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Gold Road Resources Ltd

www: www.goldroad.com.au   email: perth@goldroad.com.au
Category: Mid-tier Producer
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Symbol Data

Symbol Currency
ASX:GOR AUD
OTCMKTS:ELKMF USD

Description

Gold Road Resources Ltd are a gold focused mid-tier producer with one mine in development in Australia and two exploration properties. They have approximately 4Moz. of gold in the reserves and resources category of which 3Moz. are in the measured and indicated category. They have a market capitalisation of ~A$739.8M which is a fall of roughly 5% over the last six months. As of 09/21/2019 they have ~A$109M debt and ~A$38.63M cash. They have 877M shares outstanding and trade on the Australian Stock Exchange and the over-the-counter markets.

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General Details

Financial 09/21/2019
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Mkt. Cap (FD): $775.26M $739.80M 09/21/2019 $-35.46M
Total Assets: $388.19M $350.08M 09/21/2019 $-38.11M
Total Liabilities: $149.56M $134.88M 09/21/2019 $-14.68M
Current Assets: $53.03M $47.82M 09/21/2019 $-5.21M
Current Liabilities: $27.19M $24.52M 09/21/2019 $-2.67M
Total Debt: $121.01M $109.13M 09/21/2019 $-11.88M
Cash: $42.83M $38.63M 09/21/2019 $-4.20M
Enterprise Value: $853.44M $810.31M 09/05/1995 $-43.13M
Cash Flow: $25.45M $31.63M never $6.18M
Cash Flow Multiple: 30.47 23.39 never -7.08
Net Debt to
Cash Flow Ratio:		 3.07 2.23 never -0.84
Finance within 1 year: 09/21/2019 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 09/21/2019 0.00%
Misc 09/21/2019
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 877,000,000 877,000,000 09/21/2019 0
Shares (FD): 884,000,000 884,000,000 09/21/2019 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 01/01/2019 09/21/2019 n/a
Production (Gold Eq Oz.): (guess) 
115,000		 (guess) 
115,000		 09/21/2019 0
Production (Silver Eq Oz.): (guess) 
9,691,579		 (guess) 
13,150,287		 09/21/2019 3,458,708
Initial CapEx (Outstanding): $429.00M
55.34% of Mkt.Cap		 $429.00M
57.99% of Mkt.Cap 		09/21/2019 $0.00M
Funding Option: n/a n/a 09/21/2019 n/a
Documentation: none PRODUCER 09/21/2019 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 09/21/2019
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 2.00M 2.00M 09/21/2019 0.00M
Measured & Indicated: 3.00M 3.00M 09/21/2019 0.00M
Inferred: 1.00M 1.00M 09/21/2019 0.00M
Reserves & Resources: 4.00M 4.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 1.70M 1.70M 09/21/2019 0.00M
Measured & Indicated: 2.38M 2.38M 09/21/2019 0.00M
Inferred: 0.43M 0.43M 09/21/2019 0.00M
Reserves & Resources: 2.81M 2.81M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
115,000oz.		 (guess) 
115,000oz.		 09/21/2019 0oz.
Cash Cost: $800 $800 09/21/2019 $0.00
Extra Operating Cost: $400 $400 09/21/2019 $0.00
Average Grade: 1.30 g/t 1.30 g/t 09/21/2019 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 09/21/2019 0.00%
F
U
T
U
R
E		 Proven & Probable: 3.00M 3.00M 09/21/2019 0.00M
Annual Production: 150,000oz. 150,000oz. 09/21/2019 0oz.
Cash Cost: $800 $800 09/21/2019 $0
Extra Operating Cost: $400 $400 09/21/2019 $0
SILVER 09/21/2019
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 09/21/2019 0.00M
Measured & Indicated: n/a n/a 09/21/2019 0.00M
Inferred: n/a n/a 09/21/2019 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 09/21/2019 0.00M
Measured & Indicated: n/a n/a 09/21/2019 0.00M
Inferred: n/a n/a 09/21/2019 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 09/21/2019 $0.00
Extra Operating Cost: n/a n/a 09/21/2019 $0.00
Average Grade: n/a n/a 09/21/2019 n/a
Recovery Rate: n/a n/a 09/21/2019 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 09/21/2019 0.00M
Annual Production: n/a n/a 09/21/2019 n/a
Cash Cost: n/a n/a 09/21/2019 n/a
Extra Operating Cost: n/a n/a 09/21/2019 n/a

Property

Last Analysis Data  (09/21/2019)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development Western Australia, Australia Gruyere 50% (guess) 500,000 Open Pit show
5.5 million oz deposit and growing.

Feasibility study due in 2016.

$400 million capex.

Production scheduled for 2019.
Exploration Western Australia, Australia Cygnus 75% (guess) n/a n/a show
Discovery
Exploration Western Australia, Australia Yamarna 100% (guess) 600,000 n/a show
Early exploration.

Drilling aggressively.

280,000 meters planned in 2017.
Total Land Package Size (ha): 1,100,000  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development Western Australia, Australia Gruyere 50% (guess) 500,000 Open Pit show
5.5 million oz deposit and growing.

Feasibility study due in 2016.

$400 million capex.

Production scheduled for 2019.
Exploration Western Australia, Australia Cygnus 75% (guess) n/a n/a show
Discovery
Exploration Western Australia, Australia Yamarna 100% (guess) 600,000 n/a show
Early exploration.

Drilling aggressively.

280,000 meters planned in 2017.
Total Land Package Size (ha): 1,100,000  

Profitability (by resource)

Proven &
Probable		 09/21/2019
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 2.00M 2.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 60.15M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.70M 1.70M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 51.13M
Maximum Profit (Gold): $376.16M $467.55M n/a $91.39M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $376.16M $467.55M n/a $91.39M
Max Profit / Current MCap: 0.485 0.632 n/a 0.147
Max Profit Per Share (Gold): $0.43 $0.53 n/a $0.10
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.43 $0.53 n/a $0.10
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $456.04 $435.18 n/a $-20.86
FD Mkt. Cap / Silver Eq.: $5.41 $3.81 n/a $-1.61
FD Mkt. Cap / Per Metal
as % Spot Price:		 30.08% 27.32% n/a -2.76%
Measured &
Indicated		 09/21/2019
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 3.00M 3.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 90.23M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.38M 2.38M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 71.58M
Maximum Profit (Gold): $526.62M $654.57M n/a $127.95M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $526.62M $654.57M n/a $127.95M
Max Profit / Current MCap: 0.679 0.885 n/a 0.206
Max Profit Per Share (Gold): $0.60 $0.74 n/a $0.14
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.60 $0.74 n/a $0.14
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $325.74 $310.84 n/a $-14.90
FD Mkt. Cap / Silver Eq.: $3.87 $2.72 n/a $-1.15
FD Mkt. Cap / Per Metal
as % Spot Price:		 21.49% 19.51% n/a -1.97%

Reserves &
Resources		 09/21/2019
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 4.00M 4.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 120.30M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.81M 2.81M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 84.36M
Maximum Profit (Gold): $620.66M $771.46M n/a $150.80M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $620.66M $771.46M n/a $150.80M
Max Profit / Current MCap: 0.801 1.043 n/a 0.242
Max Profit Per Share (Gold): $0.70 $0.87 n/a $0.17
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.70 $0.87 n/a $0.17
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $276.39 $263.74 n/a $-12.64
FD Mkt. Cap / Silver Eq.: $3.28 $2.31 n/a $-0.97
FD Mkt. Cap / Per Metal
as % Spot Price:		 18.23% 16.56% n/a -1.67%

Future Valuation (Cash Flow & Totals)

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