Quarterly Highlights

Quarter Highlights

• Continued strong quarterly production of zinc, lead and copper concentrates
• Thalanga Far West development continues – stoping expected to commence shortly
• Cash balance increased by $4.7 million to $25.9 million
• Acquisition of Hillgrove Gold-Antimony Project in NSW for $4 million payable in Red River shares (23.0million shares) announced subsequent to end of quarter

Thalanga Operations

• Zinc concentrate production of 9,057 DMT (up 1% from Q3 FY19)
• Lead concentrate production of 3,369 DMT (down 10% from Q3 FY19)
• Copper concentrate production of 1,806 DMT (up 7% from Q3 FY19)

Development Activities

• Thalanga Far West underground mine development continues – 873 development metres completedduring Q4
• $3.9 million in capital development, primarily at Far West
• $0.5 million invested in exploration activities

Corporate

• $30.5 million revenue from concentrate sales• C1 cost of US$ 0.44 per pound of payable zinc metal
• C2 cost of US$ 0.68 per pound of payable zinc metal
• C3 cost of US$ 0.87 per pound of payable zinc metal
• Thalanga Operations EBITDA of $7.6 million
• Cash balance of $25.9 million plus financial assets of $8.5 million (cash backed security bond deposits) asat 30 June 2019
• Red River’s working capital facility of US$10 million remains undrawn and the Company remains debt free