Red 5 Ltd (ASX:RED) has signed a three-year contract with Delta Drone International subsidiary Rocketmine via its wholly-owned subsidiary Greenstone Resources for drone surveying services.
The contract has a total contract value (TCV) of A$1.01 million and Annual Recurring Revenue (ARR) of A$336,000 for services to the King of the Hills (KOTH) and Darlot mines.
Red 5 has established mines in the Eastern Goldfields and owns and operates the King of the Hills Gold Project, about 900 kilometres northeast of Perth in the Leonora-Leinster mineral province of Western Australia.
The company also owns and operates the Darlot Gold Mine around 100 kilometres north of KOTH.
Aerial surveying support
“We are pleased to be officially working with Red 5 and to provide frequent aerial surveying support which can be delivered efficiently and effectively to the business across a number of areas including for open pit mining, stockpile, processing area and for environmental purposes,” DLT CEO Christopher Clark said.
As Red 5 looks to strengthen its aerial support, it has also strengthened its board.
Next growth phase
Red 5 has appointed highly regarded Fiona Harris AM to its board as a non-executive director, effective from June 8, 2022.
This appointment comes as Red 5 embarks on its next chapter of growth as a leading mid-tier Australian gold producer with the commissioning and ramp-up of its flagship KOTH gold mine in Western Australia.
The first gold pour at KOTH was completed on June 5, 2022, and has been achieved on schedule and within budget.
Read: Red 5 notches golden moment with first gold poured at King of the Hills
Harris is one of Australia’s most respected directors, with a career spanning 27 years and extensive experience in many sectors, including energy, resources, utilities, financial services and property.
She has been a director of around 30 companies, including ASX-50, ASX-100 and ASX200 companies, as well as government enterprises and not-for-profits and has also been a trusted director on several large private company boards.
Known for her deep financial and governance expertise, Harris has assumed board roles such as lead independent director, deputy chair and chair of various board committees.
Her resources experience includes companies involved in open pit and underground mining, commodities such as iron ore, copper, gold and uranium and in both Australia and overseas jurisdictions.
Harris has significant experience in corporate finance, including many mergers and acquisitions and debt and equity capital raisings.
“We are absolutely delighted that Fiona has accepted the offer to join the Red 5 board as a non-executive director,” Red 5 chairman Kevin Dundo said.
“Fiona is one of Australia’s most respected and accomplished independent non-executive directors, with an impressive track record of service on the boards of some of the most successful listed and private companies, spanning a range of sectors.
“Fiona’s wide-ranging corporate experience, particularly her deep knowledge of corporate finance and M&A, governance processes and risk management, will be invaluable as Red 5 takes its next important steps towards being a leading mid-tier gold producer.
“We are delighted to have someone of Fiona’s calibre join our board, adding further invaluable corporate experience at a time of significant change and growth for our organisation.”