Gold Road Released AGM Presentation; Inched Up Gold Resource

  • May 30, 2019 AEST
  • Team Kalkine
Gold Road Released AGM Presentation; Inched Up Gold Resource

Gold Road Resources Limited (ASX: GOR), a gold miner on the Australian Securities Exchange provided its Annual General Meeting presentation on 29th May 2019.

The company hosts Tier-1 gold mine with long life and low-cost production and is a successful explorer of the underexplored gold belts, with extensive 6000km2 and prospective Yamarna exploration tenements.

In the presentation, GOR described the company in three phases, i.e., discovery and development, production and cash flow, and optimisation and discovery for the future.

Gold Road correlated the development of the company’s Gruyere Joint Venture with its share prices and presented to the investors.

Source: Company’s Report; Share price correlation with Gruyere JV development

The Gruyere JV is a pivotal project in the company’s portfolio, and the stats of the project includes 22,000 cubic metres of concrete, 2,700 tonnes of structural steel, 320km electrical cable, 150km of piping and 3,350,000 manhours to date (as on 29th May 2019).

The development activity of the company’s prospect is also underway, and 44% of the construction activity has been completed to date at its JV prospect.

GOR is a sustainable gold miner with a total recordable injury frequency rate of 3.4 and more than 3 million manhours with no lost time injury so far in building activity of Gruyere JV.


The Gruyere Gold Mine reached the average annual gold production of 300,000 ounces with 12-years of projected mine life. The throughput of the mine is at 8.2 million tonnes per annum with an Ore Reserve of 3.92 million ounces. The all-in sustaining cost of the company only lags four of the Australian gold miners.

Source: Company’s Report

GOR has planned the growth for its Gruyere Gold Mine, in which the company would try to inch up the gold production while decreasing the all-in sustaining cost of the production.

Apart from gold production in Gruyere, GOR conducts exploration over other tenements and prospects as well to inch up the production, as a high gold price prompts the company to take advantage.

Gold Road recently inched up the Ore Reserves in December by 5% which now for the prospect stands at 3.92 million ounces with an increased grade of 1.25g/t of gold.

The total Mineral Resources including measured, inferred, indicative of the company stands at 155 million tonnes with an average grade of 1.32g/t of gold, which, in turn, would account for 6.61 million ounces of gold.

The total Ore Reserves of the company including both probable and proven stands at 97 million tonnes with an average grade of 1.25g/t of gold, which in turn, would account for 3.92 million ounces of gold.

Apart from the Gruyere project, the company is focussed on developing the Yamarna prospect. And, the company drilled about 2,840 holes in 2018 with 147,000 metres of drilling. The allocated budget for Yamarna discovery is at 20 million for the year 2019.

The overall mineral and ore profile of the company in the flagship Gruyere are as follows:

Source: Company’s Report; Mineral Profile

The overall ore profile is as follows:

Source: Company’s Report; Ore Profile

Also, in its announcement on 30 May 2019, the company mentioned that one of its substantial holders BlackRock Group and its subsidiaries, after the change of interests, holds 82,004,723 person’s votes, with the voting power of 9.34%, effective 28 May 2019.

The shares of the company closed at A$0.990 (as on 30th May 2019), up by 1.02% as compared to its previous close.


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