Gold Road will target annual dividend payments which in aggregate represent 15 – 30% of free cash flow for each calendar year, payable by way of two half yearly payments. Gold Road’s free cash flow is defined as cash flow before debt and dividends.

Declaration of any dividend will be subject to Gold Road maintaining a minimum net cash balance of A$100 million (after the payment of any dividend). 

The declaration of, or determination to pay, dividends remains at the absolute discretion of Gold Road’s Board of Directors after taking into account a number of factors, including but not limited to, Gold Road’s underlying financial performance and cash flow, commodity price expectations, balance sheet and treasury risk management, working capital needs and competing internal and external investment opportunities necessary for future growth, development and exploration. 

Gold Road intends to establish a Dividend Reinvestment Plan in due course, and may, from time to time, provide shareholders with the option to increase their shareholding by reinvesting all or part of any potential future dividend in additional Gold Road shares.