Join our daily newsletter At The Bell to receive exclusive market insights
- Red 5 (RED) achieves record monthly record gold production at its King of the Hills mine in Western Australia’s Eastern Goldfields
- It marks the third consecutive month of record gold production in May 2023, producing 19,039 ounces of gold
- It came amid four days of zero production during the month due to planned mill and crusher maintenance
- Red 5 anticipates a strong June 2023 quarter and reported half-yearly production and cost guidance are maintained
- Shares in RED are up 6.67 per cent and trading at 16 cents at 11:30 am AEST
Red 5 (RED) has achieved record monthly gold production at its King of the Hills (KOTH) mine in Western Australia’s Eastern Goldfields.
It marks the third consecutive month of record gold production in May 2023, producing 19,039 ounces of gold – a rise on 18,633 ounces produced in April 2023.
The company reported gold production in May came from 0.35 million tonnes (Mt) of ore processed at an average head grade of 1.80 grams per tonne (g/t), with a record gold recovery of 93.6 per cent.
Red 5 announced it anticipated a strong June 2023 quarter, while half-yearly production and cost guidance was maintained at 90,000 to 105,000 ounces at an AISC of $1750 to $1950 per ounce.
Meanwhile, amid record production, the company completed planned mill and crusher maintenance shutdowns of KOTH in May, with four days of zero production during the month.
Red 5 produced its first gold at KOTH mine on June 5 2022 and ramped up to full production in the September quarter of 2022.
Shares in RED were up 6.67 per cent and trading at 16 cents at 11:30 am AEST.
