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Annual General Meeting ‘25 DUNCAN GIBBS – MD & CEO PRESENTATION For personal use only
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DISCLAIMER IMPORTANT NOTICES Nature of this document: The purpose of this presentation is to provide general information about Gold Road Resources Limited (the ‘Company’ or ‘Gold Road’ or ‘GOR’). This document has been prepared by the Company and, 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. 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 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: Information in this Presentation does not constitute financial product, legal, tax or investment advice and is not a recommendation to investors or potential investors in relation to holding, purchasing or selling securities in the Company. This presentation, and the information contained within, does not take into account the individual investment objectives, financial situation and particular needs of any recipient. You may wish to seek independent legal, financial and taxation advice before taking any action based on the information contained in 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. The words “anticipate”, “believe”, “expect”, “project”, “forecast”, “estimate”, “likely”, “intend”, “outlook”, “should”, “could”, “may”, “target”, “plan” and other similar expressions are intended to identify forward-looking statements. 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. 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. To the maximum extent permitted by, 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, or in connection with, 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. For personal use only
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Previously Disclosed Information - Listing Rules Compliance Statement: The information in this presentation that relates to: 1. Mineral Resource and Ore Reserve estimates for Gruyere Joint Venture are extracted from the Company's ASX announcement entitled ‘2024 Annual Mineral Resource and Ore Reserve Statement’ released to the ASX on 23 January 2025 which is available on the Company's website www.goldroad.com.au; 2. Mineral Resource and Ore Reserve estimates for Yamarna which includes Gilmour are extracted from the Company's ASX announcement entitled ‘2024 Annual Mineral Resource and Ore Reserve Statement’ released to the ASX on 23 January 2025 which is available on the Company's website www.goldroad.com.au; and in each case, the Company confirms that it is not aware of any new information or data that materially affects the information included in the market announcements and that all material assumptions and technical parameters underpinning the Mineral Resource estimates, Ore Reserve estimates in the market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the competent persons’ findings are presented have not been materially modified from the original announcements. The information in this presentation that relates to the Gilmour Production target including forecast financial information derived from that production target are extracted from the Company's ASX announcement entitled ' Gilmour Gold Project PFS & Maiden Ore Reserve’ released to the ASX on 20 January 2025 which is available on the Company's website www.goldroad.com.au. The Company confirms that all material assumptions underpinning that production target, as well as the forecast financial information derived from that production target, continue to apply and have not materially changed. The Company confirms that the form and context in which the competent persons’ findings are presented have not been materially modified from the original announcement. Refer to the Appendices to this Presentation for the table of Ore Reserve estimates and Mineral Resource estimates. Unverified information: This presentation may contain information (including information derived from publicly available sources) that has not been independently verified by the Company. Non-IFRS Financial Information: The Company results are reported under International Financial Reporting Standards (‘IFRS’). This presentation also includes non-IFRS information including EBITDA, free cash flow and underlying profit. The non-IFRS information has not been subject to audit or review by the Company’s external auditors and recipients are cautioned not to place undue reliance on nay non-IFRS financial measures included in this presentation. Financial information: All financial information is expressed in Australian dollars (AUD, $ or A$) unless stated otherwise. A number of figures, amounts, percentages, estimates, calculations of value and fractions in the presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation. Authorised release: This presentation has been approved for release by the Board. DISCLAIMER IMPORTANT NOTICES For personal use only
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ProducedShareholders Corporate Profile Board of Directors Leadership Team Tim Netscher Non-Executive Chairman (Independent) Duncan Gibbs Managing Director & CEO Brian Levet Non-Executive Director (Independent) Maree Arnason Non-Executive Director (Independent) Denise McComish Non-Executive Director (Independent) 1 As at ASX close on 14 May 2025 2 As reported 31 March 2025 3 At Market Value on 14 May 2025 John Mullumby Chief Financial Officer Julie Jones General Counsel & Company Secretary Brian Massey General Manager – IR & Corporate Development Sharon Goddard General Manager – Social Performance & External Relations Jeff Dang General Manager – Projects & Technical Mark Lindsay General Manager – Discovery Jessica Logan General Manager – People & Culture Keely Woodward Joint Company Secretary 29% 26% 26% 9% Retail Australian Institutions North American Institutions UK & European Institutions Analyst Coverage Argonaut Jefferies Moelis Goldman Sachs Barrenjoey Macquarie Qvalue Euroz Hartleys Bell Potter Ord Minnett BofAML UBS Canaccord RBC MST JP Morgan PAGE | 4 Capital Structure Market Cap A$3,520M1 Cash & Equivalents A$204M2 Debt Drawn nil Hedging nil Liquid Investments A$914M3 For personal use only
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Gold Fields Transaction For personal use only
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The Gold Road Board unanimously recommends that shareholders vote in favour of the Scheme, in the absence of a superior proposal and subject to an independent expert concluding in the Independent Expert’s Report, and continuing to conclude, that the Scheme is in the best interests of Gold Road Shareholders Note: See Gold Road ASX Announcement ‘Gold Road Enters into Scheme Implementation Deed with Gold Fields’ dated 5 May 2025. (1) Actual Northern Star price paid by Gold Fields will be based on the prevailing 5-day volume weighted average price (VWAP) immediately of Northern Star prior to the Scheme becoming effective (2) Being the last trading date prior to the initial non-binding indicative proposal from Gold Fields was made public. (3) In the absence of a superior proposal emerging. (4) Supporting Shareholders include UniSuper Limited as Trustee for UniSuper (28,494,371 ordinary shares), Yarra Capital Management Group (27,812,019 ordinary shares), First Sentier Investors (Australia) IM Ltd (18,572,354 ordinary shares) and Perpetual Asset Management (6,758,161 ordinary shares). (5) In the absence of a superior proposal emerging. Subject to an independent expert concluding, and continuing to conclude, that the Scheme is in the best interests of Gold Road shareholders On 4 May 2025, Gold Road entered into a binding scheme implementation agreement with Gold Fields (“Scheme”) Gold Road shareholders to receive: − Fixed cash consideration of A$2.52 per share; plus − Variable cash consideration equal to the proportionate shareholding in Northern Star, valued at A$0.83/sh as at 14 May 2025(1) As at 14 May 2025, the total Scheme Consideration is valued at A$3.35/sh Gold Road intends to declare a fully franked special dividend to extract the full value of franking credits for shareholders − Based on the franking account balance as at 2 May 2025, special dividend of ~A$0.35/sh (total ~A$379 million) could be payable − The final amount will be determined by Gold Road’s franking account balance at the relevant time, with a corresponding reduction in the cash consideration that would otherwise be payable under the Scheme. The consideration proposed under the Scheme is a ‘best and final’ price, Gold Fields will not increase this further (3) Shareholders representing 7.5%(4) of Gold Road’s total shares outstanding intend to vote in favour of the Scheme(5) $2.38 $2.52 $2.45 $3.05 $3.35 $3.35 $3.35 $3.35 41% premium 33% premium 10% premium PREMIA IMPLIED ASSUMING SCHEME WAS EFFECTIVE 14 MAY 2025 Total Scheme Consideration Undisturbed Last Closing Share Price on 21-Mar-25(2) 30-day VWAP up to and including 21-Mar-25(2) 3-month VWAP up to and including 21-Mar-25(2) Total Scheme Consideration Total Scheme Consideration Total Scheme Consideration Value under Initial NBIO announced 24-Mar-25 37% premium Gold Fields Scheme For personal use only
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Note: See Gold Road ASX announcement ‘Gold Road Enters into Scheme Implementation Deed with Gold Fields’ dated 5 May 2025 Action Estimated Date First Court Hearing August 2025 Dispatch Scheme Booklet to Gold Road Shareholders August 2025 Scheme Meeting September 2025 Second Court Hearing September 2025 Effective Date September 2025 Scheme Record Date October 2025 Implementation Date October 2025 A Scheme booklet containing important information in relation to the Scheme and the Scheme Meeting, including the reasons for the Gold Road Board’s unanimous recommendation, and the Independent Expert’s Report, is expected to be sent to Gold Road shareholders in the coming months The Scheme is subject to (among other things) approval by Gold Road shareholders at the Scheme Meeting, which is anticipated to be held in September 2025 If the Scheme is approved by Gold Road shareholders and the other conditions precedent are satisfied or waived, the Scheme is expected to be implemented in October 2025 An indicative timetable, which is subject to change, is set out adjacent Process and Indicative Timetable Gold Road Shareholders do not need to take any action in relation to the Scheme at this time For personal use only
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2024 Performance For personal use only
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2024 RECORD FINANCIAL PERFORMANCE See ASX announcements 29 January 2025, 20 January 2025, 28 January 2025 and 21 February 2025 *100% basis. +Gold Road Attributable AISC 1Lost Time Injury Frequency Rate (LTIFR) over 12 months for Gold Road only 2 Cash & Equivalents (as at 31 December 2024) represents Cash, Bullion, and Doré 3 Listed Investments valued on market on 31 December 2024 (ASX:DEG, YRL & ICL) Gruyere Underground Drilling Commenced Safe & Sustainable Production LTIFR : ZERO1 Free Cash Flow $92M NPAT $143M EBITDA $294M Investment Portfolio valued at $742M3 Debt Free, Hedge Free Cash & Equivalents $174M2 CY24 Production: 287,270oz* AISC: A$2,211/oz+ Gilmour Maiden OR Gilmour PFS shows Significant Value Dividend of 1.5cps Paid every Half since inaugural Dividend in 2020 PAGE | 9 For personal use only
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2024: Momentum Building PAGE | 10 Financials Unit H1 24 H2 24 CY24 CY23 H1 24 v H2 24 % Change CY23 v CY24 % Change Revenue A$M 212 316 528 472 49% 12% EBITDA A$M 94 200 294 250 113% 18% EBITDA Margin % 44 63 56 53 43% 6% NPAT A$M 43 100 143 116 133% 23% Operating Cash Flow A$M 68 183 251 234 169% 7% Free Cash Flow A$M (4) 96 92 140 n/a (34%) Cash A$M 79 166 166 144 110% 15% Borrowings A$M - - - - - - Investments A$M 478 742 742 465 55% 60% Dividends (fully franked) cps 0.5 1.5 2.0 2.2 200% (9%) Gold Road operations on a calendar year basis Free Cash Flow is cash flow before dividends, debt and investments See ASX announcements dated 23 February 2024, 26 August 2024 and 21 February 2025 For personal use only
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Underlying and Total Earnings Record Annual Net Profit & Total Comprehensive Earnings $116 $56 -$9 -$8 -$7 -$3 -$2 $143 $154 $297 NPAT Dec 23 Revenue Tax Cost of Production Corporate Finance Exp Royalties NPAT Dec 24 Investment Revaluation (after tax) Comprehensive Profit Dec 24 2024 NPAT & EARNINGS (A$M) See ASX announcement dated 21 February 2025 For personal use only
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Financial Performance PAGE | 12 Underlying Earnings and Shareholder Earnings Hitting Records - 40,000 80,000 120,000 160,000 200,000 H1 21 H2 21 H1 22 H2 22 H1 23 H2 23 H1 24 H2 24 AUD $'000 Record half for EBITDA in H2 24 of $200M Consistent strong growth with EBITDA growing by 145% from 2021 - 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 H1 21 H2 21 H1 22 H2 22 H1 23 H2 23 H1 24 H2 24 cents per share All-time record Earnings per Share of over 9 cents in H2 24 EPS has more than quadrupled over last four years EBITDA EPS$200M $9.19cps Earnings per share is Net Profit after Tax divided by the weighted average number of shares outstanding during the period See ASX announcements dated 9 September 2021, 28 March 2022, 30 August 2022, 23 February 2023, 28 August 2023, 23 February 2024, 26 August 2024 and 21 February 2025 For personal use only
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Cash Flows PAGE | 13 Record Free Cash Flow Driven by Record Margins Strong positive growing momentum in free cash flows year on year Impact of rainfall in H1 24 is clear - 300 600 900 1,200 1,500 1,800 2,100 H121 H221 H122 H222 H123 H223 H124 H224 $AUD per oz Consistent steady growth in AISC margin to over A$1,800/oz in H2 24 Trending to a margin of over A$2,000/oz in 2025 Gold Road AISC is clean - no hidden growth capex AISC MARGIN A$1814/oz -10,000 10,000 30,000 50,000 70,000 90,000 110,000 H1 21 H2 21 H1 22 H2 22 H1 23 H2 23 H1 24 H2 24 AUD $'000 AISC margin is the per ounce profitability after deducting all-in sustaining costs for the quarter from the weighted average realised gold price from sales for the quarter See ASX announcements dated 9 September 2021, 28 March 2022, 30 August 2022, 23 February 2023, 28 August 2023, 23 February 2024, 26 August 2024 and 21 February 2025 FCF $96M For personal use only
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Capital Growth and Discipline PAGE | 14 Strong Balance Sheet and Liquidity Underpins Shareholder Value 0 10 20 30 40 50 60 70 80 90 H120 H220 H121 H221 H122 H222 H123 H223 H124 AUD $'000 CUMULATIVE DIVIDENDS Strong capital discipline Balance sheet strength >$800M since 2020 Driven by growth in liquid assets of cash, equivalents and investments of $782M over last 4 years Debt free Dividend policy of 15-30% of free cash flows 9 consecutive dividends since launched in 2020 2024 dividends represent 24% of free cash flows Total Shareholder Return (TSR) of 61% Dec 2020 to Dec 2024 > $80M Returned to Shareholders See ASX announcements dated 9 September 2021, 28 March 2022, 30 August 2022, 23 February 2023, 28 August 2023, 23 February 2024, 26 August 2024 and 21 February 2025 -200 - 200 400 600 800 1,000 1,200 1,400 1,600 H1 21 H2 21 H1 22 H2 22 H1 23 H2 23 H1 24 H2 24 AUD $'000 Liquid assets Other assets Total liabilities Net assets NET ASSETS For personal use only
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Growing Reserves & Resources PAGE | 15 Attributable Growth after Mining Depletion of +5% Refer to ASX Announcement dated 23 January 2025 1 Improvements to geology model, incorporation of new drilling and updated economic assumptions 2 As above, plus deeper constraining pit shell, Gruyere UG -217 koz due to larger OP shell 3 Primarily due to larger pit shell at Attila OP driven on new drilling and updated economic assumptions Ore Reserve Growth of +86 koz (+5%) Addition of Gilmour +192 koz Improvements & updates to Gruyere +48 koz1 Resource Growth of +312 koz (+6%) Improvements & updates to Gruyere +561 koz2 New drilling & updates to Golden Hwy +149 koz3 For personal use only
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PAGE | 16 Yamarna Mine Readiness Project Continuing the development 100% owned Yamarna assets PFS demonstrates a 5-year project that generates: Life of mine free cash flow of $377 million NPV5 of $231 million at a gold price of A$3,500/oz ~50 kozpa at average AISC of A$2,004/oz Establishment Capex of A$36 million High-grade Ore Reserve of 0.19 Moz at 4.10 g/t Au Targeting being shovel ready by late 2026 – providing options for ore supply Location of Gruyere Mill in relation to Yamarna Mine Readiness Project See ASX announcements dated 20 January 2025 and 29 January 2025 Gilmour Project PFS & Maiden Reserve For personal use only
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PAGE | 17 See ASX announcement dated 28 March 2025 Gruyere Underground Initial drilling results confirm the quality, consistency and continuity of the Gruyere Ore Body at depth For personal use only
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National Exploration Portfolio Diverse Prospective Portfolio across Australia For personal use only
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PAGE | 19 Delivering Sustainable Production Female Board Members % Female Employees Community Investment & Development ~A$769k Financial support and In-kind Safe & Sustainable Production: LTIFR: 2.41 BRONZE Australasian Reporting Awards Sustainability Reporting Fourth Year Member 1Gold Road 100% and Gruyere 50% attributable Refer to ASX announcements dated 26 March 2024 and 29 January 2025 35 2023 Winner Diversity & Inclusion Award 6% Aboriginal and Torres Strait Islander (of total Employees) Gold Road Resources Limited Metals & Mining 63/100 February 5, 2025 ISO 50001 Energy ISO 45001 Safety ISO 14001 Environment Zero Reportable Environmental Incidents Compliant with Regulations, Licenses & Legislation For personal use only
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Delivering Shareholder Value For personal use only
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2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Share Price Performance Prices and indices indexed to 100 as at 14 May 2015. Price movement only, does not include dividend payments for GOR or the ASX 200 Source: Bloomberg Gold Road’s share price has materially outperformed the gold price and the ASX 200 over the past 10 years Indexed to 100 PAGE | 21 2024 Rain Event ← Aug 2014 Gruyere Maiden Mineral Resource Gruyere PFS & Yilka NT Agreement Feb-May 2016 Oct – Nov 2016 • FS Study Completed • Mining Leases Granted • Native Title Agreement • Gruyere JV Established Plant Construction Commences 2017 June 2019 Sep 2020 Gold Road Maiden Dividend DGO Acquisition April 2022 Mar 2024 Gold Road ASX 200 COVID-19 Sep 2019 Gruyere First Gold DEG Scheme Announced Gilmour PFS May 2025 Jan 2025 Gold Fields Scheme Announced 2015 $0.43 2025 $3.24648% ASX:GOR 2015 US$1,221/oz 2025 US$3,178/oz160%Au $US/oz 2015 5,697 2025 8,28045%ASX 200 $1,000 $7,483 For personal use only
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Value Creation Relative to Peers 1. Peers include: EVN, NST, RMS, RRL, RMS, VAU, WGX 2. Share price 14 May 2015 to 14 May 2025. Where there is less than 10 years trading history, the first and last trading date share price has been used to calculate returns for peers Source: Bloomberg and IRESS PAGE | 22 A unique combination of asset quality, management and financing strategy has enabled GOR to deliver higher cumulative returns than most peers since 2015 1,2 1,744% 748% 648% 590% 401% 260% 57% 18% Peer 1 Peer 2 GOR Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 TEN YEAR SHARE PRICE PERFORMANCE For personal use only
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Maiden Resource Declared in 2014 with Gruyere PFS and Yilka agreement in place shortly after1 Gruyere JV DGO Acquisition PAGE | 23 Long Term Value Creation The Gold Road Strategy has always focused on low risk, high value options over the long term and has delivered out- performance over the past decade A non-dilutive, low debt option to develop the world class Gruyere mine Included a strategic position in De Grey Mining and subsequent placement resulting in a ~100 per cent return on invested capital2 Gold Fields SID A 43 per cent premium to the undisturbed share price and additional 12 per cent consideration compared to the original offer 3 1. See Gold Road ASX announcements dated 4 August 2014 and 4 May 2016 2. See Gold Road ASX announcements 4 August 2022 and 6 October 2022 3. See Gold Road ASX announcement 5 May 2025 Company Highlights For personal use only
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Appendices For personal use only
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Gruyere Project Joint Venture - 100% basis Gold Road Attributable Project Name / Category Tonnes Grade Contained Metal Tonnes Grade Contained Metal (Mt) (g/t Au) (Moz Au) (Mt) (g/t Au) (Moz Au) Gruyere JV Mineral Resources Gruyere OP Total 136.96 1.37 6.05 68.48 1.37 3.02 Measured 16.19 1.19 0.62 8.10 1.19 0.31 Indicated 81.13 1.38 3.59 40.56 1.38 1.79 Measured and Indicated 97.32 1.35 4.21 48.66 1.35 2.11 Inferred 39.64 1.44 1.84 19.82 1.44 0.92 Golden Highway + YAM14 OP Total 19.52 1.56 0.98 9.76 1.56 0.49 Indicated 15.87 1.58 0.80 7.94 1.58 0.40 Measured and Indicated 15.87 1.58 0.80 7.94 1.58 0.40 Inferred 3.65 1.49 0.17 1.83 1.49 0.09 Central Bore UG 0.47 7.64 0.12 0.24 7.64 0.06 Inferred 0.47 7.64 0.12 0.24 7.64 0.06 Total Gruyere JV 156.95 1.42 7.14 78.48 1.42 3.57 Measured 16.19 1.19 0.62 8.10 1.19 0.31 Indicated 97.00 1.41 4.39 48.50 1.41 2.20 Measured and Indicated 113.19 1.38 5.01 56.60 1.38 2.51 Inferred 43.76 1.51 2.13 21.88 1.51 1.06 Gruyere Underground Mineral Resource – Gold Road Attributable Gruyere UG Inferred 15.02 1.58 0.76 Total Gruyere Underground 15.02 1.58 0.76 PAGE | 25 Mineral Resource Table – Gruyere As at 31 December 2024 Extracted from ASX Announcement dated 23 January 2025 entitled ‘2024 Annual Mineral Resource and Ore Reserve Statement’. See Previously Disclosed Information on page 3 of this presentation. For personal use only
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Gruyere Project Joint Venture – 100% Basis Gold Road Attributable Project Name / Category Tonnes (Mt) Grade (g/t Au) Contained Metal (Moz Au) Tonnes (Mt) Grade (g/t Au) Contained Metal (Moz Au) Gruyere JV Ore Reserves Gruyere OP Total 76.72 1.29 3.19 38.36 1.29 1.59 Proved 16.21 1.16 0.60 8.10 1.16 0.30 Probable 60.51 1.33 2.58 30.26 1.33 1.29 Golden Highway Total 6.55 1.28 0.27 3.27 1.28 0.13 Probable 6.55 1.28 0.27 3.27 1.28 0.13 Total Gruyere JV 83.27 1.29 3.45 41.63 1.29 1.73 Proved 16.21 1.16 0.60 8.10 1.16 0.30 Probable 67.06 1.32 2.85 33.53 1.32 1.43 Gold Road Yamarna 100% Ore Reserves Gilmour OP Total 0.82 2.18 0.06 Probable 0.82 2.18 0.06 Gilmour UG Total 0.64 6.57 0.13 Probable 0.64 6.57 0.13 Total Gilmour OP + UG 1.45 4.10 0.19 Probable 1.45 4.10 0.19 Gold Road Attributable Ore Reserves Total Gold Road Attributable 43.09 1.39 1.92 Measured 8.10 1.16 0.30 Indicated 34.98 1.44 1.62 Ore Reserve Table – Gruyere JV & Gold Road Attributable As at 31 December 2024 Notes: The Gruyere JV is a 50:50 joint venture between Gold Road and Gruyere Mining Company Pty Limited, a wholly owned Australian subsidiary of Gold Fields Ltd. Figures are reported on a 100% basis unless otherwise specified, 50% is attributable to Gold Road. Gold Road holds an uncapped 1.5% net smelter return royalty on Gold Fields’ share of production from the Gruyere JV once total gold production exceeds 2 million ounces. Extracted from ASX Announcement dated 23 January 2025 entitled ‘2024 Annual Mineral Resource and Ore Reserve Statement’. See Previously Disclosed Information on page 3 of this presentation. PAGE | 26 For personal use only
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Gold Road Attributable Project Name / Category Tonnes Grade Contained Metal (Mt) (g/t Au) (Moz Au) Renegade 1.86 1.13 0.07 Inferred 1.86 1.13 0.07 Gilmour OP 0.87 2.26 0.06 Indicated 0.71 2.50 0.06 Measured and Indicated 0.71 2.50 0.06 Inferred 0.16 1.19 0.01 Gilmour UG 0.83 7.99 0.21 Indicated 0.46 9.59 0.14 Measured and Indicated 0.46 9.59 0.14 Inferred 0.36 5.94 0.07 Smokebush 1.09 2.61 0.09 Inferred 1.09 2.61 0.09 Warbler 0.62 2.14 0.04 Inferred 0.62 2.14 0.04 Total Gold Road 100% Owned 5.27 2.82 0.48 Indicated 1.18 5.30 0.20 Measured and Indicated 1.18 5.30 0.20 Inferred 4.10 2.10 0.28 Total Gold Road Attributable (50% & 100% owned) 98.77 1.52 4.81 Measured 8.10 1.19 0.31 Indicated 49.68 1.50 2.40 Measured and Indicated 57.77 1.46 2.71 Inferred 41.00 1.60 2.10 Mineral Resource Table – Yamarna (Gold Road 100%) As at 31 December 2024 Extracted from ASX Announcement dated 23 January 2025 entitled ‘2024 Annual Mineral Resource and Ore Reserve Statement’. See Previously Disclosed Information on page 3 of this presentation. PAGE | 27 For personal use only
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Mineral Resource & Ore Reserve Notes As at 31 December 2024 Ore Reserve Notes: OP = Open Pit and UG = Underground All Ore Reserves are completed in accordance with the 2012 JORC Code Edition. All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding. Ore Reserves are depleted for mining. Gruyere Proved category includes Surface Stockpiles (2.91 Mt at 0.87 g/t Au for 0.08 Moz) Ore Reserves are reported above cut-off grades and constrained within detailed mine designs derived from mining (including dilution and mining recovery), haulage and processing costs and metallurgical recovery and geotechnical parameters as defined by operational, FS and/or PFS study data. Mineral Resource Notes: OP = Open Pit and UG = Underground All Mineral Resources are completed in accordance with the JORC Code 2012 Edition. All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding. Mineral Resources are inclusive of Ore Reserves and depleted for mining. Gruyere Measured category includes Surface Stockpiles (2.91 Mt at 0.87 g/t Au for 0.08 Moz) All Mineral Resources are constrained by optimised shapes to determine the portion of the total mineralised inventory within the resource model that has a reasonable prospect of eventual economic extraction. Open pits have no allowance for ramps, dilution or mining recovery. Undergrounds include a minimum mining width and are reported as diluted tonnage and grade with no allowance for pillars or mining recovery. Cut -off grades allow for mining, haulage and processing costs and metallurgical recovery based on operational, FS, PFS and/or benchmark study data Underground Mineral Resources are reported with diluted tonnages and grades based on minimum stope widths. Extracted from ASX Announcement dated 23 January 2025 entitled ‘2024 Annual Mineral Resource and Ore Reserve Statement’. See Previously Disclosed Information on page 3 of this presentation. PAGE | 28 For personal use only