Operator: Red 5 Limited

Location: Western Australia, Australia

Royalty: 1.5% NSR (all metals)

Term of Royalty: Life of Mine

King of the Hills is an underground and open-pit gold mine, owned by Greenstone Resources (WA) Pty Ltd, a wholly-owned subsidiary of Red 5 Limited (Red 5). King of the Hills is located in the Eastern Goldfields of Western Australia, approximately 80 kilometers south of Red 5’s Darlot Gold Mine and 28 kilometers north of the town of Leonora.

Mining at King of the Hills is currently undertaken through a combination of bulk underground stoping and airleg mining of selective high-grade gold veins. Ore production from King of the Hills underground currently averages approximately 500,000 tonnes per annum, with ore trucked to Red 5’s nearby Darlot Processing Plant.

Since Red 5 commenced mining at King of the Hills in January 2018, Red 5 has identified the potential to pursue a bulk mining operation. This opportunity is based on the potential to economically extract significant quantities of lower-grade gold mineralization located between the high-grade veins.