• Scoping Study outlines sub-level cave underground mining option
• Potential to add significantly to Gruyere's resource base
• $26.4 million drill program underway to confirm orebody at depth

Gold Road Resources Limited (Gold Road) has received and reviewed the Gruyere Underground Scoping Study and presents the Gruyere Underground Exploration Target estimate. The Scoping Study outlines a sub-level cave underground mining option, determined at a A$2,240 per ounce gold price, capable of sustaining Gruyere production at scale. The Scoping Study confirms key inputs and investigates the technical and economic viability of underground mining at Gruyere. Gold Road's Mineral Resource exclusive of Ore Reserve at Gruyere is 45 million tonnes at 1.51 g/t Au for 2.2 million ounces on a 50% basis, with the potential to add significantly to the resource base through the ongoing exploration drill program. The initial infrastructure capital cost is estimated at $470 million, with total infrastructure capital estimated at $588 million on a 100% basis. The Gruyere Underground Exploration Target estimate ranges from approximately 25 to 31 million tonnes at 1.20 to 1.47 g/t Au for 1.0 to 1.5 million ounces on a 50% basis. The Gruyere JV has committed $26.4 million to a drill program to be completed by mid-2026, targeting deeper ore zones to approximately 700 metres below the final Ore Reserve pit design.

The next steps to improve confidence in the potential of a Gruyere underground operation include completing the extensive drill program that is currently underway and other associated activities to support a Pre-feasibility Study in 2026.