Shares needed to reach $1.14 in order for Gold Road to reach a $1 billion market capitalisation and the shares have risen beyond that amount, trading at up to $1.18, a new high for the company.
The three gold bars totalling an estimated 1,139 ounces were produced from the carbon-in-leach (CIL) and elution circuits.
Gold Road’s managing director Duncan Gibbs said: “This is a tremendous milestone given that the Gold Road team discovered the world-class ore body less than six years ago.
“Our work is far from done – we remain committed to exploring the highly prospective Yamarna greenstone belt to unlock the potential through the discovery of more resource ounces for Gruyere and new discoveries that could be developed as stand-alone gold mines.”
Having spent an initial earn-in amount of $700,000 to earn 51%, Gold Road elected to earn a further 24% interest by spending an additional $500,000 within 18 months.
Cygnus is managing exploration at Lake Grace and is awaiting 12 aircore holes from the Hammerhead prospect targeting gold anomalies.