Red5 Annual Report 2022

2022Annual Report

Corporate PROFILE CONTENTS Message from the Chairman 2 Managing Director’s Report 3 Environmental, Social and Governance Summary 9 Resources and Reserves Statement 11 Tenement Schedule 19 Financial Report Directors’ Report 20 Annual Financial Statements 46 Notes to Financial Statements 50 Statement of Shareholders 92 Corporate Directory 93 Red 5 Limited (ABN 73 068 647 610) is an Australian gold producer with established mines located in the Eastern Goldfields of Western Australia. The Company is listed on the Australian Securities Exchange (Ticker: RED). Red 5 owns and operates the King of the Hills (KOTH) Gold Mine, located approximately 900 kilometres north-east of Perth and 25 kilometres north of Leonora in Western Australia. KOTH comprises a recently constructed 4.7 Mtpa processing plant, underpinned by an Ore Reserve of 2.4Moz of contained gold, with ore being fed from a bulk open pit and underground mining operation. The A$226 million development and construction of the KOTH project was completed on time and within budget in 2022, with first gold produced on 5 June 2022. Red 5 also owns the Darlot Gold Mine located approximately 100 kilometres north of KOTH. Darlot’s processing plant was recently suspended, with ore from the Darlot underground mine now being transported to the KOTH processing hub. The Red 5 Group divested its interests in the Siana Gold Project in the Philippines in September 2021. The Red 5 Group holds a royalty interest in Siana, which is expected to return to production in 2023. Our vision is to be a successful multi-operational exploration and mining company, providing benefits to all stakeholders through the consistent application of technical excellence and responsible and sustainable industry practices. 2022 ANNUAL REPORT

2022 HIGHLIGHTS WESTERN AUSTRALIAN GOLD OPERATIONS Construction of the King of the Hills Gold Mine \ \ King of the Hills (KOTH) mine development completed on schedule and within the $226 million budget. This was achieved despite the impacts of widespread cost inflation, border closures, an unprecedented labour and supply market and the spread of COVID-19 in Western Australia. \ \ Successful commissioning of the new 4.7Mtpa processing plant, crushing circuit and power station completed, with first gold poured on 5 June 2022 and now ramping up towards steady-state operations. \ \ Over 70,000 metres of underground and open pit grade control drilling completed, with open pit mining and underground commencing on schedule in the March and June Quarters 2022 respectively. \ \ Over 1.2 million tonnes of ore, equivalent to approximately three months of processing feedstock, on the ROM pad as at 30 June 2022. Darlot Gold Mine \ \ Gold production of 64,667 ounces for FY-22. \ \ Total gold sales for FY-22 of 64,315 ounces at an AISC of A$2,479 per ounce of gold sold. \ \ Creditable safety performance, with three Lost Time Injuries (LTI) and 15 Restricted Work Injuries (RWI) recorded across Red 5’s mining, processing and exploration activities in FY-22. \ \ Darlot processing plant was suspended in July 2022, as part of the Darlot Transition Strategy which will see the Darlot underground mine become high-grade feed source for the new KOTH processing hub. Exploration and resource development \ \ Drilling campaigns undertaken at the KOTH open pit and underground mines throughout the reporting period focused on a mixture of grade control, resource definition and exploration. \ \ Encouraging results at Darlot from underground diamond drilling highlighted the potential for further Resource growth, including significant extensions to the known mineralisation at Darlot’s Middle Walters South, currently under development. \ \ High-grade assays returned from resource and exploration drilling at the Mission and Cable prospects, located 10km north of Darlot. \ \ Great Western underground drill program demonstrates that the Resource remains open at depth. FINANCIAL AND CORPORATE \ \ Divestment of the Siana Gold Project in the Philippines was completed in September 2021, with US$19m cash consideration received during the period. The sale consideration also comprises an entitlement to a 3.25% net smelter return gold royalty from Siana. \ \ Fiona Harris AM appointed to the Board as a Non-Executive Director, adding further corporate and governance experience to the Red 5 Board. \ \ Group cash on hand and bullion of $55.6m at the end of June 2022, of which $15.7m is allocated to reserve accounts and bond guarantees for the KOTH mine. \ \ $164.2m was invested in KOTH construction and operational readiness activities during FY-22. \ \ Red 5 had fully drawn down on the $175m KOTH project debt facility at the end of the reporting period. 1 2022 ANNUAL REPORT

2 2022 ANNUAL REPORT Dear Shareholders I am pleased to report on what has been a year of great success and achievement for Red 5. Notwithstanding the unprecedented challenges of the market for labour, equipment and services in Western Australia, surging cost inflation and the spread of the COVID-19 pandemic, our team successfully delivered the $226 million King of the Hills (KOTH) gold mine on time and on budget. At the time of this report, commissioning of all key aspects of the new KOTH process plant had been completed with ramp-up of the 4.7Mtpa mill proceeding to plan. The efficient, professional and seamless execution of this project is a credit to the Red 5 team, led by our Managing Director Mark Williams, Chief Operating Officer Jason Greive and Project Manager Warren King – supported by our Tier-1 contracting and business partners MACA-Interquip and Macmahon Contracting. There is little doubt that, had we not taken the step of raising the equity component of $125 million in March 2020 with the onset of the global COVID-19 crisis – a move which allowed us to lock in orders for long-lead items and secure a fixed price EPC contract – the price tag for the KOTH project would have been significantly higher and the timeline to completion extended. This approach also resulted in a change to the normal sequence of events typically seen during the mine financing and development process – with the bulk of the equity component raised before the completion of the Final Feasibility Study in September 2020 and ahead of the competitive $175 million debt funding package that was secured in June 2021. I would like to take this opportunity to acknowledge and thank our financiers, BNP Paribas, HSBC and Macquarie, our key contracting and business partners and our shareholders and key investors for supporting our development strategy and helping us to achieve this outcome. Turning to our Western Australian gold operations in the Eastern Goldfields, gold production for FY-22 was 66,871 ounces. This reflected a strong performance by the Darlot gold mine and the Great Western open pit, notwithstanding the impacts of operator and skills shortages in the West Australian mining sector, high staff turnover and the impacts of COVID-19. In 2021, we announced a plan for the Darlot underground mine to transition to become a high-grade feed source for the new KOTH processing plant. In what represents a reversal of our original operating strategy in the Eastern Goldfields, this will facilitate a decrease in Darlot’s production cost base with ore being processed through the low-cost 4.7Mtpa CIL plant at KOTH. In line with this strategy, the Darlot processing plant was placed on care and maintenance in July 2022, with trucking of Darlot underground ore to KOTH commencing in the September Quarter 2022. This has also provided an opportunity to transition many Darlot employees across to KOTH, reducing the labour related risks for KOTH and at the same time de-risking the ramp-up of production at KOTH. Message to Shareholders FROM THE CHAIRMAN On the corporate front, we completed the divestment of our interests in the Siana Gold Project in the Philippines during the year, for a consideration of US$19 million in cash as well as a net smelter return on future gold production up to 619,000 ounces. This has completed Red 5’s transformation from a Philippinesfocused gold producer into an Australian gold producer with an exciting future of growth ahead of us. As we embark on this next chapter of our growth journey, I am pleased to say that Red 5 has continued to evolve and strengthen its Board and senior leadership team to ensure that we have the right skills-sets and experience to lead the Company into the future. The Company recognises the benefits of diversity in a competitive labour market and the importance of being able to attract, retain and motivate employees from the widest possible pool of available talent. Programmes are being developed to encourage diversity within employment in the Company and in the composition of its Board We recently welcomed Fiona Harris AM to the Board as a nonexecutive Director, bringing further valuable corporate and governance experience. Fiona has already made a strong contribution and we look forward to her input and wise counsel in the years ahead. We have also continued to recruit and build our site leadership team at KOTH with high-quality appointments during the year including Neil Valk as General Manager Operations, Craig Hatch as Operations Manager, Andrew McRae as Mining Manager, Oliver Keene as Mining Manager Underground and Patrick Duffy moving to the position of Chief Financial Officer post year end. Like other gold producers, Red 5 has not been immune to the broad-based sell-off in global equity, debt and commodity markets that unfolded in the final two months of the financial year and continued into the early part of FY-23. It is important to focus on the significant achievements of the year, the quality of our core asset at KOTH and the strong growth potential ahead of us – all of which will help to strengthen our business during this period of global volatility. With a substantial Ore Reserve of 2.4 million ounces, KOTH is a top-10 endowed Australian gold mine and is a high-quality, long-life and highly strategic asset. Together with the new low-cost processing facility, KOTH will be a cornerstone of our continued growth in the Australian gold sector. In conclusion, my sincere thanks must go to the entire Red 5 team, my fellow Board members, our senior management team, our contracting partners, our financiers and our shareholders. You have all played a vital role in our success, and I would like to thank you for your hard work and support. Kevin Dundo Chairman 31 August 2022

2022 ANNUAL REPORT 3 MANAGING DIRECTOR’S Report The 2022 financial year has been a busy and successful period for Red 5, with the Company successfully constructing and commissioning Australia’s newest major gold mine, the King of the Hills (KOTH) gold mine in the Eastern Goldfields region of Western Australia. The efficient and highly professional execution of this $226 million project during the year is a significant achievement, with the first gold pour on 5 June 2022 marking a major milestone for our entire team. Considering the challenging conditions being experienced in the Western Australian resource sector with widespread labour and skills shortages, cost inflation, border closures and the onset of the COVID-19 pandemic, the delivery of KOTH on time and within budget is testament to the dedication and commitment of the entire Red 5 team supported by contracting partners MACA-Interquip and Macmahon Contractors. On the mining front, Red 5’s Eastern Goldfields operations delivered total gold production over the past year from Darlot and the Great Western open pit of 64,667 ounces. This was a commendable achievement, particularly given the operator and skills shortages experienced during the year and high turnover of operators and staff – an industry-wide issue which has impacted many mining operations around Western Australia. Following the comprehensive review of our operations completed last year, Red 5 implemented a revised mine plan for Darlot which saw Redpath Mining Contractors engaged to commence underground mine development as part of a strategy to unlock the project’s resource base and reduce reliance on mining remnant areas. Our new mine plan and future processing strategy will see the Darlot underground mine transition into a high-grade feed source for the new KOTH processing plant, with trucking of ore from Darlot to KOTH having commenced in the September 2022 quarter. Processing Darlot’s ore through KOTH’s new processing plant will enable us to deliver a step-change in production costs, with the Darlot mill suspended in July 2022 and the bulk of the surface operations personnel transitioned across to KOTH. KOTH, Darlot and Great Western locations, showing annual mill throughput from key gold deposits in the region. Goldfields Highway Eastern Goldfields Gas Pipeline 150km 100km 50km Leinster Leonora Laverton Sunrise Dam Sunrise Dam 4.1 Mtpa NLGP Bellevue Darlot Darlot 1.0 Mtpa Thunderbox Great Western Thunderbox 3.0 Mtpa Bannockburn Agnew Vivien Agnew 1.3 Mtpa King of the Hills 4.7 Mtpa King of the Hills Mt Ida Apollo Hill Ulysses Gwalia Gwalia 1.5 Mtpa Mt Morgans Cardinia Mt Morgans 2.8 Mtpa Granny Smith Granny Smith 3.5 Mtpa Duketon Duketon 2.5, 2.5 & 5 Mtpa 6,950,000mN 6,900,000mN 6,850,000mN 350,000mE 400,000mE 300,000mE 250,000mE RED 5 LIMITED Tenements ARDEA JV Tenements Gold Mine (operating, closed) Gold Project (developing) Gold Prospects Greenstones Granites Western Australia Darlot Project King of the Hills Project 25 Kilometers Mill throughput (million tonnes/annum) Mtpa 6,800,000mN NORTH

4 2022 ANNUAL REPORT HEALTH AND SAFETY Red 5 continues to manage and mitigate the potential impact of the COVID-19 global pandemic on the Company’s operations. The Management Response Plan remains focused on ensuring the health and safety of Red 5 personnel and limiting the disruption risk to our operations. This plan has been progressively developed in line with the formal guidance of State and Federal health authorities, in close coordination with the Australian Resources and Energy Group (AMMA) and under the Company’s existing Emergency Management Policies. The Company continues to closely monitor the advice and requirements from State and Federal Governments and health authorities and maintain its focus on the health and well-being of staff and the communities in which we operate. Three Lost Time Injuries (LTI) and 15 Restricted Work Injuries (RWI) were recorded across Red 5’s mining, processing and exploration activities in FY-22. EASTERN GOLDFIELDS, WESTERN AUSTRALIA Red 5 holds an extensive 2,555km2 strategic tenement footprint in the world-class Leonora-Leinster mineral district in the northern goldfields of Western Australia, which includes the Darlot and Great Western gold mines and the KOTH gold mine where construction was completed in late FY-22. In addition to its operating gold mines, Red 5’s tenements also offer significant exploration upside, with active exploration programs being undertaken at both Darlot and KOTH during the year. KING OF THE HILLS CONSTRUCTION Development activities were completed at KOTH during FY-22, with first ore processed through the 4.7Mtpa processing plant in May 2022 and first gold poured on 5 June 2022. Process plant construction Construction of the process plant and other infrastructure progressed on schedule and within budget throughout the reporting period. As at 30 June 2022, key construction status included: \ \ commissioning of the gravity and elution circuits completed; \ \ SAG mill currently achieving throughput rates of 600 tonnes per hour for extended periods at moderate mill load and power draw; \ \ commissioning of the variable speed drive completed; \ \ installation of the KOTH power station and gas supply completed. At 30 June 2022 the KOTH processing team was focused on increasing the mill production rate and completing outstanding punch list items with the EPC contractor. Village construction The KOTH accommodation village and infrastructure was completed in the September Quarter 2021. The village can accommodate 380 personnel with provision to expand to 450, including water treatment and waste-water treatment plants. KOTH power station and gas supply KOTH’s turnkey power station was supplied by Zenith Pacific. Construction and commissioning of the gas pipeline, connecting KOTH to APA’s goldfields gas pipeline, was completed during the March 2022 Quarter. Installation of the KOTH power station was complete as at the end of FY-22, with a combination of gas and solar energy supplying site power. MANAGING DIRECTOR’S Report (cont.)

5 2022 ANNUAL REPORT KING OF THE HILLS OPERATIONAL RAMP-UP Open pit grade control drilling Red 5 completed an initial 70,000 metres of grade control drilling in the KOTH southern pit during FY-22 to cover the first 30 to 45 metres vertically of the current Stage 1 design. Open pit grade control will be conducted in phases, with the initial phase of drilling designed to cover the first six months of open pit mining with the objective of de-risking and setting up the initial ore blocks for mining. Underground drilling In preparation for mining at KOTH, approximately 40,100 metres of underground drilling was undertaken in FY-22, with an additional 86,000 metres planned for FY-23 for an estimated total of 140,000 metres. Drilling is focused on a mixture of grade control, resource definition and exploration programs. KOTH processing The KOTH processing facility was commissioned in May 2022 and has been progressively ramping up, with both throughput rates and gold recoveries in-line with expectations. The gas power station has been operating to plan, and the water balance has now reached steady state, with all water bores and Tailings Storage Facility (TSF) return water infrastructure operational. The first gold pour from the process plant was achieved on 5 June 2022. During June 2022, the total mill operating time was 84%. The SAG mill continues to deliver throughput rates in excess of 600 tonnes per hour for significant periods at moderate mill loads and power draw. A total of 385,704 dry tonnes was milled up to 30 June 2022, producing a total of 9,545 ounces at an average recovery of 90.9% and grade of 0.85g/t. The reconciled grade of near surface KOTH ore was 0.55g/t, with over 60% of the processing feed stock sourced from historical stockpiles. The reconciled grade of KOTH ore was within 1% of the expected grade of ore mined at this stage of the open pit cut-back. The processing plant feed was supplemented by higher-grade ore trucked from the Great Western satellite open pit during May and June 2022. KOTH mining activities During the June Quarter, Macmahon Contractors progressively ramped up total material movement as two open pit fleets and supporting ancillary equipment began operating on a double shift basis. Macmahon mined 2.9 million bank cubic metres (Mbcms) in the June Quarter from the Stage 1 pit, including 365,675 tonnes of ore at an average grade of 0.52g/t (consistent with the expected grade of ore mined at this stage of the open pit cut-back). Land clearing for the waste storage facility is progressing to plan, drill and blast activities are on plan. Construction of the Run of Mine (ROM) pad was completed early in the quarter. The ROM pad is now established and has been designed to allow highly efficient “super-quad” road trains to deliver ore from off-site sources such as Great Western and Darlot as part of a strategic haulage agreement in place with key business partner MLG. The construction of Tailings Storage Facility 5 (TSF5) is progressing to plan. Following the TSF5 construction tender award in May 2022, the successful contractor, Iron Mining, has mobilised to site and begun site establishment and construction. All construction materials for TSF5 have been sourced from Stage 1 open pit mining activities. Underground mine development activities continued during the quarter, with over 800 metres of development completed. The first stope was fired in June 2022, signalling the commencement of underground production activities. Underground infrastructure is still under development, with connection to the site high voltage system to occur early in the September Quarter. Mining infrastructure establishment continues, with the completion of the heavy vehicle workshop, offices, change rooms, ablutions and training facilities expected in the September 2022 Quarter. MANAGING DIRECTOR’S Report (cont.)

6 2022 ANNUAL REPORT WESTERN AUSTRALIAN GOLD OPERATIONS Darlot production summary A total of 64,667 ounces of gold was recovered for the 12 months to 30 June 2022, with ore sourced from the Darlot underground mine and the Great Western open pit. During the June Quarter, 9,473 ounces of gold produced from Darlot’s Great Western satellite mine included 7,341 ounces processed at the KOTH process plant in May and June. Processing – Darlot A total of 974,269 tonnes of ore was milled at an average grade of 2.0g/t during FY-22. Table 1: Darlot mill processing statistics Units June 2022 Quarter March 2022 Quarter December 2021 Quarter September 2021 Quarter FY-22 Total Ore milled t 197,688 246,307 281,161 249,133 974,269 Average head grade g/t 1.88 1.83 1.98 2.20 2.00 Recovery % 94.4 90.9 92.2 92.9 92.4 Gold recovered oz 11,245 13,185 16,519 16,377 57,326 Gold sales oz 12,225 14,644 15,839 15,908 58,616 Mining activities – Darlot Mining during the year predominantly focused on the Middle Walters South (MWS), Burswood, Oval 1300, Pedersen Lower, Thomson, Federation 1190, Lillie 1065 and the Lords South 685 and 750 areas. Capital development was undertaken in the Middle Walters South incline/decline, Burswood incline, Lillee and Pedersen Lower sectors. Production during the reporting period originated from the Grace, Border, Lillee, Bradman, Thomson, Lords, Walters and Federation areas. Mining activities – Great Western Mining of the Great Western open pit continued throughout the reporting period. At the end of FY-22, the Great Western open pit had progressed to within two benches of its final design depth and was completed in July 2022. The mine was then placed into care and maintenance while the underground potential is assessed. MANAGING DIRECTOR’S Report (cont.)

7 2022 ANNUAL REPORT EXPLORATION AND RESOURCE DEVELOPMENT KING OF THE HILLS The 40,100 metres of drilling conducted at KOTH for FY-22 focussed on a mix of stope de-risking (GC) and infill and extensional drilling for resource development. The key areas targeted were: \ \ de-risking narrow vein stopes in the Central area; \ \ de-risking bulk stopes in the Syra (West decline below the W4890) and West decline below W4895; \ \ infilling the Regal (north) 4925 stope shapes from the W4950 and Regal 4885; \ \ testing the Regal area below the 4925 and East – West Link. DARLOT Darlot near-mine exploration Near-mine drilling at Darlot during FY-22 focused on extending new mining areas such as Middle Walters South and reducing the dependency on remnant mining. Results reported included strong intercepts from Middle Walters South and positive results from Dar-Cent, Oval 1300 and Pedersen Lower, all of which offer the opportunity for resource growth. Great Western The first stage of the Great Western underground drill program comprising nine exploration drill holes was completed in midDecember 2021. The program was designed to test the underground potential of the Great Western orebody below the open pit and returned encouraging results with drill holes intersecting a mineralised zone ranging from sub-1.0 metres up to 4.0 metres in width over an approximate 300-metre strike length. The geology logging results confirm that the orebody continues at depth below the Great Western open pit and provides evidence that supports ongoing resource exploration drilling to further de-risk the underground resource potential and test the extent of the orebody, which remains open at depth. Mission and Cable Resource definition and exploration drilling completed at the Mission and Cable prospects, located 10km north of Darlot, delivered high-grade assay results and identified new zones of gold mineralisation. The drilling program comprised a combination of reverse circulation (RC) percussion drilling to underpin an upgrade of the historical JORC 2004 mineral resource estimates to JORC 2012 status, as well as exploration diamond drilling aimed at identifying new zones of mineralisation. At Cable, diamond exploration drilling identified a broad new zone of mineralisation measuring between 70 and 100 metres width, which was intersected in all diamond holes and is observable along the entire length of the known extent of gold mineralisation. At the Mission prospect, similar to Cable, assay results from both the RC and diamond drill programs have been encouraging, confirming good continuity of gold mineralisation and identifying new zones of mineralisation within the historical oxide mineral resource. MANAGING DIRECTOR’S Report (cont.) King of the West Assay results from air-core (AC) drilling completed over the King of the West area in March 2021 identified significant gold anomalism associated with a sheared mafic-granite contact and sheared mafic host rock similar to the mineralisation setting observed at Great Western. Large parts of the tenement remain untested, with structures and geology bearing similarities to major gold deposits in the area, including Great Western. The AC program was designed to test three of these areas to identify targets for follow-up RC drilling. Great Southern A pXRF soil sample program covering the Great Southern area commenced in late April 2022 and was ongoing at the end of the reporting period. The target area represents the southern-most extent of the Yandal Belt, containing a central corridor of NW trending ultramafic-mafic greenstones which are bound to the east and west by granitoids. Structurally, the package is superficially analogous to Darlot, bound and intersected by the regional NNW trending El Dorado and Waikato shear zones, and deformed by smaller-scale structures. Gilmore Well The Gilmore Well prospect, located approximately 10km SW of the Darlot mine, comprises a large and sparsely explored area west of the Emperor mineralised corridor. Previous exploration results from historical soil and rock chip sampling defined a continuous NW-SE gold trend extending up to 1km, as well as several smaller NE-SE and N-S oriented Au trends which range in length between 300-400 metres. Historical assay results reported values up to 2.9g/t Au in rock chips (sourced from auriferous quartz veins) and 20ppb Au from soil samples. The main NW-SE trending corridor is parallel to the proximal Emperor trend, and all identified gold trends show a spatial relationship with the margins of prominent magnetic highs and areas of sub-cropping dolerite and vein quartz float.

8 2022 ANNUAL REPORT CORPORATE Divestment of Siana gold project In September 2021, Red 5 completed the divestment of its interests in Philippine affiliated company Greenstone Resources Corporation (GRC), which holds both the Siana and Mapawa gold projects in the Philippines, to TVI Resource Development (Phils.) Inc. (TVIRD). TVIRD is the Philippine affiliate of the Canadian-listed TVI Pacific Inc. TVIRD has two operating mines and a number of other development projects in the Philippines with interests in gold, nickel and copper. Consideration for the transaction comprised US$19m cash, which was received during the reporting period. In addition, the sale consideration includes an entitlement to a net smelter return royalty of 3.25% for up to 619,000 ounces of gold, which will become payable from first gold from the restart of the Siana processing plant. Based on an assumed gold price of US$1,800/oz, this royalty has an estimated future face value of US$36m. The divestment of its interests in the Siana and Mapawa projects is consistent with Red 5’s strategy to focus on its KOTH and Darlot gold mines in Western Australia. Financial The Group recorded sales revenue of $165.0 million for the 2022 financial year. Net cash outflows from operating activities was $2.4 million with $55.6 million in cash and bullion at year-end, of which $15.7 million was allocated to reserve accounts and bank guarantees for the KOTH project. For the year ended 30 June 2022, the Company recorded a gross loss from operations of $31.1 million and a net loss after income tax of $28.6 million. SUMMARY AND OUTLOOK With production now ramping up at the new, long-life KOTH gold mine, the coming financial year is set to be a defining period for Red 5, with the Company expected to join the ranks of mid-tier Australian gold producers during FY-23. The new modern 4.7Mtpa mill at KOTH provides a platform for Red 5’s next growth chapter, with the capacity to process ore from Darlot to deliver a reduction in group operating costs. While much of the focus over the past year has been on our activities at KOTH, we have also laid the foundations for new growth and development at Darlot, with a high-rate development strategy initiated in early FY-22 set to unlock new mining areas in the Middle Walters South, Pedersen and Burswood areas of the Darlot underground in FY-23. In parallel with our mining and processing operations, Red 5 will also continue its exploration and resource development activities, with targeted drilling programs planned across key targets over the coming year. All these activities will be conducted with a commitment to the Company’s environment, social and governance principles. Further information regarding the Company’s ESG activities is contained in the following section of this report. With these foundations, the coming year will be a busy and exciting growth period for Red 5. The strength of this position is thanks to the outstanding hard work and commitment of the Red 5 team of staff and contractors, who have delivered an exceptional effort over the past year. I would also like to thank our shareholders for their continued support. Mark Williams Managing Director 31 August 2022 MANAGING DIRECTOR’S Report (cont.)

9 2022 ANNUAL REPORT ENVIRONMENTAL, SOCIAL AND GOVERNANCE Summary FY22 OVERVIEW FY-22 marked a defining period in Red 5’s growth pathway to becoming a mid-tier Australian gold producer. The construction, ramp up and delivery of the King of the Hills (KOTH) Mine was achieved on time and within budget. Throughout the year, the Company’s key Environment, Social and Governance (ESG) focus was: 1. maintaining compliance. 2. maximising water efficiency. 3. minimising waste. 4. improving our carbon footprint. 5. stakeholder engagement. ENVIRONMENT Water management KOTH mine dewatering and existing production bores around the open pit provided the necessary water supply for the KOTH processing plant construction, commissioning and ramp up. The re-commissioned Sullivan Creek borefield, including four new production bores, mine dewatering and recycled tailings decant water will continue to support operations going forward. Solar farm at KOTH providing 2MW to the operation. Borefield powered by a solar array. SOCIAL Cultural heritage The landscape in the region holds special significance for local traditional owners. Surveys involving specialist archaeologists, anthropologists and the traditional owners have taken place in all areas of our operation. Sites of importance have been mapped and integrated into our mine planning process to avoid these sites and protecting them for the future. Red 5 is committed to engaging and consulting with traditional owners to ensure protection of important cultural heritage values and to maintain a positive relationship between the Darlot people and Red 5. Human capital Red 5 is committed to ensuring that it is an employer of choice and that it provides a safe, respectful work environment for all its employees. It has in place a Diversity Policy and will look to further develop its diversity activities having regard to the challenging Western Australian market for talent. Red 5 notes the reports prepared for the Western Australian Parliament in 2022 titled “Sexual Harassment on Women in the FIFO Mining Industry” and has developed a program in response for implementation in FY23. Community relations Red 5 operates in a sparsely populated region with the main communities being in the township of Leonora and several local landowners. A number of providers located in the region benefit from the Red 5 operations through provision of services. Red 5’s presence additionally benefits the community through our emergency medical facilities and medical response capability and various levels of assistance to our surrounding pastoralists. Routine monitoring is vital to the sustainability of our groundwater resources. Waste management In FY-22 a specialist waste management contractor was engaged to demolish the remains of the historical processing and administration infrastructure at KOTH, as well as provide waste management services for the operations. Disposal and recycling processes across the operation will continue to be refined and improved in collaboration with business partners, which will include a new landfill, scrap storage/salvage and bioremediation area planned for construction in early FY-23. Green House Gas management Power for the KOTH operation is sourced from an onsite hybrid gas-solar power station. This has significantly reduced the operation’s carbon footprint relative to a diesel fuelled power generation alternative. The installation includes a 2MW solar farm and solar arrays to power some production bores further reduces the operation’s carbon emissions.

10 2022 ANNUAL REPORT FY22 OVERVIEW GOVERNANCE Approvals and compliance Mining proposals and works approvals for KOTH were in place for the construction and commissioning of the new processing plant, TSFs and associated infrastructure that occurred during FY22. Routine monthly, quarterly and annual compliance monitoring, sampling and reporting have continued across the operations during the year with no issues to report. There were no fines or penalties imposed on the Company and no serious environmental incidents. Corporate Governance Policy Structure Governance Social Environment Board responsibility Board charter y y Constitution y Continuous disclosure policy y y Code of conduct y y y Corporate governance statement y Securities trading policy y y Shareholder communications policy y y Modern slavery statement y y y Audit Committee responsibility Audit committee charter y y y Anti-bribery and corruption policy y Selection and performance of external auditor y Whistleblower policy y y y Remuneration Committee responsibility Remuneration committee charter y Selection and nomination of new directors y Diversity policy y y Risk and Environment Committee responsibility Risk and environment committee charter y y y Risk management policy y y y Environmental policy statement y y Health, Safety and Community Committee responsibility HSC committee charter y y Occupational health and safety policy y y FY23 OBJECTIVES MATERIAL TOPICS ASSESSMENT With the support of a specialist sustainability consulting firm, a materiality assessment was undertaken to identify key sustainability topics which are important to us and our stakeholders in FY22. Workshop sessions were completed based on a list of potential material topics. Based on these workshops the following list of potential material topics has been developed. ENVIRONMENTAL, SOCIAL AND GOVERNANCE Summary (cont.) ESG Material Topics Summary This is a summary of the material topics of focus for FY23. 01 HUMAN CAPITAL \ \ Workplace Health and Safety \ \ Employee Engagement \ \ Diversity 02 BUSINESS MODEL \ \ Economic Performance 03 GOVERNANCE \ \ Critical Risk Management \ \ Corporate Governance \ \ Business Partner ESG Performance 04 SOCIAL CAPITAL \ \ Cultural Heritage & Native Title \ \ Socio-economic and community contributions 05 ENVIRONMENT \ \ Energy Management & renewables \ \ Water Management Based on the above priority lists, the following work program has been developed for the focus of the ESG program in FY23. Further details on the Company’s ESG programs are available in the 2022 Environmental, Social and Governance Report available on the Company’s web-site at www.red5limited.com. Our ESG Roadmap FY23 Q1 GOAL Finalise Framework for ESG Reporting for FY23 Q3 GOAL Stakeholder Management Plan released Q4 GOAL Release ESG Report for FY23 Develop ESG Plan for FY24-26 Stakeholder Survey FY24 Q1 GOAL Implement FY24 - 26 ESG Plan Q2 GOAL Start collecting information and data

WESTERN AUSTRALIAN GOLD OPERATIONS KING OF THE HILLS GOLD PROJECT MINERAL RESOURCES AND ORE RESERVES Statement The Mineral Resource for the King of the Hills (KOTH) project has increased by 6% for an additional 277koz since 30 June 2021. During the 2022 financial year, Red 5 completed a 70,000 metre reverse circulation (RC) open-pit grade control program targeting stage 1 of the KOTH open-pit and an approximate 40,100 metres of underground drilling for stope de-risking and resource development. The 7 x 7 metre spaced open-pit grade control program has been modelled and reported as Measured along with a full resource update on available assays for underground for the 30 June 2022 resource model update. The KOTH Mineral Resource, which includes all historic stockpiles, ROM and underground broken stocks, as at 30 June 2022 is 105.5Mt@ 1.4g/t for 4.75Moz of contained ounces. The combined open-pit and underground Ore Reserve at KOTH, which includes regional open pit reserves, as at 30 June 2022 is 70.2Mt @ 1.2g/t for 2.66Moz of contained ounces. This represents an increase of 12.7% for an additional 300koz, net after depletion since 30 June 2021. The key catalyst for this growth is in the KOTH open-pit where grade control drilling has driven the reclassification of waste into ore and the deepening of the ultimate pit design. The KOTH Mineral Resource and Ore Reserve estimates, net of mining depletion, as at 30 June 2022 are detailed on the next page. 11 2022 ANNUAL REPORT

12 2022 ANNUAL REPORT King of the Hills JORC 2012 Resources and Reserves as at 30 June 2022 King of the Hills Gold Project Mineral Resource as at 30 June 2022 Project Au cut off g/t Mining Method Classification Tonnes (kt) Grade Au (g/t) Contained Au (koz) King of the Hills 0.4 OP Measured 1,330 1.2 50 Indicated 66,870 1.3 2,800 Inferred 12,990 1.3 540 Sub Total 81,190 1.3 3,390 1.0 UG Indicated 6,010 2.4 450 Inferred 8,080 2.1 550 Sub Total 14,090 2.2 1,000 Variable All Measured 1,330 1.2 50 Indicated 72,880 1.4 3,250 Inferred 21,070 1.6 1,090 King of the Hills - sub total 95,280 1.4 4,390 Rainbow 0.6 OP Indicated 1,380 1.3 58 Inferred 200 1.4 9 Sub Total 1,580 1.3 67 Severn 0.4 OP Indicated 480 1.7 27 Inferred 440 1.5 21 Sub Total 920 1.6 48 Centauri 0.5 OP Indicated 1,390 1.5 68 Inferred 320 1.3 13 Sub Total 1,710 1.5 81 Cerebus-Eclipse 0.5 OP Indicated 2,160 1.3 89 Inferred 650 1.1 23 Sub Total 2,810 1.3 112 Regional Resources Variable OP Indicated 5,410 1.4 242 Inferred 1,610 1.3 67 Regional Resources - sub total 7,020 1.4 308 King of the Hills and Regional Resources Variable OP Measured 1,330 1.2 50 Indicated 72,280 1.3 3,042 Inferred 14,600 1.3 607 Sub Total 88,210 1.3 3,698 1.0 UG Indicated 6,010 2.4 450 Inferred 8,080 2.1 550 Sub Total 14,090 2.2 1,000 King of the Hills and Regional Resources - sub total 102,300 1.4 4,698 Stockpiles 0.0 OP Indicated 2,064 0.4 28 Broken Stocks Variable UG Measured 5 1.2 0.2 ROM Variable UG Measured 1,120 0.6 22 Stockpiles - sub total 3,189 0.5 50 Total King of the Hills Gold Project (as at 30 June 2022) Variable All Measured 2,455 0.9 73 Indicated 80,354 1.4 3,519 Inferred 22,680 1.6 1,157 Grand total 105,489 1.4 4,748 MINERAL RESOURCES AND ORE RESERVES Statement (cont.)

13 2022 ANNUAL REPORT King of the Hills Gold Project Mineral Resource as at 30 June 2021 Project Au cut off g/t Mining Method Classification Tonnes (kt) Grade Au (g/t) Contained Au (koz) King of the Hills and Regional Resources Variable All Measured 0 0.0 0 Indicated 75,210 1.3 3,252 Inferred 22,510 1.6 1,127 King of the Hills and Regional Resources - sub total 97,720 1.4 4,379 Stockpiles 0.0 OP Indicated 2,810 0.5 40 Broken Stocks Variable UG Measured 0 0.0 0 ROM Variable UG Measured 111 0.9 3 Stockpiles - sub total 2,921 0.5 43 Total King of the Hills Gold Project (as at 30 June 2021) Variable All Measured 111 0.9 3 Indicated 77,820 1.3 3,312 Inferred 22,810 1.6 1,157 Grand total 100,741 1.4 4,471 King of the Hills Gold Project Mineral Resource - difference King of the Hills Gold Project Variable All Measured 2,344 0.0 69 Indicated 5,519 0.0 257 Inferred -130 0.0 0 Grand total - difference 7,733 0.0 326 Production for FY22 1,178 0.6 21 King of the Hills Gold Project Ore Reserve as at 30 June 2022 Project Au cut off g/t Mining Method Classification Tonnes (kt) Grade Au (g/t) Contained Au (koz) King of the Hills 0.4 OP Proved 1,327 1.0 42 Probable 59,036 1.2 2,280 Sub Total 60,363 1.2 2,322 1.3 UG Proved 0 0.0 0 Probable 2,835 2.0 177 Sub Total 2,835 2.0 177 King of the Hills – sub-total 63,198 1.2 2,499 Rainbow 0.3 OP Proved 0 0.0 0 Probable 2,054 0.8 56 Sub Total 2,054 0.8 56 Centauri 0.3 OP Proved 0 0.0 0 Probable 326 1.2 13 Sub Total 326 1.2 13 Cerebus-Eclipse 0.3 OP Proved 0 0.0 0 Probable 1,490 1.0 47 Sub Total 1,490 1.0 47 Regional Resources - sub total 3,869 1.0 116 Stockpiles 0.0 OP Probable 2,064 0.4 28 Broken Stocks Variable UG Proved 5 1.2 0 ROM Variable All Proved 1,007 0.6 20 Stockpiles – sub-total 3,076 0.5 48 King of the Hills Gold Project (as at 30 June 2022) Variable All Proved 2,384 0.8 62 Probable 67,804 1.2 2,600 Grand total 70,188 1.2 2,663 MINERAL RESOURCES AND ORE RESERVES Statement (cont.)

14 2022 ANNUAL REPORT King of the Hills JORC 2012 Resources and Reserves as at 30 June 2022 (cont.) King of the Hills Gold Project Ore Reserve as at 30 June 2021 Project Au cut off g/t Mining Method Classification Tonnes (kt) Grade Au (g/t) Contained Au (koz) King of the Hills and Regional Resources Variable All Proved 0 0.0 0 Probable 61,679 1.2 2,341 King of the Hills and Regional Resources - sub total 61,679 1.2 2,341 Stockpiles 0.0 OP Probable 2,810 0.5 40 Broken Stocks Variable UG Proved 0 0.0 0 ROM Variable All Proved 111 0.9 3 Stockpiles – sub-total 2,921 0.5 43 King of the Hills Gold Project (as at 30 June 2021) Variable All Proved 111 0.9 3 Probable 64,489 1.1 2,381 Grand total 64,600 1.1 2,384 King of the Hills Gold Project Ore Reserve - difference King of the Hills Gold Project Variable All Proved 2,273 -0.1 59 Probable 3,315 0.0 220 Grand total - difference 5,588 0.0 279 Production for FY22 1,178 0.6 21 MINERAL RESOURCES AND ORE RESERVES Statement (cont.)

15 2022 ANNUAL REPORT DARLOT GOLD PROJECT The Mineral Resource for the Darlot Gold Project has increased by 25% for an additional 366koz since 30 June 2021. This resource increase has been the result of several factors including updated resource models for the Middle Walters South, Centenary and Pederson deposits, improved accuracy of the lode interpretations at Darlot as a result of the additional resource drilling reported. This also includes the inaugural release of the JORC 2012 resource modelling of Mission and Cable deposits. These resources form part of the exclusive sub-lease over the southern portion of Exploration Licence E37/1220. The Darlot Gold Project Mineral Resource as at 30 June 2022, which includes all stockpiles, ROM, and underground broken stocks, is 17.1Mt @ 3.4g/t for 1.84Moz of contained ounces. The Ore Reserve for the Darlot Gold Project has decreased by 12.8% for a reduction of 16koz, net after depletion since 30 June 2021. The major contributors to the decrease are the change in cut-off grade driven by cost inflation and the depletion of the Great Western open-pit which completed mining in FY22. Further work is scheduled to progress in FY23 to convert the Great Western underground resource to reserves. The Darlot Gold Project Ore Reserves as at 30 June 2022 is 1.3Mt @ 2.6g/t for 109koz of contained ounces. The Darlot Gold Project Mineral Resource and Ore Reserve estimates, net of mining depletion, as at 30 June 2022 are detailed below. Darlot Gold Project JORC 2012 Resources and Reserves as at 30 June 2022 Darlot Gold Project Mineral Resource as at 30 June 2022 Project Au cut off g/t Mining Method Classification Tonnes (kt) Grade Au (g/t) Contained Au (koz) Darlot 2.0 UG Measured 2 7.4 1 Indicated 7,149 4.3 987 Inferred 4,846 3.9 612 Sub Total 11,998 4.1 1,599 Great Western 1.5 UG Measured 0 0.0 0 Indicated 57 4.0 7 Inferred 142 3.1 14 Sub Total 199 3.4 22 Underground – sub-total 12,196 4.1 1,621 Darlot Region 0.5 OP Measured 100 1.0 3 Indicated 810 1.2 31 Inferred 3,508 0.7 76 Sub Total 4,418 1.4 200 Great Western 0.5 OP Measured 6 2.8 1 Indicated 83 2.7 7 Inferred 97 1.9 6 Sub Total 186 2.3 14 Open-pit – sub-total 4,604 1.4 214 Darlot & Great Western UG & OP Resource - sub total 16,800 3.4 1,834 Broken Stocks Variable UG Measured 16 2.3 1 ROM Variable UG & OP Measured 251 0.6 5 Stockpiles – sub-total 267 0.7 6 Darlot Gold Project (as at 30 June 2022) Variable All Measured 375 0.8 10 Indicated 8,099 4.0 1,032 Inferred 8,593 2.6 708 Grand total 17,067 3.4 1,840 MINERAL RESOURCES AND ORE RESERVES Statement (cont.)

16 2022 ANNUAL REPORT Darlot Gold Project JORC 2012 Resources and Reserves as at 30 June 2022 (cont.) Darlot Gold Project Mineral Resource as at 30 June 2021 Project Au cut off g/t Mining Method Classification Tonnes (kt) Grade Au (g/t) Contained Au (koz) Darlot and Great Western 0.5 - 2.0 UG & OP Measured 159 2.1 11 Indicated 7,771 3.8 947 Inferred 5,962 2.7 513 Darlot and Great Western – sub-total 13,892 3.3 1,471 Broken Stocks Variable UG Measured 9 2.5 0.7 ROM Variable UG Measured 61 1.0 2.0 Stockpiles – sub-total 70 1.2 2.7 Darlot Gold Project (as at 30 June 2021) 0.5 - 2.0 All Measured 159 2.1 11 Indicated 7,771 3.8 947 Inferred 5,962 2.7 513 Grand total 13,962 3.3 1,474 Darlot Gold Project Mineral Resources - difference Darlot Gold Project 0.5 - 2.0 All Measured 215 -1.3 -1 Indicated 329 0.2 85 Inferred 2,631 -0.1 285 Grand total - difference 3,105 0.1 366 Production for FY22 1,490 1.6 78 Darlot Gold Project Ore Reserve as at 30 June 2022 Project Au cut off g/t Mining Method Classification Tonnes (kt) Grade Au (g/t) Contained Au (koz) Darlot 1.7 - 2.4 UG Proved 0 0.0 0 Probable 1,256 2.6 106 Darlot – sub-total 1,256 2.6 106 Broken Stocks Variable UG Proved 16 2.3 1 ROM Variable UG Proved 33 1.6 2 Stockpiles – sub-total 49 1.8 3 Darlot Gold Project (as at 30 June 2022) Variable All Proved 49 1.8 3 Probable 1,256 2.6 106 Grand total 1,305 2.6 109 Darlot Gold Project Ore Reserve as at 30 June 2021 Darlot and Great Western Variable UG & OP Proved 104 3.0 10 Probable 2,309 2.6 191 Darlot and Great Western – sub-total 2,414 2.6 201 Broken stocks Variable UG Proved 9 2.5 1 ROM Variable UG & OP Proved 41 1.3 2 Stockpiles – sub-total 50 1.5 2 Darlot Gold Project (as at 30 June 2021) Variable All Proved 154 2.5 12 Probable 2,309 2.6 191 Grand total 2,464 2.6 203 Darlot Gold Project Ore Reserve - difference Darlot Gold Project Variable All Proved -105 -0.7 -9 Probable -1,053 0.0 -85 Grand total - difference -1,159 0.0 -94 Production for FY22 1,490 1.6 78 MINERAL RESOURCES AND ORE RESERVES Statement (cont.)

17 2022 ANNUAL REPORT PHILIPPINE OPERATIONS SIANA GOLD PROJECT During the 2022 financial year, the Group divested its interests in the Siana Gold Project located in the Philippines and retains a 3.25% Net Smelter Return royalty payable up to 619,000oz of gold produced. COMPETENT PERSON’S STATEMENT Accountabilities for compilation of the 2022 annual Mineral Resource and Ore Reserve estimates are summarised in the table below. COMPETENT PERSONS FOR JORC 2012 MINERAL RESOURCE AND ORE RESERVE Discipline Competent Person Role Project Professional Membership Membership Number Mineral Resources Byron Dumpleton Chief Geologist (Red 5 Limited) King of the Hills Darlot Great Western Regional Resources AIG 1598 Ore Reserves Kevin Oborne Group Technical Services Manager (Red 5 Limited) King of the Hills Darlot Great Western Regional Resources AusIMM 226591 MINERAL RESOURCES AND ORE RESERVES Statement (cont.) Mineral Resource Mr Byron Dumpleton confirms that he is the Competent Person for the Mineral Resources summarised in this report and Mr Dumpleton has read and understood the requirements of the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition). Mr Dumpleton is a Competent Person as defined by the JORC Code, 2012 Edition, having five years’ experience that is relevant to the style of mineralisation and type of deposit described in this report and to the activity for which he is accepting responsibility. Mr Dumpleton is a Member of the Australian Institute of Geoscientists, No. 1598. Mr Dumpleton is a full time employee of Red 5 Limited. Mr Dumpleton has reviewed this report and consents to the inclusion of the matters based on his supporting information in the form and context in which it appears. Mr Dumpleton verifies that the Exploration Results and Mineral Resource estimate section of this report is based on and fairly and accurately reflects in the form and context in which it appears, the information in his supporting documentation relating to Open Pit and Underground Mineral Resource estimates. Ore Reserve Mr Kevin Oborne confirms that he is the Competent Person for the underground and open-pit Ore Reserve estimates summarised in this report and Mr Oborne has read and understood the requirements of the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition). Mr Oborne is a Competent Person as defined by the JORC Code, 2012 Edition, having five years’ experience that is relevant to the style of mineralisation and type of deposit described in the report and to the activity for which he is accepting responsibility. Mr Oborne is a Member of the Australasian Institute of Mining and Metallurgy, No. 226591. Mr Oborne is a full time employee of Red 5 Limited. Mr Oborne has reviewed this report and consents to the inclusion of the matters based on his supporting information in the form and context in which it appears. Mr Oborne verifies that the Ore Reserve section of this report is based on and fairly and accurately reflects in the form and context in which it appears, the information in his supporting documentation relating to the Ore Reserves. Red 5 confirms that it is not aware of any new information or data that materially affects the information included in the original ASX market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant ASX market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons findings are presented have not been materially modified from the original market announcements.

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