Gold Road Resources (ASX:GOR) said that the pre-feasibility study for its Gilmour gold project in Western Australia projected an after-tax net present value of AU$231 million at a gold price of AU$3,500 per ounce and AU$354 million at a flat gold price of AU$4,300 per ounce, according to a Monday Australian bourse filing.

The maiden Gilmour ore reserve totals 1.5 million tonnes at 4.10 grams per tonne grade of gold for 190,000 ounces, as of Dec. 31, 2024, the filing added.

The project's pre-tax free cash flow was estimated at AU$377 million for the gold price assumption of AU$3,500 per ounce and AU$569 million at AU$4,300 per ounce.

The study estimated a mine life of five years, averaging 50,300 ounces per annum at an average all-in sustaining cost of AU$2,004 per ounce, producing a life of mine total production of 250,000 ounces at 3.9 g/t of gold from an underground mine and open pit. Establishment capital is estimated at $36 million.

It plans to conduct further infill and extension drilling at the project.

Its shares rose almost 2% in recent trading on Monday.