Australia's Gold Road top loser on ASX 200 on lower production, weak outlook

Gold Road Resources

29/01/2024 01:25

** Shares of mineral explorer Gold Road Resources  GOR.AX 
fall as much as 16.1% to A$1.435, their lowest since June 30,
2023
    ** Stock set for its worst day since Aug 23, 2019, if losses
hold
    ** Co says its Gruyere mine produced 74,659 ounces of gold
in December quarter vs 88,668 ounces produced in September
quarter
    ** Says production was lower qoq due to delays accessing
higher-grade ore from open pit, while labour availability
impacted ore mining rate
    ** Expects 2024 annual production between 300,000 ounces and
335,000 ounces - 11% below consensus est, according to RBC
    ** Stock top loser on ASX 200 benchmark index  .AXJO 
    ** GOR stock gained 16.3% in 2023
    

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))