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Gold Road Resources (GOR) investor relations material
Gold Road Resources Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Attributable production increased 6% quarter on quarter and 22% year on year, supported by ramp-up at Salares Norte and stable operations elsewhere.
All-in cost decreased 11% quarter on quarter and 4% year on year; all-in sustaining cost decreased 10% quarter on quarter and 8% year on year.
Guidance for 2025 remains on track, with production expected in the upper half of guidance and costs within range.
Significant reserve increase at Tarkwa, with reserves rising from 4.3 to 7.4 million ounces and resources to 11.2 million ounces.
Commercial production achieved at Salares Norte on September 1, 2025, with steady state expected by year-end.
Financial highlights
Strong cash generation and reduction in net debt, aided by 45,000 ounces of inventory carryover and Galiano Gold sale proceeds.
No material working capital movements; capital spending was light, mainly due to accounting treatment of Windfall and Damang expenditures.
Outlook and guidance
Full-year 2025 guidance reaffirmed, with production expected in the upper half and costs well within guidance.
New reserve and resource price assumptions set at $2,000/oz and $2,300/oz, respectively, to be applied across the portfolio in March.
Windfall project outlook and schedule to be detailed at Capital Markets Day; permitting delays could impact 2028 targets.
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