Gold Road Resources Limited (Gold Road) has announced a record-breaking quarterly production from the Gruyere gold mine for the December 2024 quarter. Gruyere is a 50:50 joint venture between Gold Road and Gruyere Mining Company Pty Ltd, a subsidiary of Gold Fields Ltd, which operates the mine.
December 2024 Quarter Highlights
- Record Quarterly Output:
Gruyere achieved its highest-ever quarterly production of 91,631 ounces of gold (100% basis), up from 68,781 ounces in the September 2024 quarter. - 2024 Annual Production:
Totalled approximately 287,270 ounces (143,635 ounces attributable to Gold Road), slightly below the annual guidance of 290,000–305,000 ounces. - Operational Metrics:
- Ore Processed: 2.4 Mt
- Head Grade: 1.28 g/t Au
- Recovery Rate: 92.2%
- 2025 Outlook:
Gruyere’s strong December quarter and production exit rate position it for an impressive performance in 2025.
Financial and Corporate Updates
- Gold Sales:
Gold Road sold 47,745 ounces at an average price of A$4,093 per ounce during the quarter. - Gold on Hand:
Approximately 1,782 ounces of gold doré and bullion were held as of December 31, 2024. - Cash and Investments:
- Cash and equivalents: Increased to $173.9 million, up from $109.2 million in the September quarter.
- Listed Investments: Gold Road holds listed investments with a market value of approximately $740.6 million.
- Debt-Free Status: The company remains unhedged and fully exposed to the spot gold price.
- Quarterly Investment Activity:
Invested $4.6 million in ASX-listed securities during the quarter.
Gruyere JV Performance Commentary
The Gruyere JV continues to deliver robust operational performance, bolstered by improvements in processing rates and recovery. The December quarter’s record production demonstrates the asset’s growing potential, further supporting Gold Road’s position as a key player in the Australian gold sector.
Outlook for 2025
With its record-breaking December quarter, unhedged gold exposure, and strong financial position, Gold Road is poised for sustained growth in 2025. Detailed reconciliations of the quarterly AISC and additional production insights will be provided in Gold Road’s full quarterly report, scheduled for release later this month.
Gold Road remains committed to delivering strong returns for shareholders while leveraging its strategic investments to create long-term value.
