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3 November 2026
GCM Resources plc
("GCM" or the "Company")
Update on Receipt of Letter Before Claim
Further to the Company’s announcement on 30 October 2026, GCM Resources plc (LON: GCM), an AIM quoted mining and energy company, announces that it has today paid £867,798 to Trephina Assets Limited, the personal service company of the Company’s Chief Executive Officer, Datuk Michael Tang.
Notwithstanding today’s payment being made in accordance with, what the Company believes to be, the terms of the Company’s management service agreement with Trephina Assets Limited, the Company continues to dispute the total sums sought pursuant to the Letter Before Claim, and in particular the purported interest claimed. The Company remains committed to amicably resolving the Letter Before Claim, although there can be no certainty that an amicable agreement will be reached.
Following this payment, the Company holds approximately £0.946 million in cash.
The Company will provide further updates in due course.
Unless otherwise defined, definitions contained in this announcement have the same meaning as set out in the announcement made by the Company on 30 October 2026.
For further information:
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GCM Resources plc Keith Fulton, Finance Director
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Tel: +44 (0) 20 7290 1630
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Allenby Capital Limited Nominated Adviser and Broker John Depasquale / Vivek Bhardwaj (Corporate Finance) Kelly Gardiner / Lauren Wright (Sales and Corporate Broking)
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Tel: +44 (0)20 3328 5656
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About GCM Resources
GCM Resources plc (LON: GCM), the AIM resource exploration and development, has identified a high-quality coal resource of 572 million tonnes (JORC 2004 compliant) at the Phulbari Coal and Power Project (the "Project") in north-west Bangladesh.
Utilising the latest highly energy efficient power generating technology the Phulbari coal mine can support some 6,600MW. GCM requires approval from the Government of Bangladesh in order to develop the Project. The Company has a strategy of linking the Company's mine proposal to supplying coal to the Government of Bangladesh’s existing and in the pipeline coal-fired power plants and / or power plants developed development partners. Together with credible, internationally recognised strategic development partners, GCM aims to deliver a practical power solution to provide the cheapest coal-fired electricity in the country, in a manner amenable to the Government of Bangladesh.
On 3 November 2026, GCM Resources plc paid £867,798 to Trephina Assets Limited, the personal service company of Chief Executive Officer Datuk Michael Tang, in relation to a previously announced Letter Before Claim. GCM continues to dispute the total sums and interest claimed by Trephina Assets Limited. Following the payment, GCM holds approximately £0.946 million in cash.
| Date | 3 Nov 2026 |
| Time | 15:53:56 |
| Category | Corporate updates |
| ID | 6702B |