The King of the Hills (KOTH) gold mine, wholly owned by Red 5, has delivered a fourth consecutive month of record gold production.
The company announced that a production of 61,705 ounces was achieved in the June 2023 quarter.
This strong quarterly production sees Red 5 achieve the top end of the second half of the 2023 financial year (2H FY2023) guidance of 90,000-105,000 ounces, with all-in sustaining costs expected to be within guidance of $1750-1950 per ounce.
The KOTH gold mine is located 28 kilometres north of the town of Leonora and 80 kilometres south of its Darlot Satellite gold mine in the eastern Goldfields region of Western Australia.
The KOTH gold mine produced 24,033 ounces of gold in the month of June, an increase from the 19,039 ounces recorded in May. The June results is a continuation of the recent trend of positive monthly production performances by Red 5.
The 24,033 ounces produced in June was from 0.45 megatonnes of ore processed at an average head grade of 1.79 gram per tonne and a gold recovery of 93.4 per cent.
“This is a significant increase from the original nameplate capacity of 4.0 megatonnes per annum, and this throughput rate is expected to be maintained going forward into FY24 (the 2024 financial year),” the company said.
Last week, Red 5 announced that it had appointed a new independent non-executive chair to its board.
Russell Clark joined the Red 5 board on July 1, and will help to guide the company as it focuses on the KOTH gold mine.
“With the ramp-up of King of the Hills well progressed and the operation now delivering solid results, this is an exciting time to welcome a new independent Chair to our board as we embark on this next exciting chapter of our growth journey,” Red 5 acting chair Andrea Sutton said of the appointment.