Doubt that GF will make a bid (unless GOR agree) but they can...

Doubt that GF will make a bid (unless GOR agree) but they can join the melee if someone else makes a bid

See pg 26
https://goldroad.com.au/wp-content/uploads/2019/12/5bc3a28c2d82d282791336.pdf

Standstill in place for term of Gruyere JV Agreement plus 2 years
Gold Fields restricted to maximum 10% shareholding, until earlier of:
1. Two years after GFA or its affiliates cease to be a participant in the Gruyere Project Joint Venture;
2. A person or persons jointly or in concert (other than GFA or its affiliates), publicly announce theirintention to commence a transaction which would result in a person or persons acquiring arelevant interest of 20% or more in Gold Road’s issued shares (Control Transaction); or
3. The date Gold Road publicly announces that its Board of Directors has approved an agreementwhich contemplates a Control Transaction