Joint Statement by Baillieu Limited Chairperson David Trude and Managing Director Gavin Powell

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Red River Resources (RVR) | Far West to save the day

Transition to Far West a positive: Thalanga’s production and operating performance has been held back over the last two quarters as the last of the West 45 ore was processed. This ore was lower grade and metallurgically more complex. The March quarter benefited from having only 18kt of West 45 ore and 73kt of Far West ore. Far West is also stope rather than development ore. Concentrate production was 4,310t of zinc, 1,117t of lead and 2,310t of copper. The increase in copper concentrate drove the C1 cash cost per pound of payable zinc down to US$0.73, from the US$1.13 in the previous quarter.

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