Gold Road Resources Achieves Record Year Amidst Challenges: Celebrates Safety Milestone and Strong Financial Performance

Gold Road Resources chairman, Tim Netscher, praised the company’s safe and profitable year, celebrating over 1,000 days without a lost-time injury at the Gruyere gold mine in Western Australia.

Speaking at Gold Road’s annual general meeting, Netscher noted that despite facing complex and uncertain times in 2023, Gruyere continued to operate effectively, leading to record gold sales of 161,472 ounces.

“These sales generated record earnings before interest, taxes, depreciation, and amortisation of $250.1 million,” Netscher said. “Record free cash flow generation of $140.2 million allowed us to continue making two dividend payments to shareholders during the year – the third consecutive year of interim and final dividends.”

Netscher also commended the company’s handling of sustained adverse weather events in the Goldfields region of WA in 2023.

“I must commend all parties for the professional management of operations at Gruyere earlier this year when the north-eastern Goldfields area was hit by significant and sustained rain in March. This forced the temporary cessation of open pit mining activities and the closure of access routes to Gruyere,” he said.

“The team’s performance in safely ramping down operations and then resuming to record mining rates following the rain was a tremendous achievement. I am confident that this team will successfully catch up on the production lost during this event, making me optimistic about achieving our annual production guidance.”

Additionally, 2023 marked a decade since Gold Road discovered the Gruyere deposit, and in April, Gruyere produced its one-millionth ounce of gold.