Red 5s King of the Hills Mine Achieves Record Production

Red 5 Limited (ASX: RED) reported that its King of the Hills Gold Mine in Western Australia had achieved a record production of 18,633 ounces of gold, marking the second consecutive month of such a milestone after the mine produced 17,550 ounces in March. The mine achieved this with an average head grade of 1.54g/t and a record gold recovery of 94.2%. Red 5 has upheld its half-year production and cost guidance, projecting a production range of 90,000 to 105,000 ounces at an all-in sustaining cost (AISC) of AU$1,750 to AU$1,950 per ounce for 2H FY2023.

Although May is predicted to be another robust mining month, planned maintenance shutdowns on the crusher and mill may cause gold production for the month to be lower than April. Construction of Tailings Storage Facility 5 was completed in April 2023, with final regulatory approval received and discharge to TSF5 achieved on 29 April 2023.

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