Red 5 Limited (RED) - Another steady quarter into a stronger 2H ( Petra 1/2/24 )
RED delivered another solid operational performance in Dec. Q’23, now achieving >50koz for three consecutive quarters and maintaining a stable cost base (Fig 1 & 2). With King of the Hills (KOTH) now bedded-down, the focus has turned to optimisation initiatives; the first major improvement has delivered higher mill throughput, lifting expected gold output slightly for 2H FY24 and driving a guidance beat.
This ongoing strong operational performance and associated cash generation will quickly improve the balance sheet and attract increased investor attention.
RED remains too cheap, at just 0.7x P/NPV and 4.8x EV/EBITDA.
BUY, PT of A$0.43/sh (prev. A$0.42/sh).- A strong & more flexible balance sheet will see exploration lift from FY25, with multiple opportunities to grow mine life & consider further plant expansions
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32.5¢ |
Change
-0.005(1.52%) |
Mkt cap ! $2.210B |
Open | High | Low | Value | Volume |
32.0¢ | 33.5¢ | 32.0¢ | $8.819M | 26.94M |
Buyers (Bids)
No. | Vol. | Price($) |
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14 | 947183 | 32.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
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33.0¢ | 140883 | 4 |
View Market Depth
No. | Vol. | Price($) |
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13 | 946183 | 0.325 |
28 | 1301698 | 0.320 |
18 | 696701 | 0.315 |
17 | 551460 | 0.310 |
11 | 468775 | 0.305 |
Price($) | Vol. | No. |
---|---|---|
0.330 | 140883 | 4 |
0.335 | 2107459 | 9 |
0.340 | 1756658 | 24 |
0.345 | 1183209 | 18 |
0.350 | 775211 | 27 |
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