Gold Road Resources backs out of Greenstone deal
It's no wonder Gold Road Resources (ASX:GOR) bailed on a move to buy an interest in the Canadian gold miner Greenstone.
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Gold Road Resources Limited
Gold Road is a mid-tier Australian gold producer with a Tier 1 mine and exploration projects in the underexplored and highly prospective Yamarna Greenstone Belt in Western Australia’s north-eastern Goldfields.
Gold Road owns 50% of the world-class Gruyere gold mine, which was developed in Joint Venture with Gold Fields Ltd and produced first gold in June 2019. Gruyere is forecast to produce on average 300,000 ounces (100% basis) annually for at least 11 years, making it one of Australia’s largest and lowest-cost gold mining operations.
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News
Gold Road’s Canadian ambitions stir concerns
Investors delivered a thumbs down to Gold Road Resources (ASX:GOR) after it confirmed ambitions to try to buy a mining company in Canada. The shares fell more than 7% on Monday.
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Rainfall affects Regis Resources, Capricorn Metals, and Gold Road
Regis Resources (ASX:RRL), along with Capricorn Metals and Gold Road, has revealed setbacks to planned production due to last week’s record rainfall in parts of the WA Goldfields. Capricorn Metals (ASX:CMM) reported that its Karlawinda gold project in the Pilbara experienced a second rain event in three months, forcing the mine to process lower-grade stockpiled ore. Similarly, Gold Road (ASX:GOR) disclosed that its 50% owned Gruyere mine faced curtailed work in the open pit for a week or more, affecting production for the March quarter but maintaining guidance for the June 30 year, albeit at the lower end of the forecast range.
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Ramelius Resources raises 2024 production guidance
Unlike Gold Road Resources (ASX:GOR), which surprised investors with a cut to its 2024 production guidance, Ramelius Resources (ASX:RMS) has increased its guidance for the year ending in June.
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Gold Road Resources faces investor fears
In January, investors had two unsettling encounters with Gold Road Resources (ASX:GOR).
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Analyst Views
GOR – Macquarie rates the stock as Neutral
Macquarie upgrades its rating for Gold Road Resources to Neutral from Underperform, while retaining its $1.70 target price.
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GOR – UBS rates the stock as Buy
UBS initiates coverage on Gold Road Resources with a Buy rating and $1.94 target.
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GOR – Macquarie rates the stock as Outperform
Guidance is unchanged. Outperform rating maintained. Target rises to $1.50 from $1.40.
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GOR – Macquarie rates the stock as Outperform
A bearing failure at the mill at Gruyere has affected production for a week and 2020 guidance has been reduced by -15,000 ounces to 250-270,000 ounces. All-in sustainable costs have been lifted to $100/oz.
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GOR – Macquarie rates the stock as Downgrade to Neutral from Outperform
Macquarie downgrades to Neutral from Outperform as the target is now in line with the current share price. Target is $1.40.
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