Greater Liontown: A high-grade polymetallic investment opportunity in North Queensland

Non-Binding Indicative Offers are sought by Thursday, 9 February 2023

Argonaut PCF has been appointed by Cromarty Resources Pty Ltd (in Liquidation) (Cromarty), a wholly-owned subsidiary of Red River Resources limited (Administrators Appointed) (Red River) (ASX:RVR), to seek indicative offers for the exploration tenements (as highlighted in red in the indicative tenement map below) (collectively Greater Liontown), located approximately 65kms southwest of Charters Towers in Queensland (the Transaction).

The Greater Liontown Base Metals Package includes the Liontown and Waterloo deposits and comprise of the following tenements:

• EPM 14161, EPM 10582, EPM 12766, EPM 16929, EPM 26718, EPM 27357, and EPM 27520

Cromarty was placed into Liquidation on 2 December 2022, which resulted in the Liquidators disclaiming ownership of the 650ktpa Thalanga Base Metals Plant (Thalanga Plant) and related Mining Leases (Disclaimed MLs), their associated environmental authority, and all plant and equipment on the land the subject of the Disclaimed MLs as at the date of the disclaimer. Subsequent to the disclaimer taking effect, the Department of Resources has advised that they have taken control of the Thalanga Plant and Disclaimed MLs and will now utilise the previously lodged cash security for the Disclaimed MLs for rehabilitation.

As at 30 June 2022, the Greater Liontown tenement package hosts a JORC (2012) compliant Mineral Resource of (4.8Mt grading 6.6% Zn, 0.8% Cu, 1.9% Pb, 1.1g/t Au and 32.1g/t Ag (or 13.1% ZnEq)). The Liontown deposit is located ~32km in a direct line from the Thalanga Plant (107km by road). In FY2022, Red River processed 333kt of ore and produced 23.2kt of zinc, 5.6kt of lead and 12.1kt of copper concentrates at the Thalanga Project while it was still operational.