Gold Road Resources : Investor Presentation – Macquarie Forum Western Australia

DELIVERING

MACQUARIE WA FORUM 4 DECEMBER 2019

JUSTIN OSBORNE

EXECUTIVE DIRECTOR - EXPLORATION & GROWTH

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, results and achievements in future periods to differ materially from any express or implied estimates or projections. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Relevant factors which may affect the Company's actual performance, results and achievements include changes in commodity price, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, diminishing quantities or grades of reserves, political and social risks, changes to laws and regulations, environmental conditions, and recruitment and retention of personnel.

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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UNLOCKING VALUE FOR SHAREHOLDERS

AUSTRALIA'S NEWEST TIER 1 GOLD MINE

• 12 years, 300 kozpa at AISC of A$1025/oz
• 50:50 JV with Gold Fields - a proven miner

GOLD ROAD - A PROVEN EXPLORER

• ~ 5,000 km of frontier greenstone belt (Gold Road 100%)
• Targeting additional >1 Moz discoveries

STRONG BALANCE SHEET

• Cash flow generation - minimal debt

1Tier 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	3
FX: 1AUD = USD0.70

THE SHARE PRICE

JOURNEY

		COMMERCIAL
PFS	FS	PRODUCTION

CONSTRUCTION

COMMENCED

GRUYERE	MAIDEN	MAIDEN	NATIVE GRUYERE	MINING	FIRST GOLD4
DISCOVERY	RESOURCE	RESERVE	TITLE	JV	COMMENCED
						JUNE QTR

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	8%
 Van Eck
					 BlackRock	9%
					 Sun Valley Gold	6%
3%				North America	ANALYST RESEARCH
12%			Retail	 Argonaut
35%
		 Bell Potter
		Broker/Advisors
				 Canaccord
				UK & European Instos
				 Macquarie
	15%			Australian Instos	 Numis
			 RBC
				Corporate
	3%			INDICES
			Board & Management
	1%
30%	1%			Asian & Rest of World	 ASX200 3, GDXJ3
			 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

5

GRUYERE GOLD MINE

350

2,000
300
1,500	250
(A$/oz)AISC	200	Ounces('000)
1,000	150	Production
	100
500
	50
0		0

2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030
		Gruyere (oz)					Golden Hwy (oz)					AISC (A$/oz)	6

* 100% basis, refer to ASX announcement dated 6 December 2018. FX: 1.0 AUD= 0.7 USD

GRUYERE JV

ON BUDGET

A$621M|US$435M*

PROCESS PLANT

First Gold - delivered June 2019

RAMP-UP 2019

6-7 Months

A STRONG BASE

Long life | Mining ahead of plan

SUSTAINABLE

>$3 million hours LTI free |CN Code Compliant

*100% basis | FX: 1AUD = USD0.70

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GRUYERE JV

UNLOCKING MARGIN

Ore Reserve +5% to 3.92 Moz (100% basis)1

• Gruyere grade increased to 1.25 g/t Au
• Golden Highway Ore Reserve
• • Increased by 70% to 310,000oz
  • 130,000oz addition to the 2018 Mine Plan

2019 JV focus on converting Inferred to Indicated Resources

• Gruyere Resource update March Q 2020

Golden Highway

Resource & Reserve	Tonnes	Grade	Moz Au
Category (100% basis)	(Mt)	(g/t Au)
Mineral Resource (M,I,I)	155	1.32	6.61
Ore Reserve (P,P)	97	1.25	3.92

1 Refer to ASX announcement dated 13 February 2019	8

GRUYERE | RESERVE EXTENSION DRILLING

Note: Refer to ASX announcement dated 9 September 2019

9

GRUYERE | RESERVE EXTENSION DRILLING

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EXPLORATION 2019

PRIORITY EXPLORATION AREAS

Bloodwood

Brahman

• Targeting >1 Moz discoveries on 100% ground
• Over 150 targets now defined in the Project Pipeline
• Southern Project Area ~75% of 2019 budget

	Gilmour-Morello
 Hopwood priority geochemical reconnaissance	Yaffler South

One of Australia's largest greenfields exploration budgets ~A$20M (US$14M)

Gruyere

Mine

Hopwood

Pebble Beach

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SOUTHERN PROJECT AREA

GILMOUR RESOURCE - 258,000 OUNCES

12

Note: Refer to ASX announcement dated 4 December 2019

SOUTHERN PROJECT AREA

Hopwood

Yaffler South

Yaffler South - Cross Section

13

Note: Refer to ASX announcement dated 9 September 2019

GOLD ROAD

PRODUCTION & GROWTH

IN PRODUCTION

Gruyere

DEFINING RESOURCES

Gilmour, Renegade

GROWTH

Optimise and Discover

UNLOCKING POTENTIAL

Low Risk, Growth and Returns

For all Investor Relations enquires: Duncan Hughes Manager, Business Development & Investor Relations

Tel: [phone] | [e-mail]

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APPENDICES

• Competent Persons Statements
• Mineral Resource Statement
• Ore Reserve Statement

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APPENDIX 1

COMPETENT PERSONS STATEMENT

Exploration Results

The information in this report which relates to Exploration Results is based on information compiled by Mr Justin Osborne, Executive Director - Discovery and Growth for Gold Road. Mr Osborne is an employee of Gold Road, and a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM 209333). Mr Osborne is a shareholder and a holder of Performance Rights. Mr Osborne has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Osborne consents to the inclusion in the report of the matters based on this information in the form and context in which it appears

Mineral Resources

The information in this report that relates to the Mineral Resource estimation for Gruyere is based on information compiled by Mr Mark Roux. Mr Roux is an employee of Gold Fields Australia, is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM 324099) and is registered as a Professional Natural Scientist (400136/09) with the South African Council for Natural Scientific Professions. Mr Justin Osborne, Executive Director - Discovery and Growth for Gold Road and Mr John Donaldson, General Manager Geology for Gold Road have endorsed the Mineral Resource for Gruyere on behalf of Gold Road.

• Mr Osborne is an employee of Gold Road and a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM 209333). Mr Osborne is a shareholder and a holder of Performance Rights.
• Mr Donaldson is an employee of Gold Road and a Member of the Australian Institute of Geoscientists and a Registered Professional Geoscientist (MAIG RPGeo Mining 10147). Mr Donaldson is a shareholder and a holder of Performance Rights.

The information in this report that relates to the Mineral Resource estimation for Attila, Orleans, Argos, Montagne, Alaric, YAM14, Central Bore, Gilmour and Renegade is based on information compiled by Mr Justin Osborne, Executive Director - Discovery and Growth for Gold Road, Mr John Donaldson, General Manager Geology for Gold Road and Mrs Jane Levett, Principal Resource Geologist for Gold Road.

• Mrs Levett is an employee of Gold Road and is a Member of the Australasian Institute of Mining and Metallurgy and a Chartered Professional (MAusIMM CP 112232).

Messrs Roux, Osborne and Donaldson and Mrs Levett have sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as Competent Persons as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Messrs Roux, Osborne and Donaldson and Mrs Levett consent to the inclusion in the report of the matters based on this information in the form and context in which it appears.

Ore Reserves

The information in this report that relates to the Ore Reserve estimation for Gruyere is based on information compiled by Mr Daniel Worthy. Mr Worthy was an employee of Gruyere Mining Company Pty Ltd and a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM 208354). Mr Max Sheppard, Principal Mining Engineer for Gold Road has endorsed the Ore Reserve estimation for Gruyere on behalf of Gold Road.

• Mr Sheppard is an employee of Gold Road and is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM 106864).

The information in this report that relates to the Ore Reserve estimation for Attila, Argos, Montagne and Alaric, is based on information compiled by Mr Max Sheppard, Principal Mining Engineer for Gold Road.

Mr Worthy and Mr Sheppard have sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity currently being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Worthy and Mr Sheppard consent to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

New Information or Data

Gold Road confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources and Ore Reserves that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not materially changed from the original market announcement.

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APPENDIX 2

MINERAL RESOURCE TABLE - NOVEMBER 2019

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APPENDIX 3

ORE RESERVE TABLE - DECEMBER 2018

	Gruyere Project Joint Venture - 100% Basis		Gold Road - 50%
Project Name	Tonnes	Grade	Contained Metal	Tonnes	Grade	Contained Metal
(Mt)	(g/t Au)	(Moz Au)	(Mt)	(g/t Au)	(Moz Au)
Gruyere (2018)	90.65	1.24	3.61	45.33	1.24	1.80
Proved	16.84	1.11	0.60	8.42	1.11	0.30
Probable	73.81	1.27	3.01	36.91	1.27	1.50
Golden Highway	6.54	1.46	0.31	3.27	1.46	0.15
Proved	0.32	1.67	0.02	0.16	1.67	0.01
Probable	6.22	1.45	0.29	3.11	1.45	0.15
Total Ore Reserve	97.20	1.25	3.92	48.60	1.25	1.96
Proved	17.16	1.13	0.62	8.58	1.13	0.31
Probable	80.03	1.28	3.30	40.02	1.28	1.65

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NOTES

• Gruyere JV Mineral Resources and Ore Reserves remain unchanged from December 2018
• All Mineral Resources and Ore Reserves are completed in accordance with the JORC Code 2012 Edition
• All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding
• Mineral Resources are inclusive of Ore Reserves
• The Gruyere JV is a 50:50 joint venture between Gold Road and Gruyere Mining Company Pty Ltd, a wholly owned Australian subsidiary of Gold Fields Ltd. Figures are reported on a 100% basis unless otherwise specified
• Gold Road holds an uncapped 1.5% net smelter return royalty on Gold Fields' share of production from the Gruyere JV once total gold production from the Gruyere JV exceeds 2 million ounces
• All Open Pit Mineral Resources are reported at various cut-off grades allowing for processing costs, recovery and haulage to the Gruyere Mill. Gruyere - 0.30 g/t Au. Attila, Argos, Montagne, Orleans, and Alaric - 0.50 g/t Au. YAM14 - 0.40 g/t Au. Gilmour - 0.50 g/t Au. Renegade - 0.50 g/t Au. All Open Pit Mineral Resources are constrained within a $1,850/oz optimised pit shell derived from mining, processing and geotechnical parameters from PFS and operational studies. Underground Mineral Resources at Central Bore and Gilmour are constrained by 1.5 metre and 2.5 metre minimum stope widths respectively that are optimised to a 3.50 g/t Au cut-off reflective of an $1,850/oz gold price. Diluted tonnages and grades are reported based on minimum stope widths
• The Ore Reserves are constrained within a $1,600/oz mine design derived from mining, processing and geotechnical parameters as defined by Pre-feasibility Studies and operational studies. The Ore Reserves are evaluated using variable cut-off grades: Gruyere - 0.30 g/t Au. Attila - 0.65 g/t Au (fresh), 0.58 g/t Au (transition), 0.53 g/t Au (oxide). Alaric - 0.59 g/t Au (fresh), 0.56 g/t Au (transition), 0.53 g/t Au (oxide), Montagne - 0.64 g/t Au (fresh), 0.60 g/t Au (transition), 0.58 g/t Au (oxide), Argos - 0.66 g/t Au (fresh), 0.64 g/t Au (transition), 0.59 g/t Au (oxide). Ore block tonnage dilution averages and gold loss estimates: Gruyere - 4.9% and 0.4%. Attila - 14% and 3%. Alaric - 20% and 6%. Montagne - 9% and 7%. Argos 10% and 12%
• All dollar amounts are in Australian dollars

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