Largest Australian Gold Development and Greenfields Exploration Project Proactive CEO Investor Sessions – October 2017 Ian Murray – Managing Director & CEO
Disclaimer Important Notices Nature of this 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. Not an offer: 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. Not financial 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. Forward-looking statements: 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 and results in future periods to differ materially from any express or implied estimates or projections. Disclaimer: 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. Unverified information: This presentation may contain information (including information derived from publicly available sources) that has not been independently verified by the Company.
Corporate Summary Gold Road Board 4 Year Share Price Performance Tim Netscher Non-Executive Chairman Ian Murray Managing Director & CEO Justin Osborne Executive Director – Exploration & Growth Sharon Warburton Non-Executive Director Brian Levet Non-Executive Director (appointed 1 August 17) Hayden Bartrop Joint Company Secretary Carol Marinkovich Joint Company Secretary Capital Structure Shareholder Base (Top 20 = 60%) Substantial Shareholders: 872M 1 Issued Shares ▪ Gold Fields Ltd 10% ▪ Board and Australasia Sun Valley Gold ~10% 6.0M 1 Performance Rights Management ▪ Mason Hill/Equinox ~7% 2% UK and Europe ▪ Van Eck ~5% Retail Unlisted Options 3.5M 1 ▪ 1832 Asset Management ~4% North America 37% Research: Board and Management A$619M 2 Market Cap ▪ Argonaut Retail ▪ Bell Potter A$254M 1,3 Cash & Equivalents ▪ RBC Capital Corporate ▪ Morgan Stanley North America ▪ 32% Macquarie ▪ Corporate Canaccord 12% ▪ Haywood Securities 1 As at 30 June 2017 ▪ Baillieu Holst 2 As at 29 September 2017, based on last close price of A$0.71 per share UK and Europe Australasia ▪ Fat Prophets 3 As at 30 June 2017, the Company had A$310.7 million in cash, term deposits and current receivables 6% 11%
Yamarna – Realising a World Class Gold Endowment 30 years of exploration & no mining 120 years of exploration & mining 120 years of exploration & mining 125 years of exploration & mining Our tenements ~5,500 km 2 – owned 100% and in JV – cover an entire Yilgarn Greenstone Belt ▪ ▪ After 12 years of modern exploration Yamarna remains an immature exploration district ▪ Gruyere – cost of <A$10/oz sold to Gold Fields for A$200/oz ▪ Gruyere JV – triggered A$30M exploration budget
Gruyere Joint Venture ▪ Gold Road and Gold Fields 50:50 Joint Venture 144 km 2 out of ~5,500 km 2 ▪ ▪ Gold Fields managing construction and operations ▪ Joint Steering and Management Committees ▪ 13 year mine life, 270 koz pa at A$945/oz (US$690/oz) AISC ▪ Total Capex A$532M in line with Feasibility Study (Oct 2016) ▪ Gold Road fully funded to production – zero debt ▪ Project upside - 8.5 Mtpa vs FS Design 7.5 Mtpa mills
Aerial view of cleared TSF Gruyere Joint Venture Update ▪ Capex A$532M (3.5% increase) Gruyere Stage 1 Pit pre-strip o Improved operational efficiencies o Milling circuit increased to 8.5 Mtpa ▪ Gruyere Village completed and commissioned o 648 rooms and facilities Gruyere Airstrip and Village ▪ Plant EPC commenced Mine Village o Amec Foster Wheeler Civmec JV o 30% engineering completed ▪ Bulk Earthworks Civils commenced o MACA progressing ahead of schedule ▪ Power BOO Contract awarded to APA Construction Village o Design, build, own and operate contract o 198 km pipeline and 45 MW gas-fired power station ▪ Mining Tender to be awarded Q4 2017 o Shortlisted Concrete batch plant commissioned and operating
Gruyere JV Development Schedule Q4 2017 Q4 2018 Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Project Funding via Gruyere JV with Gold Fields ✓ Project Funding Complete Permits received and Approvals in place ✓ Construction Permits and Approvals Contract ✓ EPC Construction 1 Engineering & Construction – Processing Plant and Infrastructure Commissioning Awarded Contract ✓ Bulk Earthworks, Bulk Earthworks 2 Tailings Dam Construction Roads & Airstrip Awarded Contract ✓ Gas Pipeline and Power 3 Construction of Pipeline and Power Station Awarded First Procurement of Mining Equipment Pre-strip and Mine Mining Contract 4 Tender and Award Gold Q1 Development Construction of Haul Roads and Mine Infrastructure 2019 Commence Operations Mining 1. EPC awarded to Amec-Foster Wheeler/Civmec JV as a Fixed-Price, Lump-Sum contract. 100% of steel work to be fabricated at Civmec Henderson facility in WA (ASX announcement dated 16 June 2017) 2. Bulk Earthworks awarded to MACA (local WA mining and civils contractor) as a Schedule of Rates contract (ASX announcement dated 3 April 2017) 3. Power contract awarded as a BOO contract to APA (ASX announcement dated 21 June 2017) 4. Mining contract tender underway, to be awarded in Q4 2017 Major milestones
Future Exploration ▪ Total A$30M Budget for 2017 ▪ Focus on discovery of standalone deposits ▪ Accelerating North Yamarna exploration ▪ Follow-up two years Regional testing ▪ Target 2 Moz deposits on South Yamarna JV ▪ High margin Reserve focus for Gruyere JV Yamarna Exploration Camp – January 2017
Yamarna – Committed to Greenfields Exploration ▪ Australia’s largest Greenfields Gold exploration project ▪ Strategy to discover and develop World class gold mines GJV (50:50) ▪ Mix of reconnaissance to resource drilling programmes Budget 2017: North Yamarna (100%) A$11M Budget 2017: A$15M ▪ Budgeted 280,000 metres drilling for 2017 (A$30M) ▪ Aircore ramp-up behind schedule – Forecasting ~150,000 metres ▪ North Yamarna (~3,000 km 2 ) – 100% Gold Road ▪ South Yamarna JV (50:50) – targeting >2 Moz under deep cover SYJV (50:50) Budget 2017: ▪ Gruyere JV (50:50) – High margin reserves and extend mine life A$3.5M ▪ Gruyere consumed most activity 2013-2016 ▪ Most additional work pre-2017 on Camp Reconnaissance only
Comparative Scale to Peer Explorers Cardinal Resources Namdini Project, Ghana >3 Moz and growing 40km TerraX Minerals 6.8 Moz Yellowknife Project NW Territories Canada 40 km strike extent Along strike from 14 Moz Con & Giant Mines 40km West African Resources 40km Sanbrodo Gold Project Burkina Faso Breaker Resources >1 Moz and growing Roe Hills Project 40km Western Australia >100,000 metres drilling All projects illustrated at same Maiden Resource pending scale as Gold Road’s Yamarna Project 40km Derived from Company filings
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