Gold Road Resources (GOR) Diggers & Dealers Mining Forum 2025 summary

Transaction overview and shareholder value

• Entered a binding scheme of arrangement for 100% acquisition by Gold Fields, valuing the company at AUD 3.7 billion or AUD 3.40 per share, a 43% premium to pre-offer share price, with no further price increase planned.

• Board unanimously recommends shareholders vote in favor, subject to an independent expert's positive conclusion, with a fully franked dividend to be declared if the scheme becomes effective.

• FIRB approval obtained; scheme progressing on schedule with a September 2025 scheme meeting and targeted implementation by mid-October 2025.

• Share price has tracked closely to the offer price, reflecting market confidence in deal closure and a 36% premium to the undisturbed price.

• Payment structure includes a tax-advantaged fully franked dividend, benefiting Australian shareholders, with cash consideration reduced accordingly.

Historical achievements and value creation

• Achieved one of Australia's top three greenfields gold discoveries in 25 years with Gruyere.

• Early investment in De Grey and subsequent strategic moves led to significant value creation, with investments now worth at least double.

• Outperformed ASX 200 Index and gold price over the past decade, with a 10-year share price increase from AUD 0.43 to AUD 3.24.

• Shareholders who invested pre-Gruyere discovery saw over 100x returns.

• Value creation driven by exploration success, strategic investments, and sustained project performance.

Operational highlights and project updates

• Gruyere JV remains a core asset, with a 50:50 partnership and a 3.2 Moz open pit ore reserve supporting mine life to 2032.

• Initial Gruyere underground drilling confirms ore body quality and continuity, with further study and drilling planned.

• Yamarna Mine Readiness Project, including Gilmour, targets shovel-ready status by late 2026, with a 5-year PFS showing A$377M free cash flow and A$231M NPV5 at A$3,500/oz gold price.

• Gilmour Maiden Ore Reserve stands at 0.19 Moz at 4.10 g/t Au, with ongoing infill and extension drilling in 2025.

• Ongoing drilling and studies aim to extend Gruyere's life well beyond 2032.