RIEDEL RESOURCES LIMITED — Capital/Financing Update 2021

Sep 9, 2021

10 September 2021

RIEDEL SET TO COMMENCE DRILLING HIGH-GRADE GOLD AND SILVER TARGETS AT KINGMAN GOLD PROJECT

DRILL PERMIT RECEIVED & RIG MOBILISING NEXT WEEK

Highlights:

• Riedel makes final preparations for RC drilling at the Kingman Gold Project in Arizona after receiving drill permit
• Boart-Longyear drill rig scheduled to mobilise to site late next week with drilling scheduled to commence on or about 18th September
• Drilling to focus on the Tintic area where Riedel achieved numerous high-grade gold and silver drill assays results earlier this year
• First assay results from drilling expected mid-November 2021

Riedel Resources Limited (ASX:RIE, Riedel or the Company) is pleased to announce its reverse circulation (RC) drill program at the Kingman Gold Project in Arizona is set to commence as planned.

Boart-Longyear, who completed Riedel's RC drill program on time and on budget in April this year, are scheduled to mobilise to site late next week for the drill campaign.

The drill program will initially focus on the Tintic mine area, where drilling in February/March this year confirmed multiple high-grade gold and silver assays located close to surface including:

• 3.8m @ 98.8 g/t gold & 151 g/t silver from 20.6m (hole 2021-CHL-004)
• 4.6m @ 4.24 g/t gold from 10.7m **(**hole 2021-CHL-005)
• 2.3m @ 7.6 g/t gold from 18.3m (hole 2021-CHL-003)
• 1.5m @ 571 g/t silver from 33.5m (hole 2021-CHL-010) and
• 1.5m @ 39.3g/t gold & 323 g/t silver from 37.3m (hole 2021-CHL-011) 1

Riedel Chairman Michael Bohm stated:

"It is exciting that we will be commencing drilling at Kingman in the coming days, following up the near surface high grades we achieved in our last drill program at Tintic.

"Subject to laboratory turnaround times, we anticipate receiving first drill assay results from the program in mid-November 2021."

1 Refer ASX announcement dated 23 March 2021. The Company confirms it is not aware of any new information or data that materially affects the information included in the announcement.

Project Background

The Kingman Project is located in north-west Arizona, USA, approximately 90 minutes' drive from downtown Las Vegas and within 5km of a major highway (refer Map 1).

Map 1 – Location of Riedel's Kingman project in Arizona, USA

The project was mined predominantly for high-grade gold and silver from the 1880s until the early 1940s which coincided with the outbreak of WWII. Following limited drilling near Tintic in the 1990s, 11 diamond holes were drilled on the property in late 2019 which intersected multiple zones of high-grade gold, silver and lead from shallow depths, confirming the extensive mineralisation potential of the area (refer Riedel ASX announcement dated 23 October 2020).

In April 2021, Riedel completed a 5,000m RC drill program over several historic mine areas on the property, including at Tintic, Merrimac, Arizona Magma and Jim's. This drilling returned numerous high-grade gold and silver assay results including 3.8m at 98.9g/t gold and 151g/t silver from 20.6m at Tintic (refer ASX announcement dated 23 March 2021). In addition, it confirmed a 1.8km long exploration target associated with the historic Jim's mine to host significant gold, silver, zinc and lead mineralisation as shallow as 1.5m below surface (refer Riedel's ASX announcement dated 19 April 2021).

The Kingman Project has seen minimal modern exploration. Riedel's RC drill program completed in April 2021 was its first at Kingman, where it is looking to acquire up to an 80% interest in via its December 2020 Agreement with Flagstaff Minerals Limited and Flagstaff Minerals (USA) Inc (refer Riedel's ASX announcement dated 23 October 2020).

This announcement was approved for release by the Board of Directors of Riedel.

-ENDS-

Competent Person Statement

Information in this release that relates to Exploration Results is based on information compiled by Mr Sean Whiteford, who is a qualified geologist, a member of the Australian Institute of Mining and Metallurgy, and a consultant to Riedel Resources Limited. Mr Whiteford has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Whiteford consents to the inclusion in this release of the matters based on his information in the form and context in which it appears. Mr Whiteford is not a shareholder of the Company.

Forward Looking Statements

This release includes forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue", and "guidance", or other similar words and may include, without limitation statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production output.

Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the company's actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of resources or reserves, political and social risks, changes to the regulatory framework within which the company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward looking statements are based on the company and its management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the company's business and operations in the future. The company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the company's business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the company or management or beyond the company's control.

Although the company attempts to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be anticipated, estimated or intended, and many events are beyond the reasonable control of the company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements.

Forward looking statements in this release are given as at the date of issue only. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

For further information please contact:

Michael Bohm – Chairman Riedel Resources Limited 4/6 Richardson St, West Perth, WA, 6005, Australia Tel: +61 (08) 9226 0866 admin@riedelresources.com.au

About Riedel Resources Limited

Riedel Resources Limited listed on ASX on 31 January 2011 and is an Australian-based exploration company focused on the exploration for gold, silver and base metals in Australia and Arizona, USA.

Further information can be found at the Company's website www.riedelresources.com.au