INVESTORS AND MEDIA 
In the news
The Gruyere gold mine – a joint venture (JV) between Gold Road and Gold Fields – is set to deliver higher output over the next three years, with yearly output forecast to reach up to 375 000 oz.
The mine, managed by Gold Fields, delivered 287 270 oz in 2024, which was slightly below the guidance of 290 000 oz to 305 000 oz for the year.
However, with the successful stripping down of the Stage 4 pit in 2024 that enabled full access to the orebody, Gruyere is expected to deliver higher grade run-of-mine ore to the process plant, resulting in guidance of 325 000 oz to 355 000 oz in 2025.
Attributable all-in sustaining costs (AISC) will range between A$2 400/oz and A$2 000/oz in the year.
Gold Road has also outlined a three-year production outlook of 335 000 oz/y to 375 000 oz/y, driven by improved operational efficiencies. As of December 31, 2024, Gruyere had produced a total of 1.53-million ounces of gold at an average attributable AISC of A$1 610/oz. With the strong production outlook, the mine is on track to deliver its two-millionth ounce in 2026.
Once Gruyere surpasses the two-million-ounce milestone, Gold Road will receive an uncapped 1.5% net smelter return royalty on Gold Fields’ 50% share of production, in addition to its existing 50% share of ongoing output.
Meanwhile, the Gruyere life-of-mine plan continues to support sustainable production through 2032. A preliminary underground mining review and drilling completed in 2024 have given the JV partners the confidence to explore extending the mine’s life.
A 60 000 m diamond drilling programme, scheduled to start in early 2025, will test the orebody to a depth of 1 200 m and infill drill the upper portions of the resource to an indicated resource level. The programme, budgeted at $15-million (A$7.5-million attributable to Gold Road), aims to explore the potential for underground mining that could extend production well beyond 2032.
