Buy Or Sell Opportunity • May 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 22% to AU$4.27. The fair value is estimated to be AU$5.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 55% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 32% per annum over the same time period. Live News • May 06
Regis and Vault Minerals Announce $10.7 Billion Merger to Form Major Gold Producer Regis Resources and Vault Minerals have agreed to merge in an all-scrip, merger-of-equals deal valued at about A$10.7b.
Vault shareholders are set to receive 0.6947 Regis shares for each Vault share, giving Regis holders about 51% and Vault holders 49% of the combined group.
The merged company is expected to rank as Australia’s third-largest primary ASX-listed gold producer, with production from five hubs in Western Australia and Canada.
For you as a Vault investor, this is a move that swaps your direct exposure to a single mid-tier gold producer for a stake in a much larger, combined gold company. The all-scrip structure means consideration is entirely in Regis shares rather than cash, so your outcome will be tied to how the combined group trades once the deal completes, subject to shareholder and regulatory approvals.
The companies are highlighting scale, a stronger balance sheet and financial benefits such as corporate tax synergies of more than A$500m and a lower cost of capital. You may want to focus on how the new ownership split, asset mix across Western Australia and Canada, and the planned production profile of more than 700,000 ounces a year align with your risk tolerance and preference for growth versus income from a larger, diversified gold producer. Announcement • May 06
Regis Resources Limited (ASX:RRL) entered into scheme of arrangement to acquire Vault Minerals Limited (ASX:VAU) in a merger of equals transaction for AUD 5.1 billion. Regis Resources Limited (ASX:RRL) entered into scheme of arrangement to acquire Vault Minerals Limited (ASX:VAU) in a merger of equals transaction for AUD 5.1 billion on May 5, 2026. The consideration consists of common equity of Regis Resources Limited at a ratio of 0.6947 per common equity of Vault Minerals Limited. In case of termination of transaction, Regis Resources Limited will pay a termination fee of AUD 50.70 million and seller will pay a termination fee of AUD 50.70 million.
The transaction is subject to approval of merger agreement by target board, approval of offer by acquirer board, approval of offer by target shareholders and subject to court approval, regulatory approval and approval of Australian Competition and Consumer Commission . The deal has been unanimously approved by the board of Regis Resources Limited and Vault Minerals Limited. The Independent Expert (appointed by Vault) is required to conclude that the Scheme is in the best interests of Vault shareholders for the transaction to proceed. The expected completion of the transaction is August 1, 2026 to September 30, 2026. The combined company will be led by Russell Clark as Non-Executive Chairman and Jim Beyer as Managing Director and Chief Executive Officer, Anthony Rechichi as Chief Financial Office and Michael Holmes as Chief Operating Officer.
Goldman Sachs Pty Ltd acted as financial advisor for Regis Resources Limited. Azure Capital Pty Ltd. acted as financial advisor for Regis Resources Limited. King & Wood Mallesons, Australia Branch acted as legal advisor for Regis Resources Limited. RBC Capital Markets, Australia acted as financial advisor for Vault Minerals Limited. Corrs Chambers Westgarth acted as legal advisor for Vault Minerals Limited. Major Estimate Revision • Apr 08
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from AU$2.02b to AU$2.00b. EPS estimate also fell from AU$0.389 per share to AU$0.344 per share. Net income forecast to grow 616% next year vs 31% growth forecast for Metals and Mining industry in Australia. Consensus price target broadly unchanged at AU$7.04. Share price was steady at AU$4.21 over the past week. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to AU$4.13, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 4x in the Metals and Mining industry in Australia. Total returns to shareholders of 377% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$5.19 per share. Major Estimate Revision • Mar 04
Consensus EPS estimates fall by 20%, revenue upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from AU$1.97b to AU$2.01b. EPS estimate fell from AU$0.488 to AU$0.389 per share. Net income forecast to grow 657% next year vs 24% growth forecast for Metals and Mining industry in Australia. Consensus price target broadly unchanged at AU$6.95. Share price fell 2.8% to AU$5.59 over the past week. Reported Earnings • Feb 28
First half 2026 earnings released: AU$0.034 loss per share (vs AU$0.11 profit in 1H 2025) First half 2026 results: AU$0.034 loss per share (down from AU$0.11 profit in 1H 2025). Revenue: AU$817.3m (up 20% from 1H 2025). Net loss: AU$35.2m (down 130% from profit in 1H 2025). Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has increased by 85% per year whereas the company’s share price has increased by 89% per year. New Risk • Feb 26
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.3% Last year net profit margin: 8.4% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Announcement • Feb 26
Vault Minerals Limited Announces Unfranked Ordinary Dividend for the Six Months Ended December 31, 2025, Payable on April 8, 2026 Vault Minerals Limited announced unfranked Ordinary dividend of AUD 0.07000000 per share for the six months ended December 31, 2025, payable on April 8, 2026 with record date of March 11, 2026 and Ex Date of March 10, 2026. Price Target Changed • Jan 29
Price target increased by 9.1% to AU$6.76 Up from AU$6.19, the current price target is an average from 9 analysts. New target price is 9.4% above last closing price of AU$6.18. Stock is up 160% over the past year. The company is forecast to post earnings per share of AU$0.45 for next year compared to AU$0.23 last year. Price Target Changed • Jan 09
Price target increased by 7.2% to AU$6.04 Up from AU$5.63, the current price target is an average from 9 analysts. New target price is 7.5% above last closing price of AU$5.62. Stock is up 151% over the past year. The company is forecast to post earnings per share of AU$0.46 for next year compared to AU$0.23 last year. Buy Or Sell Opportunity • Dec 24
Now 21% undervalued Over the last 90 days, the stock has risen 32% to AU$5.44. The fair value is estimated to be AU$6.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 60% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 9.1% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Major Estimate Revision • Nov 26
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from AU$1.69b to AU$1.83b. EPS estimate increased from AU$0.346 to AU$0.391 per share. Net income forecast to grow 65% next year vs 27% growth forecast for Metals and Mining industry in Australia. Consensus price target up from AU$5.45 to AU$5.57. Share price rose 3.0% to AU$4.74 over the past week. Announcement • Oct 30
Vault Minerals Limited Announces Board Changes Vault Minerals Limited that Ian Macpherson has informed the Board of his intention to step down as a Director of the Company at the conclusion of the upcoming AGM to be held on 14 November 2025. Ian has served on the Board of Vault (previously Red 5) since 2014 and is currently the Chair of the Audit and Risk Committee. He will be replaced in this role by Kelvin Flynn. Major Estimate Revision • Oct 25
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from AU$1.63b to AU$1.67b. EPS estimate increased from AU$0.044 to AU$0.05 per share. Net income forecast to grow 44% next year vs 29% growth forecast for Metals and Mining industry in Australia. Consensus price target up from AU$0.76 to AU$0.83. Share price fell 8.9% to AU$0.71 over the past week. Price Target Changed • Oct 17
Price target increased by 9.3% to AU$0.81 Up from AU$0.74, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of AU$0.79. Stock is up 112% over the past year. The company is forecast to post earnings per share of AU$0.046 for next year compared to AU$0.035 last year. Price Target Changed • Oct 15
Price target increased by 8.1% to AU$0.79 Up from AU$0.73, the current price target is an average from 9 analysts. New target price is 11% above last closing price of AU$0.71. Stock is up 106% over the past year. The company is forecast to post earnings per share of AU$0.043 for next year compared to AU$0.035 last year. Buy Or Sell Opportunity • Oct 10
Now 22% undervalued Over the last 90 days, the stock has risen 76% to AU$0.69. The fair value is estimated to be AU$0.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 60% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 6.8% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Major Estimate Revision • Oct 02
Consensus EPS estimates increase by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from AU$1.55b to AU$1.60b. EPS estimate increased from AU$0.036 to AU$0.042 per share. Net income forecast to grow 24% next year vs 27% growth forecast for Metals and Mining industry in Australia. Consensus price target up from AU$0.65 to AU$0.72. Share price was steady at AU$0.67 over the past week. Price Target Changed • Oct 01
Price target increased by 8.5% to AU$0.71 Up from AU$0.65, the current price target is an average from 9 analysts. New target price is 6.7% above last closing price of AU$0.67. Stock is up 108% over the past year. The company is forecast to post earnings per share of AU$0.042 for next year compared to AU$0.035 last year. Major Estimate Revision • Sep 23
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from AU$1.61b to AU$1.56b. EPS estimate also fell from AU$0.044 per share to AU$0.037 per share. Net income forecast to grow 18% next year vs 18% growth forecast for Metals and Mining industry in Australia. Consensus price target up from AU$0.64 to AU$0.66. Share price rose 7.0% to AU$0.69 over the past week. Price Target Changed • Sep 20
Price target increased by 8.4% to AU$0.66 Up from AU$0.61, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of AU$0.66. Stock is up 103% over the past year. The company is forecast to post earnings per share of AU$0.046 for next year compared to AU$0.035 last year. Announcement • Sep 19
Vault Minerals Limited, Annual General Meeting, Nov 14, 2025 Vault Minerals Limited, Annual General Meeting, Nov 14, 2025. Reported Earnings • Aug 22
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: AU$0.035 (up from AU$0.002 loss in FY 2024). Revenue: AU$1.43b (up 131% from FY 2024). Net income: AU$237.0m (up AU$242.4m from FY 2024). Profit margin: 17% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) missed analyst estimates by 10%. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has increased by 113% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 15
Price target increased by 7.9% to AU$0.61 Up from AU$0.56, the current price target is an average from 6 analysts. New target price is 35% above last closing price of AU$0.45. Stock is up 5.9% over the past year. The company is forecast to post earnings per share of AU$0.045 next year compared to a net loss per share of AU$0.0015 last year. Price Target Changed • Apr 09
Price target increased by 8.0% to AU$0.57 Up from AU$0.53, the current price target is an average from 6 analysts. New target price is 43% above last closing price of AU$0.40. Stock is down 2.4% over the past year. The company is forecast to post earnings per share of AU$0.037 next year compared to a net loss per share of AU$0.0015 last year. Reported Earnings • Mar 01
First half 2025 earnings released: EPS: AU$0.018 (vs AU$0.008 in 1H 2024) First half 2025 results: EPS: AU$0.018 (up from AU$0.008 in 1H 2024). Revenue: AU$678.8m (up 139% from 1H 2024). Net income: AU$119.3m (up 312% from 1H 2024). Profit margin: 18% (up from 10% in 1H 2024). Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Oct 23
Vault Minerals Limited, Annual General Meeting, Nov 22, 2024 Vault Minerals Limited, Annual General Meeting, Nov 22, 2024. Location: corrs chambers westgarth, level 6, brookfield place tower 2, 123 st georges terrace, western australia, perth Australia Price Target Changed • Aug 30
Price target decreased by 8.9% to AU$0.43 Down from AU$0.47, the current price target is an average from 6 analysts. New target price is 26% above last closing price of AU$0.34. Stock is up 42% over the past year. The company is forecast to post earnings per share of AU$0.013 next year compared to a net loss per share of AU$0.0031 last year. Major Estimate Revision • Aug 05
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from AU$575.5m to AU$596.0m. EPS estimate increased from AU$0.015 to AU$0.017 per share. Net income forecast to grow 171% next year vs 23% growth forecast for Metals and Mining industry in Australia. Consensus price target down from AU$0.49 to AU$0.47. Share price fell 5.3% to AU$0.36 over the past week. Announcement • Jul 18
Red 5 Limited Announces Resignation of Lisa Wynne as Company Secretary Red 5 Limited announced that Lisa Wynne has resigned as a Company Secretary of company effective from July 18, 2024. The Board thanks Ms. Wynne for her services to Red 5 and its subsidiaries and acknowledges her service to the Company since her appointment in August 2023. David Berg will continue in the role of Company Secretary and, for the purpose of ASX Listing Rule 12.6, remains the primary person responsible for communications between the Company and ASX. Recent Insider Transactions • Jun 25
MD & CEO recently sold AU$2.3m worth of stock On the 20th of June, Luke Tonkin sold around 5m shares on-market at roughly AU$0.42 per share. This transaction amounted to 46% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Luke's only on-market trade for the last 12 months. Announcement • Jun 21
Red 5 Limited (ASX:RED) completed the acquisition of Silver Lake Resources Limited (ASX:SLR) in a merger of equals transaction Red 5 Limited (ASX:RED) entered into a binding Scheme Implementation Deed to acquire Silver Lake Resources Limited (ASX:SLR) in a merger of equals transaction for AUD 1.1 billion on February 5, 2024. As a part of the transaction, Red 5 shareholders will own 51.7% of the merged entity and Silver Lake shareholders will own the remaining 48.3%. The combined entity will be led by Russell Clark as Chairman and Luke Tonkin as Managing Director and CEO. The new board of directors of the combined entity will comprise four directors from each of the current Red 5 and Silver Lake boards. The deal is subject to approval from court, regulatory board, and shareholders of Silver Lake, and has been unanimously approved by board of directors of Red 5 Limited and Silver Lake Resources Limited. The deal has been approved by shareholders of Silver Lake Resources Limited, and is expected to be completed on June 19, 2024. As of June 6, 2024 Transaction has been approved by the court. Gresham Advisory Partners Limited acted as financial advisor, and Herbert Smith Freehills and Davies Ward Phillips & Vineberg LLP acted as legal advisor to Red 5 Limited. Russell Philip, Peter Jarosek, Simon Reid, Giacomo Giorgi and Rebecca Field of Corrs Chambers Westgarth acted as legal advisor, RBC Capital Markets, Australia and Euroz Hartleys Limited acted as financial advisor, and Computershare Investor Services Pty Limited acted as registrar to Silver Lake Resources Limited. Red 5 Limited (ASX:RED) completed the acquisition of Silver Lake Resources Limited (ASX:SLR) in a merger of equals transaction on June 19, 2024. Board Change • Jun 20
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Peter Johnston was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. New Risk • Jun 20
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 97% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Price Target Changed • Jun 08
Price target increased by 8.0% to AU$0.47 Up from AU$0.43, the current price target is an average from 4 analysts. New target price is 6.8% above last closing price of AU$0.44. Stock is up 167% over the past year. The company is forecast to post earnings per share of AU$0.015 next year compared to a net loss per share of AU$0.0031 last year. Major Estimate Revision • Apr 26
Consensus EPS estimates increase by 17% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from AU$0.012 to AU$0.014. Revenue forecast steady at AU$564.7m. Net income forecast to grow 24% next year vs 28% growth forecast for Metals and Mining industry in Australia. Consensus price target of AU$0.43 unchanged from last update. Share price rose 2.3% to AU$0.44 over the past week. Price Target Changed • Apr 18
Price target increased by 9.6% to AU$0.43 Up from AU$0.39, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of AU$0.43. Stock is up 169% over the past year. The company is forecast to post earnings per share of AU$0.012 next year compared to a net loss per share of AU$0.0031 last year. Price Target Changed • Apr 08
Price target increased by 9.9% to AU$0.39 Up from AU$0.35, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of AU$0.39. Stock is up 117% over the past year. The company is forecast to post earnings per share of AU$0.012 next year compared to a net loss per share of AU$0.0031 last year. Announcement • Apr 08
Red 5 Limited to Report Q3, 2024 Results on Apr 24, 2024 Red 5 Limited announced that they will report Q3, 2024 results Pre-Market on Apr 24, 2024 Reported Earnings • Feb 23
First half 2024 earnings released: EPS: AU$0.008 (vs AU$0.011 loss in 1H 2023) First half 2024 results: EPS: AU$0.008 (up from AU$0.011 loss in 1H 2023). Revenue: AU$283.5m (up 77% from 1H 2023). Net income: AU$29.0m (up AU$57.5m from 1H 2023). Profit margin: 10% (up from net loss in 1H 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Australia are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Feb 06
Red 5 Limited (ASX:RED) entered into a binding Scheme Implementation Deed to acquire Silver Lake Resources Limited (ASX:SLR) in a merger of equals transaction for AUD 1.1 billion. Red 5 Limited (ASX:RED) entered into a binding Scheme Implementation Deed to acquire Silver Lake Resources Limited (ASX:SLR) in a merger of equals transaction for AUD 1.1 billion on February 5, 2024. As a part of the transaction, Red 5 shareholders will own 51.7% of the merged entity and Silver Lake shareholders will own the remaining 48.3%. The combined entity will be led by Russell Clark as Chairman and Luke Tonkin as Managing Director and CEO. The new board of directors of the combined entity will comprise four directors from each of the current Red 5 and Silver Lake boards. The deal is subject to approval from court, regulatory board, and shareholders of Silver Lake, and has been unanimously approved by board of directors of Red 5 Limited and Silver Lake Resources Limited. Gresham Advisory Partners Limited acted as financial advisor, and Herbert Smith Freehills and Davies Ward Phillips & Vineberg LLP acted as legal advisor to Red 5 Limited. Corrs Chambers Westgarth acted as legal advisor, RBC Capital Markets, Australia and Euroz Hartleys Limited acted as financial advisor, and Computershare Investor Services Pty Limited acted as registrar to Silver Lake Resources Limited. Announcement • Jan 08
Red 5 Limited Provides Production Guidance for the Fiscal Year 2024 Red 5 Limited provided production guidance for the fiscal year 2024. For the year, the company firmly on track to achieve the upper end of production guidance of 195,000 ounces - 215,000 ounces. Recent Insider Transactions Derivative • Jan 07
MD & Executive Director exercised options to buy AU$188k worth of stock. On the 3rd of January, Mark Williams exercised options to buy 671k shares at a strike price of around AU$0.30, costing a total of AU$205k. This transaction amounted to 4.1% of their direct individual holding at the time of the trade. Since June 2023, Mark's direct individual holding has increased from 16.05m shares to 16.25m. Company insiders have collectively bought AU$310k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Oct 18
Red 5 Limited Provides Production Guidance for the Year 2024 Red 5 Limited provided production guidance for the year 2024. The company is On track to deliver at the top end of FY24 production guidance of 195,000 - 215,000 ounces. Announcement • Oct 05
Red 5 Limited to Report Q1, 2024 Results on Oct 18, 2023 Red 5 Limited announced that they will report Q1, 2024 results at 9:00 AM, E. Australia Standard Time on Oct 18, 2023 Price Target Changed • Oct 05
Price target increased by 16% to AU$0.34 Up from AU$0.29, the current price target is an average from 3 analysts. New target price is 31% above last closing price of AU$0.26. Stock is up 44% over the past year. The company is forecast to post earnings per share of AU$0.012 next year compared to a net loss per share of AU$0.0031 last year. Announcement • Sep 19
Silver Lake Resources Limited (ASX:SLR) acquired 11% stake in Red 5 Limited (ASX:RED). Silver Lake Resources Limited (ASX:SLR) acquired 11% stake in Red 5 Limited (ASX:RED) on September 18, 2023.Silver Lake Resources Limited (ASX:SLR) completed the acquisition of 11% stake in Red 5 Limited (ASX:RED) on September 18, 2023. Announcement • Sep 13
Red 5 Limited, Annual General Meeting, Nov 06, 2023 Red 5 Limited, Annual General Meeting, Nov 06, 2023. Agenda: To consider Election of Directors; and to consider other business matters. Announcement • Sep 12
Red 5 Limited Announces Board Retirements, Effective 6 November 2023 Red 5 Limited announced that long-serving non-executive Directors Mr. Colin Loosemore and Mr. Steve Tombs have confirmed their intention to retire from the Board, effective from the date of the Annual General Meeting (AGM), on 6 November 2023 and will not seek re-election at the 2023 AGM. Mr. Loosemore has been a non-executive Director of Red 5 since 2014, while Mr. Tombs joined Red 5 as a senior executive in 2016, before becoming a non-executive Director in 2018. Price Target Changed • Aug 30
Price target increased by 8.3% to AU$0.30 Up from AU$0.28, the current price target is an average from 3 analysts. New target price is 32% above last closing price of AU$0.23. Stock is down 9.8% over the past year. The company is forecast to post earnings per share of AU$0.003 next year compared to a net loss per share of AU$0.0031 last year. New Risk • Aug 30
New major risk - Revenue and earnings growth Earnings have declined by 64% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 64% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (46% increase in shares outstanding). Announcement • Aug 28
Red 5 Limited to Report Fiscal Year 2023 Results on Aug 29, 2023 Red 5 Limited announced that they will report fiscal year 2023 results on Aug 29, 2023 Announcement • Aug 18
Red 5 Limited Announces Company Secretary Changes Red 5 Limited announced the appointment of Lisa Wynne as Company Secretary, effective from 18 August 2023. Ms. Wynne will succeed company's long-serving Company Secretary, Frank Campagna, who notified the Board of his intention to retire some time ago. Ms. Wynne is a highly regarded executive with over 18 years' experience in finance, accounting, corporate governance, strategy, risk management and mergers & acquisitions, having held senior roles as Chief Financial Officer, Company Secretary and Non-Executive Director for ASX-listed and not-for-profit companies. She provides professional corporate secretarial services for a number of listed companies. Ms. Wynne is a Chartered Accountant, a Fellow of the Governance Institute of Australia and a member the Australian Institute of Company Directors. Board Change • Jul 12
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Steve Tombs was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jul 11
Red 5 Limited Appoints Peter Johnston as Non-Executive Director Red 5 Limited announced the appointment of highly regarded mining executive Peter Johnston to its board as a non-executive Director, effective from 10 July 2023. Mr. Johnston is a highly experienced Australian mining executive and Board Director who has more than 35 years of operational and project development experience. Mr. Johnston's distinguished career has seen him hold senior roles with major resource companies including Head of Global Nickel Assets for Glencore, Managing Director and Chief Executive Officer of Minara Resources and Executive General Manager at WMC Resources for Olympic Dam, the Nickel Division and the Copper and Fertilisers Division. Mr. Johnston is currently Chair of Jervois Mining and Non-Executive Director of NRW Holdings and Tronox (US). He is the former Non-Executive Chair of the Minerals Council of Australia, Chairman of the Chamber of Mines of WA and held previous long-term NED roles with Silver Lake Resources and Emeco. He is a Fellow of the Australian Institute of Company Directors (AICD) and of the Australasian Institute of Mining & Metallurgy. Mr. Russell Clark is an internationally experienced mining professional and director with over 40 years of experience in senior corporate, operational and project development roles. He served as Managing Director and CEO of Grange Resources for five years, as Group Executive of Operations managed Newmont's Australian and New Zealand Operations including the KCGM mine in Kalgoolie, and held a number of mine general manager roles for Normandy Mining. He is a qualified Mining Engineer and has worked across Australia, North and South America, Africa, Europe and the Asia Pacific. Mr. Clark is currently Chair of CZR Resources, Chair of Pearl Gull Iron and a Non-Executive Director of Tungsten Mining. He is a Fellow of the Australian Institute of Company Directors (AICD). Announcement • Jul 06
Red 5 Limited to Report Q4, 2023 Results on Jul 27, 2023 Red 5 Limited announced that they will report Q4, 2023 results Pre-Market on Jul 27, 2023 Recent Insider Transactions • Mar 04
Independent Non-Executive Director recently bought AU$67k worth of stock On the 3rd of March, Andrea Sutton bought around 500k shares on-market at roughly AU$0.13 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$119k more in shares than they have sold in the last 12 months. Reported Earnings • Feb 28
First half 2023 earnings released: AU$0.011 loss per share (vs AU$0.011 loss in 1H 2022) First half 2023 results: AU$0.011 loss per share (in line with 1H 2022). Revenue: AU$159.8m (up 100% from 1H 2022). Net loss: AU$28.5m (loss widened 11% from 1H 2022). Revenue is forecast to grow 20% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Australia are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Price Target Changed • Feb 28
Price target decreased by 24% to AU$0.28 Down from AU$0.37, the current price target is an average from 3 analysts. New target price is 115% above last closing price of AU$0.13. Stock is down 58% over the past year. The company is forecast to post earnings per share of AU$0.018 next year compared to a net loss per share of AU$0.021 last year. Announcement • Feb 16
Red 5 Limited Provides an Operational Update At the King of the Hills (KOTH) Gold Mine, Located in the Eastern Goldfields Region of Western Australia Red 5 Limited provided an operational update at the King of the Hills (KOTH) Gold Mine, located in the Eastern Goldfields region of Western Australia. KOTH produced a record 13,534 ounces in January 2023, with a progressive increase in average head grade to 1.3g/t Au and an average recovery for the month of 92.2%. This compares with an average head grade of 1.14g/t and a recovery of 90.1% for the December 2022 Quarter. Following minor issues in the processing circuit and crusher which constrained production early in January, the process plant finished the month strongly, with mill throughput averaging at the equivalent of 4.8Mtpa for the final two weeks of the month. The team is now focused on progressively increasing mill throughput and consistency. Open pit mining has now commenced on the 5225mRL bench level, which contains three large ore zones totalling an estimated 345,000 ore tonnes grading 1.2g/t. This area is located directly on the granodiorite and ultramafic contact and has returned positive grade control results relative to the Ore Reserve model, increasing both the expected tonnes and grade. These ore zones will provide the bulk of the baseload feed for the process plant for the next five weeks. As the open pit deepens, mining will continue to access these large contiguous, higher-grade ore zones over the year ahead. The underground mines at Darlot and KOTH both continue to deliver high-grade ore. The Darlot underground mine is now predominantly mining in fresh areas with more predictable, higher grades. The 16-month accelerated mine development at Darlot is complete, and the mining development contractor demobilised from site at the end of January 2023. The construction of Tailings Storage Facility 5 (TSF5) at KOTH is proceeding on schedule, with planned commissioning in early April 2023, providing an initial 7.9M tonnes of new tailings capacity. TSF5 has been a significant capital activity for the project and will be finished on time and within budget. The bulk of the earthworks for TSF5 are now complete and the contractor is progressively demobilising from site. With production on track at KOTH, Red 5 reconfirms its gold production guidance for the six months from 1 January 2023 to 30 June 2023 of 90,000 - 105,000 ounces at an AISC of AUD 1,750 - AUD 1,950 per ounce. Announcement • Feb 15
Red 5 Limited Announces Positive Exploration Drilling Results At Yandal South Red 5 Limited announced that recent exploration drilling at the 100%-owned South Yandal Gold Project, located 20km west of the Darlot Gold Mine in the Eastern Goldfields region of Western Australia, has delivered positive results, identifying several new zones of gold mineralisation. Two separate air-core programs totaling 5,708 metres of drilling have been completed, targeting the NW Structure target and the Coodawa Prospect. The programs were designed to test high-priority targets across the prospective but underexplored South Yandal area, proximal to the Ockerburry Shear Zone, a major regional- scale fault system linked to gold mineralisation in the region.Gold assays from the initial 4-metre composite samples have returned promising results, identifying zones of significant gold mineralisation at both target areas. In particular, highly encouraging first-pass results were achieved at the NW Structure, where drilling intersected multiple intervals of vein-hosted gold across broad zones within the 1.2km target strike length. Initial observations show gold mineralisation is spatially associated where the north-west structures intersect stratigraphic boundaries. Importantly, many of the mineralised holes ended in anomalous gold, indicating the mineralisation continues deeper into the bedrock. Sample re-splits at 1-metre intervals from the mineralised zones have been submitted for analysis, with assays currently pending. Further drill programs, following up on these new gold intercepts and testing other high-priority areas within the prospective exploration tenure are planned. The Yandal South Project area lies within prospective and underexplored tenure approximately 20km west of Red 5's Darlot Gold Mine at the southern end of the gold-rich Yandal Greenstone belt. The area is host to the regional-scale NNE-trending Ockerburry Shear Zone, a major geological structure linked with gold mineralisation in the region and host to the 4km long and 500 metre wide Dingo Ridge Gold Prospect located in the north-central part of the tenement package. Recent exploration drilling undertaken by Red 5 at Yandal South was directed at the NW Structure and Coodawa prospects located in the northern part of the tenure. This drilling was designed to test large-scale targets identified from data-driven exploration targeting and target refinement work using geochemical and geophysical datasets combined with field-based geological observations and learnings.The first-pass exploration drilling completed at the NW Structure comprised 80 air-core holes totalling 4,002 metres. This program aimed to test for gold fertility across a broad structural zone hosting a series of NW- trending second-order faults, which splay off the Ockerburry Shear Zone proximal to the Dingo Ridge Prospect. The NW Structure's gold potential was first identified from rock samples taken from partially exposed subcroppositions along the NW faults and later enhanced by a gridded ultrafine soil survey over the area. The initial results have validated the targeting model and opened a highly prospective new search space of considerablescale. Structural interpretations from magnetic data show prospective horizons are continuous in length at the kilometre scale, highlighting the significant potential of the area to host a sizeable orogenic-style gold deposit.All assays from the initial 4-metre composite samples have now been received, with highly encouraging results identifying multiple intervals of vein-hosted gold mineralisation across broad zones. Initial observations indicatethat gold is spatially associated with the NW structures and where they intersect with stratigraphic boundaries. The best results from the program included 4 metres @ 1.7g/t Au within a wider mineralised zone of 12 metres@ 0.64g/t Au in hole 22DRAC0080 and 4 metres @ 1.08g/t Au from 40 metres in hole 22DRAC0082. Sample re- splits at 1-metre intervals taken from the mineralised zones have been submitted for analysis, with assayscurrently pending. Importantly, many of the drill holes report significant gold mineralisation at the end of hole and at the top of fresh rock, indicating there is strong potential for the gold mineralisation to extend into the fresh bedrock. Red 5 will conduct seismic surveying over Yandal South in February and March 2023, prior to the next stage of drilling. The planned survey will cover a 12km2 area, including the NW Structure, Dingo Ridge and widersurrounds, with the aim of mapping the subsurface to a depth of approximately 400 metres for 3D modelling of structural and lithological features for exploration target generation and drill hole optimisation over this largeexploration search space. This survey will be undertaken in collaboration with Fleet Space Technologies using near real-time ambient noise tomography technology and Exosphere data processing services. Announcement • Feb 07
Red 5 Limited Announces Outstanding Drill Results from King of the Hills Red 5 Limited announced that underground drilling at the recently commissioned King of the Hills (KOTH) Gold Mine, part of the Company's Eastern Goldfields gold mining hub operations in Western Australia, has delivered positive results, further defining current Ore Reserves that underpin the FY23 and FY24 mine plan and identifying new targets for potential Resource extensions. The significant assay results, received from 45,154 metres of underground drilling undertaken during CY2022, have been recorded across several key mining areas in the KOTH Underground including: Main orebody;"Down the nose" following the contact down plunge to the north; and Under the South Pit. The Regal and the Eastern Flank areas represent a significant mining area for the KOTH Underground in FY24, with capital development currently underway. Resource definition and grade control drilling completed in CY 2022 focused on the eastern contact, below and adjacent to current underground mining areas. A total of 19,272 metres of diamond drilling has been undertaken in the Regal and Eastern Flank areas during CY 2022. The Regal mining area is located between the footwall of the Regal structure, which represents a major controlling structure within the granodiorite and the eastern contact against the ultramafic that surrounds the granodiorite intrusion. The area is characterised by a series of moderately southwest dipping structures in combination with other anastomosing tension veins associated with the contact. The Eastern Flank stoping area is located to the south of the Regal structure, with mineralisation generally concentrated along the contact and ranging from 20 to 40+ metres within the granodiorite. A total of 7,897 metres of drilling was completed within the Central area with the aim of delineating a narrow vein mining area. The Central area represents the south-western extent of the underground workings, which sit approximately below the centre of the existing Tarmoola pit, between the South and North pits. The area is characterised by a series of narrow tension veins dipping steeply to the south-west, with tension vein mineralisation unrelated to the granodiorite /ultramafic contact. Drilling in the Kingdom area targeted the upper granite contact to the west of existing workings proximal to the intersection of the Kingdom and Regal structure. Drilling totalled 7,636 metres in 2022 and intersected mineralisation associated with laminated quartz-filled structures interpreted to be continuations of the Regal and Kingdom lodes. Drilling in the West Bulk area in 2022 totalled 6,562 metres, with the program predominantly targeting east- west striking high grade veins proximal to the granodiorite/ultramafic contact to the north of existing workings following the contact down plunge i.e. "down the nose". The drilling was designed to define potential bulk mining areas for FY23 and FY24, with broad mineralised zones identified as expected. Previous drilling undertaken under the South Pit as part of the KOTH Feasibility Study intersected thin, frequent and well-mineralised structures and bulk-style mineralisation. The mineralisation intersected was strongest closer to the granodiorite contact or in close proximity to several interpreted South Pit high-grade lodes. This drilling has the potential to deepen the proposed open pit or may represent future underground potential and further in-fill drilling will be required. Along with this potential identified during the Feasibility Study, significant potential has also been identified to expand the South Pit based on drilling out the Inferred Resource components outside the current pit design. With mineralisation still open at depth, the Resource under the South Pit is expected to be increased with further drilling. Work is underway to evaluate the potential mineralisation that can be converted to Indicated Resource status for evaluation to convert to open pit Ore Reserves. Announcement • Jan 24
Red 5 Limited Provides Production Guidance for the Six Months from 1 January 2023 to 30 June 2023 Red 5 Limited provided production guidance for the six months from 1 January 2023 to 30 June 2023. For the period, the company's Gold production guidance is 90,000 ounces to 105,000 ounces at an AISC of AUD 1,750 per ounce to AUD 1,950 per ounce. Announcement • Dec 20
Red 5 Limited Announces High Grade Drilling Results At Darlot Mine Red 5 Limited announced that drilling at the Darlot Gold Project, part of the company's Eastern Goldfields gold mining operations in Western Australia, has confirmed Ore Reserves underpinning the fiscal year 2023 and fiscal year 2024 mine plan and identified new targets for potential Resource extension. Encouraging results have been recorded in a number of key areas, which have confirmed, and in some instances identified the potential to upgrade, existing Resource estimates. Middle Walters South: Middle Walters South remains a critical mining area for the Darlot underground as the development of the lower levels progresses. Grade control drilling has confirmed existing Resources and provided strong upgrades to some levels. A total of 2,050 metres of diamond drilling has been undertaken at Middle Walters South since January 2022, with key drilling results including: 6.0m at 71.4g/t from 108.0m(GC4480); 3.4m at 42.5g/t from 105m (GC4479); 31.1m at 5.8g/t from 57.95m (GC4477); 15.2m at 4.7g/t from 20.32m (GC4388); 21.9m at 5.1g/t from 59.3m (GC4476); 2.8m at 19.8g/t from 63.86m (GC4343); 3.7m at 9.9g/t from 76.6m (GC4340); 2.2m at 31.6g/t from 52.8m (GC4463); 6.3m at 6.6g/t from 35.6m (GC4334); 6.7m at 5.3g/t from 129.28m (GC4475); 9.7m at 2.5g/t from 104.9m (GC4472); 2.8m at 7.8g/t from 115.2m (GC4479); 1.3m at 12.3g/t from 57.5m (GC4391); 16.4m at 1.3g/t from 87.0m (GC4471); 4.2m at 3.1g/t from 17.1m (GC4334). Middle Walters South is a structurally-controlled, narrow, high-grade orebody that forms part of the larger Centenary orebody, one of the primary sources of ore at Darlot. Mineralisation is hosted by the Walters Fault and in cross-linking structures between the Walters and Lords Faults. It is hosted within magnetic and non-magnetic dolerite horizons of the Mount Pickering Dolerite Sill. Phased grade control and extensional Resource drilling programs totalling approximately 2,050 metres have been completed at Middle Walters South since January 2022. Notable positive results were returned on the western extents of the Walters Splay at the 1080 level, with visible gold logged in three successively drilled grade control holes, resulting in a strong upgrade to the Resource over a strike length of 60 metres. Centurion and Dar-Cent: Dar-Cent is a bulk area of mineralisation that has been progressively drilled out, most recently as part of the Centurion lode program. Drilling in the Dar-Cent/Centurion area totalled 2,600 metres in fiscal year 2022. The bulk-style mineralisation at Dar-Cent is situated between the Burswood and Moses Faults, in the hanging wall of the Pedersen Lode. The Dar-Cent mineralisation comprises a series of shallow dipping, stacked quartz veins hosted within the favourable magnetic dolerite horizon. Resource drilling has delivered encouraging results which has good potential to upgrade the Resource and in turn has the potential to provide a new mining front, with updated Resource modelling currently underway. Highlights from drilling at the Dar-Cent Bulk area include: 24.6m at 2.8g/t from 37.1m (GC4490); 52.0m at 1.1g/t from 40.35m (CAD0782); 83.6m at 0.7g/t from 24.0m (CAD0777); 41.8m at 0.9g/t from 68.7m, (GC4490); 35.2m at 0.9g/t from 77.9m (GC4488); 82.3m at 1.5g/t from 26.9m (GC4491); 22.26m at 1.04g/t from 42.2m (GC4488); 11.8m at 1.59g/t from 57.7m (CAD0776); 9.06m at 1.8g/t from 69.7m (CAD0774); 15.9m at 1.2g/t from 59.85m (CAD0778); 2.24m at 6.1g/t from 99m (CAD0774); 1m at 13.6g/t from 92.57m (CAD0776); 15.7m at 0.9g/t from 51.77m (CAD0775); 4.1m at 3.0g/t from 44.8m (CAD0774); 1.1m at 9.7g/t from 144.4m (CAD0776). The Burswood structure bounding the Dar-Cent Bulk area has also upgraded the Resource locally, making the whole package highly prospective. Several new zones have also been identified on the hanging wall of the Burswood deposit and the main mineralisation zone remains open up-dip, with Resource modelling for this area to be completed. Significant results from Centurion include: 1.1m at 1,521.5g/t from 178.5m (CAD0774); 0.9m at 28.0g/t from 166.9m (CAD0778); 4.0m at 2.2g/t from 171.0m (CAD0775). Thomson: 590 metres of drilling was completed within the Thomson area to de-risk the Oval Hanging Wall lodes. Whilst drilling this program, strong intercepts returned from the Oval Fault and associated hanging wall lodes included 9.2m at 14.3g/t from 18.7m (GC4325) (including 30cm at 350g/t). Key highlights from Thomson included: 9.2m at 14.3g/t from 18.7m (GC4325); 1.0m at 87.6g/t from 29.0m (GC4331); 11.3m at 5.7g/t from 16.9m (GC4328); 3.6m at 9.0g/t from 8.5m (GC4328); 2.3m at 12.8g/t from 32.7m (GC4327); 4.2m at 12.5g/t from 43.7m (GC4318A); 10.9m at 2.3g/t from 14.2m (GC4327); 0.3m at 80.2g/t from 8.6m (GC4331); 5.2m at 4.7g/t from 30.9m (GC4328); 4.6m at 4.7g/t from 28.6m (GC4330); 10.0m at 2.5g/t from 84.9m (GC4318A); 4.3m at 6.6g/t from 57.2m (GC4318A); 6.9m at 4.7g/t from 49.1m (GC4319); 16.1m at 1.1g/t from 67.5m (GC4320); 4.6m at 3.1g/t from 37.2m (GC4331); 1.4m at 10.4g/t from 4.2m (GC4330). The Burswood Fault is a steeply 55-65° northwest dipping fault that splays off the hanging wall of the Oval Fault around the 900RL. It is characterised by laminated quartz with zones of crack and seal and hydrothermal brecciation and can be between 0.5 - 2 metres wide. The Burswood structure is generally narrower and less extensive than the Oval Fault, but still hosts narrow-ranging extensional veins in the hanging wall and footwall. Fiscal year 2022 drilling also targeted down dip of the Burswood 1180RL to define the regional lamprophyre contact and test mineralisation between the 1160 and 1140RL. This drilling has confirmed the Ore Reserves for Burswood, with the potential for further upgrades supported by the presence of abundant visible gold within both the development and long hole rises in the area. Significant results from the Burswood area included: 4.7m at 6.7g/t from 134.2m (GC4491); 7.7m at 4.2g/t from 124.4m (GC4491); 2.5m at 11.3g/t from 137.5m (GC4489); 5.5m at 3.7g/t from 79.5m (GC4351); 5.9m at 4.4g/t from 138.2m (GC4490); 9.6m at 1.8g/t from 121.0m (GC4490). Announcement • Dec 17
Red 5 Limited Provides Gold Production Guidance for the Six Months from 1 January 2023 to 30 June 2023 Red 5 Limited provided gold production guidance for the six months from 1 January 2023 to 30 June 2023. Gold production guidance for the six months from 1 January 2023 to 30 June 2023 is 90,000 ounces - 105,000 ounces at an AISC of AUD 1,750 - AUD 1,950 per ounce. Announcement • Dec 06
Red 5 Limited Announces the Resignation of Fiona Harris, Non-Executive Director Red 5 Limited announced that Ms. Fiona Harris, Non-Executive Director, has resigned from the Red 5 Board of Directors. Announcement • Nov 29
Red 5 Limited has completed a Follow-on Equity Offering in the amount of AUD 60 million. Red 5 Limited has completed a Follow-on Equity Offering in the amount of AUD 60 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 354,324,632
Price\Range: AUD 0.16
Discount Per Security: AUD 0.0072
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 20,675,368
Price\Range: AUD 0.16
Discount Per Security: AUD 0.0072
Transaction Features: Subsequent Direct Listing Announcement • Nov 21
Red 5 Limited Provides the Update for its King of the Hills (Koth) Gold Mine Red 5 Limited provided the following update for its King of the Hills (KOTH) gold mine. Production Update: During November 2022, the KOTH process plant has performed well, processing a consistently harder ore feed blend. Overall plant utilisation up to 19 November 2022 has averaged above 95%, with average mill throughput of 618tpoh /14,100tpd (equivalent to annualised throughput rate of above 5Mtpa). The site is preparing for a scheduled plant shutdown at the end of November to complete planned maintenance on the crusher and mill, with the SAG mill estimated to be offline for approximately 72 hours. The Company's three mines, the KOTH open pit and underground mines and the Darlot underground mine, are well-resourced and performing in line with expectations. In the KOTH open pit, the majority of the waste cut-back of Stage 1 is complete and the primary ore body, located at and around the ultramafic/granodiorite intrusion contact, is now exposed on the pit floor. Grade control drilling of these initial primary ore body levels is confirming the expected tonnes and grades. As disclosed in the September 2022 Quarterly, additional crews have been in place since August to enable the mining schedule to catch up for lost material movements due to Covid-19 absenteeism experienced from May to July 2022, with the catch up activities to be completed by December 2022. Commercial production at KOTH remains on track to be achieved later in the December 2022 Quarter. Announcement • Oct 26
Red 5 Limited Elects Fiona Harris as Director Red 5 Limited announced that at the annual general meeting held on October 25, 2022, approved to elect Fiona Harris as a director. Price Target Changed • Oct 04
Price target decreased to AU$0.37 Down from AU$0.42, the current price target is an average from 3 analysts. New target price is 96% above last closing price of AU$0.19. Stock is down 16% over the past year. The company is forecast to post earnings per share of AU$0.017 next year compared to a net loss per share of AU$0.021 last year. Announcement • Sep 23
Red 5 Limited, Annual General Meeting, Oct 25, 2022 Red 5 Limited, Annual General Meeting, Oct 25, 2022, at 10:00 W. Australia Standard Time. Location: Celtic Club, 48 Ord Street,Western Australia 6005 West Perth Australia Agenda: To receive and consider the annual financial report of the Company and the reports of the Directors and auditors for the financial year ended 30 June 2022; to consider election of Fiona Harris as a Director; to consider re-election of Kevin Dundo as a Director; to consider remuneration report; to consider approval of Red 5 Rights Plan; to consider approval for issue of Short Term Incentive Plan Service Rights to Mark Williams; to consider approval to issue Long Term Incentive Plan Performance Rights to Mark Williams; and to consider approval of termination benefits. Announcement • Sep 07
Red 5 Limited Updates Ore Reserve and Mineral Resource Statement for King of Hills and Darlot Gold Mining Operations in Eastern Goldfields Region of Western Australia Red 5 Limited reported an updated Ore Reserve and Mineral Resource Statement for its King of the Hills and Darlot gold mining operations in the Eastern Goldfields region of Western Australia as at 30 June 2022. The updated KOTH MRE represents a 6.6% increase in total contained ounces across the global KOTH Resource compared with the previous MRE as at 30 June 2021, including a 20.5% increase in underground ounces and a 3% increase in open pit ounces. The update has also seen a significant increase of 32% in underground Indicated Resources contained ounces. The updated KOTH MRE reflects the inclusion of 70,000m of open pit grade control drilling and approximately 24,100m of underground drilling, as well as model depletion as at 30 June 2022. No changes have been reported for the KOTH Regional Resources. In addition to the 24,100m of underground drilling included in the updated Resource, a further 16,000m of completed underground drilling has not been included, with logging and assay analysis of this drill core ongoing. Underground drilling continues and is expected to further expand and upgrade the KOTH MRE. The updated KOTH Ore Reserve as at 30 June 2022 represents a 12.7% increase in contained ounces compared with the previous Ore Reserve as at 30 June 2021, net of mining depletion of 21,000oz since 30 June 2021. Minimal change has been reported for the KOTH underground, with key factors contributing to the updated Ore Reserve including grade control drilling in the KOTH open pit, a re-design of all pit cut-backs and a deepening of the Stage 2 pit and the inclusion of an ore loss factor. The updated Darlot MRE represents a 25% increase in total contained ounces across the global Darlot Resource compared with the previous MRE as at 30 June 2021. The updated Darlot MRE reflects the expansion of key mining areas including Centenary/Middle Walters South Ped-Burswood and Lords Felsics, as well as the inclusion of inaugural JORC 2012 MRE's for the satellite Cable and Mission deposits. The updated Darlot Ore Reserve Estimate represents a 47% decrease from the previous Ore Reserve Estimate as at 30 June 2021, and reflects FY2021 mining depletion a change in the cut-off grade driven by cost inflation and an increase in mining dilution. These factors have been partially offset by the delineation of Ore Reserves in new mining areas at Middle Walters South, Metzke, Crown Pillar and DarCent. The Company sees potential to further expand the Darlot Ore Reserve through ongoing drilling in the near-mine environment, as well as through the completion of mining studies for the Great Western underground and St George open pit satellite deposits. Reported Earnings • Sep 01
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: AU$0.021 loss per share (down from AU$0.004 loss in FY 2021). Revenue: AU$165.0m (down 4.8% from FY 2021). Net loss: AU$48.6m (loss widened 431% from FY 2021). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) exceeded analyst estimates by 19%. Over the next year, revenue is forecast to grow 130%, compared to a 87,092% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Announcement • Jul 26
Red 5 Limited Provides Production and Sales Guidance for the Year 2022 Red 5 Limited provided production guidance for the year 2022. For the year, the company full-year production for FY22 of 64,667 ounces (guidance of 62,000 72,000 ounces). For the year, the company gold sales for FY22 of 62,992 ounces at an AISC of AUD 2,479 per ounce of gold sold (guidance of $2,400 - $2,500 per ounce). Announcement • Jul 13
Red 5 Limited Announces Executive Changes Red 5 Limited announced the appointment of Mr. Patrick Duffy as Chief Financial Officer of the Company, effective from 1 September 2022. Mr. Duffy is currently Red 5's Chief Corporate Development Officer and this role will be consolidated with the CFO position. This restructure, which will become effective as at 1 September 2022, arises from the resignation of Mr. John Tasovac, who will leave Red 5 on 31 August 2022 for personal reasons, having played a pivotal role in the Company's transition from the Philippines to the acquisition of the Darlot and King of the Hills projects in Western Australia, culminating in the successful development of King of the Hills and achievement of first gold production. Mr. Duffy is a Chartered Accountant with extensive commercial, financial and governance expertise. He began his career as an auditor with Ernst & Young, and has since had broad leadership and executive roles in the international resource sector. Mr. Duffy was CFO of Xstrata's USD 6 billion Tampakan Copper and Gold Project in the Philippines, and was Director Strategy & Performance for the construction and commissioning of Glencore Xstrata's USD 7 billion Koniambo Nickel Project in New Caledonia. He has worked extensively across Asia with mining and steel companies, including establishing a successful Hong Kong-based management consulting company, and has also had executive roles within mining private equity and the agricultural technology sector. Since joining Red 5 in 2020, Mr. Duffy has played a key role as part of the Company's leadership team in securing the project equity and debt funding for the development of the King of the Hills (KOTH) Project and facilitating the sale of the Siana Gold Project in the Philippines. Price Target Changed • Jul 02
Price target decreased to AU$0.43 Down from AU$0.47, the current price target is an average from 3 analysts. New target price is 71% above last closing price of AU$0.25. Stock is up 32% over the past year. The company posted a net loss per share of AU$0.0044 last year. Announcement • Jun 08
Red 5 Limited Announces the Appointment of Fiona Harris Am as Non-Executive Director Red 5 Limited announced the appointment of highly regarded Non-Executive Director Fiona Harris AM to its Board, effective from 8 June 2022. The appointment further strengthens the Company's Board as the Company embarks on its next chapter of growth as a leading mid-tier Australian gold producer with the commissioning and ramp-up of its King of the Hills (KOTH) gold mine in Western Australia. The first gold pour at KOTH was completed on 5 June 2022 and has been achieved on schedule and within budget. Ms Harris is one of Australia's most respected non-executive directors, with a career spanning 27 years. She has extensive experience in many sectors, including energy, resources, utilities, financial services and property. During this time, she has been a Director of approximately 30 companies, including ASX-50, ASX-100 and ASX- 200 companies, as well as Government enterprises and not-for-profits. She has also been a trusted director on several large private company boards. Her deep financial and governance expertise has seen Ms Harris assume board roles such as Chair, Lead Independent Director, Deputy Chair and Chair of various board committees. Her resources experience includes companies involved in both open pit and underground mining, commodities such as iron ore, copper, gold and uranium and in both Australia and overseas jurisdictions. Ms Harris has significant experience in corporate finance, including many mergers and acquisitions and debt andequity capital raisings. She is a Fellow of the Institute of Chartered Accountants Australia & New Zealand, aFellow of the Australian Institute of Company Directors (AICD) and a member of Chief Executive Women. Announcement • Jun 06
Red 5 Limited Completes the First Gold Pour At the 100%-Owned 2.4Moz, 16-Year Life-Of-Mine King of the Hills Gold Project in Western Australia Red 5 Limited announced that it has completed the first gold pour at the 100%-owned 2.4Moz, 16-year life-of-mine King of the Hills (KOTH) Gold Project in Western Australia. The gold pour at KOTH was completed on Sunday, 5 June 2022. The first smelt delivered 2 gold doré bars weighing 1,588 ounces, following the recent commissioning of the gravity and elution circuits. The gyratory crushing circuit has been running on a combination of oxide and fresh material for over 40 days and has achieved throughput rates above 1,600 tonnes per hour. The grinding circuit and wet plant continue to ramp up, with the SAG mill now achieving throughput rates over 600 tonnes per hour at moderate mill load and power draw. In the coming weeks, the KOTH processing team will continue to focus on increasing the mill production rate and completing outstanding punch list items with the EPC contractor. The team is well placed to increase the KOTH processing plant to full capacity, with over 800,000 tonnes, or approximately two months of feed stock now on the ROM pad. Announcement • May 13
Red 5 Limited Advises That First Ore Has Commenced Being Processed Through the 4.7Mtpa Processing Plant At King of the Hills (Koth) Gold Project in Western Australia Red 5 Limited advise that first ore has commenced being processed through the 4.7Mtpa processing plant at the 100%-owned 2.4Moz, 16-year life-of-mine King of the Hills (KOTH) Gold Project in Western Australia. Processing will initially focus on low-grade development ore, sourced primarily from stage 1 of the KOTH open pit and existing stockpiles, while final commissioning of the processing circuit is completed. First gold from the processing plant is expected to be poured in the near future. Mining is ongoing in both the KOTH open pit and underground mines, with the third open pit fleet now ramping up. Open pit grade control drilling has confirmed the grade and tonnes of ore expected within the initial mining area. Announcement • Apr 26
Red 5 Limited to Report Q3, 2022 Results on Apr 28, 2022 Red 5 Limited announced that they will report Q3, 2022 results on Apr 28, 2022 Announcement • Apr 07
Red 5 Limited Announces Underground Mining Recommences While Process Plant Commissioning Advances At King of the Hills Red 5 Limited announced that it remains on track for first gold production in the current quarter at its 100%-owned 2.4Moz, 16-year life-of-mine King of the Hills (KOTH) Gold Project, after achieving further key construction and operational readiness milestones during March 2022. Construction and Commissioning: Key construction progress for March included: Commissioning of the crushing circuit has been completed; Commissioning of the gas pipeline has been completed; Commissioning of the power station has been completed to the stage where it is ready to power the process plant; Installation of the solar panels has been completed and wiring is being finalised; and Commissioning of the SAG mill has commenced, with the current critical path to first gold being the commissioning of the Variable Speed Drive. Mining: The company's mining business partner, Macmahon Contractors, recommenced underground mining at King of the Hills on 31 March 2022, in line with the project execution schedule. The start-up underground mine fleet comprises one jumbo, two boggers and a supporting fleet. The initial focus is on mine development, with the first stopes planned to be fired later in the quarter. In the open pit, two fleets are now operating on both day and night shifts as Macmahon ramps up its on-site teams, with a third and final fleet planned to be operational in May 2022. 
