Red 5 Limited
Red 5 Limited
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The advance of mining operations into large, contiguous high-grade openpit ore blocks at its King of the Hills mine has West Australian miner Red 5 predicting a strong March qtr (Q3FY23) result.
With head grades and recovery higher, the new Eastern Goldfields mine has produced a monthly record 13,534oz gold in January.
Red 5 says its KOTH openpit “catch-up” plan is now complete. The process plant also ended the month strongly after minor processing circuit and crusher issues constrained production early in the month.
The achievement of steady-state commercial production at its King of the Hills operations has lifted Dec qtr (Q2FY23) gold production by West Australian miner Red 5 to 36,260oz, up from 24,049oz in the previous period. Red 5 will report AISC for KOTH from the March qtr.
Forecast H2FY2023 production is 90,000-105,000oz at AISC of $A1,750-1,950/oz.
Australian miner Red 5 has established production guidance of 90,000-105,000oz at AISC of $A1,750-1,950/oz for the June 2023 half-year at its King of the Hills gold mine in WA’s Eastern Goldfields after achieving commercial production.
MD Mark Williams says Red 5 is now hitting the main orebody and seeing a very positive reconciliation of ore tonnes and grade against the mine plan.
The KOTH processing plant achieved 5Mtpa annualised throughput rate in Nov, with several key enhancements complete.
It’s taken herculean efforts to overcome COVID pandemic disruptions, but Australian miner Red 5 expects to declare commercial production in the Dec qtr at its King of the Hills gold mine in WA’s Eastern Goldfields.
Red 5 posted Sept qtr (Q1FY23) production of 26,710oz gold from its now-completed Darlot underground mine and KOTH's initial openpit and underground operations following its first gold pour in June, up from 18,586oz in the previous period.
West Australian miner Red 5 is positioned for the ramp-up and further expansion of its new King of the Hills gold mine after gaining strong support from domestic and international institutional investors for a $A60M, 2-tranche placement.
The funds will enable Red 5 to expand the KOTH process plant throughput capacity from its current 4.7Mtpa to about 5.5Mtpa in FY24 and conduct a feasibility study into its optimum long-term plant capacity.
West Australian miner Red 5 is eyeing increases in the gold production and cashflow from King of the Hills after grade control drilling and enhancements to its openpit design lifted ore reserves at the Eastern Goldfields mine.
Less than 3 months after it began gold production, proved and probable reserves at the openpit and underground mine 28km N of Leonora have grown 12.5% to 2.7Moz (70Mt @ 1.2g/t).
West Australian miner Red 5 plans to announce FY23 production and cost guidance once it reaches steady state production following the delivery of first gold on time and budget at its King of the Hills project at the start of June.
With KOTH now ramping up, Red 5 has reported FY22 production of 64,667oz gold at AISC of $A2,479/oz at its Darlot mine, down from 76,104oz at $2,273/oz in FY21 and at the lower end of its 62,000-72,000oz at $2,400-2,500/oz guidance.
Australian miner Red 5 is focused on the build-up of production after achieving the first gold pour at its 100%-owned, 2.4Moz King of the Hills mine in WA’s Eastern Goldfields.
Two gold doré bars weighing 1,588oz were produced following the commissioning of the KOTH gravity and elution circuits.
Red 5 is well placed to increase KOTH to full capacity with over 800,000t, about two months of feed, now on the ROM pad.
With first ore now being processed at its 4.7Mtpa processing plant, Australian miner Red 5 is on the verge of producing initial gold at its 100%-owned 2.4Moz King of the Hills project in the WA Eastern Goldfields.
The new project is initially processing low-grade development ore from the KOTH openpit and existing stockpiles while Red 5 completes final commissioning of the processing circuit.
COVID-related labour hire challenges have EPC contractor MACA struggling with cost overruns on the process plant project at Red 5’s King of the Hills development in the West Australian Goldfields.
MACA says the fixed-price contract held by 60%-owned mineral processing arm MACA Interquip is the group’s only current under-performing contract.
Despite difficulties finding and retaining skilled construction workers, MACA says it remains on track for commissioning in the current quarter.