Gold Road breaks records

Gold Road Resources has released its half-yearly results, sharing record profits.

Revenue from gold sales for the six months totalled $229 million, up from $196.5 million the previous financial year (FY22).

Gold sales reached 80,115 ounces, outstripping the 79,606 ounces sold in up to June FY22, with production benefiting from record throughput rates for the half year.

“The six months to 30 June 2023 has broken several financial records for Gold Road,” managing director and chief executive officer Duncan Gibbs said.

“The strong result reflects the consistent performance of the processing plant, a supportive Australian dollar gold price and Gold Road’s production being fully unhedged.”

Gold Road’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the six month period totalled $122.6 million, with a margin of 54 per cent.

Operating cash flow for the six months to June 30 was $110.3 million, smashing the $69.5 million of the previous June 30 period in 2022.

The consolidated net profit after tax for the six months was $55.7 million, compared to the June 2022 after tax profit of $39.9 million.

Gold Road ended the half year with cash and short-term deposits of $152.6 million, far above the $74.4 million from FY22.

Additionally, Gold Road’s Gruyere exploration project in WA is on target to achieve the restated 2023 annual guidance of 320,000 to 350,000 ounces of gold.

Gold Road also reported a strong exploration and investment portfolio with strategic listed investments in De Grey Mining and Yandal Resources valued at $416.1 million on 30 June 2023.

Drilling continues at Gold Road’s Mallina and Yamarna projects in WA with on ground activities commenced at the Greenvale project.

The Golden Highway project was also announced to have completed drilling in preparation for feasibility level studies.