The Thalanga Operation is located in the highly prospective Cambro-Ordovician Mt Windsor Volcanic Belt which contains a number of known polymetallic (copper-lead-zinc +/- gold-silver) volcanic hosted massive sulphide (VHMS) deposits and gold deposits.

The West 45 deposit is located 1.7km west of the Thalanga Plant and it is ~1.4km by unsealed road from the portal to the run of mine (ROM) ore pad.

The Far West deposit is located ~500m from the ROM pad at the Plant, to the west of and directly adjacent to the historically mined Thalanga West deposit. Far West sits within existing mining leases. Much like West 45, Far West is a VHMS deposit which is of polymetallic nature and contains zinc, lead, copper, gold and silver.

The Waterloo deposit is located approximately 40km to the SSW of Charters Towers and ~50km east from the Thalanga mine. As with the West 45 and Far West deposits, Waterloo is a VHMS deposit which contains zinc, lead, copper, gold and silver. Red River intends to mine Waterloo and truck the ore to the Thalanga Plant for processing.

The Liontown polymetallic volcanogenic hosted massive sulphide deposit is located 40km southwest of Charters Towers in North Queensland. It is accessed by the Flinders Highway and the Gregory Developmental Road. Red River acquired the Liontown Project in 2014 with the acquisition of the Thalanga Base Metal Operations.

Mineralisation in the Liontown Horizon is developed in the basal siltstone unit of the hangingwall sequence, with the most consistent mineralisation lying immediately above the pumice breccia. Mineralisation is developed as multiple zones of stratiform, laminated, semi-massive and rarely massive sulphide. The Liontown host rocks comprise a footwall sequence of dacitic pyroclastics termed pumice breccia, which has been strongly silicified and chlorite altered.

Red River acquired the Thalanga Operation in 2014 and commenced production from the West 45 deposit in 2017. Production from West 45 ceased in 2020 and ore for the Thalanga Operation is currently being sourced from the Far West underground mine, with plans to develop the Liontown deposit to extend the operational life of Thalanga.

As per West 45, Far West will be mined using long hole stoping (LHS), based on the advice provided by the independent technical consultant, Mining One. This method is well suited to a resource with the dip, width and desired production rate of Far West. Stope backfill will be a combination of cemented rock fill (CRF) and unconsolidated waste rock fill, which enables a high recovery of ore, removing the need to leave pillars within the orebody, and also utilising the waste rock.

Total Far West UG capital development in FY20 was 2,446m for the period (954m lateral capital development, 1,131m decline development and 361m vertical capital development). Total development for the period was 4,270m (including operating development of 1,824m).

Red River has commenced development activities at Liontown, with the intention to commence mining at Liontown in FY23.

Project development activities commenced at the Liontown Project during the period of 2020. Red River is focusing on an open pit / UG development for the Liontown Project with a conceptual mine life of 10+ years. During the period of 2020, historic tailings from Liontown were processed at Thalanga to produce a gold concentrate, paving the way for the commencement of mine development activities.

Red River is currently working on a combined open pit and underground development for the Liontown Project, with a conceptual mine life in excess of 10 years. During the year, the historic tailings from Liontown Project were processed at Thalanga to produce a gold concentrate, paving the way for mine development activities to commence.

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The Thalanga Plant is designed for a nominal throughput of 650ktpa, using standard industry technology to produce saleable copper, lead and zinc concentrates via flotation. The plant flowsheet is summarised as:

- Concentrate flotation circuit (differential copper, lead and zinc flotation circuits);
- Concentrate thickening and filtration;
- Regrind circuit;
- Concentrate storage, blending and transport;
- Sub-aqueous disposal of tailings to fully permitted Tailings Storage Facility (“TSF”) with sufficient existing capacity for currently planned operations.