Gold Road Resources (GOR) Q3 2025 earnings summary

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.