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**Factual Summary:** On 11 November 2026, GCM Resources plc provided an update regarding an ongoing dispute under a Letter Before Claim from Trephina Assets Limited, the personal service company of GCM's CEO, Datuk Michael Tang. Following GCM's payment of £867,798 to Trephina on 3 November 2026, a seven-day standstill expired on 10 November 2026, after which Trephina indicated it intends to pursue the disputed balance through legal proceedings and claim additional interest at 8% per annum. GCM continues to dispute the remaining sums claimed and intends to appoint a senior independent non-executive director to its board in due course.
| Date | 11 Nov 2026 |
| Time | 13:05:20 |
| Category | Corporate updates |
| ID | 7680C |
11 November 2026
GCM Resources plc
("GCM" or the "Company")
Further Update on Receipt of Letter Before Claim
GCM Resources plc (LON: GCM), an AIM quoted mining and energy company, provides the following update regarding the Letter Before Claim received from Trephina Assets Limited (“Trephina”), the personal service company of the Company’s Chief Executive Officer, Datuk Michael Tang.
As announced by the Company on 3 November 2026, the Company paid £867,798 to Trephina. It was further noted that
notwithstanding this 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.
Since then, there has been limited progress made in amicably resolving the Letter Before Claim. In this respect, on 10 November 2026, Datuk Michael Tang informed the Company that a seven-day standstill deadline unilaterally offered by Trephina would expire that day. Following the expiry of this unilateral deadline, Trephina has indicated that it intends to pursue the disputed balance in accordance with the Letter Before Claim, including through legal proceedings, and claims further interest at 8% per annum from 3 November 2026, the date of the Company’s payment.
Charlie Green, GCM’s interim Non-Executive Chairman, comments: “We recognise that shareholders of the Company will undoubtedly be frustrated by the conduct of Trephina and the lack of progress in resolving this matter. This dispute continues to represent an unwelcome distraction for management and a diversion of time and resources from the Company’s core activities. The Company remains of the view that it has acted in accordance with its contractual obligations and will continue to defend its position in respect of the disputed sums under the Letter Before Claim. We remain willing to seek a sensible resolution but will take all steps necessary to protect the interests of the Company and its shareholders.”
As a result of, inter alia, the ongoing dispute with Trephina, the Board intends to appoint a senior independent non-executive director to the board in due course.
The Company will provide further updates as appropriate.
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:
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.