Ann: Quarterly Activities and Cash Flow Report - 31 Dec 2020, page-2

29 January 2021
Quarterly Activities and Cash Flow Report
for the period ending 31 December 2020
________________________________________________________________________________
Quarter Highlights

• Transformational December quarter for Red River as it becomes a diversified, multi-asset mining company
• Production commenced at Hillgrove Gold Mine, NSW - first ore processed on 28 December 2020
• Stable base metal concentrate production continued at Thalanga Operations, QLD
• Cash balance increased by $2.8 million to $15.3 million.
Thalanga Operations
• Quarterly copper concentrate production of 3,564 DMT, zinc concentrate production of 7,430 DMT and
lead concentrate production of 1,914 DMT

Hillgrove Gold Mine

• First ore processed through Hillgrove Mill on 28 December 2020
• Red River is processing ore from Bakers Creek stockpile in Stage 1 Operations
• Work underway to recommence Hillgrove’s underground mining in Stage 2, restart expected CY21
• Initial drilling program at Curry’s Lode target successfully completed; more exploration underway to grow
692,000oz Hillgrove gold resource.

Exploration & Development Activities

• Sampling and mapping at the Orient Silver-Indium Project confirmed the presence of extensive high-grade
epithermal silver-lead-zinc mineralisation with associated large scale alteration systems
• Orient East confirmed as a high priority bulk tonnage silver mineralisation drill target

Corporate

• $32.5 million revenue generated from base metal concentrate sales
• $5.4 million invested in capital development, primarily at Far West
• $1.5 million invested in restart activities at Hillgrove
• $0.6 million invested in exploration activities at Thalanga and Hillgrove Operations
• C1 cost of US$ (0.09) per pound of payable zinc metal
• C2 cost of US$ 0.24 per pound of payable zinc metal
• C3 cost of US$ 0.50 per pound of payable zinc metal
• Thalanga Operations EBITDA of $11.3 million
• Cash balance of $15.3 million plus financial assets of $12.9 million (cash backed security bonds and
deposits) as at 31 December 2020.