Aussie gold producer Red 5 tanks on weaker-than-expected outlook, results

Vault Minerals

29/08/2024 02:30

** Shares of gold miner Red 5  RED.AX  fall as much as 12.3%
to A$0.320, their biggest intraday drop since Feb. 23, 2023
    ** RED falls to its lowest level since March 1; top loser in
the ASX 200 benchmark index  .AXJO 
    ** Forecasts FY25 gold sales of 390,000 to 430,000 ounces,
below Macquarie estimate of up to 439,000 ounces
    ** Mid-point of all-in-sustaining-costs forecast at A$2,350
per ounce, vs Macquarie estimate of A$2,061/ounce
    ** Logs FY24 statutory post-tax loss of A$5.4 mln ($3.67
mln), compared with Macquarie estimate of A$67.4 mln profit
    ** More than 21 mln shares change hands, although still
below the 30-day average of 41.9 mln shares
    ** RED up 17.7% this year as of last close


($1 = 1.4717 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))