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Silver Lake, Red 5 share strong results

Red 5

Majors Silver Lake Resources and Red 5 have shared their March quarter results, recording strong output across operations.

Silver Lake

Silver Lake recorded strong sales for the quarter, including 64,463 ounces (oz) of gold and 338 tonnes (t) of copper.

Both the Mount Monger and Deflector operations in Western Australia performed strongly for the company, both well positioned to meet the top end of their respective guidance ranges.

Silver Lake ended the quarter with cash and bullion of $342 million with no debt, and listed investments of $166 million.

“Pleasingly, the YTD (year to date) performance has Silver Lake well positioned to build on its nine consecutive years of meeting sales guidance,” Silver Lake said.

Red 5

The King of the Hills (KOTH) gold project in Western Australia was the winner for Red 5 in the March quarter, achieving production of 50,132oz.

The amount marked the fourth consecutive quarter of production exceeding 50,000oz.

While production was impacted by the combination of a planned SAG mill reline in March and unplanned downtime in February relating to a SAG mill lube system fault, reducing overall mill utilisation, all mines continued to perform well
for the quarter.

Red 5 is forecasting higher production in the June quarter, with no further major shutdowns planned for the rest of the financial year.

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