Gold Road Resources (GOR) H2 2024 earnings summary

Executive summary

• Achieved record financial performance in 2024, with NPAT of $143M, EBITDA of $294M, and free cash flow of $92M, despite weather-related disruptions in the first half.

• Maintained a debt-free balance sheet with $174M in cash and equivalents at year-end.

• Paid fully franked dividends every half since 2020, totaling over $80M returned to shareholders.

• Investment portfolio valued at $742M–$724M at year-end, rising to $870M post-year-end.

• No lost-time injuries or material environmental breaches, reflecting a strong safety and ESG culture.

Financial highlights

• Gold production reached 287,270 ounces at an AISC of $2,211/oz, just below revised guidance due to early-year rain events.

• Revenue grew 12% to $528M, with H2 revenue up 49% over H1; NPAT up 23% to $142.7M.

• EBITDA margin increased to 56% for 2024, with H2 margin at 63%.

• Free cash flow rebounded to record levels in H2 after a negative H1 due to flooding.

• EPS for 2024 was 13.17c, more than quadrupling since 2021.

Outlook and guidance

• All key production drivers and metrics are on track to support 2025 guidance.

• Guidance for 2025 anticipates healthy AISC margins of over A$2,000/oz at current gold prices.

• Exploration budget for 2025 is AUD 34M, with an additional AUD 7.5M at Gruyere JV for deep drilling.

• Gilmour PFS targets shovel readiness by late 2026, with a projected NPV of $231M at A$3,500/oz.

• Updated incentive plans for 2025-2027 emphasize Ore Reserve growth, ESG, safety, and shareholder returns.