Resources on the Gold Route (ASX:GOR) reported strong quarterly results with a 10% increase in gold production at the Gruyère gold mine, totaling 68,781 ounces for the September quarter. This increase comes as the joint venture with Gold Fields ramps up operations in Stage 3 and 4 pits, resulting in increased mining activity and expected production at the lower end of the 290,000-305,000 ounce guidance range for 2024.
Overall Sustaining Costs (AISC) increased slightly to $2,551 per ounce, compared to the June quarter figure of $2,441 per ounce.
Commenting on the results, CEO Duncan Gibbs said: “Our team has worked tirelessly to increase productivity and these efforts are starting to be reflected in our quarterly results. The Gruyère business is well positioned to achieve its annual production targets.” Gibbs also highlighted Gruyère’s potential to extend its life beyond 2032 as new exploration beneath the current mineral reserve continues to produce promising results.
Outside Gruyere, Gold Road has made progress on the Yamarna Mine Readiness Project, which is expected to conclude technical studies by 2025. Additionally, exploration activities in Western Australia and Queensland, including the Mallina and Balter projects, are expected to accelerate in the coming months as part of the company’s growth strategy.
The shares are trading up 0.37% at $1.92.