Gold Road Resources Limited has produced a record 85,676 ounces of gold at its Gruyere Gold Mine, a 50:50 joint venture with Gruyere Mining Company Pty Ltd, a member of the Gold Fields Ltd Group, which operates Gruyere.
The gold was produced at an AISC of A$1,250 per attributable ounce during the June 2022 quarter.
The increased production quarter on quarter was the result of record high head grades as well as record high quarterly processing throughput.
Gruyere remains on target for 2022 Annual Production Guidance of 300,000 – 340,000 ounces (150,000 – 170,000 ounces attributable) at an attributable AISC of between A$1,270 – A$1,470 per ounce.
In the June quarter, Gold Road’s gold sales totalled a record 44,526 ounces at an average price of A$2,496 per ounce and included the delivery of 8,700 ounces into forward sales contracts. Gold Road’s hedge book reduced to 15,980 ounces with the last scheduled delivery in November 2022. Gold doré and bullion on hand on 30 June 2022 was 382 ounces.
Record free cash flow was at $43.6 million for the quarter before payment of dividends of $3.7 million and transaction costs and cash outflows associated with the DGO Gold takeover of $12.2 million. Gold Road is proceeding with compulsory acquisition of the remaining shares in DGO.
Gold Road (via the acquisition of DGO) now holds a 14.4 per cent shareholding in De Grey Mining, 6.1 per cent in Dacian Gold, 20.1 per cent in Yandal Resources and a diverse portfolio of exploration tenements.
Gold Road currently has four drill rigs operating at Yamarna and the Golden Highway as the company continues to actively explore for a meaningful discovery. Gold Road’s exploration portfolio has expanded during 2022 with the incorporation of the DGO exploration portfolio and the inclusion of prospective exploration projects in Queensland.
