could be captured in an apatite concentrate. Apatite minerals are a group of phosphate minerals and are a common source for phosphate for fertiliser and other uses. Laser ablation analyses completed at CODES at the University of Tasmania confirm that the rare earth carbonates present contain high concentrations of REE. Tests returned an average value of 43% TREEY from 22 analyses.

The resource estimate was completed using a database of 22 drillholes, 3,696 samples analyses for a total TREEY suite, largely from one metre intervals of NQ diamond drill core. Samples were selected on a nominal one metre intervals were cut using a diamond saw and samples submitted to ALS laboratories in Mt Isa for ICPMS40. Estimation used ordinary Kriging for blocks 5m high, 40m long and 20 metres across strike. An bulk density of 2.84 was used for fresh rock although this was varied to reflect increased density with sulphur (as pyrite). Oxidation was modelled to be between 10 and 20 metres deep and a bulk density was assumed for material.

GBM has now commenced a scoping study which will include:

1. Delineation of a maiden copper equivalent resource;

2. Metallurgical testing for both the copper equivalent metals and rare earth elements;

3. Preliminary geotechnical review;

4. Preliminary mine and processing plant design;

5. Financial Modelling; and

6. Other preliminary studies including engagement with various stakeholder groups .

Key external consultants appointed include Mining One Pty Ltd who will complete the mining studies and have overall management of the scoping study. Brisbane based Core Process Engineering Pty Ltd will undertake the metallurgical test work and Geomodelling Pty Ltd will continue with the development of the resource work covering both the rare earth and copper equivalent mineralisation.

Drilling has recommenced, a diamond drill rig was mobilised to site during March to commence the 2012 programme.

This early work has already shown promise with field logging of Hole MIL014 core indicates a broad zone of sulphide mineralisation extending for approximately 150 metres downhole from about 50 metres, including a zone of massive and semi-massive pyrite from 100 metres to 135 metres downhole (see Photograph 1). This mineralisation is located above previously drilled hole MIL001 which returned the best REE mineralisation encountered in drilling at Milo to date. In Hole MIL015 field observations highlight obvious chalcopyrite from 164m -169m (see Photograph 2). Assay results are expected during the June quarter.

Assay results have now been received for drill holes MIL011, 012 and 013 which were completed in late December 2011. All holes encountered broad zones of mineralisation confirming the northward extension of the system beyond the resource outline.

Significant results are summarised in the table below and illustrated in the plan view in the attached figure. Both holes were cored from surface at declinations of approximately 600 degrees toward 2700 (Milo Grid). Samples were half NQ or HQ size core.

Hole ID Interval Length Cu Au Co Ag Mo U Cu Equiv* Cut -off m m % ppm ppm ppm ppm ppm % %CuEq

MIL011 82 to 206 124 0.18 0.05 162 3.9 104 96 0.5 0.1incl. 128 to 136 8 0.26 0.08 231 8.0 186 177 0.8 0.5incl. 149 to 170 21 0.39 0.10 275 9.1 184 188 1.0 0.7incl. 188 to 192 4 0.29 0.05 238 6.8 172 157 0.8 0.5

MIL012 41 to 66 25 0.36 0.11 330 1.7 131 257 1.0 0.155 to 64 9 0.66 0.22 637 3.3 253 571 2.0 1

201 to 227 27 0.05 0.00 179 0.1 8 9 0.2 0.1

MIL013 49 o 71 22 0.09 0.01 108 0.7 66 67 0.3 0.1

Table; CuEq results summary for Milo drillholes MIL011 (reported previously), MIL012 and MIL013

Hole ID selected from

to interval CeO2 ppm

La2O3 ppm

Y2O3 ppm

Dy2O3 ppm

Eu2O3 ppm

Nd2O3 ppm

Pr2O3 ppm

Tb2O3 ppm

Yb2O3 ppm

Other ppm

TREEYO ppm

MIL011 81 273 192 208 168 54 7.6 4.4 67 20 1.3 3.9 27 561Incl. 249 266 17 547 474 94 12.4 3.4 169 54 2.2 5.1 51 1411

MIL012 41 65 24 848 18 167 3.3 2.4 66 26 3.6 19.8 461 2457MIL012 89 155 66 129 61 32 5.6 1.4 47 13 1.0 2.7 21 313MIL012 202 220 18 654 455 81 12.2 4.0 149 47 2.4 4.9 50 1460

Table; significant TREEYO intersections from recent drillholes. ( note complete REE results not available for hole MIL013).

Photograph 1: massive sulphides (largely pyrite) in wet drill core from 132 metres in drill hole MD014 (NQ2 drill core, diameter 53mm).

Photograph 2: Hole MIL015 showing obvious chalcopyrite from 164m-169m

Forward Programme The diamond drilling programme initiated in December was recommenced in March. Sampling of core drilled during March is in progress with a number of results expected to be received progressively throughout the June quarter. This will be accompanied by further detailed geological mapping and extension of soil sampling grids in the Milo area to test for further extensions of REE and Cu soil anomalies identified in previous surveys. GBM is on track to complete a scoping study in the first half of the 2012 calendar year and will provide the basis to lead into the next development phase for Milo - the Pre-feasibility Study to be undertaken in the second half of this year.

Figure; Milo Plan showing completed drillholes in relation to the mineralised zone outlined by previous GBM drilling.

2. Acquisition of Mayfield Exploration Permit EPM14111 Key Points: IOCG-style targets identified in previous exploration.

Preliminary research has identified copper mineralization in previous drilling including 79m at 0.27% Cu at Clarries Prospect and base metal mineralisation at Maiden Creek Prospect including 48m averaging 1.23% Zn, 0.17% Pb, 0.1% Cu and 7.4 g/t Ag.

Exploration Permit EPM14111 surrounds the Trekelano Copper Gold Mine now being explored by Ivanhoe Australia and is adjacent to the bonanza grade Tick Hill Gold Mine previously worked by MIM.

Granted licence EPM14111 surrounds the Trekelano Copper Mine and extends southwards to within close proximity of the Tick Hill Gold Mine. The Trekelano Copper mine which is a high grade structurally hosted copper gold deposit with a known metal inventory*1 (production and resources) of 63,000tonnes of copper and 73,000 ounces of gold. Trekelano is currently being explored by Ivanhoe Australia who have recently reported high grade copper intersections including 44metres @ 5.7% Cu & 1.4 g/t Au (TRNQ53, Presentation to Global Resources Conference 26-27 September 2011). Tick Hill gold Mine has produced*2 513,333 ounces from 705,000 tonnes of ore at an average grade of 22.6 g/t Au ranking it as one of the highest grade significant gold producers in Australia’s modern mining era. Preliminary research by the company has identified a number of promising results in data obtained from open file exploration reports. These include significant copper intersections from the Clarries Prospect and base metal intervals in drilling at Maiden Creek (see table below). In addition, a soil geochemical survey at Kiama indentified a semi circular feature at plus 100ppm Cu which is 1.2 kilometres long and 120 metres wide located immediately south of an untested magnetic high.

The company will complete a review of available data to assist with designing an exploration programme to advance this tenement with field work anticipated to commence within the coming field season. The agreement with Newcrest requires GBM to make a cash payment of $10,000 and to expend $100,000 on exploration of the area within 18 months of the title being transferred. Newcrest also retain a 2% royalty over minerals produced from the licence area. GBM consider this tenement to hold considerable potential for future discovery. This acquisition further enhances the company’s extensive and prospective holding in Queensland’s world class North West Mineral Province. Notes; *1 Trekelano metal inventory based on figures form Newcrest Annual Report for EPM1411 2006. *2 Tick Hill Gold Mine production from MIM Holdings Annual reports in Diatreme Resources Limited website.

1.0 Pan Pacific Copper/ Mitsui Farm in Projects

Under the Farm-in Agreement, Pan Pacific / Mitsui, through their co-established Australian subsidiary Cloncurry Exploration and Development Pty Ltd (“CED”), can spend up to A$55million on the development of new copper–gold exploration and mining projects in northwest Queensland. Activity was at a reduced level on projects within the Farm In as access was restricted by the wet season.

Assay results were received for an additional 100 drill-core samples from diamond hole TGD002 at the Ibis south prospect, Grassy Bore tenement and an additional 21 samples from drill-hole BNG001 at the Bronzewing Bore prospect. The additional sampling from BNG001 resulted in an increase in the length of the Cu intersection in this hole to 219m @ 842ppm Cu.

A 3D IP model was created for the Bronzewing Bore prospect using the lines of 2D IP data already obtained. The model enhanced the apparent shallow anomaly to the SE of BNG001 and displays a subtle feature corresponding to the known conductive and chargeable mineralization intersected in this hole. A 3D magnetic inversion model was created using the airborne magnetic data over the Bronzewing Bore area. The model generated suggests the possible continuation of magnetite-associated mineralisation to the north, south and east of BNG001. In addition downhole IP was completed on hole BNG001.

Figure: Location map showing Farm in Areas

Forward Programme.

Talawanta-Grassy Bore Project: A 3D inversion of the magnetic data over the Landing Ground prospect (2012 drill target) ca. 10km NNW of Ibis is being constructed. This inversion will assist with targeting an initial scout drill-hole over this very strong, discrete, coincident gravity and magnetic anomaly.

Mt Margaret West Project: Planning for the 2012 exploration program is well-advanced at the time of writing, the proposed program includes gravity and IP surveys over three prospects (FC2, FC6 and FC4-south), and follow-up drilling of targets identified by the geophysics.

Bungalien Project: Completion of the geophysical survey program over Bronzewing Bore as soon as these can be arranged, as well as the inversions of the magnetic and gravity data. A survey crew is expected at Bungalien within about 3 weeks. Planning of a further drill program at Bronzewing Bore will continue, focusing on expanding the mineralized area adjacent to BNG001, and testing the newly-defined apparent shallow linear chargeable anomaly further to the east. This program will be finalized after completion of the geophysical program

Chumvale Breccia Project: A further rock-chip sampling program will be undertaken over the coming weeks. This is intended to complement existing data and to try to further refine Cu anomalies found in previous sampling efforts.

Two lines of IP will be carried out as soon as a crew can be arranged and access permits. The lines are planned to pass close to the 2011 drill-hole (BTD044) that intersected zones of anomalous Zn and Cu. Follow up drilling will be planned based upon results of IP and other available data.

QUEENSLAND EXPLORATION ACTIVITIES Mount Morgan Copper Gold Project Region

Results from extensive soil and rock sampling programmes completed during the December Quarter were received and evaluated during the quarter.

Highlights from this work include: Intrusive Related gold and copper mineralization (IRGS) at Smelter Returns and Sandy

Creek Prospects, near Mt Morgan.

Large high-tenor Au (+Cu) soil anomalies associated with major structures.

Rock-chip assays to 39% Cu, 8.5g/t Au and 44ppm Ag at Sandy Creek

Within structural corridor hosting Mt Morgan mine.

Anomaly is open along fault strike into GBM ground towards Mt Morgan

Definition of large zones of anomalous gold and copper in soil in the Mount Morgan project area along the Mount Battery Fault, a structural trend extending through the Sandy Creek Prospect and Smelter Returns Prospect to Mount Morgan. The Mount Morgan Project is located 40km south west of Rockhampton in Queensland in close proximity to the world class Mt Morgan Copper-Gold mine which produced in excess of 8.0M ounces of gold (Au) and 400,000 tonnes of copper (Cu) metal. The project area includes eight licenses (five granted) covering over 1,000 km2. Within these existing titles, numerous targets are defined ranging from early stage stream sediment anomalies to drill ready geophysical / geochemical targets. Historic exploration in the Mount Morgan area has primarily focused on the discovery of a Mount Morgan analogue which has, up until recently, been interpreted by many as a VHMS (massive sulphide) type. Until recent GBM work, no activity targeting intrusion related systems had been completed nor had there been thorough examination and interpretation of geophysical datasets or detailed compilation of existing exploration data. Smelter Returns Prospect Recent sampling along the Mt Battery Fault within the prospect produced an extensive area of >100ppb Au in soil. A number of higher-tenor zones of >150ppb Au occur within the main anomaly, the largest over 700m2 in area and open along fault strike to the north-east towards Mt Morgan and into ground under application by GBM. Anomalous copper is coincident with gold and altered volcanics and monzonite were observed in the field. The Smelter Returns Au-Cu anomaly was first defined by Dominion in the early 1990’s from regional stream and rock sampling. Twenty four shallow RC holes (60m maximum depth) were completed for best results of 8m @ 0.33% Cu & 0.84g/t Au from 32m in DRP08 and 4m @ 0.68% Cu from 16m in DRP09 1. Peak assays from 2m intervals were 0.99% Cu and 1.78g/t Au. Widespread propyllitic alteration was mapped surrounding local zones of potassic alteration, silicification and stratabound skarn. Dominion’s conclusion was that the mineralisation at Smelter Returns may be ‘a manifestation of reworked significant mineralisation at depth’ and that the numerous dyke phases and alteration styles is ‘possible evidence for the existence of an intrusive porphyry’. Dominion then relinquished all interest in the area due to company restructuring and no further work was completed at Smelter Returns prior to GBM’s exploration program in 2011. Following data compilation of Dominion’s encouraging work, GBM staff recognized the prospective structural and lithological setting and noted the occurrence of a string of K:Th radiometric anomalies along the main fault trend, analogous to the pattern observed at the nearby Sandy Creek prospect. A program of grid soil sampling was then completed over the Mt Battery Fault zone at 100m x 100m 2. Of the 309 samples collected, 58% returned greater than 100ppb Au and 21% returned greater than 150ppb Au with a peak soil assay of 320ppb Au. The Cu anomaly pattern is similar to Au with 36% of all assays greater than 100ppm Cu and a peak assay of 703ppm Cu.

Although outcrop is minimal in the prospect area, a variety of rock types were observed. The host sedimentary and mixed volcanic units are intruded by a variety of fine-grained or porphyritic igneous rocks including monzonite, rhyolite, granodiorite porphyry and gabbro. Alteration is widespread and includes K-feldspar, sericite, silica, pyrite, epidote and chlorite, associated with local magnetite skarn development and spherulitic (quartz-eye) textures.

The figures below show current surface sampling assay results from the Smelter Returns prospect and proposed soil grid extensions for the 2012 field season. GBM believes Smelter Returns ranks highly as an exploration target given the high-tenor soil results, IRGS alteration assemblage, suite of variable intrusive and volcanic rock types, and the favourable structural setting in close proximity to the world-class Mt Morgan mine.

Figure : GBM tenement and prospect location plan showing historic mines (green dots), major structural linears, and GBM defined prospects (red/white) on state magnetics and geology. Smelter Returns and Sandy Creek prospects are shown within NE-trending Mt Morgan Linear. 1. Based on a nominal 500ppm cut-off, holes were vertical RC drillholes sampled in two metre intervals and analysed by methods G001/4 and PM219 at ALS laboratory Townsville (Alston, A. J., January 1994. Annual Report, Dominion Mining Ltd, QDEX No. CR25805A). 2. All soil samples were collected from the base of A-horizon (nominally 150mm depth) and sieved at the collection point. The minus 200µ fraction was then pulped and assayed at ALS Laboratories Brisbane by methods ME-ICP61 and Au-AA23.

Figure : Gold in soil at Smelter Returns prospect. Polygons; Red = planned soil grid extensions, Pink = soil grid infills for 2012 program. Stippled areas (black) show outcropping magnetite/hornblende skarn. Blue/white points = Dominion shallow RC drill collars. Background image is state airborne K:Th radiometrics and GeoEye satellite data.

Figure : Copper in soil at Smelter Returns prospect.

Sandy Creek Prospect

Figure : GBM tenement and prospect location plan showing historic mines (green dots), major structural linears, and GBM defined prospects (red/white) on state magnetics and geology. Sandy Creek prospect in south-west corner. Initial data compilation and interpretation of the Sandy Creek area by GBM staff in 2011 noted that the prospect is spatially associated with a strong and discrete K:Th radiometric anomaly adjacent to a major north-east trending fault which is of similar orientation to the Mt Morgan / Mt Chalmers mineralised structural linear. A number of linear magnetic features adjacent to and parallel with the nearby Kyle Mohr Intrusive Complex margin also trend through the prospect. Some affinities with the geological setting of the Mt Morgan orebody were also noted Initial results from a GBM ridge and spur sampling program across the K:Th radiometric anomaly area were encouraging. Clustered anomalous Au-Cu in soils along with a broad zone of hematite-chlorite-altered intermediate volcanics, in places brecciated, and some strong rock-chip numbers from Cu-gossan and banded rhyolites were reported (peak 39% Cu, 8.6g/t Au, 20ppm Ag). Three phases of grid soil sampling were then completed, pushing further south east to cover increasingly intense alteration within the intermediate volcanics. Results received to date show a broad correlation between Cu-in-soils and alteration. Au-in-soil is also anomalous and appears to show more structural control. The intense central alteration zone is approximately 1,500m x 700m. A variety of igneous intrusives and volcanic dykes occur within the alteration envelope, including porphyritic monzonite, granite and dacite(?). Of the 102 rock-chip assays received to date from across the prospect, 21 have returned greater than 0.2% Cu and 14 of those have returned greater than 0.5% Cu. The figures below show current surface sampling assay results and alteration / lithology interpretations from the Sandy Creek prospect.

Based on alteration and mineral assemblage, the diversity of volcanic and intrusive rock types, the proximity to a large intrusive system and a complex faulted setting the Sandy Creek prospect in interpreted as a large intusive related copper-gold system. Forward Program Extension and infill sampling and detailed mapping along the mineralised fault trend will be completed in the coming field season, in readiness for initial drill testing of both prospects during 2012. In addition, GBM will continue ongoing collation and interpretation of both new GBM and historic exploration data. For prospects with historic drilling data (Smelter Returns, Dee Copper Mines, Mt Gordon, Limonite Hill), simple 3D Discover models will be generated and work programs planned accordingly.

Figure: Mount Morgan Project Summary, tenement areas and initial targets.

VICTORIAN EXPLORATION ACTIVITIES Malmsbury Project (includes EL5415 Malmsbury & EL5120 Lauriston) During the quarter a total of 271 soil samples were collected across Belltopper Hill during the month (samples at lab). Samples were taken from 500mm depth (B-horizon) using the power auger to minimise contamination from old workings. The soil grid at Malmsbury is now 100mx50m within the state forest. Such grid density should assist structural/lode interpretation and drill target planning. Missing historic drilling data was entered into the database to assist a structural interpretation of Belltopper Hill initiated during the quarter with the final report due in the June Quarter .

Willaura Project (includes EL4631 Lake Bolac & EL4751 Woorndoo) A program of ground magnetics over three buried airborne mag targets was designed during March. Three anomalies along the Moysten Fault and on a fault splay in the SE corner of the lease were chosen for testing. Approximately 80-100 line kilometres at 100-200m line spacing is planned using an auto-reading magnetometer (1 reading per second). The program has commenced and should take two weeks to complete. RC drill collar positions will be finalised once mag data is interpreted Yea Project (includes Tin Creek EL5292 & Monkey Gully EL5293) All assay results for the Monkey Gully soil grid extension were received. The results confirm the linear NW-trending corridor of W-anomalism with the Gully forming the SE-boundary to high-tenor anomalism, possibly fault-related. The copper anomaly is also extensive and is best developed in the NW grid area, and may continue beneath alluvial cover to the NW. Anomalous Au and Bi is also present at the NW margin of the grid. FORWARD PROGRAM Rehabilitation of drill site and tracks at Monkey Gully has will completed when suitable equipment is availble. Other work will include; prospect-scale mapping of Monkey Gully prospect, completion of roadside soil sampling over Black Range flexure zone (50m spacing).

CORPORATE The Company spent A$1.025 million in the quarter, of which $751,000 was for exploration and $274,000 for administration costs. Cash at 31 March 2012 was $1.5 million. Other key events/transactions in the quarter:

1. Appointment of Sunny Loh as Non-Executive Director on 1 March 2012. Mr Loh brings extensive financial market experience (particularly in Asia) and the appointment builds on the strong relationship with Swift Venture Holdings. Mr Loh is also a substantial shareholder in GBM.

2. GBM to realise $3.3million in fully paid shares in IPO from the Sale of its 30% interest of the Queensland Phosphate Project. A Shareholder meeting is to be held on 25th May to approve the distribution of 16.5 million fully paid ordinary shares in Swift Resources Ltd in specie to GBM shareholders. This will provide GBM shareholders one fully paid ordinary in listed public company Swift Resources Limited for approximately every 14.4 GBM shares.

3. On 16 April GBM received firm commitments to place the balance left within the Company’s 15% capacity of 16.7million shares at an issue price of 8 cents per share to raise $1.3million. Tranche one funds of $545,000 have been received and settlement of Tranche two of $755,000 is scheduled for 10 May.

For Further information please contact: Peter Thompson Colin Hay Managing Director Professional Public Relations GBM Resources Limited Tel: 0404 683355 Tel: 08 9316 9100 E:Colin.Hay@ppr.com.au

mailto:Karen.oswald@ppr.com.au

Explanatory notes: *1Copper Equivalent calculation represents the total metal value for each metal, multiplied by the conversion factor, summed and expressed in equivalent copper percentage. These results are exploration results only and no allowance is made for recovery losses that may occur should mining eventually result. However it is the company’s opinion that elements considered here have a reasonable potential to be recovered. It should also be noted that current state and federal legislation may impact any potential future extraction of Uranium. Prices and conversion factors used are summarised below, rounding errors may occur.

Commodity Price Units unit value unit Conversion factor(unit value/Cu % value)

copper 6836 US$/t 68.36 US$/% 1.0000gold 1212 US$/oz 38.97 US$/ppm 0.5700cobalt 40000 US$/t 0.04 US$/ppm 0.0006silver 18 $/oz 0.58 US$/ppm 0.0085uranium 40 US$/lb 0.08 US$/ppm 0.0012molybdenum 38000 US$/t 0.04 US$/ppm 0.0006

* 2 Intersections quoted are length weighted averages of results for individual sample intervals. Samples were taken at 1 metre intervals in RC drilling by multistage splitter and generally 1 metre intervals of half sawn core with maximum of 2metres for diamond drilling. Analyses were completed by ALS in Mt Isa for all elements other than gold by ME-ICP61, over limit (>1%) Cu by Cu-OG46 and AU by Au-AA25 in Brisbane. Holes range in declination from 500 to 70O to 2250 MGA at Milo and 2700 MGA at Tiger. Mineralised zones are interpreted to dip steeply in the opposite direction, holes are therefore drilled approximately perpendicular to the interpreted strike of mineralised zones. *3 It should be noted that this is an exploration target only, potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. The tonnage estimate is based on a 475 metre strike length with an average combined width of 80 metres and depth of 500 metres being the volume broadly tested by drilling to date. A nominal bulk density of 3.0 t/m3 was assumed. An accuracy of +/- 50% was assumed to provide a tonnage range reflecting the conceptual nature of this target estimate. Grade ranges represent the range of downhole intersections available over significant widths to date. *4 All holes at Bungalien are vertical, drilled by reverse circulation method and sampled on one metre interval using a three tier riffle splitter. Samples were submitted to Beureau Veritas Mt Isa Laboratory for analyses of 22 elements by SC202/IC3E/M. *5 note downhole intersections are across the mineralised zone using a nominal 70 ppm La cutoff , the downhole average is an estimate with La multipled by 3.8 to provide an estimate for TREEYO for the small number of intervals where full analyses are not available The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Neil Norris, who is a Member or Fellow of The Australasian Institute of Mining and Metallurgy. Mr Norris is a full-time employee of the company. Mr Norris has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Norris consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this report that relates to Mineral Resources is based on information compiled by Kerrin Allwood, who is a Member or Fellow of The Australasian Institute of Mining and Metallurgy. Mr Allwood is a full-time employee of the Geomodelling Pty. Ltd a New Zealand based consultancy. Mr Allwood has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Allwood consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

TENEMENT SUMMARY Tenement maintenance, including reporting and renewals has been ongoing during the quarter.

Project / Name Tenement No.

Owner GBMR Equity

Manager Granted Expiry Approx Area*3

(km2)

Status State

VictoriaMalmsburyBelltopper EL4515*1 GBMR/Belltopper Hill 100% GBMR 6/10/2005 5/10/2012 25 Granted VicLauriston EL5120 GBMR 100% GBMR 17/12/2008 16/12/2013 81 Granted Vic

WillauraLake Bolac EL4631 GBMR 100% GBMR 21/03/2002 20/03/2012 98 Granted VicWoorndoo EL4751 GBMR 100% GBMR 19/11/2003 18/11/2012 23 Granted VicWillaura EL5346 GBMR 100% GBMR 02-Jun-11 01-Jun-14 11 Granted Vic

YeaTin Creek EL5292 GBMR 100% GBMR 23-Mar-11 22-Mar-16 442 Granted VicMonkey Gully EL5293 GBMR 100% GBMR 23-Mar-11 22-Mar-16 442 Granted VicRubicon EL5347 GBMR 100% GBMR 155 Appl'n Vic

QueenslandDee RangeDee Range EPM16057 GBMR 100% GBMR 27-Sep-07 26-Sep-12 88 Granted Q'ldBoulder Creek EPM17105 GBMR 100% GBMR 26-Mar-08 25-Mar-10 178 Renewal Q'ldMt Morrisey EPM17163 GBMR 100% GBMR 23-Apr-08 23-Apr-10 161 Renewal Q'ldBlack Range EPM17734 GBMR 100% GBMR 20-May-09 19-May-14 150 Granted Q'ldSmelter Return EPMA18366 GBMR 100% GBMR 195 Appl'n Q'ldLimonite Hill EPMA18811 GBMR 100% GBMR 260 Appl'n Q'ldMt Hoopbound EPMA18812 GBMR 100% GBMR 23 Appl'n Q'ldLimonite Hill East EPMA19288 GBMR 100% GBMR 29 Appl'n Q'ld

Drummond BasinDiamond Creek EPM 19193 GBMR 100% GBMR 27-Jun-11 26-Jun-14 247 Granted Q'ld

Mount Isa RegionTalawanta - Grassy BoreTalawanta EPM15406 GBMR*2 /Isa Tenements 100% GBMR 15-Jan-08 14-Jan-11 325 Renewal Pending Q'ldGrassy Bore EPM15681 GBMR*2 /Isa Tenements 100% GBMR 28-Sep-07 28-Sep-10 325 Renewal Pending Q'ldTalawanta EPMA 19255 GBMR/Isa Tenements 100% GBMR 325 Appl'n QldGrassy Bore EPMA 19256 GBMR/Isa Tenements 100% GBMR 322 Appl'n Qld

Mount MargaretMt Margaret W. Ext EPM16227 GBMR*2 /Isa Tenements 100% GBMR 31-Jul-07 30-Jul-12 36 Granted Q'ldMt Margaret West EPM14614 GBMR*2 /Isa Tenements 100% GBMR 2-Aug-05 1-Aug-10 129 Renewal Pending Q'ldMt Malakoff Ext EPM16398 GBMR*2 /Isa Tenements 100% GBMR 19-Oct-10 18-Oct-15 84 Granted Q'ldCotswold EPM16622 GBMR*2 /Isa Tenements 100% GBMR 45 Appl'n Q'ldDry Creek EPM 18172 GBMR/Isa Tenements 100% GBMR 227 Appl'n QldDry Creek Extended EPM 18174 GBMR/Isa Tenements 100% GBMR 25-Oct-11 24-Oct-14 39 Granted Qld

BrightlandsBrightlands EPM14416 GBMR*2/Isa Brightlands 100% GBMR 5-Aug-05 4-Aug-12 251 Granted Q'ldWakeful EPM18454 GBMR/Isa Brightlands 100% GBMR 13 Appl'n Q'ldHighway EPM18453 GBMR/Isa Brightlands 100% GBMR 36 Appl'n Q'ldBrightlands West Ext. EPM18672 GBMR/Isa Brightlands 100% GBMR 97 Appl'n Q'ldBrightlands West EPM18051 GBMR/Isa Brightlands 100% GBMR 99 Appl'n Q'ld

BungalienBungalien EPM14355 GBMR*2 /Isa Tenements 100% GBMR 13-Oct-04 12-Oct-09 61 Renewal Pending Q'ldHorse Creek EPM15150 GBMR*2 /Isa Tenements 100% GBMR 13-Jul-06 12-Jul-11 80 Granted Q'ldLimestone Creek EPM17849 GBMR/Isa Tenements 100% GBMR 20-Oct-10 19-Oct-15 72 Granted Q'ldMalbon 2 EPM14120 GBMR*2 /Isa Tenements 100% GBMR 24-Aug-04 23-Aug-10 15 Renewal Pending Q'ldBungalien 2 EPM18207 GBMR/Isa Tenements 100% GBMR 325 Appl'n Q'ldHorse Creek 2 EPM18208 GBMR/Isa Tenements 100% GBMR 325 Appl'n Q'ld

4532Note * 1 subject to a 2.5% net smelter royalty to vendors.

* 2 subject to a 2% net smelter royalty is payable to Newcrest Mining Ltd.

* 3 For Q'ld tenements, 1 sublock ~3.2km 2 . Underlined areas indicate the tenement is contained in new application area. Table; GBM Resources Tenement Summary.

Appendix 5B GBM Resources Limited

Mining exploration entity quarterly report

+ See chapter 19 for defined terms. 17/12/2010 Appendix 5B Page 1

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/01, 01/06/10, 17/12/10

Name of entity

GBM Resources Limited

Quarter ended (“current quarter”)

ABN 91 124 752 745 31 March 2012

Consolidated statement of cash flows

Cash flows related to operating activities

Current quarter $A’000

Year to date (9 months) $A’000

1.1 Receipts from product sales and related debtors

- -

1.2 Payments for: (a) exploration and evaluation (including JV Farm-in spend)

(b) development (c) production (d) administration

(751) - -

(274)

(4,877) - -

(873) 1.3 Dividends received - - 1.4 Interest and other items of a similar nature

received

17

100 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Other – Grants and JV management fees 65 212

Net Operating Cash Flows

(943)

(5,438)

Cash flows related to investing activities

1.8 Payment for purchases of: (a)prospects (b)equity investments (c) other fixed assets

- -

(1)

- -

(43) 1.9 Proceeds from sale of: (a)prospects

(b)equity investments (c)other fixed assets

- - -

- - -

1.10 Loans to other entities - - 1.11 Loans repaid by other entities - - 1.12 Other - JV Farm-in contributions received 544 1,770

Net investing cash flows

543

1,727 1.13 Total operating and investing cash flows (carried

forward)

(400)

(3,711)

Appendix 5B Mining exploration entity quarterly report

+ See chapter 19 for defined terms. Appendix 5B Page 2 17/12/2010

1.13 Total operating and investing cash flows (brought forward)

(400)

(3,711)

Cash flows related to financing activities

1.14 Proceeds from issues of shares, options, etc. - - 1.15 Proceeds from sale of forfeited shares - - 1.16 Proceeds from borrowings - - 1.17 Repayment of borrowings - - 1.18 Dividends paid - - 1.19 Other (capital raising costs) - - Net financing cash flows - -

Net increase (decrease) in cash held

(400)

(3,711)

1.20 Cash at beginning of quarter/year to date 1,887 5,198 1.21 Exchange rate adjustments to item 1.20 - -

1.22 Cash at end of quarter 1,487 1,487

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

Current quarter $A'000

1.23

Aggregate amount of payments to the parties included in item 1.2

159

1.24

Aggregate amount of loans to the parties included in item 1.10

-

1.25

Explanation necessary for an understanding of the transactions

Director remuneration – fees and consultancy.

Non-cash financing and investing activities 2.1 Details of financing and investing transactions which have had a material effect on consolidated

assets and liabilities but did not involve cash flows During the quarter the Company issued 700,000 fully paid ordinary shares and 5,700,000 listed

options exercisable at 20 cents each on or before 31 June 2013 to consultants in lieu of cash remuneration for the provision of corporate and company promotional services.

2.2 Details of outlays made by other entities to establish or increase their share in projects in which the

reporting entity has an interest Expenditure for the quarter of $261,722 has been incurred by other entities under joint venture

farm-in agreements on projects held by the Company. Financing facilities available Add notes as necessary for an understanding of the position.

Amount available $A’000

Amount used $A’000

3.1 Loan facilities

- -

3.2 Credit standby arrangements

- -

Appendix 5B GBM Resources Limited

Mining exploration entity quarterly report

+ See chapter 19 for defined terms. 17/12/2010 Appendix 5B Page 3

Estimated cash outflows for next quarter $A’000 4.1 Exploration and evaluation

700 4.2 Development

4.3

Production

4.4

Administration 250

Total

950

Reconciliation of cash Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.

Current quarter $A’000

Previous quarter $A’000

5.1 Cash on hand and at bank 1,369 1,769

5.2 Deposits at call 118 118

5.3 Bank overdraft - -

5.4 Other (provide details) - -

Total: cash at end of quarter (item 1.22) 1,487 1,887

Changes in interests in mining tenements

Tenement reference

Nature of interest (note (2))

Interest at beginning of quarter

Interest at end of quarter

6.1 Interests in mining tenements relinquished, reduced or lapsed

N/a

6.2 Interests in mining tenements acquired or increased

N/a

Appendix 5B Mining exploration entity quarterly report

+ See chapter 19 for defined terms. Appendix 5B Page 4 17/12/2010

Issued and quoted securities at end of current quarter Description includes rate of interest and any redemption or conversion rights together with prices and dates. Total

number Number quoted

Issue price per security (see note 3) (cents)

Amount paid up per security (see note 3) (cents)

7.1 Preference +securities (description)

-

7.2 Changes during quarter

-

7.3 +Ordinary securities

221,593,503

221,593,503

7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs

700,000

-

700,000

-

7.5 +Convertible debt securities (description)

-

-

7.6 Changes during quarter

-

-

7.7 Options (description and conversion factor)

129,493,124

129,493,124

Exercise price

$0.20

Expiry date

30/6/2013 7.8 Issued during

quarter

5,700,00

5,700,000

$0.20

30/6/2013 7.9 Exercised during

quarter

-

-

7.10 Expired during quarter

-

-

7.11 Debentures (totals only)

-

-

7.12 Unsecured notes (totals only)

-

-

7.13 Performance Share Rights (description and vesting dates)

650,000 650,000

- -

Vesting date

22/3/2012 31/12/2012

Expiry date

22/3/2017 31/12/2017

7.14 Issued during quarter

650,000 650,000

- -

22/3/2012 31/12/2012

22/3/2017 31/12/2017

7.15 Exercised during quarter

-

-

7.16 Expired during quarter

-

-

Appendix 5B GBM Resources Limited

Mining exploration entity quarterly report

+ See chapter 19 for defined terms. 17/12/2010 Appendix 5B Page 5

Compliance statement 1 This statement has been prepared under accounting policies which comply with

accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).

2 This statement does give a true and fair view of the matters disclosed. Sign here: ............................................................ Date: 30 April 2012

Company Secretary Print name: Kevin Hart Notes 1 The quarterly report provides a basis for informing the market how the entity’s

activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in

mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

3 Issued and quoted securities The issue price and amount paid up is not required in

items 7.1 and 7.3 for fully paid securities. 4 The definitions in, and provisions of, AASB 6:Exploration for and Evaluation of

Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. 5 Accounting Standards ASX will accept, for example, the use of International

Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

== == == == ==

REPORT FOR THE QUARTER ENDED 31PstP March 2012Figure: GBM Resources Project Location PlanSAFETY AND ENVIRONMENTQUEENSLAND EXPLORATION ACTIVITIESMount Isa Region Copper Gold ProjectsQUEENSLAND EXPLORATION ACTIVITIESMount Morgan Copper Gold Project RegionVICTORIAN EXPLORATION ACTIVITIESWillaura Project (includes EL4631 Lake Bolac & EL4751 Woorndoo)A program of ground magnetics over three buried airborne mag targets was designed during March. Three anomalies along the Moysten Fault and on a fault splay in the SE corner of the lease were chosen for testing. Approximately 80-100 line kilometres at...Yea Project (includes Tin Creek EL5292 & Monkey Gully EL5293)All assay results for the Monkey Gully soil grid extension were received. The results confirm the linear NW-trending corridor of W-anomalism with the Gully forming the SE-boundary to high-tenor anomalism, possibly fault-related. The copper anomaly is ...FORWARD PROGRAMRehabilitation of drill site and tracks at Monkey Gully has will completed when suitable equipment is availble. Other work will include; prospect-scale mapping of Monkey Gully prospect, completion of roadside soil sampling over Black Range flexure zon...CORPORATETENEMENT SUMMARYGBM App5b 31 Mar 2012 30 april.pdfAppendix 5BMining exploration entity quarterly reportConsolidated statement of cash flowsPayments to directors of the entity and associates of the directorsPayments to related entities of the entity and associates of the related entitiesNon-cash financing and investing activitiesFinancing facilities availableEstimated cash outflows for next quarter

Reconciliation of cashChanges in interests in mining tenementsIssued and quoted securities at end of current quarter

Compliance statementNotes