MID TIER

INVESTOR PRESENTATION NOVEMBER 2019

DISCLAIMER IMPORTANT NOTICES

Nature of this document: The purpose of this presentation is to provide general information about Gold Road Resources Limited (the 'Company'). Unless otherwise stated herein, the information in this presentation is based on the Company's own information and estimates. In attending this presentation or viewing this document you agree to be bound by the following terms and conditions. This document has been prepared by the Company. Information in this document should be read in conjunction with other announcements made by the Company to the Australian Securities Exchange and available at www.goldroad.com.auor www.asx.com.

Not an offer: This presentation is for information purposes only and does not constitute or form any part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities in the Company in any jurisdiction. This presentation and its contents must not be distributed, transmitted or viewed by any person in any jurisdiction where the distribution, transmission or viewing of this document would be unlawful under the securities or other laws of that or any other jurisdiction.

Not financial product advice: This presentation does not take into account the individual investment objectives, financial situation and particular needs of each of the Company's Shareholders. You may wish to seek independent financial and taxation advice before making any decision in respect of this presentation. Neither the Company nor any of its related bodies corporate is licensed to provide financial product advice in respect of the Company's securities or any other financial products.

Forward-lookingstatements: Certain statements in the presentation are or may be "forward-looking statements" and represent the Company's intentions, projections, expectations or beliefs concerning, among other things, future operating and exploration results or the Company's future performance. These forward looking statements speak, and the presentation generally speaks, only at the date hereof. The projections, estimates and beliefs contained in such forward looking statements necessarily involve known and unknown risks and uncertainties, and are necessarily based on assumptions, which may cause the Company's actual performance and results in future periods to differ materially from any express or implied estimates or projections.

Disclaimer: No representation or warranty, express or implied, is made by the Company that the material contained in this presentation will be achieved or prove to be correct. Except for statutory liability which cannot be excluded, each of the Company, its directors, officers, employees, advisers and agents expressly disclaims any responsibility for the accuracy, fairness, sufficiency or completeness of the material contained in this presentation, or any opinions or beliefs contained in this document, and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission there from. The Company is under no obligation to update or keep current the information contained in this presentation or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information. Any opinions expressed in the presentation are subject to change without notice.

Unverified information: This presentation may contain information (including information derived from publicly available sources) that has not been independently verified by the Company.

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CORPORATE PROFILE

BOARD OF DIRECTORS

Tim Netscher

Non-Executive Chairman

Duncan Gibbs

Managing Director & CEO

Justin Osborne

Executive Director - Exploration & Growth

Sharon Warburton

Non-Executive Director

Brian Levet

Non-Executive Director

Hayden Bartrop

Joint Company Secretary

SHAREHOLDERS

SUBSTANTIAL

9%

BlackRock

Van Eck

9%

Sun Valley Gold

6%

3%

North America

ANALYST RESEARCH

Retail

Argonaut

33%

11%

Bell Potter

Broker/Advisors

Canaccord

UK & European Instos

15%

Macquarie

Australian Instos

Numis

3%

RBC

Corporate

INDICES

1%

Board & Management

3%

ASX200 3, GDXJ3

32%

Asian & Rest of World

MSCI

CAPITAL STRUCTURE

ISSUED 879M1

SHARES

PERFORMANCE 6M1

RIGHTS

MARKET CAP

A$1,037M2

$US725M

CASH &

A$71M1

US$50M

EQUIVALENTS

DEBT DRAWN

A$80M1

US$56M

(of A$150M Facility)

HEDGING

125 koz @ A$1,837/oz1

US$1,286

  1. As at 30 September 2019
  2. As at 1 November 2019, based on last close price of A$1.18 per share
  3. GOR joined the ASX200 Index & GDXJ on 23 September 2019

FX: 1AUD = US$0.70

40M

20M

4M

3

UNLOCKING VALUE FOR SHAREHOLDERS

Australia's Newest Gold Producer

  • 50:50 JV partner Gold Fields a proven global miner
  • Long life, low cost production at Tier 1 gold mine1
    • 12 year mine life averaging ~300 kozpa*
    • AISC of A$1,025/oz (US$720/oz)
    • 3.9 Moz Reserve, 6.6 Moz Resource*2
    • Simple open pit and simple processing
  • First gold achieved 2QCY19
  • Commercial Production attained September 20193
  • Ramp up to nameplate 8.2 Mtpa by early 2020

Successful Explorer in Underexplored Belts

  • Extensive (~5,000 km2) and prospective Yamarna exploration tenements (Gold Road 100%)
  • Cygnus JV earning up to 75% in underexplored greenstone belt
  • 100% basis

1 Refer to ASX announcement dated 6 December 2019. Tier 1: Greater than 10 year mine life; greater than 300,000 ounces per annum; greater than 3.5 million ounce Ore Reserve and costs at the lower end of the cost curve

2 Refer to ASX announcement dated 13 February 2019.

4

3 Refer to ASX announcement dated 9 October 2019. FX: 1AUD = USD0.70

PEER ANALYSIS

A$2,250

RBC Research 2019E AISC (A$/oz)

A$2,000

A$1,750

A$1,500

A$1,250

A$1,000

A$750

A$500

A$250

A$0

Kirkland Lake Regis Gruyere (LOM) Northern Star Dacian Polymetal St Barbara Ramelius Agnico Eagle Newmont Gascoyne Silver Lake Centerra Acacia Mining Yamana AngloGold TMAC Resolute IAMGOLD SSR Detour Sibanye

EV / Reserves (A$/oz)

$2,500

$2,000

$1,500

$1,000

$500

$0

Kirkland Lake

Northern Star

Silver Lake

Evolution

Saracen

Ramelius

Regis

Pretium

Gold Road

St Barbara

Detour

Dacian

Gascoyne

Premier

New Gold

4,000

Gold Reserves - Australia's Major Gold Mines

3,500

Au)

3,000

2,500

(koz

2,000

Reserves

1,500

1,000

Gold

500

0

Gruyere

Tropicana

Cowal

Duketon

Gwalia

Kalgoorlie Ops

Ravenswood

Jundee

Thunderbox

Mount Morgans

Carouse Dam

Mt Carlton

Mt Rawdon

Mungari

Dalgaranga

Mount Monger

Edna May

Cracow

Revenue per tonne of Material Moved & Mine Life

$30

14

(US$)TonneperRevenue

Revenue per tonne moved

$25

12

YearsEst.LOM

Estimated mine life

10

$20

8

$15

6

$10

4

$5

2

$-

0

Fortnum

Dalgaranga

Higginsville

Nullagine

Cowal (FS)

Ravenswood

Duketon S

Karlawinda

Mt Rawdon

Thunderbox

Duketon N

Tropicana

Mt Morgans

Gruyere

Cowal (2018)

Source: RBC Capital Markets, SNL Metals & Mining, Company Announcements

Notes: Gruyere data 100% and average LOM. EV/ Reserve data from Australia. EV calculated on 1 November 2019 for tier one

jurisdictions.

*Material Moved = Ore + Waste movement. Revenue assumptions at US$1300/oz. Mine life as reported or

otherwise estimated as reserves / 2018 production. Cowal FS is 2003 pre-mine(pre-strip). Cowal 2018 is 2018 strip but excludes

planned Stage H cutback.

5

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Gold Road Resources Limited published this content on 05 November 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 November 2019 08:14:02 UTC