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RED HILL IRON Limited ABN : 44 114 553 392 Level 2 , 9 Havelock Street , West Perth WA 6005 PO Box 689 , West Perth WA 6872 Telephone : ( 618 ) 9481 8627 27 April 2021 Company Announcements Office ASX Limited Level 4 , 20 Bridge Street SYDNEY NSW 2000 E - mail : redhillinfo@redhilliron.com.au Website : www.redhilliron.com.au ACTIVITIES REPORT FOR THE QUARTER ENDED 31 MARCH 2021 CORPORATE Red Hill Iron Limited ( Red Hill ) is advancing a development pathway for the Pannawonica Iron Ore Project and has executed a Memorandum of Understanding with Onslow Marine Support Base Pty Ltd , the owners of the Onslow Marine Support Base , to explore possible shipping solutions to support the project . RED HILL IRON ORE PROJECT Red Hill holds a 40 % debt - funded interest in the iron ore rights that are subject to the Red Hill Iron Ore Joint Venture ( RHIOJV ) and 100 % of all other mineral rights in the project tenements . API Management Pty Ltd ( APIM ) is the manager of the RHIOJV . Red Hill's 40 % interest in the iron ore rights would be reduced to 19 % should an iron ore mine be commissioned on the project . It has the right to elect to convert that interest to a 2 % FOB royalty on all ore production with accumulated debt being cancelled . During the quarter , new studies were commenced to examine the possibility of developing an iron ore project based on RHIOJV resources alone and without blending ores from external sources . This is providing positive leads and your board is confident that a viable way forward , based on a stand - alone project , can be determined in the near term . The concept of proceeding on a stand - alone basis may be modified by the inclusion of other iron ore resources that are situated adjacent to the RHIOJV tenements . The possibility of combining the RHIOJV project resources with other more regional resources that may allow improved economies of scale is also being discussed . Red Hill would need to be satisfied that any such expansion is in the best interests of its shareholders .