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GASCOYNE GR RESOURCES LIMITED QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDED 30 JUNE 2021 Highlights : - Binding agreement signed to acquire Firefly Resources Limited and consolidated ownership of shallow , higher - grade gold deposits and a large exploration package within trucking distance of Dalgaranga Free cash flow generation of $ 0.8M for the quarter ( excluding $ 3.3M cash received on 1 July 2021 ) 17,416oz produced for the quarter ; 77,278oz for FY2021 - meeting guidance 17,993oz sold at an average realised price of A $ 2,516 / oz AISC $ 1,589 / oz for the quarter ; $ 1,308 / oz for FY2021 - within guidance Significantly improved safety performance with TRIFR reducing to 4.0 655kt milled at feed grade of 0.98g / t Au and 84.0 % recovery for the quarter Updated Dalgaranga Mineral Resource Estimate of 25.0Mt @ 0.8 g / t Au for 648,900oz and updated Ore Reserve of 13.5Mt @ 0.8 g / t Au for 339,000oz > 16,000 metres drilled for the quarter at Dalgaranga , Greencock , Mt Egerton and Glenburgh Total cash , cash in transit and value of gold on hand ( 504oz ) as at 30 June 2021 was $ 27.9M - bank debt reduced to $ 14M Net cash position of $ 9.4M with cash of $ 23.4M at quarter end ( excluding $ 3.3M cash received on 1 July 2021 ) ■ $ 7.4M mark - to - market gold hedge position at quarter end , with 44,782oz hedged at an average of $ 2,528 / oz over the next 15 months Mr Hansjoerg Plaggemars appointed as Non - Executive Director Gascoyne Resources Limited ( " Gascoyne " or " Company " ) ( ASX : GCY ) is pleased to provide the following update on its activities for the quarter ending 30 June 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 11:00 am ( WST ) today , Friday , 23 July 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 : " In mid - June we announced the merger agreement with Firefly . We are very excited by the opportunity that this transaction will provide to Gascoyne . Access to shallow and higher - grade ore and a vast exploration package within trucking distance of Dalgaranga has the potential to be a game changer for Gascoyne over the next couple of years . " Our full year production result of over 77,000 ounces has been achieved on the back of an improved safety culture while overcoming a number of operational challenges in the June quarter including unseasonal inclement weather , availability of personnel and short - term mine plan adjustments . " We continue to embed our new Company's values of ‘ Putting HEARTS into Mining ' and it was pleasing to see the Gascoyne team displaying each of these values during the June quarter as we move into what is expected to be a stronger September quarter performance . " ASX : GCY 23 July 2021 SHARE PRICE : $ 0.33 at 22 Jul 21 SHARES ON ISSUE : 250.9 million MARKET CAP : $ 83 million at 22 Jul 21 CASH : $ 23.4 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 Hansjoerg Plaggemars Non - Executive Director MANAGEMENT David Coyne , CFO & Company Secretary David Baumgartel , Executive GM Operations and Development Julian Goldsworthy , Chief Geologist Tejal Magan , Head of Finance 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