On February 5, 2024, Red 5 Limited and Silver Lake Resources Limited announced a binding Scheme Implementation Deed to merge via a Silver Lake Scheme of Arrangement. Red 5 would acquire 100% of Silver Lake's shares, with each Silver Lake shareholder receiving 3.434 Red 5 shares per Silver Lake share. Post-transaction, Red 5 shareholders would own 51.7% of the merged entity, while Silver Lake shareholders would hold 48.3%.

The merger aimed to create a leading mid-tier gold producer with diversified operations and growth opportunities in tier 1 jurisdictions. The combined entity would be chaired by Russell Clark, with Luke Tonkin as Managing Director and CEO. The board would include four directors from each company.

The transaction highlighted a complementary combination of assets and balance sheets, enhanced market significance, and a platform poised for growth. Both companies' boards unanimously supported the transaction, pending no superior proposals and an Independent Expert's favorable report.

The indicative timetable set the Scheme Meeting for May 31, 2024, with the implementation expected by June 19, 2024.

The transaction is valued at approximately $2 billion (AUD 2.2 billion).