Image source: © 2025 Krish Capital Pty. Ltd.

Highlights

  • Gold Road generated record free cash flow of AUD 44.7 million in the June 2025 quarter, supported by gold sales at an average price of AUD 5,131 per ounce.

  • The Gruyere mine produced 72,980 ounces (100% basis), keeping full-year output guidance at the lower end of expectations, while AISC remains at the higher end of the forecast.

  • Exploration activities at Gruyere and Gilmour are advancing, with over 23,000 metres of diamond drilling completed year-to-date.

Gold Road Resources Ltd (ASX:GOR) has released its activity report for the quarter ended 30 June 2025, highlighting record cash generation, stable gold production, and continued progress on exploration drilling across key prospects.

The company’s flagship Gruyere gold mine, a 50:50 joint venture with Gold Fields Ltd, produced 72,980 ounces of gold during the June quarter on a 100% basis, up from 71,226 ounces in the previous quarter. Gold Road reported an All-in Sustaining Cost (AISC) of AUD 2,928 per attributable ounce, reflecting an increase from the March quarter’s AISC of AUD 2,658. The company reaffirmed its production guidance for 2025, expecting Gruyere to deliver at the lower end of the projected 325,000 to 355,000 ounces range (162,500 – 177,500 attributable). Meanwhile, AISC is now expected to sit near the upper end of the AUD 2,400–2,600 per ounce range.

Gold sales for the quarter reached 37,741 ounces, fetching a record average price of AUD 5,131 per ounce. This performance contributed to an operating cash flow of AUD 138.6 million from Gruyere (Gold Road’s share), up from AUD 106.6 million in the March quarter. The company reported free cash flow of AUD 44.7 million, an increase from AUD 34.1 million in the prior period. As of 30 June 2025, Gold Road’s cash and equivalents rose to AUD 242.1 million, compared to AUD 203.8 million at the end of March, with no debt drawn. The market value of its listed investments stood at approximately AUD 827.3 million as of 14 July 2025.

During the quarter, Gold Road's Corporate All-In Cost (CAIC), which includes growth capital, corporate and exploration expenses, increased to AUD 3,542 per ounce, compared to AUD 3,058 in the previous quarter. The company also completed the transition of its 17.3% stake in De Grey Mining Limited to 49.3 million shares in Northern Star Resources Ltd following a court-approved acquisition by Northern Star in May 2025.

Exploration activity continues to be a priority for Gold Road. The diamond drilling program at Gruyere, totalling around 60,000m, is progressing well. Approximately 23,000 metres have been completed so far in 2025, with up to five drill rigs active during the June quarter. Initial results have met expectations for grade and width.

Similarly, the Gilmour drilling campaign, consisting of approximately 30,400 metres of diamond and reverse circulation (RC) drilling, is also underway. One RC rig is focusing on near-surface infill drilling around the Gilmour orebody, while two diamond drill rigs are targeting potential extensions to Inferred resources.

GOR shares were trading 0.47% higher at AID 3.20 per share at the time of writing on 17 July 2025.