Join our daily newsletter At The Bell to receive exclusive market insights
- Red 5 (RED) achieves record monthly gold production at its King of the Hills mine in Western Australia
- In April, the company produced 18,633 ounces of gold – up from 17,550 ounces in March 2023
- It marks the second consecutive month of record gold production
- RED expects another solid month of mining in May, however, anticipates production will be lower due to planned maintenance shutdowns
- Shares in RED last traded at 18 cents
Red 5 (RED) has achieved record monthly gold production at its King of the Hills mine in the Eastern Goldfields region of Western Australia.
The company produced 18,633 ounces of gold in April 2023 – up from 17,550 ounces in March 2023.
It marks the second consecutive month of record gold production, producing gold from 0.4 metric tons (Mt) of ore processed at an average head grade of 1.54 grams per tonne (g/t) with a record gold recovery of 94.2 per cent.
The company reported its open pit and underground mines, as well as its processing plant, continued to perform well during the month.
Red 5 said it expects another solid month of mining in May, however, gold production is expected to be lower than April, due to planned maintenance shutdowns of the crusher and the mill.
The company announced it completed the construction of its tailings storage facility 5 (TSF5) in April 2023, with final regulatory approval received and commencement of discharge to TSF5 achieved on April 29, 2023.
Red 5 confirmed 2H FY2023 production guidance remains at 90,000 to 105,000 ounces at an AISC of $1750 to $1950 per ounce.
Shares in RED last traded at 18 cents.
