Gold Road (ASX: GOR)

Will cease trading on the ASX on Friday 26th September 2025, as it is being acquired by Gold Fields, its JV partner at the Gruyere gold mine in Western Australia by way of a scheme of arrangement.

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Gold Road – Gruyere JV Gold Mine at night – Courtesy of Gold Road Resources

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GOLD ROAD – DETERMINATION TO PAY SPECIAL DIVIDEND AND UPDATE TO SCHEME TIMETABLE

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Gold Road Resources Limited (ASX: GOR) (Gold Road or the Company) provides the following update in relation to the proposed acquisition by Gruyere Holdings Pty Ltd (GHPL), an entity ultimately owned by Gold Fields Limited (Gold Fields), of 100% of the shares in Gold Road, by way of a scheme of arrangement (Scheme).

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Determination of Special Dividend and Suspension of DRP

Gold Road is pleased to announce that the Gold Road Board has today determined to pay, conditional on the Scheme becoming effective, a fully franked special dividend of $0.43694 per Gold Road share (Special Dividend).

It is expected that the record date for the Special Dividend will be 7.00pm (AEST) Tuesday, 30 September 2025 and payment of the Special Dividend will occur
on Tuesday, 7 October 2025 (if the Scheme becomes effective).

Gold Road shareholders should note that the Special Dividend will be paid in the same manner as the cash consideration under the Scheme, with the amount of the Special Dividend reducing the amount of the fixed cash consideration payable under the Scheme as further described in the scheme booklet dated 15 August 2025 (Scheme Booklet).

The Special Dividend is expected to enable eligible Gold Road shareholders to benefit from franking credits of up to $0.1873 per Gold Road share. However, the benefit provided to Gold Road shareholders via the payment of the Special Dividend (with a corresponding reduction in the fixed cash consideration to be provided under the Scheme) may depend on shareholders’ individual tax circumstances and the receipt of a favourable class ruling from the Australian Tax Office (which is only expected to be received after implementation of the Scheme).

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The indicative timetable for implementation of the Scheme has been updated, with the revised implementation timetable set out below.

An amount of $300 million has been drawn down under Gold Road’s existing bank debt facilities to fund the payment of the Special Dividend (or a portion thereof).
2 Refer to section 8 of the Scheme Booklet for further details regarding the tax implications of the Scheme.

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Event Date

Scheme Meeting 2.00pm (AWST) Monday, 22 September 2025

Second Court Hearing – for approval of the Scheme 2.15pm (AWST)
Thursday, 25 September 2025

Effective Date of the Scheme – date on which the Scheme becomes effective and
is binding on Gold Road shareholders Date on which the Variable Cash Consideration will be calculated Friday, 26 September 2025

Last trading day of Gold Road shares on ASX Friday, 26 September 2025

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To read the full news release please click HERE

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The live gold price can be found HERE

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.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

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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.

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Disclosure

At the time of writing the author holds no shares in Gold Road.

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To read our full terms and conditions, please click HERE

Gold Road Resources (ASX: GOR)

Has entered into a Scheme Implementation Deed with Gold Fields under which Gold Fields has agreed to acquire 100% of the issued share capital in Gold Road by way of a scheme of arrangement.

The current offer price equates to A$3.40 per share plus around a 35 cent special dividend paid at the end.

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Comment

Well Gold Fields has now offered the premium I wanted, so I guess I should be happy with that, and the funds can be put to use elsewhere, in stocks that are approaching production and which may rise more than Gold Road in percentage terms.

I’m certainly happier now with the premium, but tinged with sadness as this is my oldest holding, where I bought in around 2012, at 10c.

I am going to sell at least some in the near future, which will mean missing the final dividend but I hope to do better than that elsewhere, as I have a small list of new producers that should benefit from a price lift if they commence production on time and without any mishaps.

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Gold Road Agrees to Gold Fields’ Takeover

Gold Road has entered into a Scheme Implementation Deed with Gold Fields under which Gold Fields has agreed to acquire 100% of the issued share capital in Gold Road by way of a scheme of arrangement.

Full announcement here

Highlights

▶️ Fixed cash consideration of $./ for each GOR share.
▶️Variable cash consideration equal to the GOR holding of NST shares (arising from the DEG stake) based on the prevailing 5 day VWAP immediately prior to the scheme becoming effective. As at 2 May this equates to $./.
▶️These two components take the implied bid price to $./ and represent an effective bump on the initial bid of %.
▶️GOR to declare a fully franked special dividend designed to utilise available franking credits at the time of distribution. At present this implies ~$./.
▶️The Directors of Gold Road unanimously recommend that Gold Road shareholders vote in favour of the Scheme

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Gold Road Chairman, Tim Netscher said:

“ .

” – ….”

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To read the full news release, please click HERE

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The live gold price can be found HERE

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 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.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

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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.

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Disclosure

At the time of writing the author holds shares in Gold Road Resources

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To read our full terms and conditions, please click HERE

Gold Road Resources (ASX: GOR)

The securities of Gold Road Resources Limited (‘GOR’) will be placed in trading halt at the request of GOR, pending it releasing an announcement.

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Comment

This looks like the end for Gold Road, Gold Fields have returned with a more sensible offer.

The fact the stock is halted suggests to me there is a good chance the deal will be consummated this time.  If it is, I have an abundance of stocks to invest the proceeds in.

I am hoping for a price close to A$4 personally. 

Gold Road is wholly held in my ISA so no CGT worries.

Market Announcement
2 May 2025

ASX Limited ASX Customer Service Centre 131 279 | asx.com.au

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Gold Road Resources Limited (ASX: GOR) – Trading Halt

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Description

The securities of Gold Road Resources Limited (‘GOR’) will be placed in trading halt at the request of GOR, pending it releasing an announcement.

Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Tuesday, 6 May 2025 or when the announcement is released to the market.

Issued by
ASX Compliance.

To read the full news release, please click HERE

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The live gold price can be found HERE

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 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.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

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=======

,

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.

.

Disclosure

At the time of writing the author holds shares in Gold Road Resources

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To read our full terms and conditions, please click HERE

Mining Review 4th May 2025

Meeka Metals announced the production of first gold from their St. Anne’s North open pit, in the Murchison region of Western Australia.

It was a calmer week on the markets but with a falling gold price gold producers took some large hits eroding some of the recent gains.

Meeka Metals drill site – Credits Meeka Metals

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City Investors Circle Mining Review 4th May 2025

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Mining Review 4th May 2025

It was a calmer week on the markets but with a falling gold price gold producers took some large hits eroding some of the recent gains.

US economic news suggested a rate cut may come soon, but the price of gold fell, along with most base metals.

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Meeka Metals announced the production of first gold from their St. Anne’s North open pit, in the Murchison region of Western Australia. The company are preparing for the commissioning of their mill in June.

The main news of the week was the announcement by Calibre Mining that shareholders have approved the takeover by Equinox Gold. I felt the premium offered was still too small and maintained my no vote, but I guess both companies did just enpough to get sufficient no votes to switch.

G Mining Ventures kept up their recent run of good news by announcing a robust Feasibility for the Oko West project in Guyana.

As the week ended Gold Road shares were suspended from trading on the ASX, and the rumour is Gold Fields have increased their original bid for the company. I suspect this offer may be accepted due to the trading halt, as if they were going to reject it they could simply do so without halting the stock.

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News from companies on our watchlists from the last week are listed below, click the link to be taken to the full news release.

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Market Data

Weekly Price Changes

(US$ unless stated).

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City Investors Circle Market Review March 2025

City Investors Circle Market Review for March 2025 focuses on the record gold price and those watchlist companies whose share price is rising fast as a result.

The highlighted company is Gold Road Resources.

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City Investors Circle Market Review March 2025 Published

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Market Review March 2025

The City Investors Circle Market Review for March 2025 focuses on the record gold price and those watchlist companies whose share price is rising fast as a result.

The Tier 1 Watchlist of ten producing gold mining companies had ten risers and no fallers in March, as the record high gold price drove up their share prices.

The average gain of all ten stocks was 20%, with Catalyst Metals leading the charge gaining 40% during the month, followed by Orla Mining, and Ora Banda Mining.

The highlighted company is Gold Road Resources.

Comments were amade about Catalyst Metals, Capricorn Metals, and West Lake Gold Mines.

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The main focus is on the price of gold and how finally the share prices of mining companies is responding to the higher profits being egnerated by the producers.

There was also a brief mention of PDAC 2025

To read the March 2025 Market Review online, please click here

To register to receive future Reviews and to receive invitations to our free to attend events, please email   Andrew@city-investors-circle.com

Live metal prices can be found HERE

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 andrew@city-investors-circle.com

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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.

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Gold Road Resources (ASX: GOR)

Released initial results from the Gruyere underground drilling program designed to confirm that the Gruyere ore body extends at depth.

The highlights included 119 metres at 1.10 g/t Au including 33 metres at 1.57 g/t Au from 834 metres, from hole GYDDEX00001.

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Comment

Interesting announcement made so close to the Gold Field’s bid for Gold Road. 

This highlights the underground potential which Gold Road say is not in the current bid price, and I agree with that.

Clearly Gold Fields want to make their bid before the underground potential is discovered, hence the “opportunistic” comments flying around in the market.

I do feel that Gold Fields will come back to the table with a better offer, maybe A$3.50 or higher, which might be deemed acceptable by the Gold Road board?

I would prefer the offer to expire and Gold Road continue as it is, as they have a runway of new projects that can generate extra cash by processing through Gruyere, as well as the underground to kick in once the pit is exhausted.

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GOLD ROAD ANNOUNCES GRUYERE UNDERGROUND INITIAL DRILL RESULTS

Gold Road Resources Limited (ASX: GOR) (Gold Road or the Company) presents initial results from the Gruyere underground drilling program designed to confirm that the Gruyere ore body extends at depth.

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), which manages and operates the Gruyere gold mine (Gruyere).

The Gruyere JV is conducting an underground drill program and other studies to assess the potential underground expansion of the Gruyere gold mine. This includes a scoping study that isbbeing conducted by SRK Consulting into the underground mining potential which is yet to be finalised.

The underground drill program is an 18 month, 60,000 metre program beneath the Gruyere open pit to confirm that the ore body extends at depth.

The drill program is targeting deeper ore zones of approximately 700 metres below the final Ore Reserve pit design, and infill drilling within the upper 400 metre section of the conceptual underground resource to achieve an Indicated Mineral Resource level of confidence.

1 Previous drill programs have identified mineralisation to a depth
of 1,150 metres below the surface.

Results from 13 infill drillholes (9,478 metres) have been returned from the drilling program up to 200 metres beneath the final Ore Reserve pit design.

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The initial results confirm the quality, consistency and continuity of the Gruyere ore body at depth. Highlights from initial returned assays include:
 119 metres at 1.10 g/t Au including 33 metres at 1.57 g/t Au from 834 metres
(GYDDEX00001);
 54 metres at 1.62 g/t Au including 28 metres at 1.99 g/t Au from 480 metres (GYDDEX00024);
 87 metres at 0.86 g/t AU including 18 metres at 2.20 g/t Au from 737 metres (GYDDEX00011);
 68 metres at 1.11 g/t Au including 21 metres at 1.37 g/t Au from 641 metres (GYDDEX00015W01);

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The drill program to confirm the underground mining potential will continue over the next 15 months.

Currently, there are four surface diamond drill rigs dedicated to the program, increasing to five drill rigs in the coming months.

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Duncan Gibbs, Managing Director and CEO said:

“These initial results from the drill program, supported by results from existing drillholes, provide further confidence that the ore body extends as expected and that there is good potential for profitable underground mining at Gruyere.

 

“The studies and drilling have the potential to prove that gold mining at Gruyere could continue well beyond 2032, adding material value to Gruyere and Gold Road shareholders.”

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To read the full news release, please click HERE

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The live gold price can be found HERE

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 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.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

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.

.

Disclosure

At the time of writing the author holds shares in Gold Road Resources

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Gold Road Resources (ASX: GOR)

Notes Gold Fields Limited market announcement of 24 March 2025 and confirms it has received, considered and subsequently rejected an opportunistic, conditional and non-binding indicative proposal from Gold Fields.

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Gruyere Mine, courtesy of Gold Road Resources.

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Comment

This looks a vey opportunistic offer given the timing so soon after the downgrade in guidance due to mechanical issues at the Gruyere mine.

Worth just over A$3.05 at current market prices, the offer is at a decent premium, but I have held this stock for over twelve years and I would vote down the offer personally.

I wonder if they will come back with a more attractive offer?  If they offered a minimum of A$3.50 I would be happy to sell for that now and reinvest the profits into other Austrlian producers, there are quite a few that are looking promising at the current gold price.

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GOLD ROAD RESOURCES RECEIPT AND REJECTION OF NON-BINDING INDICATIVE OFFER FROM GOLD FIELDS

Gold Road Resources Ltd (ASX: GOR) (Gold Road or the Company) notes Gold Fields Limited (Gold Fields) market announcement of 24 March 2025 and confirms it has received, considered and subsequently rejected an opportunistic, conditional and non-binding indicative proposal from Gold Fields (the Offer).

The Offer, received after market close on 7 March 2025, contemplated an acquisition of 100 percent of the shares on issue in Gold Road, by way of scheme of arrangement (the Proposed Transaction) for A$2.27 cash per share plus a variable cash amount equal to the proportionate value of each Gold Road shareholder’s interest in the shares that Gold Road holds in De Grey Mining Ltd.

After careful consideration and engagement with Gold Fields, the Gold Road Board unanimously formed the view that the Offer materially under values Gold Road and is highly opportunistic in nature.

Gold Road notes that the receipt of the Offer coincided with a lower March 2025 quarter
production due to maintenance on the primary crusher and the failure of two conveyor belts (announced to ASX on 18 March 2025).

Gold Fields is the Manager of the Gruyere Joint Venture.

Further, the Offer appears to have been opportunistically tabled by Gold Fields in advance of the completion of exploration and studies into the potential underground expansion of the Gruyeren mine.

An 18-month drilling program to confirm that the Gruyere orebody extends at depth, with the results of that program being material to properly understanding the potential upside value of Gruyere.

The Offer attributes no value at all to the potential underground expansion of the Gruyere mine. As such, the Gold Road Board formed the view that it is not in the best interest of its shareholders to accept the Offer and rejected the Offer on 14 March 2025.

Gold Road tabled an alternative proposal to acquire Gold Fields’ interest in the Gruyere Joint Venture (Gruyere) (the Gold Road Counterproposal).

The Gold Road Counterproposal for Gruyere was rejected by Gold Fields.

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A press release from Australia detailing the reasons for the rejection can be read HERE.

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To read the full news release, please click HERE

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The live gold price can be found HERE

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 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.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

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.

.

Disclosure

At the time of writing the author holds  shares in Gold Road Resources

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Gold Road Resources (ASX: GOR)

Announced record revenue from gold sales for the full year totalled $528.0 million (2023: $472.1 million).

Fully unhedged gold sales of 143,793 ounces (2023: 161,472 ounces) at an average realised gold price of $3,672 per ounce (2023: $2,924 per ounce).

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Gold Road – Gruyere JV Gold Mine at night.

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Gold Road Resources – 2024 FULL YEAR RESULTS

FULL YEAR HIGHLIGHTS

Annual Profit and Cash Flow Generation

 Record revenue from gold sales for the full year totalled $528.0 million (2023: $472.1
million)
 Fully unhedged gold sales of 143,793 ounces (2023: 161,472 ounces) at an average realised gold price of $3,672 per ounce (2023: $2,924 per ounce)
 Record EBITDA for the 12-month period totalled $294.4 million (2023: $250.1 million) at n EBITDA Margin of 56% (2023: 53%)
 Record Net Profit after Tax for the 2024 financial year of $142.7 million (2023: $115.7
million)
 Record basic earnings per share of 13.17 cents (2023: 10.73 cents)
 Record operating cash flow for the 12 months to 31 December 2024 of $250.6 million
(2023: $233.6 million)
 Group free cash flow2 generated for 2024 of $91.7 million (2023: $140.2 million)
Strong Balance Sheet
 Gold Road ended the year in a strong position with cash and short-term deposits of
$166.3 million (2023: $143.8 million) after cash outflows of $55.9 million related
predominately to the investment in De Grey Mining Ltd3 and cash dividend payments of
$13.4 million
 Gold in circuit, doré and bullion on hand is estimated at $7.6 million at the year end
 Gold Road remains debt free
 Financial assets in the form of strategic investments valued at fair value of $741.7 million on 31 December 2024
Fully Franked Final Dividend Determined for six months to 31 December 2024
 Fully franked final dividend of 1.5 cents per share determined for six months to 31 December 2024, in addition to the fully franked 0.5 cents per share interim dividend paid for the six months to 30 June 2024

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Production and Growth Outlook

 Gruyere has produced 1,527,734 ounces since first gold in June 2019 (100% basis)5
 Gruyere is guided to produce between 325,000 and 355,000 ounces in 2025 (100% basis) 
 Gold Road’s attributable Mineral Resources have increased by 0.3 million ounces (+6%) to 4.81 million ounces and Gold Road’s attributable Ore Reserves have increased to 43 million tonnes at 1.39 g/t Au for 1.92 million ounces (+5%)7
 The Yamarna Mine Readiness Project delivered a high-grade Ore Reserve of 0.19 Moz at 4.10 g/t Au at Gilmour following a pre-feasibility study that demonstrates a 5-year project which generates life of mine free cash flow of $377 million and an NPV of $231 million at a conservative gold price of A$3,500 per ounce.
 Large Australia wide portfolio of greenfields exploration opportunities to be explored in 2025

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To read the full news release, please click HERE

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The live gold price can be found HERE

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 andrew@city-investors-circle.com

.

=======

,

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.

.

Disclosure

At the time of writing the author holds  shares in Gold Road Resources

.

Gold Road Resources (ASX: GOR)

Presented 2025 annual guidance and an updated 3-Year production outlook for the Gruyere Gold Mine.

2025 annual guidance for Gruyere is 325,000 – 355,000 ounces (162,500 – 177,500
attributable) at an attributable AISC of between A$2,400 and A$2,600 per ounce.

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Gold Road Announces Strong Outlook and Guidance for Gruyere in 2025

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UNDERGROUND DRILLING COMMENCED

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Gold Road Resources Limited (ASX: GOR) (Gold Road or the Company) is pleased to present the 2025 annual guidance and an updated 3-Year production outlook for Gruyere.

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), which manages and operates the Gruyere Gold Mine.

Drilling has commenced to assess the potential for a future underground operation at Gruyere that could substantially increase mine life well beyond the current open pit Ore Reserve life to 2032.

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Highlights

2025 Annual Guidance

 2025 annual guidance for Gruyere is 325,000 – 355,000 ounces (162,500 – 177,500
attributable) at an attributable AISC of between A$2,400 and A$2,600 per ounce.
 The substantial increase in production follows the successful stripping down of the Stage 4 pit in 2024 to gain full access to the ore body. This enables the delivery of higher grade run-of-mine ore from the mine to the process plant.
 Annual AISC guidance includes cost inflation, higher gold related royalties (owing to higher gold sales revenue), the cost of conveyor upgrades and other plant improvements, a Tailings Dam lift, the cost of increased quantities of planned waste stripping to secure future production performance at Gruyere and a village expansion to accommodate the labour force required to carry out the increased material movement, as well as future accommodation needs for mining at the Golden Highway.

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3-Year Production Outlook

 Gruyere’s 3-Year production outlook ranges between 335,000 and 375,000 ounces per annum (100% basis).
 The increasing production is expected to be delivered by higher mill head grades and improving plant throughput rates, following the commissioning of a third pebble crusher in late 2023 and further upgrades to the processing plant circuit planned in 2025.
 The production outlook requires minimal growth capital but substantially benefits from the planned increased material movement rates.

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Underground Review and Drilling Commenced

 A preliminary review of potential underground mining was commissioned by the Gruyere JV and completed by SRK in late 2024. The review is based on an assumed extension of the ore body at depth and provides the Gruyere JV partners with the confidence to commence a major exploration program below the open pit in 2025.

The aim of the drilling program is to extend the resource to a depth of approximately 1,200 metres below surface, with infill drilling of the upper portions of the existing and potential underground resources planned to define an Indicated level Resource.

 Assuming successful outcomes of the 2025 exploration program, it is envisaged that exploration programs and studies will evaluate underground mining over several years with an objective of sustaining gold production beyond the current open pit reserve life which extends to 2032.

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Gruyere is guided to produce between 325,000 – 355,000 ounces (162,500 – 177,500 attributable) in 2025, a significant increase on the disrupted 2024 production.

The annualised increase in production will be achieved now that the mining fleet is in the position to access the entire ore body within the Stage 4 pit and, as a consequence, fill the process plant with higher grade ore.

Limited blending with lower grade oxide ore stockpiles is planned to optimise the performance of the milling circuit. Consequently, the average grade of the ore processed will be slightly below the average Ore Reserve grade.

Attributable AISC of between A$2,400 and A$2,600 per ounce includes all capital costs to sustain the operation.

There is no additional growth capital required to operate Gruyere in 2025.

Annual AISC guidance incorporates increased quantities of planned waste stripping during 2025. The increased waste stripping secures future production performance at Gruyere. A summary of the key components to the relative increase (year on year) in AISC is provided below:
 Current and anticipated inflationary adjustments to operating costs
 Increased royalty payments as a result of the higher gold price
 Increased annualised stripping rate to support future production at Gruyere
 Addition of ~200 rooms at the Gruyere Village, a one-off cost to support a larger workforce for the expanded mining fleet and provide future requirements for development of the Golden Highway.

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To read the full news release, please click HERE

.

The live gold price can be found HERE

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 andrew@city-investors-circle.com

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=======

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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.

.

Disclosure

At the time of writing the author holds  shares in Gold Road Resources

.

Mining Review 26th January 2025

Westgold increased production in Q2 2025.  

Gold Road Resources, West Red Lake Gold Mines, and Wesdome made positive news announcements

Catalyst Metals

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City Investors Circle Mining Review 26th January 2025

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Westgold increased production in Q2 2025, but the AISC of A$2,725 look very high to me. Luckily the current gold price in Australian dollar is A$4,390, so still a healthy margin, but the market has taken note of the high AISC.

Capricorn Metals acquired the Deadman Flat gold project that adjoins their Karlawinda gold project, consolidating the area, which clearly makes sense. Better to acquire early rather than have to pay more later, and perhaps have competition. I expect the same to happen to BPM Minerals if they succeed at Mt. Gibson, Capricorn’s other gold project.

Gold Road Resources, West Red Lake Gold Mines, and Wesdome made positive news announcements.

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rchives

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Other news releases from companies on our watchlists were

Ora Banda Mining sees a major shareholder lower their stake

Zacks select Orla Mining for outstanding growth in 2025

RBC Capital maintains its buy rating for Orla Mining

G Mining interview with VP IR at Metals Investor Forum

G Mining Ventures price target raised at CIBC

.

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 andrew@city-investors-circle.com

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=======

,

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.

.

.DDeclaration

At the time of writing the author may hold positions in any of the stocks mentioned.

.

Gold Road (ASX: GOR)

Announced a positive PFS for their Gilmour gold project, with a low capex, and a mining start date of late 2026.

The project pre-tax free cash flow estimated at A$377 million at a flat A$3,500 per ounce and A$569 million at a flat A$4,300 per ounce gold price assumption.

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GOLD ROAD ANNOUNCE A POSITIVE GILMOUR GOLD PROJECT PRE-FEASIBILITY STUDY & MAIDEN ORE RESERVE

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Gold Road Resources (ASX: GOR) Announced a positive PFS for their Gilmore gold project, with a low capex, and a mining start date of late 2026.

The project pre-tax free cash flow estimated at A$377 million at a flat A$3,500 per ounce and A$569 million at a flat A$4,300 per ounce gold price assumption.

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HIGHLIGHTS

 The Gilmour pre-feasibility study (PFS)1 presents an after-tax net present value (NPV5%) of A$231 million at a flat gold price of A$3,500 per ounce and A$354 million at a flat gold price of A$4,300 per ounce.
*
 Project pre-tax free cash flow estimated at A$377 million at a flat A$3,500 per ounce and A$569 million at a flat A$4,300 per ounce gold price assumption.*
 PFS mine life of 5 years averaging 50,300 ounces per annum at an average AISC of A$2,004 per ounce, producing a life of mine total production of 0.25 million ounces at 3.9 g/t Au from underground and open pit.
* Orebody remains open at depth with drilling planned for 2025.
 High-grade underground mine producing 0.20 million ounces over 4-year underground mine life.
*
Comprising a high-grade component of 0.10 million ounces at 9.34 g/t Au and lower
grade component of 0.10 million ounces at 3.89 g/t Au.*
 Establishment capital is estimated at $36 million which includes site infrastructure and haul roads. Ore is modelled as being hauled to the Gruyere process plant, 60 kilometres by road.
No additional growth capital outside of AISC and the initial establishment capital.
*
 Project remains on schedule to be shovel ready from late 2026, with the timing of initial production to be optimised in line with the future Gruyere Joint Venture ore processing schedule.
As at 31 December 2024, the maiden Gilmour Ore Reserve totals 1.5 million tonnes at 4.10 g/t Au for 0.19 million ounces.
*
The Ore Reserve is derived from open pit and underground designs at a gold
price of A$2,250 per ounce and includes:
 High-grade underground Ore Reserves of 0.6 million tonnes at 6.6 g/t Au for 0.13 million ounces* , and
 Open Pit Ore Reserve of 0.8 million tonnes at 2.2 g/t Au for 0.06 million ounces*
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Cautionary Statement

The Pre-feasibility Study (PFS) life of mine total production (and derived forecast financial information) referred to in this announcement is under pinned by Indicated Mineral Resources of approximately 72% and Inferred Mineral Resources of approximately 28% over the evaluation period.

Ore Reserves are based solely on Indicated resources.

There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target
will be realised.

The Company believes it has a reasonable basis to disclose a production target that includes some Inferred Mineral Resources as the Inferred Resources are not a determining factor in the viability of the Gilmour Project.

Importantly, the feasibility of the development scenario outlined in the PFS does not hinge on the current Inferred Mineral Resources.

* See cautionary statement and forward-looking statement on pages 1, 2 and 10 of this announcement respectively 1 The PFS Life-of-Mine plan assumes 0.18 million ounces classified as Indicated, 0.07 million ounces classified as Inferred.

Duncan Gibbs, Managing Director and CEO said:

“This is a significant outcome for shareholders and a pleasing return on our ongoing exploration efforts at our 100% owned Yamarna Project.

 

“Gold Road has a history of delivering value to shareholders and we remain focused on making further discoveries across our Australian portfolio.”

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To read the full news release, please click HERE

.

The live gold price can be found HERE

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 andrew@city-investors-circle.com

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=======

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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.

.

Disclosure

At the time of writing the author holds  shares in Gold Road Resources

.

Mining Review 12th January 2025

Calibre Mining and Gold Road Resources both declared record gold production in December 2024, after slightly missing guidance earlier in the year.

The price of gold is climbing despite the US dollar and US Treasury rates climbing, a sign of political and economic uncertainty?

Faraday Copper Property – Arizona

City Investors Circle Mining Review 12th January 2025

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For UK investors invested in physical gold, and / or Australian, American, and Canadian stocks, the lower value of the pound increases the value of those investments, so it’s a useful hedge against the UK Labour party train wrecking the economy, which they seem determined to do in short order.

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Gold Road Resources (ASX: GOR)

Announced record Gruyere preliminary production results of 91,631 ounces of gold (100% basis) produced during the December 2024 quarter.

Gruyere 2024 Annual Production totalled approximately 287,270 ounces (143,635 ounces attributable), slightly below annual guidance of 290,000 – 305,000 ounces.

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Gold Road Resources  – Gruyere Gold Mine at night

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Financial and Corporate

• Gold Road’s gold sales totalled 47,745 ounces at an average sales price of A$4,093 per ounce. Gold doré and bullion on hand on 31 December 2024 was approximately 1,782 ounces. Gold Road continues to be unhedged and 100% exposed to the spot gold price.

• Cash and equivalents3increased substantially to approximately $173.9 million (September quarter: $109.2 million) with no debt drawn, following a $4.6 million investment in ASX listed securities during the quarter4.
• At 31 December 2024, Gold Road held listed investments with a market value of approximately $740.6 million.

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To read the full news release please click HERE

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.

The live gold price can be found HERE

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 andrew@city-investors-circle.com

.

=======

,

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.

.

Disclosure

At the time of writing the author holds  shares in Gold Road Resources

.

Gold Road Resources (ASX: GOR)

Northern Star has just announced the acquisition of De Grey Mining for A$5 billion, representing a premium of 36% to Friday’s closing price.

Gold Road hold a 20% stake in De Grey Mining.

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Comment

This news looks very positive for Gold Road, as a 20% owner of De Grey Mining.

Their stake has just risen by 36%, to around A$1 billion.

This may well allow Gold Road to go on the acquisition trail themselves with this war chest, or will they retain their take in the new company?

Either way I intend to retain my holding.

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Gold Road to Benefit from Northern Star Acquisition of De Grey Mining

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Gold Road Resources (ASX: GOR) Northern Star has just announced the acquisition of De Grey Mining for A$5 billion, representing a premium of 36% to Friday’s closing price.

Gold Road hold a 20% stake in De Grey Mining.

It will be interesting to see what Gold Road do with their stake in De Grey when it converts to shares in Northern Star, will it sell?  And if so, with 20% of A$5 billion, (A$1 billion), what will they do with the funds?

This looks very positive for Gold Road in my opinion.

We await further developments and announcements with interest.

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To read the full news release please click HERE

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.

The live gold price can be found HERE

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 andrew@city-investors-circle.com

.

=======

,

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.

.

Disclosure

At the time of writing the author holds  shares in Gold Road Resources

.

Gold Road Resources (ASX: GOR)

Released finacial results for H1 2024, which were negatively effected by two months of reduced production due to incessant rainfall and flooding of the mine access road.

The company confirm reduced guidance after the rainfall event.

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GOLD ROAD NET PROFIT AND INTERIM DIVIDEND DETERMINED
FOR SIX MONTHS TO 30 JUNE 2024

1
Half Year Performance and Profit

 Revenue from gold sales for the six months totalled $211.7 million (June 2023: $229.0 million)
 Gold sales of 63,542 ounces (June 2023: 80,115 ounces), with reduced production in March and April 2024 following an unprecedented and protracted regional rain event
 Operating cash flow for the six months to 30 June 2024 was $68.5 million (June 2023: $110.3 million) due to the impact of the rain event
 Group free cash outflow for the six months to 30 June 2024 of $4.2 million
(June 2023: $74.6 million inflow) following a $22.6 million tax payment4 associated with
the record profit in 2023
 EBITDA for the six-month period totalled $94.2 million (June 2023: $122.6 million)
 EBITDA Margin of 44% (June 2023: 54%)
 Consolidated net profit after tax for the six months of $43.1 million (June 2023:
$55.7 million)
 Basic earnings per share of 3.98 cents (June 2023: 5.17 cents) for six months
Strong Liquidity with Cash and Listed Investments
 Gold Road ended the half year with cash and short-term deposits of $79.4 million
(31 December 2023: $143.8 million), doré and bullion valued at $6.1 million and no debt
 Strategic listed investments valued at $478.4 million on 30 June 2024 (31 December 2023: $465.0 million)
Fully Franked Interim Dividend Determined for six months to 30 June 2024
 Fully franked dividend of 0.5 cents per share determined for six months to 30 June 2024 (June 2023: 1.2 cents)

/
Production Outlook

 Gold Road’s 2024 annual gold production guidance remains at 290,000 to 305,000 ounces (145,000 to 152,500 ounces attributable) following a revision in July 20245
 Gold Road’s 2024 annual AISC guidance remains at A$2,050 to A$2,200 per attributable ounce
 Gruyere production ramping up through the second half of 2024

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To read the full news release please click HERE

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.

The live gold price can be found HERE

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 andrew@city-investors-circle.com

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=======

,

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.

.

Disclosure

At the time of writing the author holds  shares in Gold Road Resources

.

Gold Road (ASX: GOR)

The company have published an updated corporate presentation.

This was presented to the recent Diggers and Dealers Mining Conference in Kalgoorlie, WA.

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Gold Road Resources Gruyere Gold Mine at night

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Gold Road Resources New Presentation

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Gold Road (ASX: GOR) The company have published an updated corporate presentation.

This was presented to the recent Diggers and Dealers Mining Conference in Kalgoorlie, WA.

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To view the presentation, please click here

.

The live gold price can be found HERE

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 andrew@city-investors-circle.com

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=======

,

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.

.

Disclosure

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

.

Gold Road (ASX: GOR)

Gold Road Resources Limited (the Company) advises the scheduled release of its
June 2024 quarterly report to the ASX on Wednesday, 31 July 2024.

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Gold Road – Gruyere JV Gold Mine at night.

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GOLD ROAD JUNE 2024 QUARTERLY RESULTS CONFERENCE CALL

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Gold Road Resources Limited (the Company) advises the scheduled release of its
June 2024 quarterly report to the ASX on Wednesday, 31 July 2024.

The Company wishes to advise it will be holding an investor and analyst conference call
discussing the June 2024 quarter results at 10.30am AEDT (8.30am AWST) on
Wednesday, 31 July 2024. Participation on the conference call line is by personal
invitation only.

A live webcast of the briefing will be available on the Company’s website.

Please register your details at www.goldroad.com.au/webcast 

Webcast participants will have the option to submit written questions during the presentation via the webcast.

A recording of the webcast briefing will be available on the Company’s website following
the conclusion of the webcast at www.goldroad.com.au/webcast

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This release was authorised by Duncan Gibbs, Managing Director and CEO.

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To read our full terms and conditions, please click HERE

Gold Road (ASX: GOR)

Reported excellent progress as it advances its 100% owned Resources towards mine readiness at Yamarna.

Drilling at Gilmour is on schedule to deliver updated Resources and Reserves in late CY2024.

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Gold Road’s Yamarna Readiness Project Delivering Positive Results

Gold Road Resources Limited (ASX: GOR) (Gold Road or the Company) is pleased to report excellent progress as it advances its 100% owned Resources towards mine readiness at Yamarna.

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HIGHLIGHTS

 Drilling at Gilmour is on schedule to deliver updated Resources and Reserves in late CY2024.
 Technical studies to support a comprehensive feasibility study are being advanced, these include geotechnical, metallurgical, hydrological, and infrastructure planning.
 Environmental studies and community engagement are progressing well with the Yilka People to co-design infrastructure corridors and support the permitting and approvals process including negotiation of a Native Title Agreement.
 The technical and environmental studies, and community consultations are being progressed on the basis of Gilmour being the first of several potential mining developments within the 100% Gold Road owned Yamarna tenure.

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Encouraging definition drilling results from Gilmour Main Shoot

A 18,287 metre Reverse Circulation (RC) and 6,972 metre diamond (DDH) drilling program designed to increase confidence in and progress the Gilmour Mineral Resource (0.3 Moz at 3.28 g/t Au)1 to report an Ore Reserve in late CY2024 is nearing completion.

Results received to date
support and refine the existing geological interpretation, with better results including:
 10 metres at 7.59 g/t Au from 108 metres (GMRC00022)2
 5 metres at 11.29 g/t Au from 114 metres (GMRC00057)
 7 metres at 7.43 g/t Au from 40 metres (GMRC00023)
 5 metres at 9.83 g/t Au from 155 metres (GMRC00042)
 9 metres at 5.33 g/t Au from 81 metres (GMRC00046)
 4.45 metres at 10.72 g/t Au from 191.45 metres (GMRCD00082)

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Potential new mineralisation at Gilmour North

Geological interpretation and modelling of recently reported drilling results show potential for a new mineralised shoot approximately 700 metres northwest of Gilmour.

The strike length potential exceeds 350 metres with a thickness of between 3 to 8 metres with moderate to high grades of between 2.5 to 6.0 g/t Au. A broad spaced step-off diamond drilling program designed to test down dip extensions of these existing results is currently underway.

Previously reported results from this exploration drilling included:
 8 metres at 3.58 g/t Au from 203 metres (GMRC00099)
 8 metres at 2.54 g/t Au from 203 metres (GMRC00105)

Additional drilling has been planned to test the mineralisation at 100 metre spaced centres this year.

Favourable results may extend the Resource to be reported in 2024 and further expand the scope of the Yamarna Mine Readiness Project.

Yamarna Mine Readiness Project

Gold Road’s 100% owned Yamarna Mineral Resources of 6.4 million tonnes at 2.44 g/t Au for 0.51 million ounces4 are currently undergoing studies as well as Reserve definition and Mineral Resource extensional drilling as part of the “Yamarna Mine Readiness Project”.

The Yamarna Mine Readiness Project is a program of drilling and studies that are
designed to unlock future value from Gold Road’s 100% owned Yamarna tenements.

After delays associated with the significant rain event in March 2024, an expedited Reserve definition drilling program commenced at the Gilmour Resource (2.9 million tonnes at 3.28 g/t Au for 303,000 ounces), with three rigs in operation.

In addition to the Gilmour Reserve definition drill program, step out drilling to the north of Gilmour has returned favourable exploration results. Further drilling is now planned and has the potential to extend the Mineral Resource and the scope of the mining studies.

Gilmour is the largest of the Yamarna Resources. Exploration and mining studies over several years are anticipated to continue advancing several resources and prospects towards mine readiness along the prospective Yamarna Shear Zone between Gilmour and Earl’s Find.

The Yamarna Mineral Resources are anticipated to be developed by Gold Road and processed at Gruyere via toll treatment provisions under existing agreements with Gold Fields, Gold Road’s Joint Venture partner at Gruyere. 

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To View Gold Road Resources’ historical news, please click here

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To read the full news release, please click HERE

.

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 andrew@city-investors-circle.com

.

=======

,

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.

.

Disclosure

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

.

Gold Road Resources (ASX: GOR)

Comments in the Australian media are suggesting Gold Road may have appointed a capital advisor, possibly McQuarie Capital, as a defence advisor, to defend a possible bid for the company.

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Gold Road – Gruyere JV Gold Mine at night.

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Gold Road Rises on Potential Bid Target Rumours

Gold Road Resources (ASX: GOR) has become the subject of speculation in the Australian media, where The Australian is suggesting that it may have appointed a capital advisor, possibly Macquarie Capital, as a defence advisor, to defend a possible bid for the company.

The share price rose over 5% in trading on the ASX on Monday as investors reacted to the speculation.

Given the success of Gold Road’s JV with Gold Fields at Gruyere, their significant cash holding, plus a 17% shareholding in De Grey Mining, and another in IGO, it is not a surprise to me that it may be a potential bid target. The only surprise for me is that it has not happened before.

The most obvious suitor would be, in my opinion, Gold Fields themselves, as it would give them 100% ownership of Gruyere, plus the large exploration package surrounding the mine currently owned 100% by Gold Road.

There could of course be others enviously looking at the attractive package of cash in the bank, the free cashflow being generated from Gruyere, plus the value of their shareholdings in De Grey and IGO.

Interestingly Gold Road was involved in a bid to purchase 40% of the Greenstone Mine in Canada very recently, and one wonders whether that may have been an attempt to deter a bid for themselves?

——-

There is clearly a lag between the rising price of gold and the value of the gold producers themselves, which seems to have given some urgency to companies in a position to make opportunistic bids before the gold producers’ valuations start to catch up.

The rumours regarding a potential bid for Gold Road seem to fall into that category, in my opinion.

The next few weeks may be interesting.

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——-

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 andrew@city-investors-circle.com

.

=======

,

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.

.

Disclosure

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

.

Mining Review 12th May 2024

Gold Road Resources are diluting their position in De Grey Mining by not fully participating in the De Grey A$600 million financing.

Thesis Gold and West Red Lake reported good news. Red Pine reported very serious news

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City Investors Circle Mining Review 12th May 2024

It was a bumper week for both precious and industrial metals, with only Lithium, iron ore, and thermal coal in negative territory.

Lithium was down on weak demand as some auto makers look to cut production of EVs due to lack of consumer demand. The Chinese are producing millions of EVs and the USA and the EU are looking to employ protectionist measures to prevent the Chinese selling into their markets due to the lower production costs in China.

That of course means the Chinese will simply sell their cheaper vehicles into less developed markets, mainly in Asia and possibly S. America.

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Turning to company news, it was a quiet week on the drilling front, but we still had a few nuggets from our watchlist companies.

But firstly, I should mention the growing scandal at Red Pine Exploration (TSX.V: RPX). The stock took a 60% hit on the 1st May when they withdrew all previous assay results from their Wawa Project, due to “inconsistencies” with them, see here.

The company then appointed an independent lab, WSP Global, to verify the data, and the stock bounced 50% on this news. I considered a quick punt thinking that once assays were independantly verified, the stock would regain most of its loss and I could make a quick turn and keep the profit as free shares.

I didn’t do that though, as I just didn’t feel that confident that things would work out, and that turned out to be a good decision!

The company has now announced “based on the findings made to date, Red Pine believes that the reporting inconsistencies disclosed in the Prior Press Releases resulted from the unauthorized manipulation of certain assay results received from Activation Laboratories Ltd. (“Actlabs”) by the Company’s former Chief Executive Officer (the “Former CEO”).” See here.

The stock fell around 30% in response, and is back at 8.5 cents again.

Wow!  Not exactly Bre-X, but the same thing on a smaller scale!   They wouldn’t make such a public statement unless they were sure for fear of facing a heavy defamation lawsuit.

Red Pine was a hot stock for a while. They came to a London conference, and I booked to meet them, with a view to investing. At the last minute they cancelled my meeting, with no reason given. Feeling a bit miffed at the unprofessional manner they handled it, I never invested.

I am now very grateful to the person that cancelled my meeting without having the courtesy to give me a reason!  When management act like that, I never invest!

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Gold Road Resources‘  position in De Grey Mining is being diluted due to that compay’s A$600 million financing. Despite Gold Road’s participation, it will result in a fall in their stake to just over 17%.

Thesis Gold announced a measured and indicated resource of 4 million ounces of gold, and West Red Lake Gold Mines reported more high-grade-gold intercepts around their Madsen Mine.

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To read all the news for the week, please click on the links below to be taken to the full story.

  Gold Road Resources Lowers De Grey Mining Stake

  West Red Lake Gold Mines Intersected 21.33 g/t Au over 3.1m

  Calibre Mining To Update On The Valentine Gold Mine

  Karora Resources and Westgold Merger Presentation

  Gold Road Resources Results Presentation

  Thesis Gold Announced an M & I Resource Of 4 Moz

  Mining Review 5th May 2024

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Market Data

Weekly % Price Changes

(US$ unless stated)

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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.

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