Gold Road Boosts Mineral Resources by 6% Amid Gruyere JV Expansion

Overview of 2024 Resource and Reserve Growth

Gold Road Resources Limited has released its 2024 Annual Mineral Resource and Ore Reserve Statement, revealing a solid uplift in its attributable gold inventory. As of 31 December 2024, the company’s attributable Mineral Resources increased by 6% to 4.81 million ounces, while attributable Ore Reserves rose by 5% to 1.92 million ounces. These gains underscore the company’s ongoing success in expanding its resource base, particularly within the Gruyere Joint Venture (JV) and its wholly owned Yamarna assets.

Gruyere JV: Deeper Pits Drive Resource Growth

The Gruyere JV, a 50:50 partnership with Gold Fields Ltd, remains the cornerstone of Gold Road’s portfolio. On a 100% basis, the Gruyere JV Open Pit Mineral Resource grew by 1.1 million ounces (+18%) to 7.14 million ounces, supported by a 5% increase in grade to 1.42 g/t Au. This expansion is largely attributed to a 90-metre deeper pit shell enabled by improved geological modelling, new drilling data, and updated economic assumptions. The Gruyere Open Pit alone now contains 6.05 million ounces, up 0.83 million ounces (+16%) year-on-year.

Similarly, the Golden Highway deposits within the JV saw a 45% increase in Mineral Resources to 0.96 million ounces, driven by extensional drilling at Attila and revised pit designs. However, the Ore Reserve for the Gruyere JV decreased by 0.21 million ounces (-6%) to 3.45 million ounces, primarily due to mining depletion during 2024. Despite this, the average grade of the Ore Reserve improved by 3%, reflecting operational refinements and updated cost assumptions.

Yamarna Assets and Gilmour’s High-Grade Impact

Gold Road’s 100% owned Yamarna Mineral Resources remained largely stable, with minor decreases at some pits offset by increases elsewhere. Notably, the Gilmour deposit contributed significantly to the Ore Reserve growth, with its high-grade nature lifting the average reserve grade by 11%. The Gilmour Ore Reserve now stands at 1.45 million tonnes at 4.10 g/t Au for 0.19 million ounces, offsetting depletion at Gruyere and supporting the overall 5% increase in attributable Ore Reserves.

Exploration and Future Outlook

Looking ahead, Gold Road has commenced underground exploration beneath the Gruyere Ore Reserve and plans a major drilling campaign in 2025. This program aims to convert Inferred Mineral Resources into higher confidence Indicated categories and extend the resource base, underpinning potential future underground mining operations. The company’s strategic focus on both expanding and upgrading its resource inventory highlights its commitment to sustaining long-term production and value creation.

Gold Road’s adherence to rigorous JORC reporting standards and collaboration with Gold Fields’ competent persons ensures the robustness of these updated estimates. While mining depletion naturally impacts short-term reserves, the company’s proactive exploration and resource development efforts position it well for continued growth.