Gold Road Resources (GOR) Q1 2025 earnings summary

Executive summary

• Gruyere produced 71,226 ounces of gold in Q1 2025 at an AISC of AUD 2,658/oz, with production below the previous quarter but full-year guidance unchanged.

• Free cash flow for the quarter was AUD 34 million, with cash and equivalents rising to AUD 204 million and no debt.

• Investment portfolio market value increased to approximately AUD 1.0 billion.

• Gilmour Pre-Feasibility Study and Maiden Ore Reserve announced, with NPV of AUD 354 million at AUD 4,300/oz and projected life-of-mine free cash flow of AUD 569 million.

• Gold Road rejected a non-binding indicative offer from Gold Fields Ltd, citing undervaluation and opportunism.

Financial highlights

• Gold sales for the quarter were 34,135 ounces at a record average price of AUD 4,555/oz, generating revenue of AUD 156 million.

• Operating cash flow from Gruyere was AUD 107 million.

• Free cash flow for the quarter was AUD 34 million after dividend and CapEx.

• Sustaining CapEx was AUD 40 million, mainly for waste stripping.

• Fully franked dividend of AUD 13 million paid for the year-ended 2024.

Outlook and guidance

• 2025 production guidance for Gruyere maintained at 325,000–355,000 ounces at AISC of AUD 2,400–2,600/oz.

• Operational improvements and ongoing underground drilling at Gruyere are expected to support production and de-risk future ore availability.

• Mining volumes and productivity expected to improve through 2025.

• Additional plant maintenance and upgrades planned for Q3, tracking within guidance.

• Targeting shovel-ready status for Gilmour by late 2026, with further optimisation and drilling planned.