Ore Reserve and Mineral Resources Statements

YAMARNA ORE RESERVE AND MINERAL RESOURCE ESTIMATE

Ore Reserve Statement - December 2018

The Ore Reserves are reported on a 100% basis, and are derived from Gruyere, and the Golden Highway Deposits which include Attila, Alaric, Argos and Montagne, all of which are within the Gruyere JV tenements. The Ore Reserve totals 97.20 million tonnes at 1.25 g/t Au for 3.92 million ounces of gold. The Ore Reserve increased by 176,000 ounces (+5%) from the previous Ore Reserve at December 2017. The Gruyere estimate is based on ongoing operational studies, while the Golden Highway estimate is based on Pre-Feasibility Studies (PFS) completed by Gold Road. Ore Reserves are constrained within and reported at a $1,600 per ounce gold price based on an optimised mine design.

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 additional Ore Reserves from Gruyere and the Golden Highway will be available for future life-of-mine updates beyond the Gruyere Mine Plan published in December 2018.

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 Total90.651.243.6145.331.241.80
Proved16.841.110.608.421.110.30
Probable73.811.273.0136.911.271.50
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 JV97.201.253.9248.601.251.96
Proved17.161.130.628.581.130.31
Probable80.031.283.3040.021.281.65

Mineral Resource Statement – November 2019

The Gold Road 100% owned Mineral Resource totals 3.5 million tonnes at 2.62 g/t Au for 297,600 ounces and is constrained within optimised pit shells and underground stope shapes, based on an A$1,850 per ounce gold price assumption with deposit‐specific modifying factors and cut‐off grades. In addition to an Attributable Mineral Resource from the Gruyere JV of 3.31 million ounces, Gold Road now has a total Attributable Mineral Resource of 81.2 million tonnes at 1.38 g/t Au for 3.6 million ounces. Commercial production from Gruyere was achieved in September 2019 in joint venture with partners Gold Fields.

The Gilmour Maiden Mineral Resource, and an updated Renegade Mineral Resource, represent the first 100% company‐owned resource additions since entering into the Gruyere JV in November 2016.

Mineral Resource Estimate – November 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 Total139.561.295.7869.781.292.89
Measured16.441.170.628.221.170.31
Indicated88.531.303.7144.261.301.85
Measured and Indicated104.971.284.3252.491.282.16
Inferred34.591.311.4617.301.310.73
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 JV155.371.326.6177.691.323.31
Measured16.731.180.648.371.180.32
Indicated99.861.324.2549.931.322.12
Measured and Indicated116.591.304.8858.291.302.44
Inferred38.781.391.7319.391.390.86
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 Attributable81.221.383.60
Measured8.371.180.32
Indicated50.651.382.24
Measured and Indicated59.011.352.56
Inferred22.211.461.04
Notes for Ore Reserve Statement December 2018 and Mineral Resource Statement November 2019:
  • Gruyere JV Mineral Resources and Ore Reserves remain unchanged from December 2018
  • 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
  • Mineral Resources are inclusive of Ore Reserves
  • 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
  • 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 – 0.30 g/t Au. Attila, Argos, Montagne, Orleans, and Alaric – 0.50 g/t Au. YAM14 – 0.40 g/t Au. Gilmour – 0.50 g/t Au. Renegade – 0.50 g/t Au. All Open Pit Mineral Resources are constrained within a $1,850/oz optimised pit shell derived from mining, processing and geotechnical parameters from PFS and operational studies. 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 3.50 g/t Au cut-off reflective of an $1,850/oz gold price. Diluted tonnages and grades are reported based on minimum stope widths
  • The Ore Reserves are constrained within 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 averages and gold loss estimates: Gruyere – 4.9% and 0.4%. Attila – 14% and 3%. Alaric – 20% and 6%. Montagne – 9% and 7%. Argos 10% and 12%
  • All dollar amounts are in Australian dollars
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