Gold Road Resources (GOR) Investor Presentation summary

Financial and operational performance

• First half 2025 gold production at Gruyere reached 144,206 ounces with a head grade of 1.08 g/t and recovery of 90.7%.

• All-in sustaining costs (AISC) for HY2025 were A$2,794/oz, reflecting an increase from previous years.

• Free cash flow for HY2025 was A$79M, EBITDA A$202M, and NPAT A$107M.

• Updated 2025 guidance lowered production to 310,000–320,000 ounces and raised AISC to A$2,600–A$2,800/oz due to operational challenges.

• Average gold sales price in HY2025 was A$4,858/oz, significantly higher than prior years.

Growth projects and exploration

• Gilmour PFS outlines a 5-year project with life-of-mine free cash flow of A$377M and NPV5 of A$231M at A$3,500/oz gold price.

• Gilmour project targets ~50,000 oz/year at AISC A$2,004/oz, with capex of A$36M and probable ore reserve of 0.19 Moz at 4.10 g/t Au.

• Gruyere Underground drilling confirms ore body quality and continuity, supporting long-term mine life to 2032.

• Infill and extension drilling at Gilmour continues, aiming for shovel-ready status by late 2026.

Corporate developments and transaction

• Entered into a binding scheme with Gold Fields for 100% acquisition at A$3.29 per share, including fixed and variable cash components.

• Scheme includes a fully franked special dividend of A$0.43694/share, reducing cash consideration.

• Independent Expert values shares at A$2.80–A$3.28; scheme consideration fluctuates with Northern Star share price.

• Scheme is on track for October 2025 implementation, with all major approvals progressing as scheduled.