Shares of Red 5 (ASX:RED) jumped as much as 8.6% to A$0.19, establishing its best day since April 14, provided the gains persist.

The company, a gold producer, has reported prosperous results from underground diamond drilling at its King of the Hills (KOTH) gold mine in Western Australia.

The outcomes suggest potential for life extensions at the KOTH underground mine.

Future underground drilling is planned for FY24.

The company’s stock has decreased by 14.6% this year up until the last close.

Red 5 (ASX:RED) is a gold producer based in Australia.