Summary
Gold Road Resources released its Q3 results last week with a disappointing quarter for quarterly gold production due to unplanned downtime related to a ball mill motor bearing failure.
Unfortunately, this has pared back FY2020 production guidance at Gruyere to 260,000 ounces at the mid-point from 268,000 ounces previously.
The good news is that the company continues to improve its balance sheet, ending the quarter with over $100 million in cash and no debt.I see this recent pullback as a low-risk buying opportunity, but I believe there are more attractive opportunities among the more growth-focused Australian producers.We’ve finally begun the Q3 Earnings Season for the Gold Miners Index ( GDX ), and one of the first companies to report its results is Gold Road Resources ( OTCPK:ELKMF ). While the mid-tier Australian gold producer started off the year strong and was tracking in line with guidance, Q3 was a tough quarter […]
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