Cor Cordis

Jeremy Nipps, Barry Wight and Thomas Birch of Cor Cordis were appointed as Voluntary Administrators of

Red River and its wholly owned subsidiaries Hillgrove Mines Pty Ltd (owner and operator of the Hillgrove

Gold Mine), Forth Resources Pty Ltd and Hebrides Resources Pty Ltd on 29 November 2022.

The current owners acquired the mine in July 2019 with the intention to operate it as a going concern, with

sampling undertaken in 2020/21 to restart the project. In Sept 2022, the board decided to put the mine in

care and maintenance while it looked at other options to kickstart the mine operation.

Cor Cordis will continue to maintain Hillgrove Mines on a care and maintenance program, while it assesses

viable options with a view to recapitalise and/or restructure RVR and/or its subsidiaries though a sale of the

assets of the RVR/subsidiaries (or any part thereof), including via a deed of company arrangement. This

review process may take up to approx. five months to complete and to determine the outcome of the future

of the mining operation and the group.

“There won’t be any changes to the operations of the mine, but we will be assessing opportunities to

determine how best to restructure the current operations as well as the overall group. We will also determine

the value in the Hillgrove Gold Mine and how that may play in a broader restructure of the group or Hillgrove

Mines,” said Jeremy Nipps from Cor Cordis.

For all

/Public Release. This material from the originating organization/author(s) may be of a point-in-time nature, edited for clarity, style and length. The views and opinions expressed are those of the author(s).