Gold Road Resources (ASX:GOR) has reported strong quarterly results with a 10% increase in gold production at the Gruyere Gold Mine, totalling 68,781 ounces for the September quarter. This uplift comes as the joint venture with Gold Fields ramps up operations in the Stage 3 and 4 pits, resulting in heightened mining activity and a forecast production at the lower end of the 290,000-305,000 ounce guidance range for 2024.
All-in sustaining costs (AISC) rose slightly to $2,551 per ounce, from the June quarter figure of $2,441 per ounce.
Commenting on the results, CEO Duncan Gibbs said, “Our team has worked tirelessly to enhance productivity, and these efforts are beginning to reflect in our quarterly results. The Gruyere operation is well-positioned to meet its annual production targets.” Gibbs also highlighted Gruyere’s potential to extend its life beyond 2032 as new exploration below the current ore reserve continues to yield promising results.
Outside Gruyere, Gold Road has made progress on the Yamarna Mine Readiness Project, expected to conclude technical studies by 2025. Additionally, exploration activities in Western Australia and Queensland, including the Mallina and Balter projects, are anticipated to accelerate in the coming months as part of the company’s growth strategy.
Shares are trading 0.37% higher at $1.92.
