ASX Announcement

17 October 2016

HIGH-GRADE EXTENSIONS CONFIRMED AT ALARIC‌‌‌

Highlights

• Extensional resource drilling completed at the Alaric Deposit, 24 kilometres from the 6.2 Moz Gruyere Gold Project

• High-grade extensions defined below 50,000 ounce open pit resource

• Potential to improve Gruyere economics with higher-grade feed

• Targeting Mineral Resource update in H1 2017

• High-grade mineralisation confirmed on Main Shear, including:

  • 3 metres at 21.9 g/t Au from 156 metres (12ALRC0031)

  • 3 metres at 6.0 g/t Au from 122 metres (16ALRC0183)

  • 2 metres at 6.2 g/t Au from 132 metres (16ALRC0188)

  • 2 metres at 4.1 g/t Au from 183 metres (16ALRC0180)

• High-grade mineralisation confirmed on Hangingwall Structures, including:

  • 2 metres at 10.7 g/t Au from 89 metres (16ALRC0184)

  • 3 metres at 7.6 g/t Au from 148 metres (16ALRC0189)

Gold Road Resources Limited (Gold Road or the Company) is pleased to announce the successful completion of an infill and extensional drilling programme at the Alaric Deposit, approximately 24 kilometres south-west of the 6.2 million ounce Gruyere Gold Project in Western Australia. This programme constitutes one component of a larger effort targeting additional high-margin gold deposits to supplement ore feed from the planned Gruyere Open Pit, thereby enhancing the already robust Gruyere economics identified in the Gruyere Pre-Feasibility Study. The soon to be completed Gruyere Feasibility Study does not include Alaric.

ASX Code GOR ABN 13 109 289 527

COMPANY DIRECTORS

Tim Netscher

Chairman

Ian Murray

Managing Director & CEO

Justin Osborne Executive Director, Exploration & Growth

Martin Pyle

Non-Executive Director

Sharon Warburton

Non-Executive Director

Kevin Hart

Company Secretary

CONTACT DETAILS

Principal & Registered Office Level 2, 26 Colin St

West Perth WA 6005

www.goldroad.com.au [email protected]

T +61 8 9200 1600

F +61 8 9481 6405

The current open pit Mineral Resource at Alaric1 is located on a granted mining lease with a Native Title Mining Agreement. This programme of 22 Reverse Circulation (RC) and Diamond holes successfully infilled and extended continuous structurally controlled gold mineralisation over a strike length of approximately 700 metres. High-grade mineralisation (greater than 5 g/t Au) was identified on the Main Shear and Hangingwall Structures below the current open pit resource, to the limit of current drilling at only 160 metres below surface. This represents significant opportunity to extend mineralisation at depth as a potential underground resource.

Geological work is ongoing to refine high-grade shoot controls with the aim of updating the Alaric Mineral Resource in the first half of 2017. Both open pit and underground options are likely to be assessed. The Company will then commence Pre-Feasibility Studies on the appropriate exploitation of this promising deposit.

Gold Road Executive Director - Exploration & Growth Justin Osborne said: "We continue to be encouraged by the results of our ongoing satellite high-margin drilling progam. The high-grade extensions we have identifed now offer us the opportunity to assess Alaric as a potential open pit and/or undergound source that might deliver significant additional value to our world class Gruyere Project."

1 Refer ASX announcement 16 September 2015

High-Grade Mineralisation - Potential Underground Extensions

The Alaric open pit Mineral Resource of 850 kt at 1.69 g/t for 50 koz, has already been identified as a potential source of higher-grade supplemental feed for the proposed Gruyere processing facility due to its grade, proximity (approximately 24 kilometres south-west), and location on an existing mining lease (Figure 5). Recent geological interpretation identified several features that combine to make it an attractive target for underground mining including: highly continuous Main Shear geology; ideal geometry for underground mining (steep dip, and a strike length of 500 to 700 metres); and identified higher-grade "shoots" in excess of 5 g/t Au (Figures 1, 2, 3 and 4).

Figure 1: Alaric cross section 20,450 mN showing the geological interpretation with all full length intersections on the Main Shear labelled.

Figure 2: Alaric Longitudinal Projection looking west, illustrating locations of full length intersections on the Main Shear and high-grade extensions below the existing open pit resource with selected high-grade intersections labelled and an interpreted "Shoot" outline > 1.5 g/t. Mineralisation has only been drilled to a depth approximately 160 metres below surface, footwall lithology is basalt.

Figure 3: Alaric Longitudinal Projection looking west, the Inset Window shows the location of Figure 2. The figure illustrates the locations of full length intersections on the Main Shear over the full strike length of the open pit resource with selected high-grade intersections north and south of the Inset Window labelled to demonstrate the greater strike potential.