Gold Road Resources (GOR) AGM 2025 summary

Opening remarks and agenda

• Meeting commenced with acknowledgment of traditional landowners and a welcome to both in-person and online participants.

• Introduction of board members, executive team, auditors, and share registry representatives.

• Managing Director & CEO Duncan Gibbs led the AGM, presenting the company's annual review and strategic outlook.

• Agenda included voting on resolutions, financial and remuneration reports, director re-elections, incentive grants, and governance provisions.

Financial performance review

• Net profit after tax for 2024 was AUD 142.7 million, up from AUD 115.7 million in 2022.

• Achieved record financial results in 2024: NPAT of $143M, EBITDA of $294M, and free cash flow of $92M.

• Revenue rose 12% year-on-year to $528M, with EBITDA margin at 56% and EPS over 9c in H2 2024.

• Gold production at Gruyere reached 287,270 ounces, with improved performance in the latter half of 2024.

• Cash and equivalents stood at AUD 174M at year-end, with no debt or hedging.

• Average gold sales price was AUD 3,672 per ounce; operating cash flow from Gruyere was AUD 362.5 million.

• Listed investments valued at AUD 742M at year-end, rising to AUD 914M by the meeting.

• Total shareholder return of 61% from Dec 2020 to Dec 2024.

• Dividends paid every half since 2020, with 2024 dividends representing 24% of free cash flow.

Board and executive committee updates

• Brian Levitt and Denise McComish stood for re-election, highlighting their committee roles and relevant experience.

• New executive appointments included Brian Massey as General Manager, Investor Relations and Corporate Development.

• Board led by Non-Executive Chairman Tim Netscher and CEO Duncan Gibbs, supported by a diverse leadership team.

• Board composition includes 40% female members, reflecting diversity and inclusion priorities.