AUSTRALIA’S FULLY FUNDED GREENFIELDS GOLD EXPLORER RIU EX RI EXPLORERS C RERS CONFERENCE ERENCE - FREM REMANTL NTLE Name me th FEBRUARY 20 18 th 2020 20 Tit itle le PAGE | 1
DISCLAIMER IMPORTANT NOTICES Nature o of t this d is document: : The purpose of this presentation is to provide general information about Gold Road Resources Limited (the ‘Company’). Unless otherwise stated herein, the information in this presentation is based on the Company’s own information and estimates. In attending this presentation or viewing this document you agree to be bound by the following terms and conditions. This document has been prepared by the Company. Information in this document should be read in conjunction with other announcements made by the Company to the Australian Securities Exchange and available at www.goldroad.com.au or www.asx.com. Not an offe No fer: This presentation is for information purposes only and does not constitute or form any part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities in the Company in any jurisdiction. This presentation and its contents must not be distributed, transmitted or viewed by any person in any jurisdiction where the distribution, transmission or viewing of this document would be unlawful under the securities or other laws of that or any other jurisdiction. No Not fina nanc ncial product advice: This presentation does not take into account the individual investment objectives, financial situation and particular needs of each of the Company’s Shareholders. You may wish to seek independent financial and taxation advice before making any decision in respect of this presentation. Neither the Company nor any of its related bodies corporate is licensed to provide financial product advice in respect of the Company’s securities or any other financial products. Forw rward-lo lookin ing sta tate tements ts: Certain statements in the presentation are or may be “forward-looking statements” and represent the Company’s intentions, projections, expectations or beliefs concerning, among other things, future operating and exploration results or the Company’s future performance. These forward looking statements speak, and the presentation generally speaks, only at the date hereof. The projections, estimates and beliefs contained in such forward looking statements necessarily involve known and unknown risks and uncertainties, and are necessarily based on assumptions, which may cause the Company’s actual performance, results and achievements in future periods to differ materially from any express or implied estimates or projections. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Relevant factors which may affect the Company’s actual performance, results and achievements include changes in commodity price, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, diminishing quantities or grades of reserves, political and social risks, changes to laws and regulations, environmental conditions, and recruitment and retention of personnel. Disc isclaim imer: No representation or warranty, express or implied, is made by the Company that the material contained in this presentation will be achieved or prove to be correct. Except for statutory liability which cannot be excluded, each of the Company, its directors, officers, employees, advisers and agents expressly disclaims any responsibility for the accuracy, fairness, sufficiency or completeness of the material contained in this presentation, or any opinions or beliefs contained in this document, and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission there from. The Company is under no obligation to update or keep current the information contained in this presentation or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information. Any opinions expressed in the presentation are subject to change without notice. Un Unverified infor ormati tion on: This presentation may contain information (including information derived from publicly available sources) that has not been independently verified by the Company. PAGE | 2
CORPORATE PROFILE CAPITAL STRUCTURE 879M 1 BOARD OF DIRECTORS ISSUED SHARES Tim Netscher Non-Executive Chairman 6M 1 PERFORMANCE RIGHTS Duncan Gibbs Managing Director & CEO A$1.43B 2 $US1.00B 5 MARKET CAP Justin Osborne Executive Director – Discovery & Growth A$101M 1 US$70M 5 CASH & EQUIVALENTS Sharon Warburton Non-Executive Director Brian Levet Non-Executive Director DEBT DRAWN (OF 150M FACILITY) A$80M 1 US$56M 5 Carol Marinkovich Joint Company Secretary 112 koz @ A$1,844/oz 1 US$1,290 5 HEDGING Hayden Bartrop Joint Company Secretary 1.9 Moz 4 ORE RESERVES SHAREHOLDERS 3.6 Moz 4 MINERAL RESOURCE North America 3% Retail 12% ANALYST RESEARCH SUBSTANTIAL SHAREHOLDERS 35% Broker/Advisors Argonaut BlackRock 9% UK & European Instos Bell Potter Van Eck 8% Australian Instos Canaccord 15% INDICES Macquarie Corporate ASX200 3 , GDXJ 3 RBC Board & Management MSCI 3% 1% Rest of World 1% 1 As at 31 December 2019 2 As at 17 February 2020, based on last close price of A$1.63 per share 30% 3 GOR joined the ASX200 Index & GDXJ on 23 September 2019 PAGE | 3 4 GOR Attributable 5 FX: 1AUD = US$0.70
UNLOCKING VALUE FOR SHAREHOLDERS Australia’s Newest Gold Producer • With a Long Life, Low Cost gold mine in Gruyere • Attributable Reserves of 1.8Moz • Attributable Resources of 3.6Moz • Significant cash flow generation Australia’s most active Greenfield’s Gold Explorer • Strategy to grow the business through Discovery • $26M budget for 2020 dedicated to Greenfield Exploration • Three active large scale Greenfields Exploration Projects • Building Project Generation & Business Development capacity PAGE | 4
Simple Open Pit Mining GRUYERE GOLD MINE Low strip ratio of 2.7:1 ~ 9,250 oz per vertical metre Bulk Mining Simple Processing Gravity CIL processing circuit Overall recovery 91-94% Gravity recovery 35-40% Very clean ore A 50:50 JV with Gold Fields, a proven global miner Simple Mine = Low Cost *100% basis Note: Refer to ASX announcement dated PAGE | 5 PAGE | 5 6 December 2018 and 12 February 2020
GRUYERE – FIRST PRODUCTION QUARTER DELIVERS TO GUIDANCE* First gold in June 2019 1 Final Capital Cost of A$610M below budget of A$621M 2 Commercial Production attained September 2019 3 2019 production guidance achieved 2 99,130 oz produced vs guidance of 75,000 – 100,000 oz AISC of A$1,102/oz vs guidance of A$1,050 – A$1,150/oz 2020 Annual Guidance 4 250,000-285,000 ounces (100% basis) AISC A$1,100-A$1,200/oz attributable (GOR) Gruyere Mine Opening – 3 rd December 2019 *100% basis unless otherwise stated Integral to the development of Gruyere – Left to Right: Hon Bill Marmion MLA 1 Refer to ASX announcement dated 1 July 2019 (Minister for Mines during discovery and development); HM – Yilka Indigenous 2 Gold Road’s Final Capital Cost A$281M against budget of A$284M. Refer to ASX announcement dated 30 January 2020 leader; Hon Bill Johnston MLA (Minister for Mines during construction to 3 Refer to ASX announcement dated 9 October 2019 production) 4 Refer to ASX announcement dated 12 February 2020 PAGE | 6 5 YTD costs are post Commercial Production which was declared at 30 September 2019
GRUYERE - HIGH MARGIN & LONG LIFE High High A$1,800/oz margin, margin, Bubble short life long life size Fosterville represents A$1,600/oz production Evolution Mining p.a. Low Low margin, margin, A$1,400/oz Westgold short life long life Gruyere Tanami AISC Margin (based on spot gold price) (100%) Tropicana A$1,200/oz Saracen (100%) Duketon Mt St Ives Morgans A$1,000/oz Ramelius Northern Star Granny Silver Lake Smith Super Pit Boddington Gwalia (100%) A$800/oz Agnew/Lawlers Sunrise Dam A$600/oz Gold Telfer This translates to Major A$400/oz Gold Snr significant Free Cash ASX Mid A$200/oz Note: Includes Australian gold assets with production >~80koz p.a. Tier for Gold Road Excludes Paddington and Marvel Loch due to lack of available data. ASX Cadia has been excluded from the chart as an outlying data point Jnr A$0/oz 0 2 4 6 8 10 12 14 16 18 20 Indicative Reserve Life (years) Source: Macquarie Capital Production and AISC data based on 2020 company guidance where available, otherwise based on last reported year. Telfer AISC data based on December quarter 2019 actuals. Gruyere production and AISC data based on BFS LOM averages. Indicative reserve life equal to current asset reserve balance divided by annual production; 2. AISC margin based on average gold price of A$2,329/oz; 3. Super Pit has been separated from Northern Star and Saracen figures . PAGE | 7
Happy Richmond Happy because supporter AND Happy Richmond just Shareholder won Grand Final Note the bigger smile WHICH TRANSLATES INTO HAPPY SHAREHOLDERS PAGE | 8
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