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Highlights

  • Gold Road Resources now expects 2025 annual production of 310,000–320,000 ounces (150,000–160,000 ounces attributable), down from previous guidance of 325,000–355,000 ounces.

  • Attributable All-in Sustaining Cost (AISC) revised to AUD 2,600–AUD 2,800 per ounce, compared to prior guidance of AUD 2,400–AUD 2,600 per ounce.

  • Gold Road Resources’ share price closed 0.29% lower at AUD 3.43 on 15 September 2025.

Gold Road Resources Limited (ASX:GOR) has updated its production and cost outlook for 2025. The Company is a 50:50 joint venture partner in the Gruyere gold mine, operated and managed by Gruyere Mining Company Pty Ltd, a member of the Gold Fields Ltd group.

Year-to-date production to 31 August 2025 was reported at 196,554 ounces (100% basis), which is below expectations. The lower output was attributed to primary crusher maintenance issues, conveyor belt failures, and lower-than-anticipated ore mined during the period.

Production Outlook

Mining operations at Gruyere are currently running at an annualised rate of approximately 68 million tonnes. However, the ramp-up of total movement rates has been slower than planned. Based on Gold Fields’ most recent assessment and current performance, 2025 annual production is now forecast to be in the range of 310,000 to 320,000 ounces on a 100% basis.

On an attributable basis, this equates to 150,000 to 160,000 ounces for Gold Road Resources. The updated range compares with the previous production guidance of 325,000 to 355,000 ounces (162,500 to 177,500 ounces attributable).

Cost Guidance

In line with the reduced production forecast, Gold Road Resources has also updated its cost guidance for the year. The attributable All-in Sustaining Cost (AISC) is now expected to range between AUD 2,600 and AUD 2,800 per ounce. This represents an increase from the Company’s earlier cost estimate of AUD 2,400 to AUD 2,600 per ounce.

The upward revision in costs reflects the impact of lower gold output, partially offset by reduced mining expenditure.

Market Reaction

On 15 September 2025, Gold Road Resources’ share price ended the trading session down 0.29%, closing at AUD 3.43 per share. The market adjustment followed the announcement of the revised production and cost guidance.