From the refuge follow the path along the Pierre Rouge torrent to the Malrif pass (2,868m).
At the pass, turn left and follow the Eaux Pendantes ridge to Pic de Malrif for a beautiful view over the entire Queyras valley and the Italian Alps. On a clear, cold day you can even see Mont Blanc.
For the descent, take the same route back to the pass and follow the GR trail to the Refuge des Fonts.