Red 5 (ASX:RED) has announced it’s set to meet the upper end of its FY24 gold production guidance on the back of a strong Q124.
Red 5 noted Q1 was the fourth quarter in a row to see over 50Koz of gold produced from King Of The Hills (KOTH).
In the three months to April, the company produced 50.132Koz.
“Combined cash and liquid assets” have climbed to just over $58M and the company’s net debt has been reduced further to $41.9M.
FY24 to date, the company has produced 158.15Koz of gold which “leaves the company well placed to deliver full year production at the top end of … guidance.”
The official production range is 195K–215Koz of gold.
KOTH was able to mint 50.1Koz of gold in Q124 from 1.13Mt of ore at an average grade of 1.49g/t gold – not the kind of numbers that typically get microcap speculators salivating.
The company is running at a gold recovery rate of 92.3% and average realised prices of A$2.7K/oz.
RED shares last traded at 38.5cps.