RVR 0.00% 7.3¢ red river resources limited

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

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    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.
 
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