Red 5 Announces Financial Results for the Year Ended 30 June 2018

September 24, 2018 02:37 PM PDT | By Team Kalkine Media
 Red 5 Announces Financial Results for the Year Ended 30 June 2018

Red 5 Limited (ASX:RED), a company involved in exploration and mining with Darlot Gold Mine and King of the Hills (KOTH) Gold Projects as flagship acquired projects, lately announced their financial results for the year ended 30 June 2018. The results were out on 21 September 2018; and were now presented at Denver Gold Forum.

The company received strong performances from both new acquisitions - Darlot Gold Mine and King of the Hills (KOTH), with gold sales of 47,286 ounces. The company was having cash and gold bullion in its metal accounts of $12.9 million. And additionally, the company also received $11 million from the Mt Cattlin royalty in July 2018. The revenue of the company increased from $68.5 million in FY2017 to $77.1 million in FY2018. The net loss after tax of the company decreased from $110 million in FY2017 to $12 million in FY2018. The basic and diluted loss per share of the company decreased from 14.11 cents in FY2017 to 1.07 cents in FY2018. The net cashflow from operating activities increased from $1.7 million in FY2017 to $19 million in FY2018. The company also announced that they have started an exploration drilling at KOTH as there is a presence of significant gold-bearing zones in existing mining area. This is an important breakthrough in the company’s understanding of the structure and gold mineralization in the region. On 21 September 2018, the company acknowledged that Bullseye Mining Limited has lodged an Eighth Supplementary Target’s statement in respect to the company’s off-market takeover bid for all the fully paid ordinary shares in Bullseye. [optin-monster-shortcode id="wxhmli4jjedneglg1trq"]

The company is planning to maximize throughput at the Darlot mill by processing ore from both Darlot and KOTH. KOTH project’s underground mining operations have been successful and the processing plant has performed strongly during FY2018. The rising grade profile at Darlot from the new high-grade Oval mining sector, combined with continued efficient operation of the processing plant will assist in maximizing production and improve the recoveries and it will drive down unit operating costs.

On 24 September 2018, the company released its Denvor Gold forum presentation. According to the presentation, KOTH is on track to achieve full capacity by September 2018. The Ore reserves have increased substantially to 1.92 Mt @ 4.8 g/t for 949 Koz; and the recent Oval west discovery is highlighting that there is a potential for high grade discoveries from the mine in-fill and delineating drilling program. The company’s share price remained flat at $0.59 with market capitalization of $73.28 million as on 25 September 2018 (AEST 4:30 PM). The group has earnings per share of -0.051 AUD. In the last three months, the stock has fallen 28%.

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