Red 5 produces 40,867 ounces in March Quarter

Apr 28, 2023

A total of 40,867 ounces of gold was produced for the March Quarter (December Quarter: 36,260 ounces), with ore sourced from the KOTH open pit, KOTH underground and Darlot underground mines. Gold sales were 40,907 ounces. The March Quarter AISC was A$2,055 per ounce.

King of the Hills (KOTH) Processing and Production registered a record gold production in March 2023 of 17,550 ounces. Quarterly gold production of 40,867 ounces (December Quarter: 36,260 ounces) at an all-in sustaining cost (AISC) of A$2,055/oz; quarterly gold sales of 40,907 ounces (December Quarter: 35,100 ounces). Production guidance for 2H FY2023 maintained at 90-105k ounces at AISC of A$1,750-1,950/oz.

Red 5 Managing Director, Mark Williams, said: “Major strides forward were taken at King of the Hills during the March Quarter, with open pit mining at KOTH now reaching the granodiorite/ultramafic contact, where the bulk of the gold mineralisation in the KOTH ore body is located. The KOTH underground mine also saw improved ore production, including a record month of 83kt in March.

To support the completion of the ramp-up at KOTH and improve our balance sheet flexibility, we launched a fully underwritten capital raising of up to $90 million during the Quarter. This raising provides Red 5 with a robust platform for growth, and I would like to sincerely thank all shareholders who participated.

On the exploration front, resource extension and grade control drilling completed at KOTH during 2022 has delivered a series of exceptional results, returning broad, high-grade gold intercepts across several key mining areas. These results strongly support our mine plan in FY23 and FY24, while also opening up potential new mining areas for the future.”

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