Name of the Project
Gruyere gold mine underground project.

Location
North-eastern Goldfields, Western Australia.

Project Owner/s
Gruyere Joint Venture (JV), a 50:50 JV between Australian miner Gold Road Resources and Gruyere Mining Company, a member of Gold Fields.

Gruyere Mining manages and operates the Gruyere gold mine.

Project Description
A scoping study, completed in April 2025, outlined a sublevel cave underground mining option capable of sustaining the Gruyere mine’s production at scale.

Gold Road’s mineral resource exclusive of ore reserves at Gruyere is 45-million tonnes at 1.51 g/t gold for 2.2-million ounces on a 50% basis, with the potential to significantly add to the resource base through the ongoing exploration drill programme.

The next steps to improve confidence in the potential of a Gruyere underground operation include completing the extensive drill programme and other associated activities to support a prefeasibility study (PFS) in 2026.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
To be determined.

Capital Expenditure
The scoping study estimates total infrastructure capital at $588-million on a 100% basis, which includes underground bulk material handling, ventilation, services, maintenance facilities and a 30% contingency.

Planned Start/End Date
Not stated.

Latest Developments
The JV has launched a 60 000 m drill campaign, targeting mineralisation as deep as 700 m below the final openpit design. 

Drilling, aimed at converting the deeper portion of the orebody to an inferred resource and upgrade shallower zones to indicated status, is expected to continue until mid-2026.

A PFS is planned once the programme is complete and there is sufficient confidence in the underground model.

Key Contracts, Suppliers and Consultants
SRK Consulting (scoping study).

Contact Details for Project Information
Gold Road Resources, tel +61 8 9200 1600 or email perth@goldroad.com.au.
Gold Fields (Australia), tel +61 8 9211 9203 /+61 8 9211 9200.