This report is an updated version of the report published on 09 October 2025 at 11:25 AM GMT+ 1

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. 

Key Investment Rationale – Speculative Buy at GBX 7.00

• Government Acknowledgment of Project Readiness and Scale: The government seminar highlighted that Bangladesh holds 7,823 million tons of coal reserves and explicitly noted that the Phulbari project has completed all necessary surveys. This positions the project as a tangible and advanced asset, potentially capable of supplying a meaningful portion of the 8,000 megawatts of the country's coal-based power plant capacity that currently relies on imports.

• Addressing a Clear and Growing Import Dependency: The case for domestic coal production is supported by a 44% surge in Bangladesh's coal imports during 2023. With the country's power plants unable to run at full capacity due to a lack of coal, the Phulbari project represents a potential long-term solution to this growing dependency, which is putting pressure on foreign exchange reserves.

• Sustained Investment in Project Development: The company has continued to capitalise project expenditure, investing £ 259,000 in the six-month period. This ongoing financial commitment, alongside the previously announced EPC contract with PowerChina, indicates continuous development activity aimed at advancing the project toward a shovel-ready state.

• Strengthened Financial Runway for Corporate Operations: The recent place has raised approximately £1.0 million (before expenses). This provides specific funding for corporate overheads, legal costs, and administrative expenses, securing the company's operational capacity in the near term as it works to advance its strategic objectives with the government and partners.

GCM Daily Chart

One Year Technical Price Chart (as of October 09, 2025). Source: REFINITIV, Analysis: Kalkine Group

As per the above-mentioned price action and technical indicators analysis, a ‘Speculative Buy’ rating has been given on GCM Resources PLC (LSE: GCM) at the Current Market Price of GBX 7.00, as of October 09, 2025, at 10:29 AM GMT + 1.

Markets are trading in a highly volatile zone currently due to certain Macro & Micro-economic data and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

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 09 October 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.