HopgoodGanim Lawyers advise Red 5 on the divestment of Philippines gold assets
Congratulations to our client, Red 5 Limited on the announcement of the sale of their Philippines gold assets to Toronto-listed TVI Resources Development for $US19 million.
Red 5 has entered into a binding agreement to sell its interests in Greenstone Resources Corporation, which holds Red 5’s interests in the Siana gold mine and Mapawa project.
The sale also includes a 3.25 per cent net smelter return royalty payment for up to 619,000oz produced from the restart.
TVI Resources Development’s subsidiary, Prime Resource Holdings will own and operate the assets.
Red 5 Managing Director, Mark Williams said, “We are now well established on our growth trajectory in the Australian gold sector with the construction of the King of the Hills mine now in full swing and first gold production on track for the June quarter 2022, complementing our existing production base at Darlot."