GOLD ROAD RESOURCES LIMITED (GOR)
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GOR

GOR - GOLD ROAD RESOURCES LIMITED

FNArena Sector : Gold & Silver
Year End: December
GICS Industry Group : Materials
Debt/EBITDA: 0.4
Index: ASX200 | ASX300 | ALL-ORDS

Gold Road is an Australian gold producer and explorer with interests in the Yamarna Greenstone Belt in Western Australia. It listed in 2006 under the name Eleckra Mines and changed name in 2010.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$3.28

21 May
2025

0.020

OPEN

$3.31

0.61%

HIGH

$3.33

7,842,411

LOW

$3.28

TARGET
$3.338 1.8% upside
Franking for last dividend paid out: 100%
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FNARENA'S MARKET CONSENSUS FORECASTS
GOR: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 13.2 26.8 xxx
DPS (cps) xxx 2.0 4.5 xxx
EPS Growth xxx 22.8% 100.0% xxx
DPS Growth xxx - 9.1% 100.0% xxx
PE Ratio xxx N/A 12.5 xxx
Dividend Yield xxx N/A 1.4% xxx
Div Pay Ratio(%) xxx 15.2% 16.9% xxx

Dividend yield today if purchased 3 years ago: 1.49%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.60

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 29/02 - ex-div 1c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx13.2
DPS All xxxxxxxxxxxxxxx2.0
Sales/Revenue xxxxxxxxxxxxxxx528.5 M
Book Value Per Share xxxxxxxxxxxxxxx113.3
Net Operating Cash Flow xxxxxxxxxxxxxxx250.6 M
Net Profit Margin xxxxxxxxxxxxxxx27.00 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx13.15 %
Return on Invested Capital xxxxxxxxxxxxxxx11.94 %
Return on Assets xxxxxxxxxxxxxxx10.51 %
Return on Equity xxxxxxxxxxxxxxx13.15 %
Return on Total Capital xxxxxxxxxxxxxxx17.56 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx106.5 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx14 M
Long Term Debt xxxxxxxxxxxxxxx106 M
Total Debt xxxxxxxxxxxxxxx119 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx166 M
Price To Book Value xxxxxxxxxxxxxxx1.81

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx141.7 M
Capex % of Sales xxxxxxxxxxxxxxx26.82 %
Cost of Goods Sold xxxxxxxxxxxxxxx304 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx12 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx742 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.3

No. Of Recommendations

4
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Macquarie

xx/xx/xxxx

3

xxxxxx xx xxxxxxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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UBS

29/04/2025

1

Buy

$3.55

8.23%

Gold Road Resources produced 71.2koz of gold at costs (AISC) of $2,658/oz for the March quarter, broadly in line with expectations held by UBS.

Mining rates reached record levels and the plant processed 2.26mt, though a lower grade of 1.05g/t impacted recoveries, notes the broker.

2025 production guidance for 325koz to 355koz at costs (AISC) of $2,400/oz to $2,600/oz has been maintained.

UBS highlights upside from Gruyere’s open pit and underground expansion potential, the Gilmour project, and regional exploration, while synergies from any potential merger with Gold Fields remain a focus.

The broker retains a Buy rating and a price target of $3.55.

FORECAST
UBS forecasts a full year FY25 dividend of 6.00 cents and EPS of 29.00 cents.
UBS forecasts a full year FY26 dividend of 9.00 cents and EPS of 41.00 cents.

Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

3

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Canaccord Genuity

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx xxx

$xx.xx

xx.xx%

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Goldman Sachs

08/05/2025

-1

No Rating

-

Gold Road Resources has entered into a binding Scheme Implementation Deed with Gold Fields, under which shareholders will receive a fixed cash offer of $2.52/share plus variable consideration of $0.88/share based on Gold Road’s stake in De Grey (now Northern Star), totalling $3.40/share, notes Goldman Sachs.

This represents a 12% uplift from the initial indicative offer. The implied valuation equates to US$3,020/oz or 4.5x 2025 earnings (EBITDA), according to the broker, which considers the bid ‘best and final’ absent a superior proposal.

Gold Road plans to declare a fully franked special dividend arpund $0.353/share, subject to franking capacity.

The board unanimously recommends the scheme, and 7.5% of shareholders have already committed to vote in favour. Implementation is expected after a shareholder meeting in September.

Moelis

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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GOR STOCK CHART

FNArena News on GOR

1
In Case You Missed It – BC Extra Upgrades & Downgrades – 16-05-25

May 16 2025 - Weekly Reports
2
Australian Broker Call *Extra* Edition – May 12, 2025

May 12 2025 - Daily Market Reports
3
Next Week At A Glance – 12-16 May 2025

May 09 2025 - Weekly Reports
4
Australian Broker Call *Extra* Edition – May 08, 2025

May 08 2025 - Daily Market Reports
5
Australian Broker Call *Extra* Edition – May 07, 2025

May 07 2025 - Daily Market Reports

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