Red 5 produces 17,550 ounces in March 2023

Apr 15, 2023

Red 5 Limited advises that the King of the Hills (KOTH) Gold Mine, located in the Eastern Goldfields region of Western Australia, has delivered record production for the month of March 2023, producing 17,550 ounces of gold.

2H FY2023 production guidance is maintained at 90,000 – 105,000 ounces at an AISC of A$1,750 – A$1,950 per ounce. Construction of Tailings Storage Facility 5 (TSF5) was completed during the March Quarter, with discharge to commence in April 2023. Cash and bullion stood at $23.4 million at 31 March 2023. Red 5 made a scheduled loan repayment of $14.8 million in March 2023, with $149.8 million remaining outstanding on the loan facility.

Red 5 announced a fully underwritten A$90 million equity raising in February 2023 to support steady-state operations at KOTH and provide a robust platform for growth, comprising a two-tranche $80 million share placement and a $10 million Share Purchase Plan (SPP). Proceeds from Tranche 2 and the SPP, totalling $32 million, are expected to be received in mid-April 2023, subject to shareholder approval at a General Meeting on 12 April 2023.

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