We are pleased to announce that Gold Road successfully completed its first gold pour earlier this month at our Arizona mine – an important milestone on our path to full production and upcoming IPO.
Our first pour totaled 86.7 ounces of gold and 154.4 ounces of silver – a solid performance during the initial three-week commissioning phase with low-grade ore. Watch the video here.
- Highlights
- 🏆 First Gold Pour Completed: 86.7 ounces Au and 154.4 ounces Ag
- ⚙️ Ramp-up Underway: Tailings processing in progress; underground mining expected to commence late November/early December
- 📈 Gold Grades Improving: Tailings grades increase as we advance deeper into the Tom Reed pile
- 🏭 Plant Optimization: The initial ramp-up phase experienced some unexpected downtime, as the plant had not been operational since November 2021. However, our General Manager Jim Cooley and his team are confident that we are now entering our first week of solid quality, yield, and plant availability.
- 🏛️ IPO on Track: Preparations for the IPO are continuing.
Next Steps for Gold Road
As outlined in our production plan, we are continuing with a measured ramp-up phase until full operation is achieved. This began with the processing of tailings (currently underway) and will continue with the addition of higher-grade ore (4-6 g/t Au) from underground mining.
Underground mining is scheduled to commence late November/early December with our in-house fleet, with two additional haul trucks and loaders recently acquired from Canada. By blending higher-grade underground ore with lower-grade tailings, yields are expected to improve significantly, and gold and silver production is anticipated to increase steadily in the coming months.
GM Jim Cooley at our first pour
Gold Plant Optimization
In recent weeks, our on-site team has focused on optimizing and recalibrating the processing plant after approximately four years of downtime. This work is a crucial step towards achieving stable and efficient operations. We are fortunate to have an experienced on-site team capable of quickly resolving issues and ensuring the availability of critical spare parts to keep the plant running smoothly.
As indicated by the chart excerpts above from late September and early October, we are focused on achieving an optimal balance between throughput, grade, and recovery. In the first week of production, the plant delivered high volumes but with lower grades; in the subsequent week, higher grades were achieved, but with lower throughput due to a pump failure and unexpected repairs to the rod mill. By combining the demonstrated high volumes and grades, we will significantly exceed our economic break-even point.
Tailings Grade
As expected, the grade of the tailings increases the deeper we penetrate the pile. This trend reflects both the lower historical recoveries from previous mining activities and the natural aging process of the tailings over the last 100 years, during which gold particles have migrated to the bottom of the pile.
Path to IPO
Preparations for an initial public offering are currently in full swing.
Gold Road’s shareholder base is diverse and international, comprising over 100 shareholders. Currently, 56.2% of shares are held in Europe, 22.9% in Canada, 12.6% in Australasia, and 8.3% in the United States. To better accommodate this global shareholder structure, our first step will be to relocate the holding company’s domicile to Bermuda, a jurisdiction that offers efficiency and flexibility for the majority of our investors.
Gold Road has developed strong traction in Norway, with approximately 30% of the company’s shares now held by investors with ties to Norway. Members of the Gold Road board visited Norway twice last month to meet with investors. We greatly appreciate the continued support of our Norwegian shareholders and our esteemed board member, Svein Harald Øygard.
Please do not hesitate to contact us if you require further information.
Sincerely
Edward Balme
IR Manager | Gold Road Inc
Edward.Balme@GoldRoadUSA.com
Max Beck
Head of IR | Gold Road Inc
Max.Beck@GoldRoadUSA.com
Eric Robinson
IR | Gold Road Inc
Eric.Robinson@GoldRoadUSA.com
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