GCM Resources : Extension of Share Options

30 May 2020

GCM Resources plc

('GCM' or the 'Company')

(AIM:GCM)

Extension of Share Options

GCM Resources plc ('GCM' or the 'Company'), an AIM quoted mining and energy company, announces an extension of the Company's existing share options (the 'Existing Share Options'). The Existing Share Options were originally awarded on 29 August 2013, 14 March 2014, and 29 May 2015 with expiration dates of 28 February 2019, 31 August 2019, and 31 Ma 2020, were then revised and/or issued on 29 May 2015 with co-terminus terms including an expiry date of 31 May 2020.

The 9,300,000 Existing Share Options currently in issue to existing directors, employees and a former director, were due to expire on 31 May 2020, and, accordingly, the Board of Directors resolved, on 29 May 2020, to extend these for a further 4 years, on the existing terms (the 'Share Option Extension'). Accordingly, the Existing Share Options will continue to be exercisable at 11 pence per share, with a revised expiration date of 31 May 2024.

The extension to Dato' Md Wira Dani Bin Abdul Diam's Existing Share Options, a former director of the Company, who resigned on 19 August 2016 is, in the view of the Board, of value to the Company, given his continuing relationship with GCM and his continued contribution, in the form of advice and assistance on governmental relations in Bangladesh, when sought from time to time.

Related Party Transaction

Datuk Michael Tang, as a director of the Company, and Gary Lye, as a director of certain of GCM's subsidiary companies, are considered to be related parties to GCM, as defined in the AIM Rules. Datuk Tang and Mr Lye hold 7,250,000 and 825,000 of the Existing Share Options respectively and their participation in the Share Option Extension constitutes a related party transaction under Rule 13 of AIM Rules.

Accordingly, the Independent Directors, being, in this context, Mohd Najib Bin Abdul Aziz, Christian Taylor-Wilkinson and Keith Fulton, confirm, having consulted with the Company's nominated adviser, Strand Hanson Limited, that they consider that the terms of the Share Option Extension to be fair and reasonable insofar as its shareholders are concerned.

The Board is also in the process of reviewing the Company's senior management and Board incentivisation, with a view to putting in place an additional set of incentivisation awards. A further announcement will be made on this matter in due course.

For further information:

GCM Resources plc Keith Fulton Finance Director [phone]	Strand Hanson Limited Nominated Adviser and Broker Stuart Faulkner Rory Murphy James Dance [phone]
GCM Resources plc Tel: [phone] [e-mail];www.gcmplc.com

About GCM Resources

GCM Resources plc (AIM:GCM), the AIM quoted mining and energy company, 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 is capable of supporting power plants of up to 6,000MW. GCM is awaiting approval from the Government of Bangladesh to develop the Project. The Company has a strategy of combining the Company's mine proposal with up to 6,000MW of power generation, together with credible, internationally recognised strategic partners. GCM aims to deliver a practical power solution to provide the cheapest electricity in the country, in a manner amenable to the Government of Bangladesh.