Announcement • Jan 31

Gold Road Resources Limited Presents Annual Mineral Resource and Ore Reserve Statement

Gold Road Resources Limited presented its Annual Mineral Resource and Ore Reserve Statement as at 31 December 2022 for the Gruyere Joint Venture (Gruyere JV) and for its 100% owned Mineral Resources at Yamarna. The Gold Road attributable Mineral Resource at Yamarna comprises 50% of the Gruyere JV Mineral Resources (Gruyere, Golden Highway and YAM14 Open Pits and Central Bore Underground), the Company's Gruyere Underground Mineral Resource (as reported 50% attributable) and Gold Road's 100% owned Yamarna Mineral Resources (Renegade, Gilmour, Smokebush and Warbler Open Pits and Gilmour Underground). Gold Road's total attributable Mineral Resource has increased year on year by 0.08 million ounces (+2%) to 104 million tonnes at 1.44 g/t Au for 4.79 million ounces. The Gold Road 100% owned Yamarna Mineral Resources remain unchanged year on year at 6.5 million tonnes at 2.44 g/t Au for 0.51 million ounces. The Gruyere JV Mineral Resource, as at 31 December 2022, includes the open pit portion of the Gruyere Deposit, the Golden Highway (including Attila, Orleans, Argos, Montagne and Alaric) and YAM14 Open Pits, and Central Bore Underground, all of which are within the Gruyere JV. Mineral Resources are reported on a 100% basis and are constrained within optimised pit shells based on a AUD 2,000 per ounce gold price (unchanged year on year) and deposit-specific modifying factors and cut-off grades. The Central Bore Inferred Resource is constrained within underground stope shapes based on a AUD 1,850 per ounce gold price. The year on year decrease of 0.64 million ounces associated with the Gruyere Open Pit Mineral Resource is discussed in the following section, and is the main contributor to the overall decrease to the Gruyere JV Mineral Resource of 0.69 million ounces (-9%) (0.34 million ounces attributable) to 153 million tonnes at 1.36 g/t Au for 6.69 million ounces exclusive of Gold Road's Underground Mineral Resource. The Golden Highway geology models informing the December 2022 Mineral Resource estimates remain unchanged year on year. Orleans remains unchanged from December 2021. Further drilling will be based on the results of the ongoing evaluation. The YAM14 and Central Bore Mineral Resources remain unchanged from December 2021. The updated Gruyere Open Pit Mineral Resource is the main contributor to changes in the Gruyere JV Mineral Resource. The estimate incorporates new drilling information including 161 reverse circulation (RC) grade control holes for 10,700 metres completed through 2022. The grade control drilling validated the existing resource model, and converted 0.48 million ounces from Indicated to Measured category before mining depletion. The Open Pit Mineral Resource has decreased by 0.64 million ounces (-10%) to 137 million tonnes at 1.33 g/t Au for 5.88 million ounces, with the main points of variance being: A 0.24 million ounce decrease in the Inferred Resource as a result of increased cost assumptions reducing the depth of the constraining pit shell by 25 metres; An increase in Measured Resource of 0.12 million ounces as a result of conversion from grade control drilling after mining depletion of 0.39 million ounces; a corresponding decrease in Indicated Resource of 0.40 million ounces; and Minor overall decrease as a result of increases to reporting cut-off grades (+0.04 g/t Au). Reconciliation of the Mineral Resource estimate against actual mining performance is tracked and managed via the mine reconciliation system. The resource model continues to reconcile well against production with both the 12 month moving average and mine-to-date mine call factors close to 100%. Gold Road's December 2022 Gruyere Underground Mineral Resource estimate is an evaluation of the updated geology model exclusively below the December 2022 AUD 2,000 per ounce Open Pit Mineral Resource optimisation shell. A deep diamond drilling program completed late in 2021 delineated the mineralised system at depth beneath the current open pit resource. The remaining seven holes of the 13 hole program were incorporated into the geology model and allowed refinement of the northern high-grade domain providing confidence to extend the Inferred category boundary down dip in the northern end of the Deposit. The updated Mineable Shape Optimiser (MSO) evaluation included continuous improvements to the zone coding and stope shape parameters. In accordance with guidance point 14 of The JORC Code 2012 Edition, Gold Road presents an alternative, underground only, Mineral Resource estimate for Gruyere below the Open Pit Ore Reserve. This estimate does not form part of the declared Mineral Resource statement. Adopting the same evaluation method used in the determination of Gold Road's December 2022 Underground Mineral Resource, Gold Road has constrained the geology model within MSO shapes from below the base of the Ore Reserve to the base of the December 2022 Underground Mineral Resource. An alternative, entirely underground, Inferred Mineral Resource of 39 million tonnes at 1.41 g/t Au for 1.79 million ounces (50% basis), is estimated beneath the Ore Reserve. An increase of 0.31 million ounces year on year. This assessment provides an alternative approach to estimating resources beneath the Gruyere Ore Reserve when compared to the portion of the December 2022 Gruyere Open Pit Attributable Mineral Resource of 23 million tonnes at 1.46 g/t Au for 1.06 million ounces that sits beneath reported Ore Reserves and Gold Road's December 2022 Underground Attributable Mineral Resource of 11 million tonnes at 1.40 g/t Au for 0.95 million ounces. The Gruyere JV Ore Reserve, as at 31 December 2022, is derived from the Gruyere and the Golden Highway Open Pit Deposits (Attila, Argos, Montagne and Alaric) all of which are located within the Gruyere JV. On a 100% basis the Gruyere JV Ore Reserve totals 98.8 million tonnes at 1.27 g/t Au for 4.05 million ounces of gold at a AUD 1,750 per ounce gold price. The Gruyere JV Ore Reserve has decreased by 0.41 million ounces (-9%) since the Ore Reserve reported on 31 December 2021. The majority (92%) of the reduction is attributed to mining depletion at Gruyere (-0.37 million ounces). Minor reductions (-0.05 million ounces) are associated with increased reporting cut-off grades (approximately +0.05 g/t Au) due to updated cost assumptions. No changes to Ore Reserve pit designs have been made year on year. The Gruyere JV Ore Reserve is estimated after consideration of the level of confidence and by taking account of material and relevant modifying factors. The Proved Ore Reserve estimate is based on the Measured Mineral Resources. The Probable Ore Reserve estimate is based on the Indicated Mineral Resources. No Inferred Mineral Resources have been included in the Ore Reserve.

Announcement • Sep 15

Gold Road Resources Limited Continues to Make Good Exploration Progress at Yamarna

Gold Road Resources Limited continued to make good exploration progress at Yamarna. The exploration programme is focused on defining new targets with aircore, testing areas that have received little exploration to date, while advancing existing targets with RC and diamond drilling in the Southern Project Area. Gold Road's exploration strategy is directed at delivering economic gold deposits that can be developed as standalone mining operations, creating shareholder value through organic growth. Diamond and RC drilling to test for extensions of mineralisation at the Smokebush prospect have intersected favourable geology and high-grade gold mineralisation. Selected intersections include: 3.95 metres at 10.17 g/t Au from 347.35 metres (YMDD00026), 23.20 metres at 2.52 g/t Au from 221.80 metres and 17.00 metres at 5.74 g/t Au from 279.50 metres (YMRC00066), 4 metres at 13.66 g/t Au from 72 metres (YMRC00064) 26 metres at 1.59 g/t Au from 71 metres and 9 metres at 3.60 g/t Au from 128 metres (YMRC00065). RC and diamond drilling has returned a number of encouraging results from this new target on a mineralised trend that continues to the north of the Kingston prospect. Better results include: 15 metres at 3.06 g/t Au from 201 metres (YMRC00053), 6 metres at 3.84 g/t Au from 102 metres (YMDD00024). Further assay results from the previously reported 2 aircore programmes at the Gilmour South, Waffler and Kingston prospects have defined a number of encouraging regolith anomalies that will be tested with follow-up RC drilling this year. Gold Road's exploration strategy is directed at delivering economic gold deposits that can be developed as standalone mining operations, creating shareholder value through organic growth. The 2021 Yamarna exploration programmes focus on priority targets within the Southern Project Area, an area exhibiting the key geological elements required for hosting major gold deposits, such as fertile regional structures, prospective host rocks and local structural complexity. The 2021 exploration budget of $27 million is increasing by $6 million to $33 million, with the additional expenditure primarily intended to accelerate aircore and reverse circulation (RC) drill testing of promising new exploration targets and to fund the higher costs of some exploration services. During 2021, 90 kilometres of 2.5D seismic survey was completed. Seismic is an innovative tool, with the survey designed to assist in mapping the structural architecture across the Southern Project Area. This seismic survey complements the existing high quality gravity, magnetics and geochemistry datasets in the region and will further assist drill targeting as the processed data becomes available later in the year. Aircore drilling through 2020 and 2021 has tested an extensive portion of the Southern Project Area, with drilling productivity improving through 2021. This has allowed Gold Road to test a considerably larger area than initially planned. Due to the underexplored nature of this greenstone belt, a significant expanse of prospective tenure remains untested. The aircore drilling budget for the remainder of 2021 has been increased to allow for first pass exploration to be accelerated over untested areas and to complete infill programmes over new targets that include significant multi- kilometre strike extent gold-in-regolith trends. A total of 140,000 metres of aircore is now planned for the year. The increased budget allows Gold Road to fast track the deeper follow-up RC drilling to test a growing number of encouraging targets generated from early-stage RC and regional aircore programmes (Figure 1). A total of 40,000 metres of RC drilling will target the new areas and aims to delineate strike and depth extents of mineralisation at multiple prospects, including: the Gilmour South prospect which returned regolith anomalism in aircore drilling associated with the same geological sequence as seen at the 258,000 ounce Gilmour Mineral Resource immediately to the north; the Waffler prospect which hosts a number of multi-kilometre gold-in-regolith anomalies located in the hangingwall to the prospective Smokebush Shear Zone; the Earl prospect, where drilling returned 40.86 metres at 0.45 g/t Au from 225.14 metres, including 3.80 metres at 2.35 g/t Au from 228.00 metres (20KGDD0007); the Abydos prospect which has returned encouraging bedrock mineralisation associated with laminated quartz veining over several RC and diamond holes, including 15 metres at 3.06 g/t Au from 201 metres (YMRC00053) and 6 metres at 3.84 g/t Au from 102 metres (YMDD00024); and the Kingston prospect where recent aircore has defined a new coherent 2 kilometre trend of elevated (>100 ppb) gold in-regolith samples, including results up to 16 metres at 1.73 g/t Au from 28 metres (YMAC02577).

Total Shareholder Yield	n/a
Future Dividend Yield	2.2%
Dividend Growth	2.1%
Next dividend pay date	07 Oct 25
Ex dividend date	29 Sep 25
Dividend per share	n/a
Payout ratio	0%

Segment	Dividend Yield
Company (GOR)	0%
Market Bottom 25% (AU)	2.7%
Market Top 25% (AU)	6.7%
Industry Average (Metals and Mining)	3.3%
Analyst forecast (GOR) (up to 3 years)	2.2%

Data	Last Updated (UTC time)
Company Analysis	2025/09/26 06:24
End of Day Share Price	2025/09/26 00:00
Earnings	2025/06/30
Annual Earnings	2024/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Chris Kallos	Edison Investment Research
Hugo Nicolaci	Goldman Sachs
Kerry Smith	Haywood Securities Inc.

This company listing is no longer active

Gold Road Resources Dividends and Buybacks

Dividend criteria checks 0/6

Key information

Recent dividend and buyback updates

Upcoming dividend of AU$0.44 per share

Gold Road Resources Limited Announces Special Dividend, Payable on October 7, 2025

Final dividend of AU$0.015 announced

First half dividend of AU$0.005 announced

Final dividend increased to AU$0.01

Gold Road Resources Limited Announces Interim Dividend for the Six Months Ended 30 June 2023, Payable on 5 October 2023

Recent updates

Gold Fields Limited (JSE:GFI) completed the acquisition of Gold Road Resources Limited (ASX:GOR).

Upcoming dividend of AU$0.44 per share

Gold Road Resources Limited Announces Special Dividend, Payable on October 7, 2025

First half 2025 earnings: EPS and revenues miss analyst expectations

Gold Road Resources Limited to Report Q2, 2025 Results on Jul 17, 2025

Insufficient new directors

Gold Road Resources Limited to Report Q1, 2025 Results on Apr 28, 2025

Gold Road Resources Limited Appoints Brian Massey as General Manager ­ Investor Relations and Corporate Development

Gold Fields Limited (JSE:GFI) proposed to acquire Gold Road Resources Limited (ASX:GOR) for AUD 3.3 billion.

Gold Road Resources Limited, Annual General Meeting, May 16, 2025

Why Investors Shouldn't Be Surprised By Gold Road Resources Limited's (ASX:GOR) P/E

Final dividend of AU$0.015 announced

Full year 2024 earnings: Revenues in line with analyst expectations

Gold Road Resources Limited to Report Fiscal Year 2024 Results on Feb 21, 2025

Regis Resources Taps Greenhill for Sale of Ravenswood Gold Mine

Milling Improvements At Gruyere Will Increase Capacity To 10 Million Tonnes Annually

Gold Road Resources Limited to Report Q4, 2024 Results on Jan 29, 2025

Price target increased by 7.9% to AU$2.49

Harmony Gold Reportedly Eyes $2 Billion Ravenswood Gold Mine

Gold Road Resources Limited to Report Q3, 2024 Results on Oct 30, 2024

Now 21% overvalued

A Look At The Intrinsic Value Of Gold Road Resources Limited (ASX:GOR)

Insufficient new directors

First half dividend of AU$0.005 announced

First half 2024 earnings: EPS exceeds analyst expectations

Now 21% overvalued after recent price rise

Gold Road Resources Limited to Report Q2, 2024 Results on Jul 31, 2024

Many Still Looking Away From Gold Road Resources Limited (ASX:GOR)

Does Gold Road Resources (ASX:GOR) Deserve A Spot On Your Watchlist?

Calculating The Intrinsic Value Of Gold Road Resources Limited (ASX:GOR)

Gold Road Resources Limited to Report Q1, 2024 Results on Apr 19, 2024

Now 20% overvalued after recent price rise

Lacklustre Performance Is Driving Gold Road Resources Limited's (ASX:GOR) Low P/E

Gold Road Resources Limited, Annual General Meeting, May 23, 2024

Final dividend increased to AU$0.01

Full year 2023 earnings released

Calculating The Fair Value Of Gold Road Resources Limited (ASX:GOR)

Price target decreased by 14% to AU$1.72

Investor sentiment deteriorates as stock falls 17%

Now 23% undervalued after recent price drop

Gold Road Resources Limited to Report Q4, 2023 Results on Jan 29, 2024

Gold Road Resources Limited's (ASX:GOR) Earnings Haven't Escaped The Attention Of Investors

MD, CEO & Director recently sold AU$370k worth of stock

A Look At The Intrinsic Value Of Gold Road Resources Limited (ASX:GOR)

Gold Road Resources Limited to Report Q3, 2023 Results on Oct 26, 2023

First half 2023 earnings: EPS misses analyst expectations

Gold Road Resources Limited Announces Interim Dividend for the Six Months Ended 30 June 2023, Payable on 5 October 2023

Should You Be Adding Gold Road Resources (ASX:GOR) To Your Watchlist Today?

Gold Road Resources Limited to Report Q2, 2023 Results on Jul 31, 2023

Consensus EPS estimates fall by 15%

Is Gold Road Resources Limited (ASX:GOR) Worth AU$1.8 Based On Its Intrinsic Value?

Does Gold Road Resources (ASX:GOR) Deserve A Spot On Your Watchlist?

A Look At The Fair Value Of Gold Road Resources Limited (ASX:GOR)

Full year 2022 earnings released: EPS: AU$0.065 (vs AU$0.042 in FY 2021)

Gold Road Resources Announces Appointment of General Counsel and Joint Company Secretary

Consensus EPS estimates fall by 11%

Gold Road Resources Limited Presents Annual Mineral Resource and Ore Reserve Statement

Gold Road Resources Limited to Report Q4, 2022 Results on Jan 31, 2023

Gold Road Resources Limited Announces Management Changes

Investor sentiment improved over the past week

Is Gold Road Resources Limited (ASX:GOR) Trading At A 33% Discount?

Investor sentiment improved over the past week

Gold Road Resources Limited to Report Q3, 2022 Results on Oct 27, 2022

Gold Road Resources Limited Maintains Production Guidance for the Year 2022

Investor sentiment improved over the past week

Investor sentiment improved over the past week

Gold Road Resources Limited Announces Executive Changes

Gold Road Resources Limited Announces Dividend for the Six Months Ended June 30, 2022, Payable on October 4, 2022

Gold Road Resources Limited Appoints Brian Massey as General Manager Investor Relations and Corporate Development