This is the updated version of the report published on November 26, 2025 at 09:18 AM GMT.

GCM Resources PLC (LSE: GCM)

GCM Resources PLC (LSE: GCM) is an FTSE AIM All Share listed, United Kingdom based mining and energy company focused on developing the Phulbari Coal and Power Project in northwest Bangladesh. The project is situated in the Dinajpur District, approximately 350 kilometers from Dhaka and 10 kilometers from the Indian border. This Report covers the Investment Highlights, Conclusion, and Recommendation on the stock.

Key Recommendation Rationale – Sell at GBX 7.45

• Resistance near Current levels: GCM’s stock price has breached Resistance (R2) which was stated in the previous report on 31 October 2025 therefore, there can be a possibility of a decline from resistance levels. Considering the market conditions and the price action, it is prudent to exit the stock.
• Continued Dependence on Government Approvals Creates Significant Project Risk - Despite the technical progress and strategic partnerships described, the Phulbari Project remains entirely contingent on receiving formal approval from the Bangladesh Government. The shifting political landscape, with an interim administration and upcoming national elections, adds further uncertainty. Until a stable elected government confirms its stance on domestic coal extraction, the project’s timeline, financing confidence, and investor outlook remain exposed to delays and policy reversals.
• Financial Exposure Heightened by Uncertain Creditor Status - The unresolved corporate status of Polo Resources Ltd.—a key lender with a multi-million-pound loan facility—introduces material financial ambiguity. With Polo having been dissolved and still undergoing restoration proceedings, there is uncertainty around the enforceability, continuity, and future terms of its loan. This situation increases financial risk for GCM, complicates balance-sheet clarity, and may affect the company’s ability to secure further funding on favourable terms.

Share Price Chart  

Conclusion

Given its current trading levels, Continued Dependence on Government Approvals Creates Significant Project Risk, recent rally in the share price, relative valuation, and associated risks, it is prudent to exit the stock at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the Current Market Price of GBX 7.45 as of 26 November 2025 at 08:35 AM GMT.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 26 November 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level which the stock is expected to reach as per the relative valuation method and/or technical analysis taking into consideration both short-term and long-term scenario.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and/or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’

Note 6: Dividend Yield may vary as per the stock price movement.