Gold Road posts solid results
PERTH (miningweekly.com) – Gold miner Gold Road Resources has closed a strong first half to June, with gold sales and revenue up.
Gold sales during the six months under review reached 80 115 oz, up from 79 606 oz in the previous corresponding period, with production benefitting from record throughput rates at the Gruyere joint venture, in Western Australia.
Revenue for the half-year increased from A$196.5-million to A$229-million.
Consolidated net profits after tax for the interim period increased from A$39.9-million to A$55.7-million, while earnings before interest, taxes, depreciation and amortisation increased from A$100-million to A$122.6-million, while operating cash flows for the six months reached A$110.3-million, up from A$69.5-million.
“The six months to 30 June 2023 has broken several financial records for Gold Road with the strong result reflecting the consistent performance of the processing plant, a supportive Australian dollar gold price and Gold Road’s production being fully unhedged,” said MD and CEO Duncan Gibbs.
“The company continued to return income to shareholders in the form of six-monthly dividend payments, and the board has determined to pay a dividend for the six months to June 2023 of 1.2c. In determining the dividend, your board has considered the potential requirements to support growth and future operating conditions.”
Looking at the full year, Gold Road has reiterated the new production at Gruyere of between 320 000 oz to 350 000 oz, of which 160 000 oz to 175 000 oz would be attributable to Gold Road.
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