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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
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Summary
Red 5 Limited's Appendix 4E and FY24 Annual Financial Report outlines the company's financial performance for the year ended June 30, 2024, highlighting significant revenue growth driven by increased gold production, a comprehensive profit turnaround, detailed financial and operational insights, and future production guidance. The report also includes information on capital expenditures, debt facilities, and compliance with relevant accounting standards.
Key Points
  • Red 5 Limited's Appendix 4E and FY24 Annual Financial Report outlines the company's financial performance for the year ended June 30, 2024.
  • The report highlights a significant increase in revenue from $162.90 million in FY22 to $422.75 million in FY23 due to increased gold production.
  • Total comprehensive profit for FY23 was $28.96 million, a substantial turnaround from the comprehensive loss of $55.93 million in FY22.
  • The report includes detailed sections on revenue, cost of sales, administration expenses, and financing expenses.
  • It provides insight into the company's production guidance for FY24, forecasting gold production of 195,000 – 215,000oz at an AISC of A$1,850 – A$2,100/oz.
  • The report also outlines the company's debt facility and gold hedging arrangements, including a $175 million debt facility commitment and remaining gold forward contracts.
  • Key information on capital expenditures, including growth capital expenditure of $40 - $46 million for FY24, is provided.
  • The financial statements have been audited by KPMG, confirming compliance with Australian Accounting Standards and International Financial Reporting Standards.
  • The report discusses the impact of increased operational costs, including mine properties and deferred waste stripping costs.
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.