GCM Resources plc announce that it has completed the extension of the joint venture agreements announced on 17 January 2019 and 13 January 2020 ("First JV Agreement") and 15 March 2019 ("Second JV Agreement") with Power Construction Corporation of China ("PowerChina"). The joint venture agreements which were due to expire on 17 January 2021 and 15 March 2021 respectively have both been extend to 15 March 2022. Entering into formal extensions to the First JV Agreement and Second JV Agreement allows the Company to continue its progress for the development of 4×1,000MW Coal-Fired Power Plant Project ("Power Plant") at the project site.

The Power Plant proposed with PowerChina is part of the Company's broader strategy to generate 6,000MW of low-cost electricity for the Bangladesh market utilising domestic coal.