GCM Resources plcLSE: GCM

GCM Resources: Update on Receipt of Letter Before Claim

· Issued by GCM Resources plc via RNS

Summary by 6ix AI

GCM Resources plc, a mining and energy company quoted on AIM (the London Stock Exchange's growth market), paid £867,798 on November 3, 2026 to Trephina Assets Limited, the personal service company of its Chief Executive Officer, Datuk Michael Tang.

Key details

  • GCM says it made the payment in line with what it believes are the terms of its management service agreement with Trephina Assets Limited.
  • GCM continues to dispute the total sums sought in the Letter Before Claim (a formal notice sent before legal action), in particular the interest claimed.
  • After the payment, GCM holds approximately £0.946 million in cash.
  • The update follows GCM's announcement on October 30, 2026 about receiving the Letter Before Claim.

What’s still pending

  • GCM says it remains committed to resolving the claim amicably, but there can be no certainty that an amicable agreement will be reached.

6ix AI wrote this summary from the release below and checked it against the release.

On 6ix: 6ix.com/news/update-on-receipt-of-letter-before-claim

GCM Resources PLC
03 November 2026
 

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:

GCM Resources plc

Keith Fulton, Finance Director

Tel: +44 (0) 20 7290 1630

[email protected]

www.gcmplc.com

Allenby Capital Limited

Nominated Adviser and Broker

John Depasquale / Vivek Bhardwaj (Corporate Finance)

Kelly Gardiner / Lauren Wright (Sales and Corporate Broking)

Tel: +44 (0)20 3328 5656

[email protected]

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.

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