Ore Reserve and Mineral Resource Statements

ORE RESERVE AND MINERAL RESOURCE ESTIMATE

Ore Reserve Estimate – December 2020

Gruyere Joint Venture – 100% basisGold Road Attributable
Project Name / CategoryTonnes
(Mt)
Grade
(g/t Au)
Contained Metal
(Moz Au)
Tonnes
(Mt)
Grade
(g/t Au)
Contained Metal
(Moz Au)
Gruyere Open Pit Total79.781.243.1739.891.241.58
Proved16.101.020.538.051.020.26
Probable63.671.292.6431.841.291.32
Golden Highway Total7.071.350.313.541.350.15
Proved
Probable7.074.350.3313.541.350.15
Total Gruyere JV86.851.243.4843.431.241.74
Proved16.101.020.538.051.020.26
Probable70.751.302.9535.371.301.47

Gruyere JV Mineral Resource Estimate – December 2020

Gruyere Project Joint Venture – 100% basisGold Road Attributable
Project Name / CategoryTonnes
(Mt)
Grade
(g/t Au)
Contained Metal
(Moz Au)
Tonnes
(Mt)
Grade
(g/t Au)
Contained Metal
(Moz Au)
Gruyere Open Pit Total135.541.315.7367.771.312.86
Measured15.901.060.547.951.060.27
Indicated111.071.354.8155.531.352.40
Measured and Indicated126.971.315.3563.491.312.67
Inferred8.561.370.384.281.370.19
Golden Highway + YAM14 Total20.031.370.8910.021.370.44
Measured0.000.000.000.00
Indicated13.661.420.626.831.420.31
Measured and Indicated13.661.420.626.831.420.31
Inferred6.371.280.263.191.280.13
Central Bore0.2413.050.100.1213.050.05
Measured
Indicated
Measured and Indicated
Inferred0.2413.050.100.1213.050.05
Total Gruyere JV155.811.346.7177.901.343.36
Measured15.901.060.547.951.060.27
Indicated124.731.355.4362.361.352.71
Measured and Indicated140.631.325.9770.321.322.98
Inferred15.181.520.747.591.520.37

Gruyere Underground Mineral Resource Estimate – February 2021 

Gold Road Attributable
Project Name / CategoryTonnes
(Mt)
Grade
(g/t Au)
Contained Metal
(Moz Au)
Gruyere UG Total 18.471.470.87
Inferred18.471.470.87

Gold Road 100% Yamarna Mineral Resource Estimate – December 2020

Gold Road Attributable
Project Name / CategoryTonnes
(Mt)
Grade
(g/t Au)
Contained Metal
(Moz Au)
Renegade0.931.300.04
Inferred0.931.300.04
Gilmour OP1.822.210.13
Measured
Indicated0.425.810.08
Measured and Indicated0.425.810.08
Inferred1.401.130.05
Gilmour UG0.785.130.13
Measured
Indicated0.304.330.04
Measured and Indicated0.304.330.04
Inferred0.495.620.09
Total Gold Road 100% Owned3.532.620.30
Measured
Indicated0.725.200.12
Measured and Indicated0.725.200.12
Inferred2.821.960.18
Total Gold Road Attributable99.911.414.53
Measured7.951.060.27
Indicated63.081.402.83
Measured and Indicated71.031.363.10
Inferred28.871.531.42

Gold Road Attributable Mineral Resource Estimate – December 2020 and February 2021 

Gold Road Attributable
Project Name / CategoryTonnes
(Mt)
Grade
(g/t Au)
Contained Metal
(Moz Au)
Total Gold Road Attributable 99.911.414.53
Measured 7.951.060.27
Indicated63.081.402.83
Measured and Indicated 71.031.363.10
Inferred28.871.531.42

Notes for Ore Reserve Statement December 2020

  • 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. All dollar amounts are in Australian dollars unless otherwise stated
  • Gruyere Proved category includes Surface Stockpiles. Ore Reserves are depleted for mining
  • 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
  • The pit design for reporting the Gruyere Ore Reserve is essentially unchanged from the 2016 feasibility study and is unchanged from the previous Ore Reserve statement. The Ore Reserve is reported using the 2020 Mineral Resource model constrained within the pit design (which is derived from a A$1,500 per ounce optimisation) and with Ore Reserves reported at A$1,750 per ounce gold price
  • The Ore Reserve for the Golden Highway deposits which include Attila, Argos, Montagne and Alaric is constrained within an A$1,750 per ounce mine design derived from mining, processing and geotechnical parameters as defined by PFS and operational studies
  • The Ore Reserve is evaluated using variable cut off grades: Gruyere – 0.5 g/t Au (fresh), 0.4 g/t Au (oxide and transition). Attila – 0.6 g/t Au (fresh), 0.5 g/t Au (oxide and transition). Argos – 0.6 g/t Au (fresh and transition), 0.5 g/t Au (oxide). Montagne – 0.6 g/t Au (fresh), 0.5 g/t Au (oxide and transition). Alaric – 0.6 g/t Au (fresh), 0.5 g/t Au (oxide and transition)
  • Ore block tonnage dilution and mining recovery estimates: Gruyere – 5% and 98%. Attila – 16% and 96%. Argos – 9% and 88%. Montagne – 9% and 93%. Alaric – 21% and 94%

Notes for Mineral Resources Statements December 2020 and February 2021

  • 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. Gruyere Measured category includes Surface Stockpiles. Mineral Resources are depleted for mining
  • The Gruyere JV is a 50:50 joint venture between Gold Road and Gruyere Mining Company Pty Ltd, 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’s 50% attributable Mineral Resource for Gruyere Underground is reported independently of the Gruyere JV
  • All Open Pit Mineral Resources are reported at various cut-off grades allowing for processing costs, recovery and haulage to the Gruyere Mill. Gruyere and YAM14 – 0.4 g/t Au. Attila, Orleans, Argos, Montagne and Alaric – 0.5 g/t Au. Gilmour – 0.5 g/t Au. Renegade – 0.5 g/t Au
  • All Open Pit Mineral Resources are constrained within a A$2,000per ounce or A$1,850 per ounce optimised pit shell derived from mining, processing and geotechnical parameters from the Golden Highway PFS, the Gruyere FS and current Gruyere JV operational cost data. Gilmour and Renegade at A$1,850 per ounce gold price
  • The Underground Mineral Resource at Gruyere was evaluated by Gold Road in February 2021 based on the same estimation model used to estimate the Open Pit Mineral Resource reported as at 31 December 2020. The model was evaluated exclusively below the A$2,000 per ounce pit optimisation shell utilised to constrain the Open Pit Mineral Resource and is reported as 100% in the Inferred category
  • Underground Mineral Resources at Gruyere are constrained by Mineable Shape Optimiser (MSO) shapes of dimensions consistent with underground mass mining methods. The MSO shapes are optimised at cut-off grades based on benchmarked mining costs, current Gruyere operating costs and processing recoveries at a A$2,000 per ounce gold price.
  • Underground Mineral Resources at Gruyere considered appropriate for potential mass mining exploitation in the Central Zone are constrained within MSO shapes of 25 metre minimum mining width in a transverse orientation and 25 metre sub-level interval, and are optimised to a cut-off grade of 1.0 g/t Au
  • Underground Mineral Resources at Gruyere considered appropriate for potential mass mining exploitation in the Northern Zone are constrained within MSO shapes of 5 metre minimum mining width in longitudinal orientation and 25 metre sub-level interval, and are optimised to a cut-off grade of 1.5g/t Au
  • Underground Mineral Resources at Central Bore and Gilmour are constrained by 1.5 metre and 2.5 metre minimum stope widths respectively that are optimised to a 3.5 g/t Au cut-off reflective of an A$1,850 per ounce gold price
  • Diluted tonnages and grades are reported based on minimum stope widths
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