Gold Road Resources Limited presented its Annual Mineral Resource and Ore Reserve Statement as at 31 December 2022 for the Gruyere Joint Venture (Gruyere JV) and for its 100% owned Mineral Resources at Yamarna. The Gold Road attributable Mineral Resource at Yamarna comprises 50% of the Gruyere JV Mineral Resources (Gruyere, Golden Highway and YAM14 Open Pits and Central Bore Underground), the Company's Gruyere Underground Mineral Resource (as reported 50% attributable) and Gold Road's 100% owned Yamarna Mineral Resources (Renegade, Gilmour, Smokebush and Warbler Open Pits and Gilmour Underground). Gold Road's total attributable Mineral Resource has increased year on year by 0.08 million ounces (+2%) to 104 million tonnes at 1.44 g/t Au for 4.79 million ounces.

The Gold Road 100% owned Yamarna Mineral Resources remain unchanged year on year at 6.5 million tonnes at 2.44 g/t Au for 0.51 million ounces. The Gruyere JV Mineral Resource, as at 31 December 2022, includes the open pit portion of the Gruyere Deposit, the Golden Highway (including Attila, Orleans, Argos, Montagne and Alaric) and YAM14 Open Pits, and Central Bore Underground, all of which are within the Gruyere JV. Mineral Resources are reported on a 100% basis and are constrained within optimised pit shells based on a AUD 2,000 per ounce gold price (unchanged year on year) and deposit-specific modifying factors and cut-off grades.

The Central Bore Inferred Resource is constrained within underground stope shapes based on a AUD 1,850 per ounce gold price. The year on year decrease of 0.64 million ounces associated with the Gruyere Open Pit Mineral Resource is discussed in the following section, and is the main contributor to the overall decrease to the Gruyere JV Mineral Resource of 0.69 million ounces (-9%) (0.34 million ounces attributable) to 153 million tonnes at 1.36 g/t Au for 6.69 million ounces exclusive of Gold Road's Underground Mineral Resource. The Golden Highway geology models informing the December 2022 Mineral Resource estimates remain unchanged year on year.

Orleans remains unchanged from December 2021. Further drilling will be based on the results of the ongoing evaluation. The YAM14 and Central Bore Mineral Resources remain unchanged from December 2021.

The updated Gruyere Open Pit Mineral Resource is the main contributor to changes in the Gruyere JV Mineral Resource. The estimate incorporates new drilling information including 161 reverse circulation (RC) grade control holes for 10,700 metres completed through 2022. The grade control drilling validated the existing resource model, and converted 0.48 million ounces from Indicated to Measured category before mining depletion.

The Open Pit Mineral Resource has decreased by 0.64 million ounces (-10%) to 137 million tonnes at 1.33 g/t Au for 5.88 million ounces, with the main points of variance being: A 0.24 million ounce decrease in the Inferred Resource as a result of increased cost assumptions reducing the depth of the constraining pit shell by 25 metres; An increase in Measured Resource of 0.12 million ounces as a result of conversion from grade control drilling after mining depletion of 0.39 million ounces; a corresponding decrease in Indicated Resource of 0.40 million ounces; and Minor overall decrease as a result of increases to reporting cut-off grades (+0.04 g/t Au). Reconciliation of the Mineral Resource estimate against actual mining performance is tracked and managed via the mine reconciliation system. The resource model continues to reconcile well against production with both the 12 month moving average and mine-to-date mine call factors close to 100%.

Gold Road's December 2022 Gruyere Underground Mineral Resource estimate is an evaluation of the updated geology model exclusively below the December 2022 AUD 2,000 per ounce Open Pit Mineral Resource optimisation shell. A deep diamond drilling program completed late in 2021 delineated the mineralised system at depth beneath the current open pit resource. The remaining seven holes of the 13 hole program were incorporated into the geology model and allowed refinement of the northern high-grade domain providing confidence to extend the Inferred category boundary down dip in the northern end of the Deposit.

The updated Mineable Shape Optimiser (MSO) evaluation included continuous improvements to the zone coding and stope shape parameters. In accordance with guidance point 14 of The JORC Code 2012 Edition, Gold Road presents an alternative, underground only, Mineral Resource estimate for Gruyere below the Open Pit Ore Reserve. This estimate does not form part of the declared Mineral Resource statement.

Adopting the same evaluation method used in the determination of Gold Road's December 2022 Underground Mineral Resource, Gold Road has constrained the geology model within MSO shapes from below the base of the Ore Reserve to the base of the December 2022 Underground Mineral Resource. An alternative, entirely underground, Inferred Mineral Resource of 39 million tonnes at 1.41 g/t Au for 1.79 million ounces (50% basis), is estimated beneath the Ore Reserve. An increase of 0.31 million ounces year on year.

This assessment provides an alternative approach to estimating resources beneath the Gruyere Ore Reserve when compared to the portion of the December 2022 Gruyere Open Pit Attributable Mineral Resource of 23 million tonnes at 1.46 g/t Au for 1.06 million ounces that sits beneath reported Ore Reserves and Gold Road's December 2022 Underground Attributable Mineral Resource of 11 million tonnes at 1.40 g/t Au for 0.95 million ounces. The Gruyere JV Ore Reserve, as at 31 December 2022, is derived from the Gruyere and the Golden Highway Open Pit Deposits (Attila, Argos, Montagne and Alaric) all of which are located within the Gruyere JV. On a 100% basis the Gruyere JV Ore Reserve totals 98.8 million tonnes at 1.27 g/t Au for 4.05 million ounces of gold at a AUD 1,750 per ounce gold price.

The Gruyere JV Ore Reserve has decreased by 0.41 million ounces (-9%) since the Ore Reserve reported on 31 December 2021. The majority (92%) of the reduction is attributed to mining depletion at Gruyere (-0.37 million ounces). Minor reductions (-0.05 million ounces) are associated with increased reporting cut-off grades (approximately +0.05 g/t Au) due to updated cost assumptions.

No changes to Ore Reserve pit designs have been made year on year. The Gruyere JV Ore Reserve is estimated after consideration of the level of confidence and by taking account of material and relevant modifying factors. The Proved Ore Reserve estimate is based on the Measured Mineral Resources.

The Probable Ore Reserve estimate is based on the Indicated Mineral Resources. No Inferred Mineral Resources have been included in the Ore Reserve.