Red 5’s operations are located in Western Australia’s Eastern Goldfields Region, one of the world’s most attractive and stable gold regions.
Red 5 has established the new King of the Hills Processing Hub in 2022, with a large new 4.7Mtpa process plant being fed by open pit and underground mines at King of the Hills, and an underground satellite mine at Darlot.
In June 2022, Red 5 completed the successful construction of the King of the Hills process plant on schedule and within the A$226 million budget. The plant was constructed by EPC contractor MACA Interquip. First gold was produced on 5 June 2022 and is ramping up to full production in the September Quarter 2022.
The King of the Hills Gold Mine consists of a 4.75Moz Mineral Resource and 2.7Moz Ore Reserve, making it one of the Top 10 largest mines in Australia by Ore Reserve. The open pit has a forecast 16-year life of mine, and the underground mine has an initial five-year life of mine - which is expected to continue with further exploration. Steady-state production is expected to be approximately 200koz p.a.
Red 5 has commenced studies to evaluate the optimal future size of the process plant. The King of the Hills process plant has the lowest processing cost in the Leonora region, and is in a highly strategic location on the Goldfields Highway to accept ore from high-grade satellite mining.
At Darlot, the underground mine has transformed to be a satellite ore feed for King of the Hills, which is approximately 100 km's apart. The 1Mtpa process plant at Darlot has been placed into care and maintenance.
Red 5’s long-term strategy is to grow to be a well-established and respected mid-tier Australian gold producer with multiple options to expand and develop its asset portfolio.