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GASCOYNE GR RESOURCES LIMITED ASX : GCY 20 April 2021 QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDED 31 MARCH 2021 Highlights : - Free cash flow generation of $ 9.4M for the quarter 19,203oz produced for the quarter ; 59,899oz FY2021 year to date 19,073oz sold at an average realised price of A $ 2,495 / oz ■ AISC $ 1,114 / oz for the quarter ; $ 1,224 / oz financial year to date On track for upper end of FY2021 production guidance of 70 - 80koz at an AISC of $ 1,200 - $ 1,300 / oz - Improved safety performance with TRIFR reducing to 9.0 704kt milled at feed grade of 0.92g / t Au and 92.5 % recovery for the quarter Exploration budget doubled to $ 6.3M Initial RC drilling success at Tanqueray deposit 2km from process plant Aircore drilling ongoing at prospects within 15km of Dalgaranga ■ > 30,000 metres drilled for the quarter " $ 19M of bank debt retired during the quarter ; bank debt now only $ 17.5M Net cash position of $ 9.5M with cash balance of $ 27.0M at quarter end ■ $ 15.6M mark - to - market gold hedge position at quarter end , with 50,212oz hedged at an average of $ 2,564 / oz over the next 18 months Process to formalise Company values completed and affirmed across the business Gascoyne Resources Limited ( " Gascoyne " or " Company " ) ( ASX : GCY ) is pleased to provide the following update on its activities for the quarter ending 31 March 2021 , including operating and cost performance at its 100 % owned Dalgaranga Gold Project ( " Dalgaranga " ) . The Company advises that it will be holding a teleconference to discuss the quarterly results at 10:00 am ( WST ) today , Tuesday , 20 April 2021. Dial - in and registration details to participate in the call are located at the end of this report . Gascoyne Managing Director and CEO , Mr Richard Hay , commented : " We are very pleased to have added another solid quarter of production with excellent cashflow and costs to remain on track to meet the upper end of production guidance for FY2021 of 70-80koz at an AISC of $ 1,200 - $ 1,300 / oz . The processing plant continues to exceed design capacity whilst maintaining a very low cost per tonne . Paying down $ 19M of debt further strengthened the balance sheet with net cash of $ 9.5M and a cash balance of $ 27M . " Our FY2021 exploration budget was doubled during the quarter and early drilling success at Tanqueray was a highlight , with an intersection of 9m @ 7.0g / t in one RC hole . With > 30,000m drilled during the quarter , assay results have been slow to come in due to the industry wide very high laboratory demand , and we look forward to reporting more results in the June quarter . The Company's values " Putting HEARTS into Mining " were formalised during the quarter through a thorough process of engaging with the Company's employees . " SHARE PRICE : $ 0.53 at 19 Apr 21 SHARES ON ISSUE : 250.9 million MARKET CAP : $ 133 million at 19 Apr 21 CASH : $ 27.0 million All dollar figures included in this report are Australian dollars unless otherwise stated DIRECTORS Richard Hay , Managing Director & CEO George Bauk , Non - Executive Chairman Rowan Johnston , Non - Executive Director MANAGEMENT David Coyne , CFO & Company Secretary David Baumgartel , Executive GM Operations and Development Julian Goldsworthy , Chief Geologist Gascoyne Resources Ltd ABN 57 139 522 900 PO Box 1449 West Perth WA 6872 Level 1 , 41-47 Colin Street West Perth WA 6005 +61 8 9481 3434 admin@gascoyneresources.com.au gascoyneresources.com.au