Ore Reserve and Mineral Resources Statements

YAMARNA ORE RESERVE AND MINERAL RESOURCE ESTIMATE

Ore Reserve Summary - December 2019

The Ore Reserve is derived from the Gruyere Mine, and Golden Highway Deposits which include Attila, Alaric, Argos and Montagne, all of which are in the Gruyere JV. The Gruyere estimate is based on ongoing operational studies, while the Golden Highway estimate is based on Pre‐feasibility Studies completed by Gold Road and remains unchanged from the 2018 estimate. The Ore Reserve totals 93.38 million tonnes at 1.24 g/t Au for 3.72 million ounces of gold. Ore Reserves are reported on a 100% basis at a A$1,600 per ounce gold price (US$1,200 at US$0.75:A$1.00) (Table 3 and Figure 4). The pit design for reporting the Gruyere Ore Reserve is unchanged from the previous Reserve statement, with the Reserve being reported from the new Resource model. As a consequence, the pit design is not fully optimised for the latest model. An Ore Reserve decrease of 197,000 ounces (‐5%) from the previous Ore Reserve at December 2018 is primarily due to depletion at Gruyere and changes to the resource model realised during 2019.

An updated evaluation of the Ore Reserve will be completed through 2020‐21 utilising the new Mineral Resource, updated mining and processing information based on actual performance, and geotechnical and metallurgical data derived from planned new studies.

The Ore Reserves are estimated from their respective Mineral Resources after consideration of the level of confidence and by taking account of material and relevant modifying factors. The Proved Ore Reserve estimate is based on the Measured Mineral Resources. The Probable Ore Reserve estimate is based on the Indicated Mineral Resources. No Inferred Mineral Resources have been included in the Ore Reserve.

Ore Reserve Estimate – December 2019

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 Total86.841.223.4143.421.221.71
Proved14.401.050.497.201.050.24
Probable72.441.262.9336.221.261.46
Golden Highway Total6.541.460.313.271.460.15
Proved0.321.670.020.161.670.01
Probable6.221.450.293.111.450.15
Total Gruyere JV93.381.243.7246.691.241.86
Proved14.731.060.507.361.060.25
Probable78.661.273.2239.331.271.61

Mineral Resource Summary – December 2019

The Mineral Resource is derived from the Gruyere Deposit, the Golden Highway Deposits, YAM14 and Central Bore underground (Figure 1), all of which are within the Gruyere JV; and Gold Road’s 100% owned Gilmour open pit and underground Resources and the Renegade open pit Resource. As at December 2019, the Gold Road attributable Mineral Resource is 80.41 million tonnes at 1.40 g/t Au for 3.61 million ounces, an increase of 0.3 million ounces (9%) from the Mineral Resource reported at December 2018 (Table 2 and Figure 3). Mineral Resources are reported on a 100% basis and are constrained within optimised pit shells or underground stope shapes based on a A$1,850 per ounce gold price and deposit‐specific modifying factors and cut‐off grades.

Mineral Resource Estimate – December 2019

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 Total137.951.315.7968.971.312.90
Measured14.551.090.517.271.090.26
Indicated118.191.335.0559.101.332.52
Measured and Indicated132.741.305.5666.371.302.78
Inferred5.211.390.232.611.390.12
Golden Highway + YAM14 Total15.571.460.737.781.460.36
Measured0.291.990.020.141.990.01
Indicated11.331.480.545.671.480.27
Measured and Indicated11.621.500.565.811.500.28
Inferred3.951.330.171.981.330.08
Central Bore0.2413.050.100.1213.050.05
Measured
Indicated
Measured and Indicated
Inferred0.2413.050.100.1213.050.05
Total Gruyere JV153.761.346.6276.881.343.31
Measured14.841.110.537.421.110.26
Indicated129.521.345.5964.761.342.79
Measured and Indicated144.361.326.1272.181.323.06
Inferred9.401.660.504.701.660.25
Renegade0.931.300.04
Measured
Indicated
Measured and Indicated
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 Attributable80.411.403.61
Measured7.421.110.26
Indicated65.481.382.91
Measured and Indicated72.901.363.18
Inferred7.521.770.43

Notes for Ore Reserve Statement December 2019 and Mineral Resource Statement December 2019:

  • All Mineral Resources and Ore Reserves 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. All dollar amounts are in
    Australian dollars
  • Mineral Resources are inclusive of Ore Reserves. Gruyere Measured category includes Surface Stockpiles. Gruyere Proved category includes
    Surface Stockpiles. Mineral Resources and 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
  • 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
    from the Gruyere JV exceeds 2 million ounces
  • All Open Pit Mineral Resources are reported at various cut‐off grades allowing for processing costs, recovery and haulage to the Gruyere Mill.
    Gruyere ‐ 0.37 g/t Au. Attila, Argos, Montagne, Orleans, and Alaric – 0.50 g/t Au. YAM14 – 0.40 g/t Au. All Open Pit Mineral Resources are
    constrained within a A$1,850/oz optimised pit shell derived from mining, processing and geotechnical parameters from ongoing PFS and
    operational studies. Underground Mineral Resources at Central Bore are constrained within a 1.5m wide optimised stope with a 3.5 g/t Au cutoff
    reflective of a A$1,850/oz gold price
  • The Ore Reserves are constrained within a A$1,600/oz mine design derived from mining, processing and geotechnical parameters as defined by
    Pre‐feasibility Studies and operational studies. The Ore Reserves are evaluated using variable cut‐off grades: Gruyere ‐ 0.30 g/t Au. Attila ‐ 0.65
    g/t Au (fresh), 0.58 g/t Au (transition), 0.53 g/t Au (oxide). Alaric ‐ 0.59 g/t Au (fresh), 0.56 g/t Au (transition), 0.53 g/t Au (oxide), Montagne –
    0.64 g/t Au (fresh), 0.60 g/t Au (transition), 0.58 g/t Au (oxide), Argos – 0.66 g/t Au (fresh), 0.64 g/t Au (transition), 0.59 g/t Au (oxide). Ore block
    tonnage dilution and mining recovery estimates: Gruyere ‐ 7% and 98%. Attila ‐ 14% and 97%. Alaric ‐ 20% and 94%. Montagne – 9% and 93%.
    Argos 10% and 88%
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