Reserves, optimised at A$1750 an ounce, now stand at 110.4 million tonnes at 1.28 grams per tonne gold for 4.54 million ounces, a 31%, or 1.07Moz, increase, after 210,000oz of depletion in 2021.

Resources were unchanged at 6.71Moz.

The Gruyere open pit is now expected to operate for an additional two years to 2032 at a future average annual production rate of 350,000 ounces per annum.

As previously reported, Gruyere produced 59,371oz of gold in the September quarter, on a 100% basis, which was below expectations due to unscheduled ball mill maintenance.

Guidance for the December quarter is 71,000-81,000oz in order to make revised 2021 guidance of 250,000-260,000oz (previously 260,000-300,000oz).

All-in sustaining costs for the September quarter rose to $1697/oz from $1659/oz in the June quarter.

Full-year AISC guidance has been revised to $1450-1525/oz from $1325-1475/oz.

Gold Road sold 28,350oz of gold at an average price of $2231/oz during the quarter, including forward sales of 9800oz at $1836/oz.

Free cashflow was negative $8.4 million due to the mill issues.

Gold Road had $123.5 million in cash and equivalents at the end of September and is due to pay a fully franked 0.5c per share dividend tomorrow.

Last week, the company acquired 19.9% of Apollo Consolidated and launched an unconditional $166 million cash takeover offer.

Shares in the gold miner were up 1.1% this morning to $1.37, valuing it at $1.2 billion.