Red 5 Limited announced that effective from 4 September 2023. Mr. Coyne will also assume the role of Joint Company Secretary alongside Lisa Wynne. Current CFO, Mr. Patrick Duffy, will revert to his previous role of Chief Corporate Development Officer.

Mr. Duffy assumed the combined role of CFO and Chief Corporate Development Officer in September 2022, to help navigate the challenges experienced during the commissioning and ramp-up of the King of the Hills Gold Mine, to a point where steady-state commercial operations have been achieved. This transition will enable Mr. Duffy to focus on executing the Company's ongoing corporate development strategy, in addition to being a key interface with investors and other stakeholders. Mr. Coyne is a highly regarded CFO with over 30 years' experience in the mining, engineering and construction industries both in Australia and internationally.

He was most recently Finance Director and Company Secretary of ASX-listed Spartan Resources Limited (formerly known as Gascoyne Resources Limited), a West Australian-based gold mining and exploration company. Following completion of his full-time Executive Director role with Spartan at the end of March 2023, Mr. Coyne transitioned to a Non-Executive Director role and remains on the Spartan board. Prior to his role with Spartan, Mr. Coyne held senior executive positions with Australian-listed companies Macmahon Holdings Limited, VDM Group Limited and Peninsula Energy Limited and with unlisted global manganese miner Consolidated Minerals Limited.

Over the past 15 years, Mr. Coyne has been directly involved in several debt and equity transactions, corporate acquisitions and divestments. Mr. Coyne has previously served on the Boards of listed uranium miner Peninsula Energy Limited and listed iron ore miner, BC Iron Limited.