Red 5 Limited continues to make strong progress across all areas of the Final Feasibility Study (FFS) for the proposed stand-alone integrated bulk open pit and underground mining and processing operation at the King of the Hills (KOTH) Gold Project in Western Australia. Multiple work streams have been progressed since the last update on 12 December 2019, with the overall delivery schedule on track for completion in the September 2020 Quarter. GR Engineering Services (GRES) were engaged in late 2019 to produce a preliminary infrastructure design and layout. The Red 5 FFS team has been reviewing the initial designs in conjunction with GRES and have developed a preliminary tender package list. Designs are well advanced for TSF 5 and TSF 6 (Knight Piesold), the Process Plant and the Accommodation Village. In-fill RC drilling of the western crest of the KOTH open pit has been completed. This program consisted of 36 holes for 7,568m and aims to evaluate the potential for Resource extension and assist further pit optimization works. In-fill drilling at the prospective Cerebus-Eclipse and Centauri near-mine satellite deposits to the north-west of the KOTH open pit is continuing. Drilling contractor Precision Exploration Drilling (PXD) now have two RC rigs dedicated to the program, which has completed 102 holes from the planned 126 holes (17,000 metres) as at date of this announcement. The program remains on track for completion in January 2020. A substantial program to assay historical core has been ongoing and is now nearing completion with approximately 33,500m sampled to date, providing further data and confidence to both the open pit and underground Resources. Prior to incorporation of these assay results, the Resource model has assigned a value of 0.005 g/t, effectively zero, to unassayed core. Therefore, all assays above this grade are expected to add to the previously reported 3.1Moz Resource.