In October 2017, Red 5 completed the acquisition of the Darlot and King of the Hills (KOTH) gold projects in the Eastern Goldfields region of Western Australia, marking the beginning of a significant new growth chapter for Red 5 as an Australian gold producer listed on the ASX.
Since completing the acquisition, Red 5 has successfully ramped up production across the two operations to more than 100,000 ounces of gold per annum.
In addition to its growing production profile, Red 5 is also conducting a major exploration program across its extensive strategic footprint in the world-class Leonora-Leinster mineral district of WA. This exploration program has delivered a string of positive results, including the discovery of an emerging bulk mining opportunity at KOTH.
Red 5 has defined an initial 1.88 million ounce bulk mining Mineral Resource at KOTH, with a strategic review of bulk mining options now underway.
In addition to its high-quality asset portfolio in the Eastern Goldfields, the Red 5 group also holds an interest in the Siana Gold Project, located on the island of Mindanao in the Philippines. The Siana Project is held under a Mineral Production Sharing Agreement (MPSA) by Greenstone Resources Corporation (a Red 5 Philippine affiliate company).
Mining operations at the Siana Project are currently suspended pending an improvement in operating conditions in the Philippines. Prior to the suspension, the deposit was mined by open pit methods, with a plan to transition to underground mining following completion of the open pit.
The Group's second principal asset in the Philippines is the Mapawa MPSA, located 20km north of Siana, which has the potential to be developed as a satellite source of ore feed for the Siana processing plant. Mapawa hosts a known gold porphyry system with numerous high grade gold occurrences throughout the project area.