diff --git a/bundle/manifests/dns-operator.clusterserviceversion.yaml b/bundle/manifests/dns-operator.clusterserviceversion.yaml
index 543c23b3..a3e661f4 100644
--- a/bundle/manifests/dns-operator.clusterserviceversion.yaml
+++ b/bundle/manifests/dns-operator.clusterserviceversion.yaml
@@ -37,8 +37,8 @@ metadata:
       ]
     capabilities: Basic Install
     categories: Integration & Delivery
-    containerImage: quay.io/kuadrant/dns-operator:release-0.5
-    createdAt: "2024-08-22T08:28:43Z"
+    containerImage: quay.io/kuadrant/dns-operator:v0.5.0-rc1
+    createdAt: "2024-08-27T15:15:50Z"
     description: A Kubernetes Operator to manage the lifecycle of DNS resources
     operators.operatorframework.io/builder: operator-sdk-v1.33.0
     operators.operatorframework.io/project_layout: go.kubebuilder.io/v4
@@ -130,7 +130,7 @@ spec:
                 - /manager
                 env:
                 - name: WATCH_NAMESPACES
-                image: quay.io/kuadrant/dns-operator:release-0.5
+                image: quay.io/kuadrant/dns-operator:v0.5.0-rc1
                 livenessProbe:
                   httpGet:
                     path: /healthz
diff --git a/config/deploy/olm/catalogsource.yaml b/config/deploy/olm/catalogsource.yaml
index 3704ab94..ed994eda 100644
--- a/config/deploy/olm/catalogsource.yaml
+++ b/config/deploy/olm/catalogsource.yaml
@@ -4,6 +4,6 @@ metadata:
   name: dns-operator-catalog
 spec:
   sourceType: grpc
-  image: quay.io/kuadrant/dns-operator-catalog:release-0.5
+  image: quay.io/kuadrant/dns-operator-catalog:v0.5.0-rc1
   displayName: DNS Operators
   publisher: grpc
diff --git a/config/manifests/bases/dns-operator.clusterserviceversion.yaml b/config/manifests/bases/dns-operator.clusterserviceversion.yaml
index 7c1e3f64..d4aa3efa 100644
--- a/config/manifests/bases/dns-operator.clusterserviceversion.yaml
+++ b/config/manifests/bases/dns-operator.clusterserviceversion.yaml
@@ -5,7 +5,7 @@ metadata:
     alm-examples: '[]'
     capabilities: Basic Install
     categories: Integration & Delivery
-    containerImage: quay.io/kuadrant/dns-operator:release-0.5
+    containerImage: quay.io/kuadrant/dns-operator:v0.5.0-rc1
     description: A Kubernetes Operator to manage the lifecycle of DNS resources
     repository: https://github.com/kuadrant/dns-operator
     support: kuadrant
diff --git a/make/release.mk b/make/release.mk
index c9346807..b19b0beb 100644
--- a/make/release.mk
+++ b/make/release.mk
@@ -1,7 +1,7 @@
 #Release default values
-IMG=quay.io/kuadrant/dns-operator:release-0.5
-BUNDLE_IMG=quay.io/kuadrant/dns-operator-bundle:release-0.5
-CATALOG_IMG=quay.io/kuadrant/dns-operator-catalog:release-0.5
+IMG=quay.io/kuadrant/dns-operator:v0.5.0-rc1
+BUNDLE_IMG=quay.io/kuadrant/dns-operator-bundle:v0.5.0-rc1
+CATALOG_IMG=quay.io/kuadrant/dns-operator-catalog:v0.5.0-rc1
 CHANNELS=alpha
 BUNDLE_CHANNELS=--channels=alpha
 VERSION=0.5.0-rc1