Gold Road International P.l.c. · OSL:GOLDR
Gold Road International P.l.c — Investor Presentation (June 2026)
88 slides from Gold Road International P.l.c's investor presentation, June 2026
Slide 1: Gold Road International Equity Investor Presentation
GOLD ROAD INTERNATIONAL EQUITY INVESTOR PRESENTATION June 2026
Slide 2: Important information and disclaimer (1/3)
Important information and disclaimer (1/3) THIS PRESENTATION IS NOT AN OFFER OR INVITATION TO BUY OR SELL SECURITIES IN ANY JURISDICTION. THIS PRESENTATION AND ITS CONTENTS ARE CONFIDENTIAL AND NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO ANY
Slide 3: Important information and disclaimer (2/3)
Important information and disclaimer (2/3) No representation or warranty. Disclaimer of liability: This Presentation contains information obtained from employees within and/or directors of the Group, as well as from third parties, including market and industry data obtained from industry publication
Slide 4: Important information and disclaimer (3/3)
Important information and disclaimer (3/3) THE SHARES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE U.S. SECURITIES AND EXCHANGE COMMISSION OR BY ANY STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES OR ANY OTHER REGULATORS PASSED ON THE ACCURACY OR ADEQUA
Slide 5: Summary of risk factors
Summary of risk factors Investing in the Company's shares (the "Shares") involves a high level of risk and the Group is and will be exposed to numerous risk factors, of which a brief summary is outlined below. All prospective investors should carefully consider the full risk factors included on page
Slide 6: Issuer characteristics
Issuer characteristics Issuer characteristics Confirmation / verification of work conducted • Business overview • The Company has signed a Declaration of Completeness and the Manager has ‐ Gold Road International p.l.c. (the “Company”) is a gold mining company conducted a bring-down due diligence ca
Slide 7: Transaction summary
TRANSACTION SUMMARY Company overview Operations Financials Appendix Risk factors 7 GOLD ROAD Investor Presentation | June 2026
Slide 8: Transaction summary
Transaction summary Comments Use of proceeds (approx. USDm) • Gold Road International p.l.c. (“Gold Road” or the “Company”) is Mine equipment 2.00 contemplating a private placement and listing on Euronext Growth Growth capex for Gold Road Mine and TRUE Vein 4.00 Oslo (the “Transaction”) Buy-back of
Slide 9: Summary of terms
Summary of terms Issuer • Gold Road International p.l.c. Pre-money shares / equity value • 45,324,584 shares / approx. NOK 450 million / USD 47 million Dilutive instruments • Please see page 42 for more information Offer type • Private Placement Listing • The Company has initiated a process to list
Slide 10: Investment highlights
Investment highlights Cash-generating gold producer with disciplined growth and large optionality • Fully permitted underground gold mine and processing plant in Arizona, restarted in 2025 Restarted Gold Producer • Production ramp-up progressing with increased throughput and improving grade mix with
Slide 11: Company overview
Transaction summary COMPANY OVERVIEW Operations Financials Appendix Risk factors 11 GOLD ROAD Investor Presentation | June 2026
Slide 12: Gold Road – A fully permitted gold producer in a tier-1 mining jurisdiction
Gold Road – A fully permitted gold producer with assets in a tier-1 mining jurisdiction Operating with existing infrastructure and scalable growth opportunities Company overview Current assets located in a Tier-1 jurisdiction Key Statistics • Gold producer with a fully permitted underground mine and
Slide 13: Gold Road's portfolio at a glance
Gold Road’s portfolio at a glance 100% ownership of the Gold Road Mine, processing facility, and TRUE Vein system in the Oatman district United States of America • Fully permitted and operational Processing Facility Processing • USD 80m estimated replacement value1 Plant • 100% owned by Gold Road •
Slide 14: Targeting production in line with historical levels at significantly higher gold prices
Targeting production in line with historical levels at significantly higher gold prices Near-term target mirrors output at ~3x gold price and zero debt Historic production (Prior Operator) Modest prices high debt (Prior Operator) High prices no debt (Gold Road)1 Average Gold Price USD 1,450/oz (2010
Slide 15: Gold Road has been ramping up production since September 2025
Gold Road has been ramping up production since September 2025 Current run-rate production implies USD 32-50m in annualized gross revenue at USD 4,000-5,000/oz gold price Material processed since restart (kt) Recovered grade (g/t Au) Gold recovered since restart (oz) Tailings Gold Road Mine 19.2 ~550
Slide 16: From infrastructure to district expansion a phased growth strategy
From infrastructure to district expansion a phased growth strategy 100% owned infrastructure supporting low-risk production and scalable growth District expansion Further growth opportunities • TRUE Vein contains numerous opportunities Optimization TRUE Vein • Possible to utilize current infrastruct
Slide 17: Experienced leadership with meaningful ownership alignment
Experienced leadership with meaningful ownership alignment Management and Board of Directors own ~25% of Gold Road, aligning leadership with shareholders Management & Executive Chairman Board of Directors Ivo Bozon 9.3% Svein Harald Øygard 12.3% Director Ownership Executive Chairman Ownership Emerit
Slide 18: Gold price environment remains supportive for producers
Gold price environment remains supportive for producers Forward curve implies gold price of USD 4,300-5,000/oz Gold price development USD/oz Historical Futures • Gold prices have trended structurally higher since 2016 6,000 • Central bank demand and macro 5,000 uncertainty provide continued support
Slide 19: Operations
Transaction summary Company overview OPERATIONS Financials Appendix Risk factors 19 GOLD ROAD Investor Presentation | June 2026
Slide 20: 100% ownership of the Gold Road Mine & TRUE Vein
100% ownership of the Gold Road Mine & TRUE Vein Production Average Au Gold Road Mine “Vein” Period Grade Produced Ownership1 Status - - - G/ton koz % - Gold Road Producing Gold Road 1900-2021 9.8 746 100 % Mine (Restarted 2025) Gold Ore Gold Ore 1918-1932 18.0 8 100 % Not Producing United Western T
Slide 21: Experienced operating team at Gold Road Mine
Experienced operating team at Gold Road Mine Operational leadership with direct site experience and global mining backgrounds Senior operational management team Operating organisation Sr. Management Team Jim Cooley Jim Cooley +30 years General Manager General Manager and COO – Gold Road Mining Corp
Slide 22: Tailings from the Tom Reed Processing Plant
Tailings from the Tom Reed Processing Plant Reprocessing residual material supporting ramp-up and early cash generation Comments Tom Reed Tailings Heap • Residual tailings material from the historic Tom Reed Plant, which ceased primary production in 1928 ‐ The Tom Reed Mine had an average grade of 2
Slide 23: The Gold Road Mine (1:3)
The Gold Road Mine (1:3) Fully permitted and operating underground mine Comments Gold Road Mine • Fully permitted underground gold mine in the historic Oatman district, Arizona • Established underground infrastructure with dry workings, access road and defined vein continuity • Selective shrinkage s
Slide 24: Gold Road Mine (2:3) – Remnant sections Wave 1 and Wave 2
Gold Road Mine (2:3) – Remnant sections Wave 1 and Wave 2 Ten defined targets underpin a 18–24-month mining sequence – currently mining 4201, 2601, 900 and 500 East • Map Scale: 200ft x 200ft per grid square Wave 1 • Scale reference: ~2 grid squares is approximately one standard soccer field1 Wave 2
Slide 25: Gold Road Mine (3:3) – Remnant section Wave 3 and Projects
Gold Road Mine (3:3) – Remnant section Wave 3 and Projects Wave 3 extends the remnant mining sequence, while in-mine Projects allow for higher volumes from unmined sections • Map Scale: 200ft x 200ft per grid square • Scale reference: ~2 grid squares is approximately one standard soccer field1 Red T
Slide 26: TRUE Vein (1:2) – The next underground target
TRUE Vein (1:2) – The next underground target One of the two dominant historic gold-producing structures in the Oatman District Key highlights 3D View of Gold Road Mine and TRUE Vein System • ~3-mile-long epithermal gold system Gold Road Mine; Mine restarted in 1995, still with remaining potential •
Slide 27: TRUE Vein (2:2) – 5km continuous gold system with defined unmined segments
TRUE Vein (2:2) – 5km continuous gold system with defined unmined segments Drilling confirms mineralization in the Gap, Lost Segment interpreted as fault-offset target Black Eagle / United United Western United Eastern Tom Reed Target “Lost Segment” Target Big Jim / Aztec Target American Target Tell
Slide 28: Infrastructure (1:2) – processing plant
Infrastructure (1:2) – processing plant USD ~80m estimated replacement value | Only operating and integrated gold processing plant in Arizona Comments Processing plant • Fully operational and permitted gold processing plant ‐ 100% owned and operated by Gold Road • Fully integrated flowsheet: crushin
Slide 29: Infrastructure (2:2) - Site layout, utilities and operational support
Infrastructure (2:2) - Site layout, utilities and operational support Existing site layout, utilities and underground systems support a low-capital, phased restart Aerial view showing processing plant and mine surface facilities • Direct paved access adjacent to US Route 66 Access & • 5MW on-site su
Slide 30: Financials
Transaction summary Company overview Operations FINANCIALS Appendix Risk factors 30 GOLD ROAD Investor Presentation | June 2026
Slide 31: Financial strategy and capital allocation
Financial strategy and capital allocation Management and board ownership aligns capital allocation with long-term value creation • Maintain conservative leverage profile Balance Sheet • Fund development primarily through operating cash flow Discipline • Preserve liquidity buffer to support operation
Slide 32: Phased approach to production growth
Phased approach to production growth Leveraging existing infrastructure to deliver near-term production growth Annualized historical production since Jan 2026 and illustrative mining plan (koz)1 Comments Tom Reed Tailings Gold Road Mine • Tom Reed Tailings provide steady baseline ‐ Volumes to be gra
Slide 33: 2026e and 2027e expected development capex
2026e and 2027e expected development capex Modest, largely discretionary development capex to support continued production and high value growth Key highlights1 2026e and 2027e expected development capex (USDm)1 Processing Facility Gold Road Mine True Vein (The Gap) Processing • Material investments
Slide 34: Cash cost, sustaining capex and all-in sustaining cost
Cash cost, sustaining capex and all-in sustaining cost Positive AISC margin expected from H2’26 and onwards Comments All-in sustaining cost (USD/oz)1 • Cash cost driven by underground mining, tailings reprocessing and mill operating costs Gold Price of USD 4,500/oz Gold Price of USD 4,000/oz • All-i
Slide 35: Illustrative cash flow potential
Illustrative cash flow potential Illustrative annual free cash flow before tax and growth capex1 Comments USDm • Illustrative free cash flow at various production 8 koz annual production 10 koz annual production 12 koz annual production rates, gold prices and AISC assumptions • Cost base is largely
Slide 36: Gold recovered and gold poured
Gold recovered and gold poured Production ramp-up on track – Q1 mill issue resolved, gold recovered and poured now converging Comments Gold recovered and gold poured (oz) • Recovered gold has increased from 101oz in Sep’25 to 576oz in April’26 and 386oz in May’26 Gold Recovered Gold Poured Scheduled
Slide 37: Appendix
Transaction summary Company overview Operations Financials APPENDIX Risk factors 37 GOLD ROAD Investor Presentation | June 2026
Slide 38: Balance sheet
Balance sheet Balance sheet Comments Item, USDm 2025 Q1 2026 ASSETS • Inventory: Tom Reed tailings acquired and classified as inventory (production Cash and cash equivalents 1.5 2.4 feedstock). Final payment of USD 1.0 million made in Q1’26 Accounts receivable and other receivables 0.4 0.4 Prepaid e
Slide 39: Income statement
Income statement Income statement Comments Item, USDm 2025 Q1 2026 • Metal Sales: Only part of the gold recovered is reflected in gold pour and Metal sales 1.6 1.5 sales, due to the time lag between production and the sales cycle Cost of sales (3.3) (2.4) Gross profit (loss) (1.8) (0.9) • Cost of sa
Slide 40: Cash flow
Cash flow Cash flow Comments Item, USDm 2025 Q1 2026 OPERATING ACTIVITIES • Operating cash flow: Pre-start-up and ramp-up costs expensed as incurred, including Net loss for the period (5.3) (1.6) rehabilitation and upgrades Adjustments for non-cash items: Share based compensation 2.4 - Share-based c
Slide 41: Current shareholders and corporate structure
Current shareholders and corporate structure Top 10 shareholders Corporate structure Shareholder Country Shares Ownership 100% owned unless otherwise stated 1 Svein Harald Øygard NORWAY 5,585,988 12.32 % 2 Songa Capital AS NORWAY 5,520,000 12.18 % Gold Road International p.l.c. 3 Haywood Securities
Slide 42: Options
Options Strike Price Name Options Role in Company Vesting Period (NOK/share) Jeremy Gray 250,000 Founder 7.12 At Admission Thomas Puppendahl 250,000 Founder, Director 7.12 At Admission Charles Chebry 250,000 Founder 7.12 At Admission Svein Harald Øygard 250,000 Executive Chairman 7.12 At Admission H
Slide 43: Royalty agreements and potential contingent payments
Royalty agreements and potential contingent payments Agreement Counterparty Category of Production Royalty Duration Buyout / Purchase Option Cat. 1 - Mined Products: Minerals produced or extracted from the Gold USD 3,100,000 minus royalties already paid, Road Mine and True Vein, whether processed on
Slide 44: TRUE Vein – Contract and payment structure
TRUE Vein – Contract and payment structure Comments Contract and payment structure overview (as of April 2026) • TRUE vein forms part of the broader vein system, Area Completion Date Payments to date Monthly payment Balance due at Total payments due extending over ~3 miles of strike completion date1
Slide 45: Silver revenue monetization into Chancery Royalty
Silver revenue monetization into Chancery Royalty Conversion of a non-core silver by-product into equity exposure in a royalty platform Deal signed with Chancery Royalty Chancery Royalty Transaction Overview • Emerging precious-metals royalty company focused on producing • Gold Road has entered into
Slide 46: Consistent head grades across historical operations
Consistent head grades across historical operations Historical and restart grades demonstrate durability across different mining phases Head grade (g/t Au) - 2010-2015 production period Head grade (g/t Au) - Restart and early ramp-up (2020 - 2026) Gold Road Mine United Eastern Tailings Combined Grad
Slide 47: Capital structure and gold price now support sustainable operations
Capital structure and gold price now support sustainable operations Prior ownership cycles were constrained by leverage and gold price – today’s structure enables disciplined growth Previous ownership – (2007 – 2025) GOLD ROAD – Gold Road Acquired in May 2025 • Gold Road Mine and processing plant su
Slide 48: Gold Road ownership history (2007-2025)
Gold Road ownership history (2007-2025) Ownership, capital structure and operating outcomes Mojave Desert Minerals LLC / Addwest Para Resources Inc Aura Minerals Inc / PPG Arizona Holdings (1992-2017) 2017-2020 2020-2025 • Addwest Minerals acquired the site in 1992, then • August 2017, Para Resource
Slide 49: Gold Road Mine – Selective shrinkage stoping for narrow, high grade veins
Gold Road Mine – Selective shrinkage stoping optimized for narrow, high grade veins Comments Shrinkage Stope Mining Illustration • Shrinkage stoping is a method suited for steep, narrow veins 6 Raise • Selected to match Gold Road’s narrow, steeply dipping vein geometry 1 Steeply dipping vein • Enabl
Slide 50: Gold Road Mine – environmental permits and mineral tenure
Gold Road Mine – environmental permits and mineral tenure Selection of relevant environmental permits – Gold Road Overview of Project Claims Environmental permit Comment Number • Toll Amendment (minor) in progress Aquifer Protection Permit 2015 #1028005 • No expiration date (issued for Life of Mine)
Slide 51: The Gold Road Mine – Multiple growth opportunities
The Gold Road Mine – Multiple growth opportunities Multiple high-grade extensions support phased growth beyond the base restart plan Illustrative image of the mine, of the workings and the 2020-2021 drill holes Go East (Near-term) • Direct step-out from existing workings • Limited new development re
Slide 52: Advancing the Red Top East project
Advancing the Red Top East project Red Top East project at a glance Commentary Red Top and Line Road East Illustration of gold grade samples Sales value & development capex (USDm) 1 • The Red Top section was sampled in 1940 and 1941, with high grades discovered • The mine was shut down in November 1
Slide 53: TRUE vein – Structural shift in gold price and cut-off grades
TRUE vein – Structural shift in gold price and cut-off grades 84% of pre-1924 production occurred at Gold Road after the mine was declared “empty” Gold Price Regime – Historic vs Today (USD/oz)1 Cut-off grades have structurally shifted2,3 Why opportunity exists today 4,365 23.7 Historic gold price c
Slide 54: Drilling plan through the GAP
Drilling plan through the GAP The GAP provides an entry point into the TRUE Vein Commentary United Western Mine – Closed in 1940 (10.29 g/t) The GAP – An in-between section • Most recent drilling has focused on The GAP • Study underway on a possible entry through a rehabilitation of the United Easte
Slide 55: 70,000-ton tolling and 10% stake in the Telegraph Mine
70,000-ton tolling and 10% stake in the Telegraph Mine The case for tolling with Telegraph Mine The Gold Road The median Alternative heap Lengthy permitting The Company is The ore needs to A Letter of Intent There are numerous processing plant is recovery rate from leach and other processes and open
Slide 56: Environmental, social and governance
Environmental, social and governance Environmental Social Governance • Tailings reprocessing • Operations supported by an • Experienced management and and underground mining experienced local workforce board with background in mining, minimize new surface disturbance with long operating history at c
Slide 57: Arizona / USA – Tier 1 Mining Jurisdiction
Arizona / USA – Tier 1 Mining Jurisdiction Consistently ranked top 10 globally with investor-friendly fiscal terms Mining in the US and Arizona Top 10 most attractive mining jurisdictions • The United States is a leading global mining economy, Country Mining jurisdiction 2015 2016 2017 2018 2019 202
Slide 58: Oatman – A proven high-grade gold district in Arizona
Oatman – A proven high-grade gold district in Arizona Historic production under structural constraints – modern re-interpretation Key highlights Gold Road Mine ca 1906 • Gold mining in the Oatman district dates back to the 1860s, with the town formally established in 1906 following early discoveries
Slide 59: Process plant flow diagram
Process plant flow diagram 2nd filter press line added Q2 2026 59 GOLD ROAD Investor Presentation | June 2026
Slide 60: From ore to revenue
From ore to revenue Mining Extraction Recovery Sale • Crushing: Run-of-mine ore is first • Leaching: Thickened slurry is mixed • Carbon stripping: Gold-loaded carbon is • Doré bars are then sold and collected by crushed to a size suitable for with a cyanide solution, with oxygen treated with hot cau
Slide 61: Demand and supply of gold
Demand and supply of gold Trends in 2025 were driven by a convergence of cyclical tailwinds. In 2026, the outlook will be defined by evolving asset correlations and physical fundamentals Historical gold demand (t) Demand drivers 8,000 Jewelry fabrication Technology Investment Central banks 7,000 6,0
Slide 62: Gold as a reserve asset
Gold as a reserve asset Traditionally, gold has been used as a reserve due to its tangible store of value, offering stability, a hedge against inflation and currency devaluation Gold as a % of total reserve holdings across select central banks Yearly net change in gold reserves across global central
Slide 63: Pictures – Gold Road grinding mill and general mine layout
Pictures – Gold Road grinding mill and general mine layout Gold Road grinding mill Gold Road Project general mine layout BallMill Reclaim Water Pond Tailings Storage Mill Site Filter Site Rod Mill Mine Site Portal 63 GOLD ROAD Investor Presentation | June 2026
Slide 64: Pictures – Infrastructure
Pictures – Infrastructure Office Trailers and warehouse Shop facility and laydown 64 GOLD ROAD Investor Presentation | June 2026
Slide 65: Pictures – Gold Road Mine
Pictures – Gold Road Mine Entering the Gold Road Mine In the Gold Road Mine – light section highlighting the vein 65 GOLD ROAD Investor Presentation | June 2026
Slide 66: Pictures – Gold Road Mine
Pictures – Gold Road Mine Underground drilling Loader in a narrow vein Underground loader 66 GOLD ROAD Investor Presentation | June 2026
Slide 67: Pictures – Gold Road Mine
Pictures – Gold Road Mine Underground haul truck Drilling unit to be used at Red Top East 67 GOLD ROAD Investor Presentation | June 2026
Slide 68: Pictures – Gold Road Mine
Pictures – Gold Road Mine Gold Road main vein underground and sampling by the QP, example section Gold Ore vein in 900 feet level Mottled Breccia, Dyke and Quartz Vein Zone Hematitic Silicified Zone 4.67 g/t Au 5.90 g/t Au Main Vein 0.68 g/t Au 0.27 g/t Au 4.47 g/tAu; 6.84 g/t Au 68 GOLD ROAD Invest
Slide 69: Pictures – Tom Reed Tailings
Pictures – Tom Reed Tailings Tom Reed tailings heap Excavator at the Reed tailings site 69 GOLD ROAD Investor Presentation | June 2026
Slide 70: Pictures – Laboratory and induction melting furnace
Pictures – Laboratory and induction melting furnace Atomic absorption spectrometer (Laboratory) Induction melting furnace 70 GOLD ROAD Investor Presentation | June 2026
Slide 71: Pictures – Rock samples and Gold Doré Bars
Pictures – Rock samples and Gold Doré Bars Rock samples Gold Doré bars 71 GOLD ROAD Investor Presentation | June 2026
Slide 72: Risk factors
Transaction summary Company overview Operations Financials Appendix RISK FACTORS 72 GOLD ROAD Investor Presentation | June 2026
Slide 73: Risk factors (1/15)
Risk factors (1/15) An investment in the Company and the Shares involves inherent risk. Investors should carefully consider the risk factors and all information contained in this Presentation, including the financial statements and related notes. The risks and uncertainties described below are the m
Slide 74: Risk factors (2/15)
Risk factors (2/15) The gold mining industry is subject to commodity price volatility (cont’d) The Group has limited ability to offset the impact of adverse gold price movements through revenues derived from other assets or operations than the Gold Road Project. A sustained decline in the gold price
Slide 75: Risk factors (3/15)
Risk factors (3/15) The Group is fully reliant on the Gold Road Project The Group is dependent upon the Gold Road Project, which is the Group's principal source of revenue. Due to modest asset diversification, any adverse development affecting the Gold Road Project or related infrastructure would ha
Slide 76: Risk factors (4/15)
Risk factors (4/15) The Group's processing operations are dependent on tailings feed and may be adversely affected by variability in grade and volume, transport interruptions and tolling arrangements The Group's processing operations are dependent on the trucking and stockpiling of significant volum
Slide 77: Risk factors (5/15)
Risk factors (5/15) The Group faces risks associated with restart of operations, plant refurbishment and operations disruptions and capital upgrades (cont’d) Furthermore, the Group is dependent upon upgrades of existing equipment to reach its production targets. Failure to complete such upgrades may
Slide 78: Risk factors (6/15)
Risk factors (6/15) The Group's expansion projects are subject to geological, technical and financial uncertainties and may not deliver expected results (cont’d) In addition, most such development could require additional permits, licenses and approvals from the relevant governmental authorities, an
Slide 79: Risk factors (7/15)
Risk factors (7/15) The Group is dependent on key personnel The Group's success depends significantly on the skills, experience and continued service of its key management and operational personnel, including its Chief Executive Officer and Chief Financial Officer, who are engaged through consultanc
Slide 80: Risk factors (8/15)
Risk factors (8/15) The Group is dependent on external contractors, service and equipment providers and other third parties The Group relies on external contractors and third-party service providers in several areas of its operations, including the excavation and hauling of tailings to the Processin
Slide 81: Risk factors (9/15)
Risk factors (9/15) RISKS RELATED TO LAWS, REGULATIONS AND LITIGATION Failure to obtain, maintain or renew required permits and licenses may have a material adverse effect on the Group's business The Group is required to obtain and maintain permits, licenses and approvals from federal, state and loc
Slide 82: Risk factors (10/15)
Risk factors (10/15) Tax laws or regulations may adversely affect the Group's financial position and ability to distribute cash (cont’d) All operating activities are currently carried out by the Company's subsidiary, GRMC, incorporated in the United States. The Group's current tax position is depend
Slide 83: Risk factors (11/15)
Risk factors (11/15) The Group is subject to health, safety and environmental risks and regulations (cont’d) In particular, US federal environmental statutes, including but not limited to the Resource Conservation and Recovery Act (RCRA) and the Emergency Planning and Community Right-to-Know Act (EP
Slide 84: Risk factors (12/15)
Risk factors (12/15) The Group's cost structure is substantially semi-fixed, limiting its ability to reduce costs in response to decreased revenues A significant proportion of the Group's operating costs at the Gold Road Project are semi-fixed or fixed in nature, meaning that they are incurred large
Slide 85: Risk factors (13/15)
Risk factors (13/15) The Group is subject to foreign exchange risk The Group's revenues are primarily denominated in USD, whilst operating costs may be incurred in both USD and other currencies. The Group's financial results may be adversely affected by currency exchange rate fluctuations. The Group
Slide 86: Risk factors (14/15)
Risk factors (14/15) Future sales, or the possibility of future sales, of a substantial portion of Shares could affect the market price of the Shares Any future sales of Shares by shareholders or others, or the availability of Shares for future sales, may have an effect on the market price of the Sh
Slide 87: Risk factors (15/15)
Risk factors (15/15) The Company will be subject to the Euronext Growth Rule Book which deviates from the regulations for securities trading on Euronext Oslo Børs and Euronext Expand, and which implies a risk of a lower degree of transparency and minority protection The Company will be subject to th
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Gold Road International p.l.c. — Investor Presentation (June 2026) on 6ix