Ore Reserve and Mineral Resource Statements

ORE RESERVE AND MINERAL RESOURCE ESTIMATE

Ore Reserve Estimate – December 2021

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 Total101.771.274.1650.891.272.08
Proved16.741.040.568.371.040.28
Probable85.031.323.6042.511.321.80
Golden Highway Total7.321.260.303.661.260.15
Proved
Probable7.321.260.303.661.260.15
Total Gruyere JV109.101.274.4554.551.272.23
Proved16.7401.040.568.371.040.28
Probable92.351.313.8946.181.311.95

Gruyere JV Mineral Resource Estimate – December 2021

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 Total152.611.336.5176.311.333.26
Measured16.621.070.578.311.070.29
Indicated106.331.354.6253.161.352.31
Measured and Indicated122.951.315.1961.471.312.60
Inferred29.671.381.3214.831.380.66
Golden Highway + YAM14 OP Total16.731.430.778.361.430.38
Indicated10.911.490.525.451.490.26
Measured and Indicated10.911.490.525.451.490.26
Inferred5.821.320.252.911.320.12
Central Bore UG Total Inferred0.2413.050.100.1213.050.05
Total Gruyere JV169.581.357.3884.791.353.69
Measured16.621.070.578.3110.70.29
Indicated117.231.375.1566.931.332.86
Measured and Indicated133.851.335.7266.931.332.86
Inferred35.721.451.6717.861.450.83

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 2021

Gold Road Attributable
Project Name / CategoryTonnes
(Mt)
Grade
(g/t Au)
Contained Metal
(Moz Au)
Renegade OP – Inferred1.861.130.07
Gilmour OP2.292.800.21
Indicated0.596.780.13
Inferred1.701.420.08
Gilmour UG0.595.140.10
Indicated0.064.170.10
Inferred0.535.250.09
Smokebush OP – Inferred1.092.610.09
Warbler OP – Inferred0.622.140.04
Total Gold Road 100% Owned6.452.440.51
Indicated0.656.550.14
Inferred5.801.980.37

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

Gold Road Attributable
Project Name / CategoryTonnes
(Mt)
Grade
(g/t Au)
Contained Metal
(Moz Au)
Total Gold Road Attributable 102.71.434.71
Measured 8.311.070.29
Indicated59.271.422.71
Measured and Indicated 67.581.383.00
Inferred34.591.541.72

Notes for Ore Reserve Statement December 2021

  • 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
  • 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 derived from mining, processing and geotechnical parameters as defined by operational studies, PFS level studies completed between 2019 and 2021 and the 2016 FS. The Ore Reserve is reported using the 2021 Mineral Resource model constrained within the pit design (which is derived from a A$1,575 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 2020 PFS and operational studies
  • The Ore Reserve is evaluated using variable cut-off grades: Gruyere – 0.5 g/t Au (fresh, transitional and oxide). Attila – 0.6 g/t Au (fresh and transitional), 0.5 g/t Au (oxide). Argos – 0.6 g/t Au (fresh, transitional and oxide). Montagne – 0.6 g/t Au (fresh), 0.5 g/t Au (oxide and transitional). Alaric – 0.6 g/t Au (fresh), 0.5 g/t Au (oxide and transitional)
  • Ore block tonnage dilution and mining recovery estimates: Gruyere – 4% and 98%. Attila – 21% and 99%. Argos – 17% and 89%. Montagne – 17% and 89%. Alaric – 31% and 99%
  • Gruyere Proved category includes Surface Stockpiles. Ore Reserves are depleted for mining

Notes for Mineral Resources Statements December 2021

  • OP = Open pit, 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. Gruyere Measured category includes Surface Stockpiles (5.3Mt at 0.73g/t Au for 126koz). Mineral Resources 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
  •  The Gruyere and Golden Highway Open Pit Mineral Resources are reported between 0.41 to 0.55 (oxide) and 0.44 to 0.66 (fresh) g/t Au cut-off grade allowing for dilution, processing costs, recovery and haulage to the Gruyere Mill. The YAM14 Open Pit Mineral Resource is reported at 0.4 g/t Au cut-off grade and the Renegade, Gilmour, Smokebush and Warbler Mineral Resource are reported at 0.5 g/t Au cut-off grade allowing for processing costs, recovery and haulage to the Gruyere Mill
  • All Open Pit Mineral Resources are constrained within an A$2,000 per ounce (Gruyere JV) or an A$2,200 per ounce (Gold Road 100%) 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
  • The Underground Mineral Resource at Gruyere was evaluated by Gold Road on the same geology model used to estimate the Open Pit Mineral Resource reported as at 31 December 2021. 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
  • The Underground Mineral Resource at Gruyere is 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 an 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 are constrained by a 1.5 metre minimum stope width that are optimised to a 3.5 g/t Au cut-off reflective of an A$1,850 per ounce gold price
  • Underground Mineral Resources at Gilmour are constrained by an area defined by a 2.0 metre minimum stope width and a 3.0 g/t Au cut-off reflective of an A$2,200 per ounce gold price
  • Underground Mineral Resources are reported with diluted tonnages and grades based on minimum stope widths
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