Vault Minerals Limited has been decided as the new name of the recently merged Red 5 and Silver Lake.
The merger transformed Red 5 into a leading mid-tier gold company with diversified operations in Tier-1 jurisdictions.
The new name was selected for its significance to the company as a profitable, financially disciplined and returns-focued gold producer.
“A ‘vault’ is a secure store of value that is built to last. Through history to the current day, it is often used to store something of very high value – gold,” Red 5 said. “Embedded in the word ‘vault’ is also the chemical symbol for gold – Au.
“The company considers the new name to embody many of the key objectives of its long-term strategy – to be a valuable producer and supplier of gold for the benefit of all its stakeholders.”
The two companies merged back in June, and now sit just behind Regis Resources in gold production per annum, firmly establishing it as a mid-tier company.
The merger came with a slew of job movements. Previous Silver Lake managing director and chief executive officer (CEO) Luke Tonkin was been appointed to the same roles at Red 5. He is supported by Red 5’s existing chief operating officer Richard Hay.
Silver Lake chief financial officer (CFO) Struan Richards retained his position as CFO of Red 5, as will Silver Lake corporate development officer Len Eldridge.
Silver Lake group development geologist Phillip Stevenson brought his position over to Red 5, while Russell Clark continues as Red 5’s non-executive chair.
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.