Red 5 and Regis Resources have released their preliminary 2023–24 financial year (FY24) June quarter results.

Regis Resources

During the quarter, Regis’ Duketon and Tropicana operations in Western Australia continued to recover from major rains that impacted production in March.

Duketon produced 75,600koz of gold resulting in an FY24 gold production of 289.9koz, in line with its production guidance range.

Tropicana, which experienced more significant impacts from the rain, has had a slower recovery and produced 30.8koz of gold resulting in an FY24 gold production of 127.8koz, below its FY24 production guidance range.

Financially, Regis saw strong growth in its quarterly cash and bullion balance, which was up a record $109 million from the previous quarter to its highest ever position of $295 million.

Total group production for FY24 was 417.7koz of gold and within the FY24 group production guidance range.

Red 5

Preliminary group sales for Red 5’s June quarter came to 110,818 ounces (koz) of gold and 165 tonnes (t) of copper.

FY24 full year sales stood at 455,259oz of gold and 1037(t) of copper.

Red 5 said its King of the Hills, Mount Monger and Deflector operations have met or exceeded respective sales guidance ranges.

“Red 5 retains a strong balance sheet with sector leading financial flexibility to optimise the King of the Hills operation and unlock the full value of the established infrastructure without the constraints of a project finance facility, whilst continuing to pursue broader growth and life of mine extension opportunities across the portfolio,” Red 5 said.

At the end of the quarter Red 5 had a cash and bullion of $453.7 million and debt of $92.9 million.

The June quarter also saw Red 5 complete its merger with Silver Lake Resources.

The merger is set to create a diversified mid-tier gold company producing around 445,000 ounces per annum.