Gold Road keen to build on foundations

Gold Road Resources managing director Duncan Gibbs is hopeful the mid-tier gold producer can build on its 2023 full-year performance. 

Despite the company's flagship Gruyere goldmine producing a historic 321,984 ounces of gold for the year, rising from 314,647oz in 2022, the target met the lower end of its 320,000-350,000oz annual guidance target. Gold Road's production during its December 2023 quarter hit 74,659oz, down from 88,668oz in September, primarily due to unexpected labour issues.

"Gruyere had a record-breaking year, though it also reminded us that more work is required to ensure this world-class asset sustainably delivers on its full potential," Mr Gibbs said in the company's 2023 annual report released on Tuesday.

"Gold Road and our Gruyere operating partner, Gold Fields, are taking the learnings from 2023 and focusing on addressing issues relating to the utilisation and reliability of blasting resources and labour availability as Gruyere enters a scheduled period of higher waste and ore volume movements from 2024 onwards."

The West Perth-based company told the market earlier this month that its March 2024 quarterly production at Gruyere had been impacted by heavy rain, although it said the 2024 annual production guidance of 300,000-335,000oz wouldn't be affected.

As of 9.33am AWST, Gold Road was trading at $1.58 per share, up 3 per cent.