Red 5 Ltd (ASX:RED) has signed a three-year contract with Rocketmine, a subsidiary of Delta Drone International, through 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 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, approximately 900 kilometers northeast of Perth in Western Australia’s Leonora-Leinster Mineral Province.
The company also owns and operates the Darlot gold mine approximately 100 kilometers north of KOTH.
Aerial prospecting assistance
“We are delighted to be working officially with Red 5 and providing frequent aerial surveying support which can be effectively and efficiently provided to the company in a number of areas including surface mining, storage, processing area and for environmental purposes,” said DLT CEO Christopher Clark.
As Red 5 looks to beef up their air support, they’ve also beefed up their board.
Next phase of growth
Red 5 has appointed the highly regarded Fiona Harris AM to its board of directors as a non-executive director, effective June 8, 2022.
The appointment comes as Red 5 begins its next chapter of growth as Australia’s premier 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 was completed on time and within budget.
Read: Red 5 notches golden moment with first gold paid to King of the Hills
Harris is one of Australia’s most respected directors, with a 27-year career and extensive experience in many industries including energy, resources, utilities, financial services and property.
She has served as a director of approximately 30 companies, including ASX-50, ASX-100, and ASX200 companies, as well as government and not-for-profit organizations, and has also served as a trusted director on several corporate boards. administration of large private companies.
Recognized for her deep expertise in finance and governance, Harris has assumed roles on the Board of Directors, including Lead Independent Director, Vice Chair and Chair of various Board Committees.
His resources experience includes companies involved in surface and underground mining, commodities such as iron ore, copper, gold and uranium and in Australia and overseas jurisdictions.
Harris has significant experience in corporate finance, including numerous mergers and acquisitions and capital and equity raisings.
“We are absolutely delighted that Fiona has accepted the offer to join the Red 5 Board of Directors as a non-executive director,” said Red 5 Chairman Kevin Dundo.
“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 extensive corporate experience, particularly her in-depth knowledge of corporate finance and mergers and acquisitions, governance processes and risk management, will be invaluable as Red 5 takes its next important steps to become a leading gold producer.
“We are delighted to have someone of Fiona’s caliber join our Board of Directors, adding invaluable corporate experience at a time of significant change and growth for our organization.”