Shares of Gold Road Resources (ASX:GOR) rise as much as 9.4% to A$1.723.

Macquarie upgrades stock to ‘outperform’ from ‘neutral’, retains A$1.90 price target.

2Q23 performance better than expected.

GOR’s FY AISC guidance lower than estimate.

June quarter gold sales totalled 38,297 ounces at average sales price of A$2,961 per ounce.

Gruyere mine expected to produce between 320,000 and 350,000 ounces in FY23.

Stock down 6.8% YTD.