Gold Road Resources (ASX: GOR) has announced a record-breaking performance at its Gruyere gold mine for the December 2024 quarter, capping off a strong year of production.
The Gruyere mine, a 50:50 joint venture with Gold Fields (JSE: GFI), achieved its highest quarterly output to date, producing 91,631 ounces of gold (100 per cent basis).
This impressive result represents a significant increase from the September quarter’s production of 68,781 ounces.
Despite this strong finish, Gruyere’s 2024 annual production totalled approximately 287,270 ounces, falling slightly short of the company’s guidance range of 290,000 – 305,000 ounces.
The December quarter saw improved operational efficiency, with 2.4 million tonnes of ore processed at a head grade of 1.28 g/t Au and a gold recovery rate of 92.2 per cent.
This performance sets a positive tone for Gruyere’s production outlook in 2025.
Gold Road’s financial position strengthened considerably during the quarter:
- Gold sales reached 47,745 ounces at an average price of $4,093 per ounce.
- Cash and equivalents increased to approximately $173.9 million, up from $109.2 million in the September quarter.
- The company remains unhedged, maintaining full exposure to the spot gold price.
- Gold Road’s investment portfolio grew, with listed investments valued at approximately $740.6 million as of December 31, 2024.
Gold Road CEO Duncan Gibbs commented: “Our team’s efforts have culminated in a record-breaking quarter, positioning us well for a strong start to 2025.
“While we narrowly missed our annual guidance, the significant improvement in the December quarter demonstrates Gruyere’s potential for sustained high performance.”
The company plans to release its full December Quarter report later this month, which will include detailed production numbers and attributable all-in sustaining costs (AISC) for both the quarter and the full year.
As Gold Road continues to optimise operations at Gruyere and expand its exploration portfolio, investors will be watching closely to see if the company can maintain this momentum throughout 2025.
