Investment Highlights
- Production start in 2025: The recommissioning of the historic Gold Road Mine in Arizona is scheduled for September 2025, with a target of approximately 20,000 ounces of gold per year.
- Fully equipped plant: Existing 500-tonne-per-day processing plant (CIP/CIL), modernized in 2022, saves permitting time and over US$100 million in replacement costs.
- High resource value: Current resource of 214,000 ounces of gold at 6.23 g/t, open in all directions, expandable to up to 1 million ounces.
- Attractive capital structure: Debt-free, with US$36 million in tax loss carryforwards and low capital requirements (approx. US$2 million) for the restart.
- Experienced management: Team with international experience in mine acquisitions, reactivations, and IPOs, including at Pilar Gold, Laiva Gold, and Tucano Gold.
- IPO in preparation: Planned RTO listing process on the TSX Venture Exchange (TSXV) via Castlecap Capital Inc. for November 2025.
Company & Strategy
Gold Road Inc. is a Canadian gold company focused on the recommissioning of the Gold Road Mine of the same name in the historic Oatman Mining District in Arizona, USA. The company fully acquired the mine in May 2025 and plans to officially commence production in the fourth quarter of 2025.
Gold Road’s strategic vision is clearly defined: to build a profitable, mid-sized gold production facility based on an existing, fully equipped infrastructure with high geological potential. The short- to medium-term focus is on the production of 20,000 ounces of gold per year, followed by expansion through additional exploration and capacity expansion.
With an already existing, approved processing plant and low capital requirements for the resumption of operations, Gold Road is positioning itself as a cost-efficient producer in a politically stable environment. In the long term, the company sees potential to significantly expand its resource base and secure a mine life of over 40 years.
Market Environment
The Gold Market
Gold remains a central component of institutional and private investment portfolios. Despite temporary volatility, prices are at historically high levels, which creates an attractive environment, especially for producers with low operating costs. Gold Road plans to commence its production at expected cash costs of approximately US$1,250 per ounce – a level that enables solid margins in an environment of rising precious metal prices.
Location Advantage Arizona
The mine is located in one of the most traditional gold mining areas in the USA, approximately 26 miles from Kingman and 126 miles from Las Vegas. The environment offers an established mining infrastructure, qualified workers, and good accessibility via roads and utilities.
In addition, Arizona is considered a mining-friendly jurisdiction with clear regulatory frameworks and low approval uncertainty. Gold Road is the only fully integrated gold processing plant in the state, which gives the company strategic advantages for a possible hub-and-spoke strategy in the region.
(Fig. 1: Location of the Gold Road Mine in Arizona)
Project Portfolio
Gold Road Mine – Arizona, USA
The Gold Road Mine is an underground operation with a history of over 100 years and a proven gold production of over 700,000 ounces. The project has an existing processing plant with a capacity of 500 tonnes per day, which can be expanded to up to 900 tonnes.
Resource Base and Production Planning
The project currently has a resource of 214,000 ounces of gold at 6.23 g/t. The deposit is open in all directions, with significant potential to be expanded to over 1 million ounces through drilling. In addition, a high-grade target area, the so-called “True Vein” segment, has been identified, which is expected to have grades of approximately 20 g/t gold.
In the short term, the company plans to initially start processing high-grade tailings (0.6–1.5 g/t) before gradually resuming underground operations. A stable production of approximately 20,000 ounces of gold annually is to be achieved by the end of 2026.
(Fig. 2: Gold Road processing plant – CIP plant, modernized in 2022)
Infrastructure and Progress
The restoration of the entire infrastructure is well advanced:
- Leach and C.I.P. tanks completely overhauled and ready for operation
- Pumps, motors, and flotation systems installed and tested
- New filter press under construction; old unit reactivated for the start
- Water and power supply secured via revised substation
- Own assay laboratories on site with rebuilt furnace and modernized equipment
By August 2025, 80% of the modernization work had been completed, 25 employees hired and fully safety certified.
(Fig. 3: Technical infrastructure and operating procedures of the mine)
Geology and Exploration
The Gold Road deposit is interpreted as a low-sulfidation epithermal quartz-gold vein that extends over 2.4 kilometers on the surface. The gold and silver mineralization occurs in a ratio of approximately 1:1. Historical data show ore veins of up to 20 feet wide, with ore shoots (lodes) over 600 meters long.
Of particular note is the “Lost Segment”, a previously little-explored area between the historic Tom Reed and United Eastern mines. New geological assessments indicate a potential of 500,000 tonnes of ore with an average of 19.9 g/t Au – a possible key for future resource increases.
Outlook
Gold Road is in a crucial phase in 2025: the transition from project development to production. The timeline is clearly structured and realistic:
- August–September 2025: Completion of technical work and first gold production.
- November 2025: Planned IPO via a Reverse Takeover (RTO) on the TSX Venture Exchange.
- 2026: Consolidation of further land packages in the Oatman District, expansion of underground production, and capacity expansion to up to 1,000 tpd.
In the long term, the company is pursuing the vision of establishing a sustainable gold production center in Arizona, which can potentially also serve as a processing hub for neighboring projects.
The planned cash flow from own production will be used to fully finance the remaining purchase price of the mine (US$2.66 million) from operating activities – a sign of sound financial planning.
Management
The management of Gold Road Inc. combines experience in mining, finance, and corporate management with a clear track record in the reactivation of mine projects.
Jeremy Gray – CEO & Director
Founder and director of Tucano Gold, Laiva Gold, and Pilar Gold. Previously held senior positions at Morgan Stanley, Credit Suisse, and Standard Chartered. Gray is considered an experienced commodities financier and was an early investor in K92 Mining (TSXV: KNT).
Thomas Puppendahl – Director & Legal
Co-founder of Chancery Asset Management, formerly M&A specialist at Merrill Lynch and Ermgassen & Co. Involved in several successful gold companies, including Tucano, Laiva, and Pilar Gold.
Charles Chebry – President
B.Sc., CPA. Many years of management experience in the international commodities sector. President and board member of several TSXV-listed companies, including Laiva Gold and Tucano Gold.
Svein Øygard – Director
Former interim central bank governor of Iceland, former Deputy Minister of Finance of Norway, and Senior Partner at McKinsey (Energy & Materials). Broad expertise in financial restructurings and corporate management.
Max Beck – Head of Investor Relations
Over 30 years of experience in business development and corporate finance, with a focus on the mining sector in Europe, Africa, and America.
Edward Balme – IR Manager
15 years of experience in exploration, drilling, and capital market communication. Worked for Tucano Gold, Laiva Gold, and Carter Capital, among others.
Conclusion
Gold Road Inc. is on the threshold of a remarkable transformation: from an acquisition project to a fully functional gold producer in the heart of Arizona. With an existing, approved infrastructure, a high-quality resource, and an experienced management, the company offers a balanced opportunity-risk profile for investors in the junior gold sector.
The planned start of production in 2025, combined with an upcoming IPO, creates short-term catalysts for a possible revaluation. At the same time, the geological structure of the Oatman District opens up significant
