# GOR - Gold Road Resources



## Wysiwyg (1 March 2011)

The revamped Eleckra Mines Limited is continuing to show up high grade gold at their Yamarna prospect north along trend of the 5 million ounce Tropicana deposit. Maiden JORC due in March 2011.

This Quarterly covers most info. http://imagesignal.comsec.com.au/asxdata/20110125/pdf/01144206.pdf


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## Crom (2 March 2011)

Nice timing re starting this thread with at one stage yesterday a 25% rise before it fell later in the day.

I came across this stock a few weeks back and basic research showed this to have tremendous potential.  I bought immediately on it's low (27c), and will hold at least till it's JORC comes out this month.

How about the news release yesterday - results up to 1kg/t!

I note that Gavin Wendt had a buy on this at 38c.

So thanks for starting this thread and while I know there are many many stocks covered on this great site, it is surprising that a stock like this with sooooo much obvious potential tends to be over looked.  A bit like ALD where I have posted some replies but have only one other member interested.

All the best


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## Wysiwyg (2 March 2011)

Well I bought shares yesterday on what I thought was very good prospects of a new high grade gold field and producer in infancy. Fear today with Middle East unrest pushing oil up again and 'investors' selling off in the States last night has seen a drop back in yesterdays gains with GOR. 
Mind you I' ll drop the thing if the sell off gets stupid.

Do you have source of Gavin Wendt's write up?


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## Buckfont (2 March 2011)

Hi wysiwyg, The article was probably from minelife. Wasn`t aware of the article until it was mentioned above.

Gold Road Limited (GOR) - Buy @ 38c.

An exciting gold explorer that is generating high grade drilling resultsfrom its Yamarna Project in W.A. Currently hosting a JORC resource of 917,000 oz, an upgrade will be made in Q1 2011.

Page 6 of this link elaborates.

If you click on the `sample weekly`, you`ll find it. Hope this helps.

http://www.minelife.com.au/Home.aspx?ViewPage=Home

Picked this in the comp this monthso we`ll see how it flies. Dont hold. Bf


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## Crom (2 March 2011)

Gavin's minelife article is on the Gold Road web site along with other media and research reports.

The sell off today would appear an opportunity for traders to take profits against a mkt fall due to the fall on Wall street.  The sell off then no doubt spooked other holders to sell.

Those same traders will then re buy into the afternoon, which should see the price back up to around yesterday's close of 35 cents.

The business section of the Australian (compulsory morning reading), carried a link this morning to Gold Road's audio broadcast, so it is certainly attracting greater attention.


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## Wysiwyg (4 March 2011)

Crom said:


> Gavin's minelife article is on the Gold Road web site along with other media and research reports.



The write up by Ford and Jones is a fair assessment too. Looking ahead a little I wonder what the general expectation of gold ounce estimate at this stage of exploration will be. More than 250k and less than 1000k.


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## burlay (8 March 2011)

Any sell off is those taking profits who bought in sub 10c (which was not that long ago) - I think there are a few who didn't take profits at 55c who are a bit spooked and selling off now. Personally, I think they are crazy with a JORC about to be released - and the good results keep on coming in. I am holding this til production - incredible potential.


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## Wysiwyg (8 March 2011)

Strong demand days and then lay days with lower volume so correct me if wrong but this indicates accumulation. I anticipated a peak for Au but all time high was broken again yesterday. Maybe 1500 will see resistance. Anyways a long term uptrend can only be good for any goldy.


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## RazzaDazzla (14 April 2011)

GOR up 17.83% today. I'm assuming there's some whispers out there somewhere regarding this stock.


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## Country Lad (14 April 2011)

Bullish update yesterday and directors exercising options.


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## mr. jeff (14 April 2011)

RazzaDazzla said:


> GOR up 17.83% today. I'm assuming there's some whispers out there somewhere regarding this stock.



 yeah D&D is where it came from. fair enough too.


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## subi1 (14 April 2011)

mr. jeff said:


> yeah D&D is where it came from. fair enough too.




Read the paydirt presentation released today a lot of great information in it.


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## subi1 (15 April 2011)

subi1 said:


> Read the paydirt presentation released today a lot of great information in it.




I meant watch the presentation as it is a brr movie from the paydirt conference in late March. Regardless it is enlightening.


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## Buckfont (15 April 2011)

subi1 said:


> I meant watch the presentation as it is a brr movie from the paydirt conference in late March. Regardless it is enlightening.




Gotta link there subi1?


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## subi1 (15 April 2011)

Buckfont said:


> Gotta link there subi1?




If you go to www.goldroad.com.au it is the most recent announcement. There was also another one yesterday which was worth listening to.


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## stormdog (6 May 2011)

Here we are in May and I was wondering what the present general consensus is on Gold Road. The metal price could go anywhere that is one thing, however it is the development of the company over the coming months,the real quality of the management and so on that really interests me from an investment point of view. Living almost as far away as it is possible to get it is really difficult to get a true 'feel' of the overall sentiment.
Many thanks.


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## subi1 (8 May 2011)

There should be  a lot of drilling news coming out starting with the first Hann results.

I imagine the market is waiting for these results.

I am hoping the results will continue on from  the good results at Central Bore and Justinian.

They are also doing more drilling at Atilla this year and think it may be much bigger than the current 900,000oz resource.

There is a lot of information in their latest reports.


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## mr. jeff (9 February 2012)

Now that the CR is over, new life has surfaced here.



Weekly chart for 2 years.


If POG stays strong and we see a decent return to riskier stocks then GOR is sitting in a very attractive spot right now and could offer around 40% upside. If things do not go as planned then it may get refused at 45c and come back. Worth watching at this stage anyway...ABU is the other explorer with decent ground who hasn't moved much even with some solid trenching results.


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## mr. jeff (20 March 2012)

Not much action and new results now out.

Looks pretty regular.




Unless I am missing something here.


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## Joules MM1 (18 April 2012)

like to buy this starting .255's down to .235's .......if aud can hit sub parity all downside bets are off .....unlikely to get any external signal of a turnaround either......same for stocks like AMX.....so many cheap-getting-cheaper ......nice


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## AllAussie (18 April 2012)

This is becoming one of the best buys on the market I reckon...ride the lightning


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## Joe Blow (18 April 2012)

AllAussie said:


> This is becoming one of the best buys on the market I reckon...ride the lightning




Care to elaborate?


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## Joules MM1 (24 April 2012)

AllAussie said:


> This is becoming one of the best buys on the market I reckon...ride the lightning




just keeps getting cheaper......fine company, no real signs of accumulation (that i see) and for now sticking with my target zone 235-255's

worthwhile listen:

brrmedia.com/event/96360


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## Chasero (26 April 2012)

Joules MM1 said:


> just keeps getting cheaper......fine company, no real signs of accumulation (that i see) and for now sticking with my target zone 235-255's
> 
> worthwhile listen:
> 
> brrmedia.com/event/96360




Really huge plunge by GOR in 2 months.

40c to now 23c.. that's nearly 50% in 2 months ouch.

I am expecting a counter rally post June.

i.e. stop losses must have been triggered, especially as may and june are tax selling months.

Will look for signs of a bottom.


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## AllAussie (3 May 2012)

Plenty of volume since the last announcement.  Bought some more at .23


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## Joules MM1 (3 May 2012)

Chasero said:


> Really huge plunge by GOR in 2 months.
> 
> 40c to now 23c.. that's nearly 50% in 2 months ouch.
> 
> ...




i still don't see the crucial signs of accummulation.....as i see today, gold is likely to head for 1500ish and many gold stocks appear in that direction, down.....

this is a great company, for sure, what is also being fought by the retail trader is a wash out of the sector by the money that moves markets, imo, purchases made now need to have a wide view.....


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## Chasero (3 May 2012)

Joules MM1 said:


> i still don't see the crucial signs of accummulation.....as i see today, gold is likely to head for 1500ish and many gold stocks appear in that direction, down.....
> 
> this is a great company, for sure, what is also being fought by the retail trader is a wash out of the sector by the money that moves markets, imo, purchases made now need to have a wide view.....




Pretty decent bounce from that announcement though.

Long term trend is still down so I'm not touching gold stocks for a while yet till I see a reverse in trend.


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## Joules MM1 (16 May 2012)

we're in the strike zone now for internal value on GOR, imo......

looks like we'll close on 18's today i'll buy anything below 15's .....hmmmm......how much harder can these get hit ?

bounce time


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## AllAussie (31 May 2012)

More good results from the Atilla trend announced today.  Would expect a significant increase in contained ounces in the revised resource


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## AllAussie (1 June 2012)

AllAussie said:


> More good results from the Atilla trend announced today.  Would expect a significant increase in contained ounces in the revised resource




Here is the link

http://goldroad.com.au/reports/GORDrillingResults31052012.pdf


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## AllAussie (3 August 2012)

Resource upgrade for the Atilla trend is due anytime now.  Drilling at Elvis also looks promising


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## Joules MM1 (24 August 2012)

GOR is showing good signs of a temp low on healthy volume on the lift of gold although it has taken a couple of sessions for the bell to ring......and another reason appears to be swelling for money to flow into local and secure sites even if the aud tends to be a drag for o/s investors looking to get in early.......


http://www.news24.com/SouthAfrica/Politics/Malema-Brace-for-a-mining-revolution-20120823


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## Crows (27 August 2012)

Was at 15c on the 21st and now its at 22c.. Almost 50% in under a week. Whoever got it at 15c is grinning thats for sure.


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## Joules MM1 (27 August 2012)

Crows said:


> Was at 15c on the 21st and now its at 22c.. Almost 50% in under a week. Whoever got it at 15c is grinning thats for sure.




mostly small parcels on the back of the gold leap.......no real signs of major money buying into the low, suggests, to me, we're not done doing business in this price zone


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## Crows (27 August 2012)

Good to know as I contemplated buying in and then it just kept rising. I've been looking for gold mining stocks to invest in and hadn't had long enough to do my research so wasn't keen on jumping in while it was rising sharply. GOR and AMX are the two I've currently found to be interesting. Still on the hunt for others however!


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## Joules MM1 (31 August 2012)

and there we have it......in % terms a good swing up, within a very short time span, an exit opportunity.....from .215 down todays close at .180 that's a quick trip to guess-who's-not-boarding-the-QEIII-ship.......

on the bright side i think we should now see some attempts to make a stronger low prob back to .155 level....looking for signs of genuine accum otherwise it's winter time........

sticking with an earlier post,i still think below .15 is a good buy based on bookwork not inc the plant build to come.....the exception would be a dramatic reversal of trend for gold, which is unlikely


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## AllAussie (11 January 2013)

So now the pre-feasibility study is due out in Q2 2013.  Seems like this is all taking forever,  who knows how long the actual feasibility study will take after that. 

Wasn't that long ago when GOR were aiming for production by the end of 2012


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## Joules MM1 (13 November 2013)

i am long xau/usd spot as of this post....looking for a continuation of an upwards abc move and think that 1260's neeeds to hold

this swing should provide some strength to gor......but, dont expect a rocket....money flows suggest despite the recent widespread finds there arent a lot of insties jumping on.....shame....


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## Joules MM1 (17 November 2013)

Joules MM1 said:


> i am long xau/usd spot as of this post....looking for a continuation of an upwards abc move and think that 1260's neeeds to hold




and still long 

..one analyst, who's been trading/studying the COT for three decades, says: 







			
				Steve Briese said:
			
		

> Precious Metal Sector:
> This week saw significant
> new commercial
> buying, and at 47%, the
> ...


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## Joules MM1 (20 November 2013)

someones chasing GOR up....looking like a break-out game too

very constructive pricing, good price support.....expect to see pos money flows as they are flatish into this week

not holding


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## Joules MM1 (25 November 2013)

despite or inspite of gold pummeling , gor keeps up the bullish tone....compared to other goldies this one only needs a hint of major swing in gold to make a decent secondary b/out....


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## piggybank (4 February 2014)

*EXCEPTIONAL METALLURGICAL TEST RESULTS FROM GRUYERE PROSPECT*

*Highlights*

 Total Gold Recovery ‐ 96.0% to 98.0%
 Gravity Gold Recovery ‐ 52.2% to 69.2%
 The comprehensive assays did not show any deleterious elements and the excellent gold recoveries achieved indicate the ores are not refractory

Gold Road Resources Limited (Gold Road or the Company) (ASX: GOR) received the results of a recent first pass metallurgical test work programme carried out by ALS between December 2013 and January 2014. The metallurgical testing, which included gravity and cyanidation leach testwork, was conducted on five composite samples. These samples were taken from previously reported drill holes.....

If you want to read more, then you can do so by clicking on this link:- http://stocknessmonster.com/news-item?S=GOR&E=ASX&N=666534


​


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## Miner (8 November 2016)

*GOR - Gold Ore Resources*

I was searching for postings on this scrip and apparently none existed.
Today is a great day - gold shares have come down as Hillary is likely the winner . Lucky for GOR as it went to a trading halt. A lot of news - time will say the outcome of them. But GOR managed to have 50: 50 JV with Goldfields - 7th largest gold producer with head office in South Africa . 
http://www.asx.com.au/asxpdf/20161107/pdf/43cq1ql8qzqz5d.pdf 
It will be interesting future for eastern goldfields and Kalgoorlie
Joe - please merge my posting to any existing GOR thread.
DNH


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## Miner (8 November 2016)

*Re: GOR - Gold Ore Resources*



Miner said:


> I was searching for postings on this scrip and apparently none existed.
> Today is a great day - gold shares have come down as Hillary is likely the winner . Lucky for GOR as it went to a trading halt. A lot of news - time will say the outcome of them. But GOR managed to have 50: 50 JV with Goldfields - 7th largest gold producer with head office in South Africa .
> http://www.asx.com.au/asxpdf/20161107/pdf/43cq1ql8qzqz5d.pdf
> It will be interesting future for eastern goldfields and Kalgoorlie
> ...




Thanks Joe for merging the threads on GOR. 
Today as soon as the market opened, the price shot only to settle around 6% higher. Interesting time and will watch more closely how it behaves following US election like other gold shares.
Any one can share on the jV proposal and what you think - will be appreciated.
DNH


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## RedDirt (10 February 2018)

Not a lot of traffic here and last four posts span 5 years! Wonder if anyone held over that time as sp has steadily trended up.


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## Joules MM1 (10 February 2018)

RedDirt said:


> Not a lot of traffic here and last four posts span 5 years! Wonder if anyone held over that time as sp has steadily trended up.




it's fair to say on a tech basis that channel is a text book bull indicator keeping in mind where it started relative to what Au has been doing in the same period


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## RedDirt (11 February 2018)

Yamarna and GOR graph trajectory is impressive and only came aboard recently... but must admit I have an emotional connection so hence my desire to see and hear more objective viewpoints.


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## Joules MM1 (11 February 2018)

current COT suggests to me Commercials are bid
the GOR channel says deep pockets have a strong positive view on the stock
and the non-fudgeable #'s tend to back that idea
however as each 1c increase the cap value you have to ask the question of delivery on the companies implied promise as a relative % of the increase

the base of this channel i drew mid 2014 with the roof at .440ish
note the take off and the opportunity to sell into the strength however the channel held so well price did not sink enough make the floor of the incline, always a positive outlook depending on your speed of acting on the idea of the bull swing(s)





ideas on a page


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## RedDirt (12 February 2018)

"the base of this channel i drew mid 2014 with the roof at .440ish" Now at 0.775 after the volatility of past week so guess you are saying its is vastly overvalued.


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## Joules MM1 (12 February 2018)

RedDirt said:


> "the base of this channel i drew mid 2014 with the roof at .440ish" Now at 0.775 after the volatility of past week so guess you are saying its is vastly overvalued.




depends on how you value versus how you think others value the stock
clearly when there was previous divergence a group of investors decided there was no more upside and then the bidders decided there was a discount to be had 

overall the channel is providing a sloped range, bullish in any book, providing levels of risk

without production what are the measures of value ? (questioning how a value is derived does not denote or default to being "overbought")

rather than spend time on figuring the fundamental value as an investor you could figure the risk level as a (bid) trader given that the chart has offered what others think the stock is worth todate


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## RedDirt (12 February 2018)

Well I guess my background over the last 40 years on this resource, albeit intuitive and lived is taken into account... As a newbie have made the risk assessments I am aware of to date. Joules I love your constant and informed commentary and time will only tell of I have invested wrongly


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## barney (4 January 2019)

GOR is also one of my picks in the 2019 Stock Picking comp so I will drop in at least once a month and have a squiz and a yarn if appropriate.  

Chart looks very pivotal to me at the moment with the recent double bottom around 60 cents and now a nice few days rally.  

Don't really want to see too much decline from here if possible, and if it does, that 60 cent zone HAS to hold.  You still working this one over @Joules MM1


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## Joules MM1 (4 January 2019)

been a long time tween drinks on this one

checking money flows suddenly back on the black ...most goldies should be seeing speccy dosh and the 13week money that appears to drive trend came in like a funnel ..generally liquidity appears to be expanding bid-side ...generally some shake n bake of weak longs ....yeah, that .600c looks a gtfo


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## barney (5 January 2019)

Joules MM1 said:


> *been a long time tween drinks on this one*




Lol …. In hindsight I wish I'd acted more on your "drinking stories" way back then!


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## Cam019 (24 March 2019)




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## barney (24 March 2019)

Cam019 said:


> View attachment 93244




The Chart tells the story …. Increase in Volume as well ..

Goldies breaking recent resistance zones on increasing volumes …. mmmm ……. time to start looking out for Index shorts at appropriate moments perhaps


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## qldfrog (23 August 2019)

Gor belted today.got in on one of my unlucky system...
Seems the sales of 10pc of its shares by gold field was not received well...


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## Porper (23 August 2019)

qldfrog said:


> Gor belted today.got in on one of my unlucky system...
> Seems the sales of 10pc of its shares by gold field was not received well...




This one got me. Was going well and I didn't move the stop up as I should. Lazy. Small loss and deserve it. Always learning in this game.


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## barney (23 August 2019)

qldfrog said:


> Gor belted today.got in on one of my unlucky system...





Porper said:


> This one got me. Was going well and I didn't move the stop up




Just home to see this one … Nasty!  Been on a nice trajectory till today.  Even NST NCM and the smaller SLR, PNR have been under recent pressure …… There has been some Gold/Index/AUD etc juggling going on for a while on the bigger stage ….. The fear/greed ratio feels a bit fragile


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## frugal.rock (10 December 2019)

Was watching GOR, really wanted to buy in there a couple of weeks ago at around $1.04 but no cash, (stupid impulsive mistakes have been made, expensive lessons!) 
It seems GOR, currently $1.165 has been flying under the radar, but it seems to me as a better prospect than Dacian at the moment.
Hit $1.20 well on Friday, but with gold stocks pressure easing, has retreated a little. 
2019 shows a nice trajectory and you should do your own research.
F.Rock


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## fergee (29 December 2019)

I have been following this company since it was called Elektra mining. Great management and great resource. Its currently looking like breaking out of its correction right now and starting the next leg up. Looking forward to seeing some more drill results this year and the ramp up to full production.


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## Padowan (1 January 2020)

I’ve picked GOR in the January  2020 and full CY2020 tipping competitions on the back of a rising tide in the Aussie gold sector and hopefully the company has reached the inflection point on the ramp up of the new gruyere gold mine whilst near mine and regional exploration potential provides the icing on the cake.
The stock has traded up from 1.08 on the 23rd Dec to 1.34 at market close today, having been just over 1.60 in mid August 2019


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## qldfrog (1 January 2020)

yeap one of my buy for the year too: looking for 2020


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## fergee (1 January 2020)

Padowan said:


> I’ve picked GOR in the January  2020 and full CY2020 tipping competitions on the back of a rising tide in the Aussie gold sector and hopefully the company has reached the inflection point on the ramp up of the new gruyere gold mine whilst near mine and regional exploration potential provides the icing on the cake.
> The stock has traded up from 1.08 on the 23rd Dec to 1.34 at market close today, having been just over 1.60 in mid August 2019



2020 GOR SQUAD 
Im really looking forward to this years drilling results. 
I often feel this stock is a little misunderstood(maybe it's just me), it is primarily an explorer who farms out its finds and takes a cut of the action. It's a really good business model, they stick at what they are good at which is finding reserves and let mining companies do what they do best getting the gold out of the ground and processed. It's almost a hybrid between an explorer and a royalty holding company now. I wonder when the dividends will start to roll out?


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## fergee (30 January 2020)

From GOR December Quarterly Report

HIGHLIGHTS

*Production and Guidance*


  Gruyere produced 70,023 ounces during the quarter and 99,130 ounces for 2019 at the top end of guidance (75,000 to 100,000 ounces – 100% basis)
  Gold Road met cost guidance for the December 2019 quarter with AISC of A$1,102 per attributable ounce
  Gruyere ramp-up continues to progress well, with focus turning to further improving plant availability, maintenance and wear patterns
  2020 Mine Plan and guidance anticipated in the March 2020
December Quarterly Report



*Financial and Corporate*

 As at 31 December 2019:


  Gold Road had cash of A$101.3 million


  Gold Road had net cash of A$20.9 million


  In January 2020, the better than expected cash generation from Gruyere enabled Gold Road to make a considerable debt repayment of A$38 million reducing the Company’s overall debt position from A$80.4 million at the end of the December 2019 quarter to A$42.4 million.


  Gold Road sold 37,104 ounces of its share of gold from Gruyere at an average price of A$2,033 per ounce during the quarter


  Final Capital Cost for Gruyere’s construction confirmed at A$610 million (100% basis), below budget of A$621 million

*Discovery*


  Extensional diamond and RC drilling was completed at Gruyere during the quarter with a Mineral Resource update expected in the March 2020 quarter


  Mineral Resources at Gilmour and Renegade (100% owned) declared totalling 3.5 million tonnes at 2.62 g/t Au for 297,600 ounces


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## qldfrog (30 January 2020)

Just got out this morning in my move to conservative assets but a great gold play.i might be back


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## frugal.rock (30 January 2020)

Without getting into the nitty gritty, the FA would have the SP somewhere around $2.50 when comparing with Dacian a year ago or so. Main difference is GOR isn't paying a dividend, as Dacian was back then. 
If GOR pays down it's debt by end of FY, happy days. They might decide to pay a divvy? Am sure the SP would rise to the occasion. 
As long as gold stays bullish...
F.Rock


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## fergee (30 January 2020)

Current Hedging Position

Gold Road delivered 13,600 ounces into its hedge book at an average price of A$1,780 per ounce during the quarter. Gold Road’s gold forward sales contracts as at 31 December 2019 are summarised in the table below.


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## Padowan (30 January 2020)

frugal.rock said:


> Without getting into the nitty gritty, the FA would have the SP somewhere around $2.50 when comparing with Dacian a year ago or so. Main difference is GOR isn't paying a dividend, as Dacian was back then.
> If GOR pays down it's debt by end of FY, happy days. They might decide to pay a divvy? Am sure the SP would rise to the occasion.
> As long as gold stays bullish...
> F.Rock



@frugal.rock I believe that the market incorrectly discounts GOR because it is the non managing joint venture partner at gruyere although it’s a better way for a junior to manage the risk of building and starting a new remote mine IMHO and will ultimately pay in efficient capital growth.

with corona virus, trump, brexit, trouble in the Middle East I’m personally bullish Aussie gold juniors


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## fergee (31 January 2020)

Padowan said:


> @frugal.rock I believe that the market incorrectly discounts GOR because it is the non managing joint venture partner at gruyere although it’s a better way for a junior to manage the risk of building and starting a new remote mine IMHO and will ultimately pay in efficient capital growth.



100% agree with that @Padowan its a Great model! Be interesting to see if they can scale it up and get some more JVs/revenue streams online in the future.

@frugal.rock I do remember GOR talking about wanting to pay dividends in a report at some stage but cant for the life of me find where right now.


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## fergee (7 February 2020)

GOR up ~9% today on above average volume. Not far off all time highs at $1.645 now. 
Couldn't find any news to justify the volume and price spike, possibly insto's buying in again?


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## frugal.rock (7 February 2020)

fergee said:


> GOR up ~9% today on above average volume. Not far off all time highs at $1.645 now.
> Couldn't find any news to justify the volume and price spike, possibly insto's buying in again?



The market was down today across the board with gold and real estate the only + indices today. 
Gold up 1.7%., RE 0.4%.
Have noticed recently the money coming and going out of gold. 
I've got multiple animal behaviour ideas about the way stocks and or the market trade.... and gold is behaving like a rabbit.
The warren is gold, the safety hold, the rabbit (traders, insto's etc) have a look around out of the hole and get out and have a feed on other sectors, always ready to run back to the hold at the drop of a Akubra. 
My 
F.Rock


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## Joules MM1 (7 February 2020)

fergee said:


> GOR up ~9% today on above average volume. Not far off all time highs at $1.645 now.
> Couldn't find any news to justify the volume and price spike, possibly insto's buying in again?




when price is being chased the internal momentum is something that takes time to recognise, it's the strength that allows coin to be pocketed into strength

keep in mind that someone is selling all that buying
it is useful to look at the auction on at/on regular intervals:
the question is did most of the buying occur at the offer or did most of the buying occur at the bid
 is it the action of a double top, a sell zone, best value to exit zone?

the price structure looks very bullish, but, that's the twist with goldies they get that to-the-moon-thru-the-moon-onto-mars look about them .....and then volume is lifting, the chase is on, the smart money sells into the weak late comers and suddenly its the nevada desert with tall stacks of useless bids
august 2010 may 2011 is a mini fractal of the current move, at best don't be precious when the price is suddenly zooming 

in US$ the commitment of traders report shows commercial traders at extreme historic sell-to-open positions, meanwhile retail and money managers are at extreme buy-to-open......

then again my buyer beware rant might be an everywhere a rant rant


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## fergee (7 February 2020)

frugal.rock said:


> The market was down today across the board with gold and real estate the only + indices today.
> Gold up 1.7%., RE 0.4%.
> Have noticed recently the money coming and going out of gold.
> I've got multiple animal behaviour ideas about the way stocks and or the market trade.... and gold is behaving like a rabbit.
> ...



Hey @frugal.rock I enjoyed that little parable about rabbits want to open up a separate thread about it? 
Could be a bit of a laugh and be a place discuss market phycology


----------



## fergee (7 February 2020)

Joules MM1 said:


> when price is being chased the internal momentum is something that takes time to recognise, it's the strength that allows coin to be pocketed into strength
> 
> keep in mind that someone is selling all that buying
> it is useful to look at the auction on at/on regular intervals:
> ...



Wise words @Joules MM1 

You are right, when you think it can go in only one direction it does the opposite. Hence it does pay to be a touch sceptical which helps keep your feet on the ground while avoiding the madness of the  crowd. Also knowing when to be contrarian and take advantage of all the cattle once they are all herded together and looking like tomorrow nights filet mignon. In saying that though there are times to ride with the herd or be run over by it and I think right know I know which direction I would rather be riding with GOR.


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## frugal.rock (7 February 2020)

Half the list is green.
Half even except for 3 red around 8%
Wondering why I don't hold any of these stocks... I have clearly neglected to check this watchlist for a while.
F.Rock


----------



## fergee (13 February 2020)

GOR made all time highs today, $2 looking probable this year sometime imo.

It looks like GOR and SLR are in a little race and SLR seems to be the slightly faster runner. Any one got an opinion on SLR>GOR or SLR<GOR?


----------



## Clansman (13 February 2020)

fergee said:


> GOR made all time highs today, $2 looking probable this year sometime imo.
> 
> It looks like GOR and SLR are in a little race and SLR seems to be the slightly faster runner. Any one got an opinion on SLR>GOR or SLR<GOR?




Intrigued to know how GOR could have reached an all time high today when it was nearly $4 back in 2016??????????????


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## Clansman (13 February 2020)

Clansman said:


> Intrigued to know how GOR could have reached an all time high today when it was nearly $4 back in 2016??????????????




My error. Incorrect stock. It's going great guns.


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## frugal.rock (13 February 2020)

Comparing GOR to SLR... not quite apples to apples...
GOR
Up and coming gold play.
Good prospects.
Trading volume increasing.
SP breaking new ground, likely to bring volatility.
Some large volume trading days in the last 12 months, around 100 million vol.
Fairly low AISC. 

SLR
Gold and copper play. 
Actively trading last 6 months.
Currently SP around half of it's 2012/13 highs.
Longer in the tooth than GOR

In the current market, who knows?
Both look like nice apples of different varieties which the market seems to like.

F.Rock


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## Padowan (16 February 2020)

frugal.rock said:


> Comparing GOR to SLR... not quite apples to apples...
> GOR
> Up and coming gold play.
> Good prospects.
> ...



From GOR investor pres, they are Cleary messaging their views on relative value


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## fergee (25 March 2020)

Great tailwinds for GOR right now, as long as they don't have to shut don't for anything over a month or so. AUD gold at record highs + Cheaper oil looks very promising for them for the rest of the year. Hedge books will be interesting next report to see if they have added hedges during this price rise.


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## fergee (7 October 2020)

Gold Road presentation at Denver gold forum

Key take aways from this for me were: 

The winding up of the hedge book now that debt has been repaid, currently 25% of projected annual production is hedged.

The up and coming dividend payment.

Looking to organically grow and possibly acquire assets inline with current strategy, they won't be investing in risky jurisdictions.

Hoping to prove up an asset large enough to become a 100% owner operator.

Lot of money being spent drilling on 100% owned ground.

All in all sounded good to me, fantastically managed company.


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## fergee (13 October 2020)

DIVIDEND POLICY IN PLACE

  Target an annual aggregate dividend payout of 15%-30% of free cash flow for each calendar year in two half yearly payments*
  Subject to a minimum net cash balance of A$100M (US$72M) (after payment of any dividend)
  A$65.7M (US$47.3M) in Franking Credits1
  Anticipate inaugural dividend declared for 6 month period ended 31 December 20202
  Dividend reinvestment plan to be established


----------



## Ferret (3 January 2021)

My second pick for the 2021 comp.

Up and coming gold miner and could do well if things get shaky again in 2021.


----------



## Dona Ferentes (28 June 2021)

Blimey

down 8% on production numbers

... _Due to disruptions to processing plant operations at the Gruyere Gold Mine, production at Gruyere for the June 2021 quarter will be approximately 52,000 to 55,000 ounces (100% basis).  As a consequence of the lower than expected gold production, and additional plant maintenance, All-in Sustaining Costs (AISC) per ounce for the June 2021 quarter are anticipated to be in a range of A$1,675 to A$1,800 (Gold Road attributable), subject to final end of quarter accounts. _
_ 
The disruptions to Gruyere’s processing plant operations included a_* torn mill feed conveyor belt, *_which resulted in temporary repairs and reduced processing rates while specialist personnel and materials for the belt replacement were obtained.  Following the shutdown of the milling circuit to replace the conveyor belt,_* a coupling on the ball mill *_failed. As a result, processing continued at a reduced rate, with only the SAG mill in operation. _

_Repairs to the ball mill were completed late on Friday, 25 June 2021, with the processing plant returning to normal operations over the weekend.  The root cause of the coupling failure is under engineering investigation, with the objective of preventing potential future failures.    _

_At this stage, Gold Road anticipates gold production for the 2021 calendar year will be within the lower half of guidance (260,000 to 300,000 ounces on a 100% basis).  AISC for the 2021 calendar year are anticipated to be between $1,325 and $1,475 per attributable ounce, with lower June 2021 quarter production and higher maintenance and labour costs the main contributors to an increase from guidance of between A$1,225 – A$1,350. _


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## divs4ever (24 July 2021)

now i am tipping GOR in the August comp. NOT because i believe it will go to the moon in August  , but hoping my reverse  luck kicks in so i can buy it cheaper 

 currently i am biasing my stock purchases   strongly towards gold producers  , and to date i haven't bought any GOR ( but hope to  )

 the reasons i think it will slide is .. there was some disappointment in the recent results , AND i expect the gold commodity market to continue to be surpressed  , partly to flush investor into treasury bonds ( real gold bugs will take real bullion or coins HOME with them )

 so with Comex prices pushed lower  ,  some gold producers making bold moves ( and acquistions  ) i am expect some money to flow out of GOR in the next month or two 

 DYOR

 please note this is personal opinion NOT advice or a recommendation


----------



## divs4ever (21 August 2021)

again for September  , i pick GOR

 again i am accessing my 'finger of doom '  by selecting GOR 

 now i bought one parcel in August and have a small chance of a second parcel in August  , but to me the underlying pressures  should continue  until at least the middle of September  , so may as well try for a second ( or third  ) parcel  

 now  around options expiry date in September should be very interesting  , there are various attempts to ramp up the 'fear trade' ( flush investor's funds into bonds and US dollars  )  a positive  hint for those looking for lower gold/silver prices .

 what would be hysterical would  be a market meltdown producing those cheap buys and THEN the rush to gold and silver ( and producer miners   ),  that pushed me towards the lead at the end of the month 

 will that happen  .. i have no idea  , but then how much ' unimaginable '  has happened it least two years 

so with Comex prices pushed lower , some gold producers making bold moves ( and acquisitions ) i am expect some money to flow out of GOR in the next month or two

DYOR

please note this is personal opinion NOT advice or a recommendation

 good luck everybody


----------



## divs4ever (9 September 2021)

NET PROFIT AND DIVIDEND DETERMINED FOR 6 MONTHS TO 30 JUNE 2021 Half Year Highlights Six Month Profit

 Revenue from 60,525 ounces of gold sales for the 6 months totalled $129.6 million (June 2020: $135.1 million)1
 EBITDA for the 6 month period totalled $59.6 million (June 2020: $61.0 million)
 EBITDA Margin of 46% (June 2020: 45%)
 Consolidated Net Profit after Tax for the 6 months of $19.1 million (June 2020: $23.4 million)
 Basic earnings per share for the 6 months of 2.17 cents (June 2020: 2.66 cents)
 Operating cash flow for the 6 months to 30 June 2021 was $46.3 million (June 2020: $59.6 million)
 Group free cash flow generated for the 6 months was $11.2 million (June 2020: $27.7 million) Strong Balance Sheet
 At 30 June 2021 Gold Road reports cash and short-term deposits of $124.4 million (December 2020: $126.4 million) and remains debt free Fully Franked Interim Dividend Determined for Six Months to 30 June 2021
 Fully franked dividend of 0.5 cents per share determined for six months to 30 June 2021
 Aligned to Dividend Policy of 15% to 30% of free cash flow for the six-month period Strong 3 Year and Longer Term Growth Outlook
 3-year production outlook shows a 35% to 50% increase in annual production to a sustainable circa 350,000 ounces per annum by 2023 supported by renewable energy power upgrade
 Progress continues towards an updated Gruyere Ore Reserve, expected in the second half of 2021
 Deep drilling commenced beneath Gruyere Ore Reserve,with initial results encouraging
 During the period, Gold Road had up to five drill rigs operating at Yamarna and up to two drill rigs operating at Yandina as the Company continues to actively explore for a meaningful discovery. Gold Road Managing Director and CEO Duncan Gibbs commented: “Gruyere has now produced 476,648 ounces (100% basis) since first pouring gold on 30 June 2019. Despite a one-off production interruption in the June Quarter, Gruyere continued to deliver a strong half year profit and EBITDA to Gold Road, and the Board has determined to pay a dividend for the six-months to 30 June 2021 of 0.5 cents per share.
The outlook for the second half of 2021 is stronger at Gruyere, in line with our 2021 guidance and 3 Year Outlook that sees the operation lifting production to a sustainable 350,000 ounces by 2023 (100% basis). 
The already extensive mine life 1 Revenue, EBITDA, cash flow and NPAT excludes the sale of 1,800ounces of unsold gold held in bullion and doré at 30 June 2021. Financial results are Gold Road attributable unless otherwise stated. Page 2 of 2 looks set to grow further with our reserve update later this year. 
Geotechnical work on this Reserve update has shown the potential to steepen fresh rock open pit slopes by up to 4 degrees which should have a favourable impact on mine life. During the half year, we also began to unlock the potential for further extensions beneath the open pit resource at Gruyere, with Gold Road reporting a 50% attributable Maiden Underground Inferred Mineral Resource, and the Gruyere Joint Venture commencing a programme of deeper drilling that has returned some promising initial results. I am also very encouraged by our exploration progress at our 100% owned Yamarna project and expect further headway here in the coming 6 to 12 months as we look for a meaningful discovery.
Gruyere and Gold Road have experienced no material production impacts as a result of the COVID-19 crisis. I wish to thank the Gruyere team, our employees, contractors and suppliers for their diligence and excellent performance through this difficult time.” Interim Dividend Information As a result of the ongoing financial performance of the Company, the Board has determined the following fully franked interim dividend to shareholders for the six months ended 30 June 2021:
 Dividend amount 0.5 cents per share fully franked  Ex-Dividend date 27 September 2021
 Record date 28 September 2021
 Dividend Reinvestment Plan election date 29 September 2021
 Price calculation period 30 September 2021 to 13 October 2021 (inclusive)
 Payment date / Issue date 28 October 2021 Gold Road has announced a Dividend Reinvestment Plan (DRP), which will apply to the dividend announced today. 
The DRP allows existing shareholders to invest their dividends back into the Company with no fees, brokerage or other transaction costs on shares acquired under the DRP.
 A 2.5% discount to the applicable 10-day volume weighted average price will apply to allotments for the dividend announced today. Details of the DRP along with the DRP rules have been released in a separate announcement today. Participation in the DRP is not automatic, and eligible shareholders must elect to participate. 
Shareholders can make their DRP election online at https://www.computershare.com.au/easyupdate/gor any time before 7pm (AWST) on 29 September 2021. Shareholders are encouraged to ensure their contact details and payment preferences held with the share registry are up to date via https://www.computershare.com.au/easyupdate/gor.

 DYOR

 i hold GOR

 let's see how the market takes this 

 ( i have a small buy order in @ $1.15 )


----------



## Sean K (9 September 2021)

divs4ever said:


> ( i have a small buy order in @ $1.15 )




Been following, the cheese looks like a nice tasty deposit and if POG goes north in concert with production up to 300m oz + then this should be on every gold bugs cheese platter.

Would be looking very oversold at $1.15, unless POG tanks.


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## divs4ever (9 September 2021)

am expecting another gold price manipulation push  to try to make the major currencies look like they have value ( and their bonds investment grade  )

 i am of the 'gold is an inert , lifeless metal ' school ( aka the world revolves around gold )


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## Dona Ferentes (4 October 2021)

blimey

Gold Road Resources has blamed production problems and unscheduled maintenance for a downgrade to annual production guidance to between 250,000 and 260,000 ounces of gold. This compares to prior guidance between 250,000 ounces and 300,000 ounces.

It also warned its all in sustaining cost (AISC) guidance is under review as a result of the downgrade.


----------



## Sean K (26 October 2021)

A couple of interesting announcements out the past week. Gazumping the bid for Apollo and now a material increase in Gruyere to be provided. Exciting days for GOR holders. Have been interested but have been focussed on explorers.


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## Garpal Gumnut (16 May 2022)

I've been in and out of GOR and considering a re-entry. 

They seem to be having some dramas with an acquisition. 






gg


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## Telamelo (16 May 2022)

Garpal Gumnut said:


> I've been in and out of GOR and considering a re-entry.
> 
> They seem to be having some dramas with an acquisition.
> 
> ...



I got out of GOR recently @ $1.54 (after reading/assessing quarterly report) as sensed share price was heading lower... switched into GCY instead & you guessed it gone lower as well lol given the current gold price weakness.

Been averaging down as feel GCY a chance of being a possible takeover target during 2022/23

Watching GOR to see if it drops lower to around $1.10-$1.20 range as then worthwhile picking up a parcel for sure imho


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## Garpal Gumnut (16 May 2022)

Telamelo said:


> I got out of GOR recently @ $1.54 (after reading/assessing quarterly report) as sensed share price was heading lower... switched into GCY instead & you guessed it gone lower as well lol given the current gold price weakness.
> 
> Been averaging down as feel GCY a chance of being a possible takeover target during 2022/23
> 
> Watching GOR to see if it drops lower to around $1.10-$1.20 range as then worthwhile picking up a parcel for sure imho



Same here funnily enough re getting out of GOR at about similar price. 

Thanks for info on GCY, I'll have a look.

gg


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## divs4ever (16 May 2022)

i have an order in for extra GOR  but not that close to the price action 

 only a small order but as part of a plan to calmly accumulate positions in gold producers 

 i would have preferred to parallel that with an accumulation of food producers , but i have found it difficult to find attractive targets at 'fair prices ' ( maybe i am too demanding  )


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## The Triangle (16 May 2022)

On the half year results at roughly 124,000 ounces GOR made about $2250/oz revenue and had $2100/oz in costs - which left about $150/oz for other things (dividends).  That's not a great margin to be playing with given we're seeing diesel and labor costs skyrocket and how difficult it is to get anything with a computer chip.  So about $18 million cash for a $1.1 billion market cap.  And using GOR shares to dilute holders into acquiring another junior which holds shares in other juniors???  Hmm... 

From the recent quarter: _"Free cash flow *before *payment of dividends was $1.1 million for the quarter" _- Yet this is based on:
AISC of $1526/oz
Revenue of $2434/oz

However you choose to look at things this is not a great outcome.   I liked GOR years ago when it looked like it was going to be a good high tonne/low cost operation but It seems to me this operation has just never quite hummed along as it should have.  

From the feasibility: _Estimated average all-in sustaining cost* (AISC) of A$945* (US$690⁶) per ounce over LOM with a payback of less than one-third of LOM._    So in less than 6 years costs have essentially gone up over 60% - is that inflation or incompetence?  Blame covid?


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## Sean K (16 May 2022)

The Triangle said:


> On the half year results at roughly 124,000 ounces GOR made about $2250/oz revenue and had $2100/oz in costs - which left about $150/oz for other things (dividends).  That's not a great margin to be playing with given we're seeing diesel and labor costs skyrocket and how difficult it is to get anything with a computer chip.  So about $18 million cash for a $1.1 billion market cap.  And using GOR shares to dilute holders into acquiring another junior which holds shares in other juniors???  Hmm...
> 
> From the recent quarter: _"Free cash flow *before *payment of dividends was $1.1 million for the quarter" _- Yet this is based on:
> AISC of $1526/oz
> ...




Can't find Half Yearly results but the Quarterly doesn't seem to match those Costs/ASIC? numbers of $2100. Looks like their 'equivalents' are quite a bit on the cash side. Must be what they get from DGO deal perhaps?

Last preso broad numbers:


----------



## divs4ever (16 May 2022)

The Triangle said:


> On the half year results at roughly 124,000 ounces GOR made about $2250/oz revenue and had $2100/oz in costs - which left about $150/oz for other things (dividends).  That's not a great margin to be playing with given we're seeing diesel and labor costs skyrocket and how difficult it is to get anything with a computer chip.  So about $18 million cash for a $1.1 billion market cap.  And using GOR shares to dilute holders into acquiring another junior which holds shares in other juniors???  Hmm...
> 
> From the recent quarter: _"Free cash flow *before *payment of dividends was $1.1 million for the quarter" _- Yet this is based on:
> AISC of $1526/oz
> ...



 well blaming Covid is popular  , but then recently so is blaming Putin 

 am CAREFULLY looking to add  , there are several mid-tier gold producers competing for my attention


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## The Triangle (16 May 2022)

Sean K said:


> Can't find Half Yearly results but the Quarterly doesn't seem to match those Costs/ASIC? numbers of $2100. Looks like their 'equivalents' are quite a bit on the cash side. Must be what they get from DGO deal perhaps?
> 
> Last preso broad numbers:
> 
> View attachment 141765



Full year not half.    https://goldroad.com.au/wp-content/uploads/2022/03/2021-Annual-Report_Website.pdf  Page 61

$278.6 million receipts/ 123.6koz = $2,260/oz
$278.6-89.3 million (op cashflow) + 60.3 million (capex) + 10 m (leases) = $259.8 / 123.6koz = $2,107/oz
$278.6-89.3 / 123.6koz = $1,540/oz  (roughly their ASIC)

AISC is a relatively useless number by itself so I added in capital and leases, (I know it smudges around the timing of costs and sales, but a year is reasonable period to average results in my opinion and it counters the accounting witchcraft used)  My biggest issue with small miners is that punters like us are always in the dark with regards to capital/exploration $$$ until the end of the reporting periods. 

DGO might be a good idea, but might be a bad idea.  Only time will tell - but textbooks tell me in general that using your shares for acquisitions is only done when you feel your shares are overvalued or they are your only asset (i.e a junior explorer).   I just personally think it's poor form for a mid-regional miner to invest in a non-producer unless there are some serious synergies (such as deposit next door).   There is just so much pressure on these companies to make deals to reward the backroom faceless men.    What's in this for DGO?


----------



## Garpal Gumnut (16 May 2022)

The Triangle said:


> On the half year results at roughly 124,000 ounces GOR made about $2250/oz revenue and had $2100/oz in costs - which left about $150/oz for other things (dividends).  That's not a great margin to be playing with given we're seeing diesel and labor costs skyrocket and how difficult it is to get anything with a computer chip.  So about $18 million cash for a $1.1 billion market cap.  And using GOR shares to dilute holders into acquiring another junior which holds shares in other juniors???  Hmm...
> 
> From the recent quarter: _"Free cash flow *before *payment of dividends was $1.1 million for the quarter" _- Yet this is based on:
> AISC of $1526/oz
> ...





Sean K said:


> Can't find Half Yearly results but the Quarterly doesn't seem to match those Costs/ASIC? numbers of $2100. Looks like their 'equivalents' are quite a bit on the cash side. Must be what they get from DGO deal perhaps?
> 
> Last preso broad numbers:
> 
> View attachment 141765



So which of you are correct?

gg


----------



## divs4ever (16 May 2022)

Garpal Gumnut said:


> So which of you are correct?
> 
> gg



 probably me  , with 'be careful ' 

the ( renamed DGO, formerly Drummond Gold Limited ) certainly  never made my radar until this take-over  , is the true value  lying  in the minor shareholdings in other explorers 

March 2022 Quarterly Report DGO Gold Limited (ASXGO) is pleased to report on its March 2022 quarter activities. DGO continues to advance its objective of shareholder wealth creation through its brownfield and greenfield gold discovery strategy. This strategy has led to Gold Road Limited (ASX:GOR) making an off-market takeover offer for DGO subsequent to the end of quarter. Highlights
• IOCG targets have been identified at Pernatty by detailed gravity surveys at predicted depths to target of less than 400m.
• A Native Title Agreement for DGO’s 100% owned Pernatty tenements was approved by Common Law Holders of the Kokatha.
• Drilling at Yerrida and Judge’s Find testing the equivalent stratigraphic position to Sandfire Resources’ DeGrussa copper-gold mine intersected extensively altered volcanic and sedimentary stratigraphy with high potential for hosting Volcanogenic Hosted Massive Sulphides (VHMS).
• DGO has a 14.4% interest in De Grey Mining (ASX: DEG). DEG reported the results of extensional drilling at Falcon and Diucon during the quarter. The market value of DGO’s holding at April 21, 2022 was $276 million.
• DGO has a 20.1% interest in Yandal Resources Limited’s (ASX: YRL). YRL reported excellent results for a number of prospects during the quarter. The market value of DGO’s holding at April 21, 2022 was $6.7 million.
• DGO has a 6.6% interest in Dacian Gold (ASX: DCN). 
During the quarter DCN announced significant exploration results below the current resources at Jupiter and a maiden ore reserve for the Hub deposit. The market value of DGO’s holding at April 21, 2022 was $21 million.

 a side-door ( and possible seat on the board  ) to DEG  , perhaps 


 DYOR

 buying POTENTIAL resources is usually a 'big boy's game ( NCM , NST , EVN  and to a limited extent OZL )

 unless they are hoping to be swallowed by someone BIGGER ( making themselves a juicy target )


----------



## Garpal Gumnut (16 May 2022)

divs4ever said:


> probably me  , with 'be careful '
> 
> the ( renamed DGO, formerly Drummond Gold Limited ) certainly  never made my radar until this take-over  , is the true value  lying  in the minor shareholdings in other explorers
> 
> ...



Please don't ever reply to me with DYOR.

It is rude. 

Otherwise a great reply. 

Thanks @divs4ever 

gg


----------



## Sean K (16 May 2022)

The Triangle said:


> Full year not half.    https://goldroad.com.au/wp-content/uploads/2022/03/2021-Annual-Report_Website.pdf  Page 61
> 
> $278.6 million receipts/ 123.6koz = $2,260/oz
> $278.6-89.3 million (op cashflow) + 60.3 million (capex) + 10 m (leases) = $259.8 / 123.6koz = $2,107/oz
> ...




@Garpal Gumnut and The T, I've been doing a sieve through their last few reports trying to reconcile the costs and I haven't quite got there. I think Triangle is calculating costs slightly differently to what I scan and what the company is claiming.

Their Corporate All in Costs (CAIC) is calculated as: AISC + growth capital + corporate costs + exploration costs)/ounces produced. Which was about $1800 in the March quarterly. I'm not sure what's missing from that and The T's calcs other than leases?


----------



## Garpal Gumnut (16 May 2022)

Sean K said:


> @Garpal Gumnut and The T, I've been doing a sieve through their last few reports trying to reconcile the costs and I haven't quite got there. I think Triangle is calculating costs slightly differently to what I scan and what the company is claiming.
> 
> Their Corporate All in Costs (CAIC) is calculated as: AISC + growth capital + corporate costs + exploration costs)/ounces produced. Which was about $1800 in the March quarterly. I'm not sure what's missing from that and The T's calcs other than leases?
> 
> View attachment 141769



Thanks @Sean K .

My reading which is not as extensive as yours agrees. 

I share @divs4ever  point about the t/o of DGO, it complicates the analysis of a successful company though they say it adds value. 

The market is never wrong. 

gg


----------



## The Triangle (16 May 2022)

Sean K said:


> @Garpal Gumnut and The T, I've been doing a sieve through their last few reports trying to reconcile the costs and I haven't quite got there. I think Triangle is calculating costs slightly differently to what I scan and what the company is claiming.
> 
> Their Corporate All in Costs (CAIC) is calculated as: AISC + growth capital + corporate costs + exploration costs)/ounces produced. Which was about $1800 in the March quarterly. I'm not sure what's missing from that and The T's calcs other than leases?
> 
> View attachment 141769



The numbers I had for the period Jan 2021-December 2021 and were  simple "cash in/cash out" costs - they didn't take into account accounting accruals/payables/receivables.  I expect for your average miner that these costs will not be significant year to year (except when developing or closing an operation).  For example if GOR spent $10 million on December 31st for a couple of new trucks - that would be included on my costs per ounce calculation - but in reality it wouldn't be a cost assigned to that financial year.  

In the March Quarterly GOR reported (their share):

$82.2million in revenue (pg 16 line 1) on 35,080 Ounces Sold (pg 1)  = $2,344/oz vs GOR claimed $2,434/oz (above).  Maybe some money is just waiting to hit the bank account and it will all come out in the wash - but that would be now 5 quarters (FY21 + Q1) where I take a simple number like revenue and another simple number like ounces sold - divide the two and get something lower than what GOR report.  Now on to last quarters costs. 

$65.4 M in "operating costs" (pg 16 line 1 - line 1.9) on 35,080 Ounces Sold = $1,864/oz
$13.0 M in "Investing (capital?) cashflows - out" (pg 17 line 2.6) on 35,080 Ounces Sold = $371/oz
$2.7 M in "financing (leases? - should really be in operating) cashflows - out " (pg 17 line 3.10) on 35,080 Ounces Sold = $76/oz

Total those all up and I get $2311/oz of total cash outflows for Q1 -  Which subtracted from 2,344 = $33/oz "Cash added to the bank account" which if multiplied by the 35,080 ounces equals about 1.1 million dollars....   1.1 million dollars for the likes of dividends and acquisitions...  Not much for a billion dollar company.  Its not AISC or CAIC which is used to pay dividends or make acquisitions - its the actual cash in the bank. 

Anyways, point is that GOR need to lift their game.  Businesses should make real cash money.  Not AISC/CAIC paper money.

The DGO deal gives GOR a significant "valuation" which is not tied to the success or failure of Gruyere.


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## divs4ever (17 May 2022)

Garpal Gumnut said:


> Please don't ever reply to me with DYOR.
> 
> It is rude.
> 
> ...



 the D***

 is to remind folks i am NOT a professional and they must double check everything i post 

 i am sorry if you take offense at that 

 cheers


----------



## divs4ever (17 May 2022)

Garpal Gumnut said:


> Thanks @Sean K .
> 
> My reading which is not as extensive as yours agrees.
> 
> ...



 the 'adds value ' in this case seems to include the value of the DGO share-holdings ( in other companies ) which seems to be over $250 million  ( Australian ) so i am guessing all financial metrics in the report are in Australian Dollars ( unless marked otherwise )

so is GOR  buying a gold explorer ( and potentially a gold mine developer ) or an investment company  focused on gold explorers 

 if the later is the case is GOR buying a toehold in companies it would consider taking over or entering into a JV at a later date 

 i think GOR ( and holders ) should be watching future cash-flows very carefully  , explorers/developers tend to require regular injections of cash to progress their projects 

 but complicates , absolutely  ,


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## Garpal Gumnut (17 May 2022)

divs4ever said:


> the D***
> 
> is to remind folks i am NOT a professional and they must double check everything i post
> 
> ...



No offence, just annoyance.

You don't need to say the D*** on ASF. It is a given. 

We know you are not a professional. 

I would never double check anything you say, I might doubt its veracity, it might lead me to check something else. 

But no mate , nobody thinks you belong to that evil, decrepit, deceitful mob known as Financial Advisers UNLESS YOU SAY DYOR. 

It is an annoying feature of HC and Comsec and seems to have permeated ASF since refugees from those pathetic forums migrated here,

Can you imagine anyone from ASIC wasting time trawling through ASF members posts. 

Asking for advice is the main No No. Giving advice is another. 

You and my rabbiting on is not financial  advice by its very nature. 

DIMMC ?

OWYLMTBME.

I can do a whole post in idiotic acronyms that apart from being annoying would not protect you in a court of law. 

If you wish to discuss it further, start a thread on it, END. 

gg


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## divs4ever (17 May 2022)

Garpal Gumnut said:


> No offence, just annoyance.
> 
> You don't need to say the D*** on ASF. It is a given.
> 
> ...



 i double check ( and triple-check ) myself all the time  , so hope others  always  make their own decisions ( and make decisions in their own best long-term interests )

 cheers


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## Garpal Gumnut (17 May 2022)

divs4ever said:


> i double check ( and triple-check ) myself all the time  , so hope others  always  make their own decisions ( and make decisions in their own best long-term interests )
> 
> cheers



No worries. 

I value your posts. 

But really, ASIC don't give a rats about you. 

They can't even catch the real crooks. 

Keep on posting. I always read what you say. 

I suppose if you need to put in DYOR, it's none of my business. But put in BYO, FFS and ATM or maybe CBA or ANZ , they are as meaningless to protect you if the bad boys came after you as DYOR.  

gg


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## divs4ever (17 May 2022)

don't get me started on ASIC , APRA ,  SEC and similar  , 
 the things i have noticed on the ASX  ( and in the US ) that seem to be completely unnoticed by the regulators 

 while there have been clear examples of 'insider trading ' in the US , one might wonder how much of that happens in Australia ( and NZ )

after all , from memory only Malcolm Turnbull was under scrutiny  for his investment holdings , why him only , are the rest too dumb  to invest in anything 

( but i suppose Clive Palmer will be fair game if elected this time )

 maybe we need an app. that tracks the portfolio moves of Australian politicians and senior officials ( like they have for Nancy )


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## divs4ever (17 May 2022)

my strategy is to help the novices  attain savvy quickly , so the bad boys get distracted by superfluous movement  , and deal with a smaller assault when they try  ,( use their greed against them )


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## divs4ever (24 June 2022)

GOLD ROAD TO PROCEED TO COMPULSORY
ACQUISITION OF DGO
▪ Gold Road now holds a relevant interest in 95.14% of DGO’s shares
▪ Gold Road is moving to compulsory acquisition of the remaining shares in DGO
▪ Gold Road’s Offer will close at 7.00pm (Sydney time) on 30 June 2022
▪ DGO shareholders who accept the Offer before it closes will receive their consideration
sooner than through compulsory acquisition
▪ Trading in DGO shares on ASX will be suspended 5 business days after today
Gold Road Resources Limited (ASX:GOR) (Gold Road) refers to it recommended off-market
takeover offer (Offer) to acquire all of the fully paid ordinary shares in DGO Gold Limited (DGO)
which was announced on 4 April 2022.
As at the date of this announcement, Gold Road had a relevant interest in 95.14% of DGO’s
shares.
Gold Road welcomes all DGO shareholders who have now become Gold Road shareholders.
Closing Date of the Offer and Compulsory Acquisition
The Offer is scheduled to close at 7.00pm (Sydney time) on 30 June 2022 and will not be
extended further.
As a result of having a relevant interest in greater than 90% of DGO’s shares, Gold Road will now
proceed to acquire the remaining DGO shares under the compulsory acquisition provisions of the
Corporations Act 2001 (Cth) (Corporations Act). The compulsory acquisition will be on the same
terms as the Offer, that is, 2.25 Gold Road shares for every 1 DGO share.
The compulsory acquisition process, which is subject to the Corporations Act, is likely to take approximately 4 to 6 weeks,
but may take longer in some circumstances. DGO shareholders who have not yet accepted the Offer may still, and are
urged to, do so before the Offer closes at 7.00pm (Sydney time) on 30 June 2022 in order to receive their consideration
within 7 business days of their acceptance being processed. Otherwise, their DGO shares will be compulsorily acquired
and they will have to wait at least four weeks to receive their consideration.
DGO shareholders should also be aware that they may not be able to sell their DGO shares on-market after 1 July 2022,
which is when trading in DGO shares on ASX is likely to be suspended in accordance with ASX Listing Rule 17.4.
A copy of the compulsory acquisition notice and accompanying letter to be sent to the remaining DGO shareholders has
been released to ASX today.
The compulsory acquisition notice sets out the compulsory acquisition procedure and the remaining DGO shareholders’
rights. The compulsory acquisition notice has been lodged with the Australian Securities and Investment Commission
today and will be dispatched to DGO shareholders who have not accepted the Offer as required under the Corporations
Act.
Please note that DGO shareholders who have already accepted the Offer do not need to do anything further.
Page 2 of 3
Acceptance of the Offer
Acceptance forms have been provided to all DGO shareholders. DGO shareholders who hold their DGO shares through
CHESS can instruct their broker to accept the Offer on their behalf. Please note that DGO shareholders may also post
original documents in accordance with the instructions set out in the acceptance form.
DGO shareholders who require assistance can contact Gold Road’s Offer Information Line on 1300 620 417 (within
Australia) or +61 3 9415 4653 (outside of Australia), Monday to Friday between 8:30am and 5:00pm (Sydney time).
This release was authorised by the Board of Directors of Gold Road.




===================================================================================

 DYOR

 i hold GOR   , 

 was never convinced this was a good move , but it is a done deal now


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## divs4ever (6 July 2022)

RECORD QUARTERLY PRODUCTION & GOLD SALES FOR JUNE 2022 QUARTER

Gold Road Resources Limited (Gold Road or the Company) is pleased to present a preliminary
production and financial update for the June 2022 quarter. The Gruyere JV is a 50:50 joint
venture with Gruyere Mining Company Pty Ltd, a member of the Gold Fields Ltd group
(Gold Fields), who manages and operates the Gruyere gold mine. Further details will be available
in the full June 2022 quarterly report scheduled for release later this month.
June Quarter Production
 Gruyere produced a record 85,676 ounces of gold (100% basis) during the quarter (March
quarter: 71,135 ounces), in line with expectations.
 Gruyere ore tonnes processed totalled 2.4 Mt at a head grade of 1.22 g/t Au and a gold
recovery of 91.3%. The highest quarterly throughput and highest average head grade
achieved at Gruyere to date.
 Production rates remain in line with annual guidance of 300,000 - 340,000 ounces
(150,000 - 170,000 ounces attributable).
 Gold Road and Gruyere have to date had no material impact on gold production from
COVID-19.
Financial and Corporate
 Gold Road’s gold sales totalled a record 44,526 ounces at an average price of A$2,496 per
ounce and included delivery of 8,700 ounces at an average price of A$1,977 per ounce
into forward sales contracts.
 The Company ended the quarter in a strong position with cash and equivalents 1 of
$161.3 million (March quarter: $138.0 million) and no debt drawn. This cash and
equivalents position is after over $11 million of one-off cash payments during the quarter
to fund the settlement of a DGO finance facility and DGO transaction costs following the
change of control of DGO Gold Ltd.
 Successful outcome of recommended takeover of DGO Gold Ltd. Gold Road holds a relevant
interest of 97.9%2 and the offer has moved to compulsory acquisition of the remaining shares in DGO Gold Ltd.
 Gold Road (via the acquisition of DGO Gold Ltd) now holds a 14.4% shareholding in De Grey Mining Ltd, a 6.8%
shareholding in Dacian Gold Ltd, a 20.1% shareholding in Yandal Resources Ltd, and a diverse portfolio of
exploration tenements.3
Discovery
 Gold Road currently has four drill rigs operating at Yamarna (100%) and the Golden Highway (Gold Road 50%)
as the Company continues to actively explore for a meaningful discovery.
This release has been authorised by the Board. For further information, please visit goldroad.com.au or contact:

============================================================



i hold GOR


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## The Triangle (29 October 2022)

GOR this quarter:

AISC: $1426
Cash on hand end of qtr: $91 million
Cash on hand start of qtr: $161 million
Cash decrease Q on Q: $70 million

With $80 million spent on Degrey shares and a $10 million dividend my rough calculation is that they generated $20 million of positive cashflows in the quarter - which is about $80 million a year.  If that is all paid out as a dividend at a market cap of $1.65 billion it's a 4.8% dividend - ok for a miner but only average by dividend standards.   Not highly accurate analysis I know - but it's a rough calculation which tells me that I should still keep an eye on GOR.   I think of all the goldies out west they've probably had the best quarter?

Mines eventually run out of gold/copper/nickel/iron/zinc/etc. etc. I hope GOR makes some moves soon to either transition itself into an investment vehicle (which means selling their share of Gruyere) or does something to open up additional mines.


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## mullokintyre (3 November 2022)

Gold Road boss Duncan Gibbs may have given a hint to the holder of de Grey mining that they are not satisfied with 20% of the stocks and may go higher. From The Australian


> Shareholders in De Grey Mining who are yet to top up their position through the company’s share purchase plan may want to have a quick listen to the comments made by Gold Road boss Duncan Gibbs before Friday’s cut-off date.
> The $1-a-share SPP is already a no-brainer for those with the spare cash lying around, given that De Grey has been trading above the issue price since mid October.
> 
> But in last week’s analyst call to discuss Gold Road’s September quarter production figures, Mr Gibbs added just a touch more fuel to the speculation that Gold Road may not quite be finished with its 20 per cent holding in De Grey.
> ...



Mick


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## divs4ever (3 November 2022)

The Triangle said:


> GOR this quarter:
> 
> AISC: $1426
> Cash on hand end of qtr: $91 million
> ...



 costs are ( mostly ) increasing across the globe  , there is a realistic possibility  credit availability will decrease  , not a good recipe  for a miner ( or brownfields project ) not fully cashed up , 

 GOR might decide to wait ( and accumulate  gold and cash ) looking for JVs , earn-ins , straight out take-overs , or even new tenements , near recent finds  ... maybe even chase a different resource on an existing lease 

 the big trick will be to keep a low-profile  lest a bigger predator  feels hungry


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## brerwallabi (1 January 2023)

Not sure where GOR is going at the moment, I think they have a lot to sort out.
If they make the right moves and production does increase then I can see this north of $2 if the gold price does make record highs this year and stays above US$2000.


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## divs4ever (1 January 2023)

brerwallabi said:


> Not sure where GOR is going at the moment, I think they have a lot to sort out.
> If they make the right moves and production does increase then I can see this north of $2 if the gold price does make record highs this year and stays above US$2000.



am not so sure of $US 2000  reliably , but if the Aussie dollar stays low that might be good enough 

there is major manipulation on the commodity and currency exchanges  maybe GOR will get a break anyway 

 ( i hold GOR  but so far it is not on my priority list ( to add more )


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## brerwallabi (1 January 2023)

divs4ever said:


> am not so sure of $US 2000  reliably , but if the Aussie dollar stays low that might be good enough
> 
> there is major manipulation on the commodity and currency exchanges  maybe GOR will get a break anyway
> 
> ( i hold GOR  but so far it is not on my priority list ( to add more )



I am hoping for a stronger Aussie dollar as it affects my living in foreign lands.


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## rcw1 (Thursday at 10:29 AM)

Good morning
GOR production announcement today (12/01/23):


Gold Road and joint venture operating partner Gruyere Mining have met their annual guidance of 300,000–340,000 ounces of gold set in January last year;
Gold Road said production from the Gruyere mine in WA totalled 314,647 ounces (157,324 ounces attributable) after December output rose;
Its sales totalled 37,295 ounces at an average price of $2476 per ounce and included delivery of 6480 ounces at an average price of $1735 per ounce into the last remaining forward sales contracts;
Gold Road, ended the quarter with cash and equivalents of $80.7m, lower than its September quarter balance of $91.4m. The December quarter numbers include a $26m investment in De Grey Mining shares in October to maintain a 19.75 per cent interest. At the end of December, Gold Road held listed investments with a market value of approximately $407m. 
Have a very nice day today.
Not holding.

Kind regards
rcw1


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## Sean K (Thursday at 11:09 AM)

rcw1 said:


> Good morning
> GOR production announcement today (12/01/23):
> 
> 
> ...




I'm not sure where the 'consensus' comes from here. Maybe RBC think they are the University of East Anglia, or Penn State.


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