Gold Road reports record profit
Mid-tier gold producer and explorer Gold Road Resources has reported a record net profit of A$142.7-million for the 12-month period ended December 31, 2024. The company has declared a fully franked final dividend of 1.5c a share.
Gold Road’s primary asset is its 50% interest in the Gruyere gold mine in Western Australia, which it shares with JSE-listed Gold Fields, the operator of the mine. The company also holds a 17.3% stake in takeover target De Grey Mining and has an extensive exploration portfolio.
Gold Road achieved record revenue of A$528-million from gold sales, up from A$472.1-million in 2023. The company sold 143 793 oz of gold at an average realised price of $3 672/oz, compared with 161 472 oz at $2 924/oz in 2023.
Earnings before interest, tax, depreciation, and amortisation (Ebitda) reached a record A$294.4-million, reflecting a 56% Ebitda margin. Net profit after tax increased from A$115.7-million in 2023 to A$142.7-million, with basic earnings a share rising to 13.17c from 10.73c. Operating cash flow also hit a record A$250.6-million, compared with A$233.6-million in the prior year. However, free cash flow declined from A$140.2-million in 2023 to A$91.7-million in 2024.
Gold Road ended 2024 with cash and short-term deposits of $166.3-million, up from A$143.8-million in 2023. The company remains debt-free and holds financial assets valued at A$741.7-million, including its strategic investments.
Since first gold in June 2019, the Gruyere mine has produced 1 527 734 oz. In 2025, production guidance for the mine is between 325 000 oz and 355 000 oz.
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