RED Limited5

RED 5 LimitedRED 5 LimitedSianaSiana Gold Project Gold Project -- PhilippinesPhilippines

Sydney Mining Club4 June 2009

Lance Govey – Executive Director Technical

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Red 5 - at a glance….

RED – ASX (01 June): 8.8 cents

Market Cap (01 June): $58.0m

Issued Shares: 659.2m

Cash at 31 Mar 09: A$23.9m

Enterprise value A$34 (per Resource oz)

Largest Shareholders:Mathews Capital 19.5%AngloGold Ashanti 10.2%R Stanley 8.0%

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Highly prospective location

100 million oz equivalentpotential in Surigao del Norte

Excellent local infrastructure

Strong Community support(history of mining)

Strategic land position

Secure form of mining title(Mineral Production SharingAgreement)

Red 5 in Philippines since Dec 2002

A$22 M invested at Siana

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Momentum increaseMomentum increase……

Last 3 months:

Reserves doubled with underground resource upgrade

Positive feasibility study complete, Board review in progress

Environmental Compliance Certificate issued

Mapawa MPSA granted – satellite Resource potential

… business de-risked

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Probable Ore Reserves

Stockpile Open Pit Underground Total*

Tonnes 0.08 3.1 1.94 5.1Au g/t 1.33 3.42 5.82 4.3Ag g/t 10.67 8.71 9.08 8.9Ounces Au 3,549 341,000 363,000 708,000Ounces Ag 28,000 870,000 566,000 1,465,000*contains minor rounding errors

88 diamond drillholes for 37,480 metres14,600 specific gravity measurements>15,000 geotechnical measurements28,500 samples assayed (seven elements)

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Long term mine planLong term mine plan

Stockpile Open Pit Underground (Long term mine plan)

Total

3.365.839.12

630,000986,000

6.554.68.9

975,000

Tonnes 0.08 3.10Au g/t 1.33 3.42Ag g/t 10.67 8.71Ounces Au 3,549 341,000

1,885,000Ounces Ag 28,000 870,000

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Resource still open…F

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Feasibility study updateFeasibility study update……

Plant and infrastructure costs updated

Open pit design and costs updated

In country contractors/suppliers used where possible

Modified waste dump design

Tailings dam detailed design

Underground mine design completed - drill and blast and road header optionsFor

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Consultants to the study…

Resource estimation - Hellman & Schofield, Cube Consulting, PerthGeotechnical - Mining One, Melb, Peter O’Bryan & Associates, PerthHydrology - Meyer Water & Environmental Solutions, Perth

Open Pit mine design - RSG Global (Coffey Mining), Perth

Underground mine design - Red Rock Engineering, Perth

Process design & metallurgy - Intermet Engineering, Amdel, PerthTailings Storage design GHD - Manila, Perth; Golder - Melbourne

Underground mine equipment and operations - Sandvik Mining and Construction, Perth; Fox Mining and Engineering, Sydney

Underground paste fill - Revell Resources Pty Ltd

Underground electrical engineering - Rossi Associates, Perth

Environment & Community, EIS - BMP Environment & Community Care, Manila

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Site layoutSite layoutF

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Project financials (preProject financials (pre--tax)tax)

Base case:

750,000 tpa

Gold US$800/oz Silver US$10/oz

NPV > US$ 100 million

IRR > 30%For

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CostsCosts

CAPEX

Cost to first gold reduced from September 2008 estimate (US$73 million) with decreased steel prices, fuel and EPCM costs

March 2009 estimate similar but now includes working capital (US$10 million)

OPEX

Life of mine US$350 per ounce cash cost

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Gold recovery

Gravity and CIL leach:

• open pit - 85 %, 1.2 kg/t CN

• underground LZN - 88 %, 2.2 kg/t CN

• underground HZN - 84 %, 2.4 kg/t CN

Gravity, Zn flotation, cons and tail leach:

• underground HZN – 83.4 %, 2.45 kg/t CNFor

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Underground miningUnderground mining

Underhand cut and fill (top down)

Road header in ore (more productive in soft ground than conventional drill and blast, with additional benefit of less explosive on site)

Drill and blast for hard material

Paste fill ground supportFor

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Why underhand cut and fill?Why underhand cut and fill?

Safe workplace for entry style mining

High mining recoveries

Low dilution

Independent of rock break technique

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Underhand cut and fillUnderhand cut and fillF

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Underground design parametersUnderground design parameters

Access via a 5m by 5m, 1:7 decline in porphyry

and basalt units

Portal located 90 metres above final pit floor

50 tonne trucks

Level spacing 40m (ramps 20m up 20m down)

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Underground designUnderground designF

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Requirements to operate…

Environmental Compliance Certificate granted

Feasibility study under review by MGB

In preparation:

SDMP – Social Development Management Plan

EPEP – Environmental Protection and Enhancement Programme

FMRDP – Final rehab and decommissioning plan

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Strong community support…

Clean water project

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...through health assistanceF

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… welfareF

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… education programmesF

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…and agricultural assistanceF

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ImplementationImplementation

Permitting and finance 3rd Qtr 2009

Plant construction commences 4th Qtr 2009

Open pit commences 1st Qtr 2010

First gold production Dec 2010

Underground portal commences 1st Qtr 2013

Underground ore production 3rd Qtr 2013

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OpportunitiesOpportunities

Further underground extensions

- 3m at 31.6 g/t, 5m at 25.4 g/t Au

Mapawa satellite ore

- 3-4 Mt potential

Zinc concentrate production

- bi-product credit potentialFor

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MAPAWA Gold Project

Exciting milestone achieved with approval and registration of MPSA 280-2009-XIII

Located 30 km north of Siana

1,482 hectares, highly prospective for gold and potentially, base metals

Strengthened regional gold exploration portfolio

Gold intersected in historic drilling at the ‘LSY’ prospect, with indications of target mineralisation of approximately three to four million tonnes, commencing at surface

Groundwork commenced

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LSY prospectF

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Summary

Technically and economically viable project10 year operating life delivering 850,000 recovered ounces of low cost productionUpside with Mapawa licence grantCommunity acceptance and environmentally benign Knowledgeable supportive shareholder baseFinancing discussions in progress

Nearly there…

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Market comparison

Source: BGF Equities

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Contact details

Level 2, 35 Ventnor AvenueWest Perth, Western Australia 6005PO Box 1911 West Perth, WA 6872 Ph: + 61 8 9322 4455 Fax: + 61 8 9481 5950

Web Site: www.red5limited.comEmail: info@red5limited.comF

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Competent persons

The information in this Public Report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on, and accurately reflects, information compiled by Mr G C Edwards, Mr A L Govey and Mr W Darcey who are full-time employees of Red 5 Limited and who are Members of The Australasian Institute of Mining and Metallurgy. Mr Edwards, Mr Govey and Mr Darcey have sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Mr Edwards, Mr Govey and Mr Darcey consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

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