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Red 5 Limited (ASX:RED)

ALERT: Price-sensitive ASX Announcement for RED
Current share price for RED : $0.345 -0.02 (-5.48%)+
Announcement
Release
29 Aug 2024 7:54AM
Price at Release
$0.365
Full Release
download
Summary
Red 5 Limited announced its FY24 financial results and FY25 outlook, highlighting a transformational merger with Silver Lake, which has strengthened its balance sheet and operational scale. The results include increased group gold sales, improved EBITDA margins, and a significant rise in underlying profit after tax, despite a statutory net loss due to one-off merger costs. The company provided a robust FY25 sales guidance, with expectations of substantial gold production from its key operations: King of the Hills, Deflector, and Mount Monger. Red 5 also outlined extensive exploration and development plans to support continued growth and production efficiency.
Key Points
  • Completed transformational merger with Silver Lake on 19 June 2024.
  • Balance sheet transformed post merger with cash and deposits of $442.5 million and bullion of $11.2 million at 30 June 2024.
  • Group gold sales of 223,498 ounces, with a 29% y-o-y increase from King of the Hills to 211,939 ounces.
  • Underlying group operational EBITDA of $192.7 million at a margin of 31%.
  • Underlying profit after tax of $48.5 million, after adjusting a statutory net loss after tax of $5.5 million.
  • FY25 sales guidance of 390,000 to 430,000 ounces at an AISC of A$2,250 to A$2,450 per ounce.
  • King of the Hills expected FY25 sales of 210,000 to 230,000 ounces at AISC of A$2,100 to A$2,300 per ounce.
  • Mount Monger FY25 sales guidance of 85,000 to 95,000 ounces of gold at an AISC of A$2,600 to A$2,800 per ounce.
  • The Deflector mine's FY25 gold sales guidance is 95,000 to 105,000 ounces of gold and 500 to 800 tonnes copper at an average AISC of A$2,250 to A$2,450 per ounce.
  • Significant exploration and development plans for King of the Hills, Deflector, and Mount Monger.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.