Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to AU$4.44, the stock trades at a trailing P/E ratio of 31.2x. Average trailing P/E is 22x in the Metals and Mining industry in Australia. Total returns to shareholders of 68% over the past three years. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to AU$4.00, the stock trades at a trailing P/E ratio of 28.1x. Average trailing P/E is 22x in the Metals and Mining industry in Australia. Total returns to shareholders of 74% over the past three years. Announcement • Oct 01
Red Hill Minerals Limited, Annual General Meeting, Nov 21, 2025 Red Hill Minerals Limited, Annual General Meeting, Nov 21, 2025. Location: at the country women`s association of wa, 1176 hay street, west perth Australia New Risk • Sep 28
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (51% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (57% net profit margin). New Risk • Sep 19
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 57% Last year net profit margin: 54,329% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (51% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (57% net profit margin). Announcement • Sep 18
Red Hill Minerals Limited Announces Ordinary Dividend for the Six Months Ended June 30, 2025, Payable on October 10, 2025 Red Hill Minerals Limited announced ordinary dividend of AUD 0.06500000 per share for the six months ended June 30, 2025. Record Date is September 26, 2025. Ex Date is September 25, 2025. Payment Date is October 10, 2025. Announcement • Apr 22
Red Hill Minerals Limited Announces Fully Franked Dividend for the Half Year Ended to December 2024, Payable on 14 May 2025 and Announces Adoption of Policy The Board of Directors of Red Hill Minerals Limited advised that it has resolved to pay a dividend to shareholders of $0.03 per ordinary share, fully franked at 25%, relating to the half year to December 2024. The key dates in relation to the dividend are: Ex Dividend Date: 29 April 2025. Record Date: 30 April 2025. Payment date is 14 May 2025.
The Board has adopted a dividend policy targeting six-monthly dividend payments from the royalty they receive from the Onslow Iron Project. The proportion of funds received to be applied to the dividends is currently set at 50%, with the payment of any dividend remaining at the discretion of the Board. Upcoming Dividend • Nov 21
Upcoming dividend of AU$0.30 per share Eligible shareholders must have bought the stock before 28 November 2024. Payment date: 13 December 2024. Trailing yield: 37%. Within top quartile of Australian dividend payers (6.0%). Higher than average of industry peers (5.7%). Announcement • Sep 27
Red Hill Minerals Limited, Annual General Meeting, Nov 18, 2024 Red Hill Minerals Limited, Annual General Meeting, Nov 18, 2024. Announcement • Jul 03
Red Hill Minerals Limited Announces Special Dividend, Payable on 19 July 2024 The Board of Directors of Red Hill Minerals Limited announced that it has resolved to pay a special dividend of $1.50 per ordinary share, fully franked at 25%. The key dates in relation to the dividend are: Ex Dividend Date: 9 July 2024. Record Date: 10 July 2024. Payment Date: 19 July 2024. Board Change • Mar 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. Independent Non-Executive Director Nanette Allen was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 21
Red Hill Minerals Limited Announces Special Dividend, Payable on 5 December 2023 The Board of Directors of Red Hill Minerals Limited (Red Hill) advises that it has resolved to pay a special dividend of $0.10 per ordinary share, fully franked. Dividend payable on 5 December 2023, Ex Dividend of Date 27 November 2023 and Record Date of 28 November 2023. Announcement • Sep 21
Red Hill Minerals Limited, Annual General Meeting, Nov 24, 2023 Red Hill Minerals Limited, Annual General Meeting, Nov 24, 2023. Announcement • May 19
Red Hill Minerals Limited Appoints Ira Gibbs as Joint Company Secretary Red Hill Minerals Limited announce the appointment of Ira Gibbs as Joint Company Secretary. Ira has worked with the RHI team since 2015 and is a Chartered Accountant with considerable company secretarial and corporate governance experience and, over the last 10 years, has worked within the WAmineral exploration sector. Upcoming Dividend • Nov 22
Inaugural dividend of AU$0.20 per share Eligible shareholders must have bought the stock before 29 November 2022. Payment date: 07 December 2022. This is the first dividend for Red Hill Iron since going public. The average dividend yield among industry peers is 8.8%. Announcement • Nov 10
Red Hill Iron Limited Announces Fully Franked Special Dividend, Payable on 7 December 2022 The Board of Directors of Red Hill Iron Limited advised that it has resolved to pay a special dividend of $0.20 per share fully franked. The dividend payable on 7 December 2022, record date of 30 November 2022 and Ex dividend Date of 29 November 2022. Announcement • Oct 20
Red Hill Iron Limited Announces Base and Precious Metals Exploration Drilling Results Red Hill Iron Limited announced that exploration drilling results have been received from drilling, targeting base and precious metals, undertaken on the Red Hill Iron Ore Joint Venture Tenements. The Company retains 100% interest in all minerals on these tenements other than iron ore ("Other Minerals"). Gold results have been received from RC and Diamond drilling at the Dereks Bore, Urandy and Kens Bore Prospects, and anomalous zinc results were returned from the S-Bend Prospect. Dereks Bore (Gold): The Dereks Bore Prospect has been defined along an approximate strike length of 975m by a series of >10ppb Au in soil anomalies, at or near the contact between the Duck Creek Dolomite and the Mt McGrath Formation. Exploration drilling by the RHIOJV in 2021 and 2022 (DKDD0001 and DKRC0001 respectively) was designed to test a regional gold bearing structure at depth, adjacent to previously intercepted anomalous gold intercepts (>1m thick @ 0.5g/t Au) including: 8m at 1.07 g/t Au from surface in WPRC17-022(1), and 4m at 0.52 g/t Au from 20m in WPRC17-029(1). 19m at 0.51 g/t Au from surface in RHI0009(2), 4m at 0.58 g/t Au from 7m in BBI0196(2), 2m at 1.39 g/t Au from 31m in SRC004(2), 1m at 1.58 g/t Au from 13m in SRC005(2), New results (>1m thick @ 0.5g/t Au) include: 1m at 0.83 g/t Au from 29m including 0.5m at 1.43g/t Au from 29.5m in DKDD0001, and, 2m at 1.95 g/t Au from 58m, 4m at 0.78 g/t Au from 74m and 2m at 1.29 g/t Au from 82m in DKRC0001. Urandy (Gold): The Urandy Gold Prospect is defined along a 1.25km strike length by a series of 10ppb Au gold in soil anomalies that appear related to the unconformity between the Wooly Dolomite and the Mt McGrath Formation. Infill drilling by the RHIOJV was designed to test anomalous gold mineralisation associated with brecciation and silicification of the unconformity. Historic anomalous gold drillhole intercepts (>2m thick @ 1.0g/t Au) at this target include: 7m at 2.29 g/t Au from 1m in BCW0010(3), 2m at 1.15 g/t Au from 36m in BCW0013(3), 9m at 1.79 g/t Au from 14m in RCW006(4), 2m at 1.07 g/t Au from 42m in RCW009(2), and 9m at 5.06 g/t Au from 46m in RCW007(2). New results (>2m thick @ 1.0g/t Au) include: 5.4m at 4.37 g/t Au from 42m in URDD0002 (testing up dip continuity of RCW007). Kens Bore (Gold): The Kens Bore Prospect is defined by two East-West orientated >10ppb Au in soil anomalies associated with the unconformity between the Cheela Springs Basalt, Wooly Dolomite and the overlying Mt McGrath Formation. Historic rock chip sampling in the area returned up to 3,240g/t Au in float, and previous drilling has not effectively tested the target. Historic results include (>1m thick @ 0.5g/t): 4m at 1.03g/t Au from 36m in WPRC17-033 (BOH) (2). New results include (>1m thick @ 0.5g/t): 1m at 0.99 g/t Au from 2m in KNDD0001. Mineralisation appears to be related to silica-sericite-clay veining and alteration within brecciation developed on the unconformity of the Mt McGrath Formation. S-Bend (Base Metals): The S Bend Prospect is defined by a historic zinc in soil anomaly and previous drilling and appears to be related to anomalous zinc mineralisation developed in a fault bound wedge of the Mt McGrath Formation and the Wooly Dolomite. Historic anomalous drillhole intercepts (>5m thick @ 0.1% Zn) include: 20m at 0.15% Cu, 0.63% Pb and 0.24% Zn from 40m in SBRC001 (5); 5m at 0.65% Zn from 80m in RCA0003(2), and 85m at 0.13% Zn (including 5m at 0.52% Zn) from 90m in RCA0004(2). New results (>5m thick @ 0.1% Zn) include. 10m at 0.29% Zn from 40m in SBRC0003, 10m at 1.32% Zn from 50m in SBRC0004, and 8m at 0.19% Zn from 96m in SBRC0005. Announcement • Oct 05
Red Hill Iron Limited, Annual General Meeting, Nov 25, 2022 Red Hill Iron Limited, Annual General Meeting, Nov 25, 2022. Reported Earnings • Sep 30
Full year 2022 earnings released: EPS: AU$2.29 (vs AU$0.028 loss in FY 2021) Full year 2022 results: EPS: AU$2.29 (up from AU$0.028 loss in FY 2021). Revenue: AU$200.0m (up AU$200.0m from FY 2021). Net income: AU$143.6m (up AU$145.2m from FY 2021). Profit margin: 72% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 133% per year but the company’s share price has increased by 190% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 28
Red Hill Iron Limited Appoints Michael Wall as Chief Executive Officer Red Hill Iron Limited announced that the appointment of Mr. Michael Wall as Chief Executive Officer (CEO). Michael joined the company as Exploration Manager in January of this year. Michael has extensive industry experience and already established working relationships with the stakeholders in the company's project areas. With a background in geology, he also has had a detailed involvement in and knowledge of the company's projects geology and exploration opportunities. Obtaining an MBA in 2011, Michael's career has expanded from a primary geological focus to strategy implementation, project management and stakeholder engagement. Michael is a member of the AusIMM and a graduate of AICD. He holds a Bachelor of Science (Hons)-Geology and MBA. Upcoming Dividend • May 09
Inaugural dividend of AU$0.20 per share Eligible shareholders must have bought the stock before 16 May 2022. Payment date: 31 May 2022. This is the first dividend for Red Hill Iron since going public. The average dividend yield among industry peers is 8.8%. Recent Insider Transactions • Apr 15
Executive Chairman recently bought AU$3.7m worth of stock On the 12th of April, Joshua Pitt bought around 1m shares on-market at roughly AU$3.42 per share. This was the largest purchase by an insider in the last 3 months. Joshua has been a buyer over the last 12 months, purchasing a net total of AU$5.5m worth in shares. Reported Earnings • Mar 18
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: AU$2.35 (up from AU$0.006 loss in 1H 2021). Net income: AU$144.9m (up AU$145.2m from 1H 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 156% per year but the company’s share price has only increased by 145% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Dec 30
Executive Chairman recently bought AU$84k worth of stock On the 29th of December, Joshua Pitt bought around 26k shares on-market at roughly AU$3.20 per share. In the last 3 months, there was an even bigger purchase from another insider worth AU$3.0m. Joshua has been a buyer over the last 12 months, purchasing a net total of AU$1.8m worth in shares. Recent Insider Transactions • Nov 11
Executive Chairman recently bought AU$254k worth of stock On the 4th of November, Joshua Pitt bought around 81k shares on-market at roughly AU$3.13 per share. In the last 3 months, there was an even bigger purchase from another insider worth AU$3.0m. Joshua has been a buyer over the last 12 months, purchasing a net total of AU$1.7m worth in shares. Recent Insider Transactions • Oct 12
Insider recently bought AU$3.0m worth of stock On the 8th of October, Tony Poli bought around 754k shares on-market at roughly AU$4.00 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$6.2m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Sep 22
Executive Chairman recently bought AU$241k worth of stock On the 20th of September, Joshua Pitt bought around 60k shares on-market at roughly AU$4.02 per share. In the last 3 months, there was an even bigger purchase from another insider worth AU$1.9m. Joshua has been a buyer over the last 12 months, purchasing a net total of AU$1.3m worth in shares. Reported Earnings • Sep 09
Full year 2021 earnings released: AU$0.028 loss per share (vs AU$0.008 loss in FY 2020) Full year 2021 results: Net loss: AU$1.65m (loss widened 255% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 114% per year, which means it is well ahead of earnings. Announcement • Sep 03
Mineral Resources Limited (ASX:MIN) completed the acquisition of 40% stake in Red Hill Iron Ore Joint Venture from Red Hill Iron Limited (ASX:RHI). Mineral Resources Limited (ASX:MIN) agreed to acquire 40% stake in Red Hill Iron Ore Joint Venture from Red Hill Iron Limited (ASX:RHI) for AUD 400 million on July 30, 2021. The consideration includes AUD 200 million which will be paid out of existing cash resources, on completion of the acquisition of the RHIOJV interest and a further AUD 200 million cash when the first commercial shipment of iron ore extracted from the RHIOJV tenements departs port and also a royalty of 0.75% of FOB revenue on all iron ore that is extracted and sold from the RHIOJV tenements. The transaction is conditional on obtaining shareholder approval of Red Hill Iron Limited. The transaction is expected to complete around early September 2021. Jay Leary of Herbert Smith Freehills acted as legal advisor to Red Hill Iron Limited.
Mineral Resources Limited (ASX:MIN) completed the acquisition of 40% stake in Red Hill Iron Ore Joint Venture from Red Hill Iron Limited (ASX:RHI) on September 3, 2021. MinRes has transferred $200 million to RHI being the first instalment of the sale price. As on September 2, 2021 Red Hill Iron Limited shareholders approved the deal. Recent Insider Transactions • Aug 10
Executive Chairman recently bought AU$1.0m worth of stock On the 6th of August, Joshua Pitt bought around 256k shares on-market at roughly AU$4.08 per share. This was the largest purchase by an insider in the last 3 months. This was Joshua's only on-market trade for the last 12 months. Reported Earnings • Feb 11
First half 2021 earnings released: AU$0.006 loss per share (vs AU$0.005 loss in 1H 2020) First half 2021 results: Net loss: AU$348.4k (loss widened 28% from 1H 2020). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • Jan 26
Red Hill Iron Limited Announces Appointment of Nanette Allen as A Non-Executive Director Effective 1 February 2021 Red Hill Iron Limited announced the appointment of Ms. Nanette Allen to board effective from 1 February 2021 as a non-executive director. Ms. Allen will bring a wealth of corporate experience to the Company. Her career has focussed on strategy implementation, mine development, joint venture management, capital raisings and asset divestments. Ms. Allen's previous directorships included executive and non-executive roles with ASX listed companies, Jaguar Minerals Limited, Southern Gold Limited and RNI Limited. Currently, Ms. Allen does not hold a directorship with any ASX listed company. Announcement • Nov 25
Red Hill Iron Limited Receives RHIOJV Activities Update Red Hill Iron Limited has received from the RHIOJV manager, API Management Pty Ltd. (API), the Project Frontier Scoping Study Report, which lays out a way for the West Pilbara Iron Ore Project to move forward towards mining development. The study incorporates mining iron ore deposits containing approximately 48% of the Mineral Resources of the RHIOJV in conjunction with resources owned by the API Joint Venture (APIJV) participants including those from the nearby Hardeys Project. RHI`s expenditure on the RHIOJV is carried by API until first resultant production is delivered to customers. If and when such delivery is achieved then RHI's 40% project interest would be
reduced to a 19% participating interest with RHI being able to elect to convert that interest to a 2% FOB royalty. Unless RHI elects to convert to a royalty the carried expenditure is repayable from future production. API have recommended to the APIJV participants that they proceed to a Definitive Feasibility Study on Project Frontier. Mining consultants have begun the process of evaluating the Scoping Study and will advise the Company on the contained parameters and whether the proposed development concept is in the best interests of RHI. 
