Gold Road Production Update Dissapoints

Gold Road Resources (ASX: GOR)

Issued a production update for the December quarter, and confirmed that production for the year was a fraction above minimum guidance.

This dissapointed the market and the shares were down 7% at the open at A$1.80, after briefly trading above A$2 recently. 



Gold Road Resources

Gold Road Resources Gruyere Gold Mine at night




Gold Road ASX : GOR
Stage Production   (50% JV)
Metals Gold
Market cap A$2.09 Billion   @ A$1.94
Location Laverton, Western Australia


ASX Announcement
3 January 2024

Gold Road Resources Gruyere Production Update

Gold Road Resources Limited (ASX: GOR) (Gold Road or the Company) presents a preliminary production and financial update for the December 2023 quarter.

The Gruyere JV is a 50:50 joint venture with Gruyere Mining Company Pty Ltd, a member of the Gold Fields Ltd group (Gold Fields), who manages and operates the Gruyere gold mine (Gruyere).

Further details will be available in the full December 2023 quarterly report scheduled for release later this month.


2023 Annual Production Delivered to Lower End of Guidance

 2023 Annual Production from Gruyere totalled approximately 321,978 ounces
(160,989 ounces attributable) meeting the lower end of annual guidance of 320,000 – 350,000 ounces.
 Annual attributable AISC will be provided with the fully reconciled production numbers in the quarterly report later this month.

December Quarter Production Impacted by Lower Mining Productivity

 Gruyere produced approximately 74,653 ounces of gold (100% basis) during the
December 2023 quarter (September quarter: 88,668 ounces).
Production was lower quarter on quarter due to disappointing mining performance arising mainly from unexpected labour availability issues during December.
 Gruyere ore tonnes processed totalled 2.2 Mt at a head grade of 1.1 g/t Au and a gold
recovery of 93.1% for the quarter.

Financial and Corporate

 Gold Road’s gold sales totalled 37,037 ounces at an average sales price of A$3,040 per ounce.

Gold doré and bullion on hand on 31 December 2023 was approximately 1,989 ounces. Gold Road continues to be unhedged and 100% exposed to the spot gold price.

 Cash and equivalents decreased to approximately $149.8 million (September quarter: $209.3 million) with no debt drawn, following investments and a dividend payment totalling $74.2 million during the quarter.
 At 31 December 2023, Gold Road held listed investments with a market value of approximately $465 million.

To read the full news release, please click HERE



If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email



City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email




This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.




At the time of writing the author holds shares in Gold Road resources.