Red 5 shares rise on debt repayment, June quarter gold sales
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The news: Shares in Red 5 gained in morning trade after the gold producer announced the repayment of its King of the Hills project finance facility and its preliminary June quarter results.
The numbers: Red 5 shares were up 8% to $0.40 by 11:30am AEST and over the last 12 months have surged 113.16%.
The company said it had repaid $92.9 million of outstanding debt for the project financing of its King of the Hills gold mine in Western Australia.
Red 5's preliminary group sales for the quarter were 110,818 ounces of gold and 165 tonnes of copper, with full-year sales for FY24 of 455,259 ounces of gold and 1,037 tonnes of copper.
FY23 full year sales totalled 164,974 ounces of gold, with June quarter sales of 58,960 ounces.
The context: Red 5 said that following the repayment of the outstanding loan balance, the company has no corporate debt.
In February, Red 5 and fellow ASX-listed gold miner Silver Lake Resources announced a merger of equals, in an agreement that saw Red 5 buy 100% of Silver Lake shares last month.
The source: ASX announcement
