Red 5's June 2024 Quarterly Report highlights strong operational performance and successful merger

Red 5 Limited (ASX: $RED) has reported a record quarterly production of 108,693 ounces of gold and 177 tonnes of copper, with sales of 110,818 ounces of gold and 165 tonnes of copper at an average sales price of A$3,175/oz. The company achieved full year production of 453,519 ounces of gold and 1,067 tonnes of copper, with sales of 455,259 ounces of gold and 1,037 tonnes of copper at an average sales price of A$2,932/oz. The merger with Silver Lake was successfully implemented on 19 June 2024, and the integration process is systematically advancing, as demonstrated by the repayment of the project loan facility following the quarter end on 8 July.

Executive Commentary on Operational Performance and Merger Implementation

The newly consolidated operations continued to perform well, with all three operations meeting or exceeding their respective FY24 guidance ranges. The merger with Silver Lake was successfully implemented on 19 June 2024, and the integration process will focus on consolidation and optimization of the business and its operations. The company's strong momentum is evident from the repayment of the project loan facility following the quarter end on 8 July. Gold production for the quarter was 108,693 ounces gold equivalent with sales of 110,818 ounces gold and 165 tonnes copper at an average gold sales price of A$3,175/oz. Investment in exploration continued during the quarter, and ongoing underground drilling at Deflector focused on the definition and extension of Spanish Galleon, which has the potential to form a new high-grade mining front to supplement production from Deflector South West in FY26 and FY27.

Summary of Red 5's June 2024 Quarterly Report and Outlook

Red 5's June 2024 Quarterly Report demonstrates the company's strong operational performance, with record gold and copper production exceeding guidance ranges. The successful implementation of the merger with Silver Lake has further strengthened the company's position as a leading, diversified mid-tier gold producer. The company's strong balance sheet and financial flexibility provide the foundation to optimize operations and pursue growth opportunities. Red 5 anticipates providing FY25 sales, cost, and capital expenditure guidance with the release of the FY24 financial results in August. The ongoing exploration and drilling activities reflect the company's commitment to advancing potential new mining fronts and evaluating various scenarios for future production, indicating a proactive approach to long-term growth and sustainability.