2022 HIGHLIGHTS WESTERN AUSTRALIAN GOLD OPERATIONS Construction of the King of the Hills Gold Mine \ \ King of the Hills (KOTH) mine development completed on schedule and within the $226 million budget. This was achieved despite the impacts of widespread cost inflation, border closures, an unprecedented labour and supply market and the spread of COVID-19 in Western Australia. \ \ Successful commissioning of the new 4.7Mtpa processing plant, crushing circuit and power station completed, with first gold poured on 5 June 2022 and now ramping up towards steady-state operations. \ \ Over 70,000 metres of underground and open pit grade control drilling completed, with open pit mining and underground commencing on schedule in the March and June Quarters 2022 respectively. \ \ Over 1.2 million tonnes of ore, equivalent to approximately three months of processing feedstock, on the ROM pad as at 30 June 2022. Darlot Gold Mine \ \ Gold production of 64,667 ounces for FY-22. \ \ Total gold sales for FY-22 of 64,315 ounces at an AISC of A$2,479 per ounce of gold sold. \ \ Creditable safety performance, with three Lost Time Injuries (LTI) and 15 Restricted Work Injuries (RWI) recorded across Red 5’s mining, processing and exploration activities in FY-22. \ \ Darlot processing plant was suspended in July 2022, as part of the Darlot Transition Strategy which will see the Darlot underground mine become high-grade feed source for the new KOTH processing hub. Exploration and resource development \ \ Drilling campaigns undertaken at the KOTH open pit and underground mines throughout the reporting period focused on a mixture of grade control, resource definition and exploration. \ \ Encouraging results at Darlot from underground diamond drilling highlighted the potential for further Resource growth, including significant extensions to the known mineralisation at Darlot’s Middle Walters South, currently under development. \ \ High-grade assays returned from resource and exploration drilling at the Mission and Cable prospects, located 10km north of Darlot. \ \ Great Western underground drill program demonstrates that the Resource remains open at depth. FINANCIAL AND CORPORATE \ \ Divestment of the Siana Gold Project in the Philippines was completed in September 2021, with US$19m cash consideration received during the period. The sale consideration also comprises an entitlement to a 3.25% net smelter return gold royalty from Siana. \ \ Fiona Harris AM appointed to the Board as a Non-Executive Director, adding further corporate and governance experience to the Red 5 Board. \ \ Group cash on hand and bullion of $55.6m at the end of June 2022, of which $15.7m is allocated to reserve accounts and bond guarantees for the KOTH mine. \ \ $164.2m was invested in KOTH construction and operational readiness activities during FY-22. \ \ Red 5 had fully drawn down on the $175m KOTH project debt facility at the end of the reporting period. 1 2022 ANNUAL REPORT
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