Mid-tier gold production and exploration company Gold Road Resources Limited (ASX: GOR) has provided its annual report and annual sustainability report for the calendar year ended 31 December 2023.
The year was underpinned by solid achievements, notwithstanding the challenges that slowed the progress on delivering to Gruyere’s full potential, as the company advanced along the path of safely delivering shareholder value from a strong business that is based on responsible production, sustainable practices and value-creating growth.
Gold Road achieved solid results for shareholders that included:
- Record gold sales of 161,472 ounces, compared with 156,426 in 2022
- Record full-year net profit after tax of $115.7 million (2022: $63.7 million)
- Two dividend payments for a third successive year
Since year’s end, the board determined to pay a final dividend for 2023 of 1.0 cent per share fully franked, payable on 2 April 2024, in addition to the interim fully franked 1.2 cents per share dividend paid for the six months to June 2023. The Gruyere Gold Mine, our 50:50 joint venture with operator Gold Fields continued to operate in complex and uncertain times and external challenges such as a tight labour market, supply chain pressures and elevated fuel prices that Gold Road, Gold Fields and the mining contractor continue to navigate.
2023 marked 10 years since Gold Road discovered the Gruyere deposit, and in April 2023, Gruyere produced its one-millionth ounce of gold – less than four years since production began at this world-class mine.
The Gruyere JV retains an Ore Reserve of 3.67 million ounces, a reminder of the potential available to shareholders even before the JV confirms any future underground mining activities at Gruyere.
During the year, Gold Road consolidated its position as the largest shareholder in De Grey Mining, which owns the Hemi gold discovery in Western Australia’s Pilbara region. The company’s 19.9% strategic stake gives it significant optionality as De Grey advances Hemi’s development.
Gold Road also progressed its Australia-wide exploration footprint, with a particular focus on the Mallina project in the Pilbara and projects in northeast Queensland.
Gold Road is applying the same exploration rigour that led to the discovery of Gruyere, and is excited about what the first on-the-ground activities have produced.
Gold Road looks forward to rapidly and systematically building on this foundation.
Gold Road closed the year in a very strong position and remains 100% unhedged at a time when gold prices are trending higher, and debt free.