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With gold prices rising by 26.6 per cent for the year to date, Gold Road Resources and Vault Minerals have taken advantage and produced strong March quarterlies.

Gold Road Resources

In a 50:50 joint venture with Gold Fields, its Gruyere mine produced 71,226 ounces of gold on a 100 per cent basis, at an all-in sustaining cost (AISC) of $2658 per attributable ounce.

While production was lower than the December quarter, Gold Road reaffirmed its full-year guidance of 325,000–355,000 ounces (162,500–177,500 attributable) at an AISC of between $2400 and $2600 per ounce.

Gold Road achieved a record average gold sales price of $4555 per ounce during the quarter, selling 34,135 ounces and generating attributable operating cash flow from Gruyere of $106.6 million.

Free cash flow for the quarter was $34.1 million, contributing to a strong cash and equivalents position of $203.8 million, with no debt drawn.

Gold Road strengthened its portfolio during the quarter, with the Federal Court approving Northern Star Resources’ acquisition of De Grey Mining.

The company is currently De Grey’s largest shareholder, holding approximately 17.26 per cent of the company’s issued capital.

Gold Road will hold 49,258,234 shares in Northern Star from May 5 2025, further strengthening the company’s

Vault Minerals

Vault Minerals continued to strengthen its foundation in the March quarter, delivering strong free cash flow and significant progress on growth initiatives at Leonora and Mt Monger mines.

Gold production for the quarter was 87,110 ounces, with 89,827 ounces sold at an AISC of $2553 per ounce and an average realised price of $3812 per ounce.

Vault’s cash and bullion increased from $48.9 million to $624.5 million at quarter end and underlying free cash flow for the quarter reached $51.7 million, post-delivery of 39,615 ounces into the hedge book at an average price of $2782 per ounce and $58.6 million in growth expenditure.

Year-to-date gold production reached 282,526 ounces, as Vault continued to advance growth projects, including the expansion of the Leonora processing plant and critical waste stripping at Leonora and Mt Monger, setting up for medium to long-term success.

Drilling results at Leonora’s King of the Hills and Darlot Pipeline mines showed strong potential for future resource growth.

Following its 10-month integration of Red 5 and Silver Lake Resources, Vault ended the quarter with a strong cash and bullion balance of $624.5 million.

The company maintains its financial year 2024-25 (FY25) gold sales guidance of 390,000–410,000 ounces.