RIEDEL RESOURCES LIMITED — Capital/Financing Update 2023

Jul 4, 2023

05 July 2023

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DRILLING UPDATE AT KINGMAN GOLD PROJECT, USA

Riedel Resources Limited ( ASX:RIE , Riedel or the Company ) is pleased to provide an update on the Company’s resource definition drilling at the Tintic prospect at the Kingman Project in northwest Arizona.

Key Highlights:

• Twenty-six reverse circulation (RC) drill holes for ~1900m have been completed from the initial Priority 1 program.

• Riedel intends to complete a total of ~7,000m by September 2023.

• Drilling is targeting the Tintic prospect to underpin a maiden Mineral Resource Estimate (MRE) by end of 2023 with regional drilling planned to target extensions to the north and south of Tintic and regional targets .

• First assay results anticipated in late July subject to laboratory turnaround.

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Figure 1: Harris Drilling crew sampling at Riedel’s Tintic prospect.

Riedel CEO David Groombridge said :

“The resource drill out at Tintic has made a strong start and is progressing efficiently and on schedule with approximately half of the Priority 1 holes completed to date.

In July, drilling will advance to the south of Tintic to complete the remaining Priority 1 holes before the exploration team shifts its focus to some exciting early-stage prospects across the Project.

The first batch of drill samples are currently at the laboratory under analysis with first assay results due in late July-early August.

We are making excellent progress with the focus on delivering a Maiden Resource Estimate at Tintic before the end of 2023.”

The Company looks forward to providing further updates as they come to hand.

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Figure 2: Geologists Dr. Mike Feinstein and Stuart Ashbaugh from MineOro and Senior Geotechnician Adam Barnett from Anytime Exploration Services (AES) at the first 2023 drill hole at the Tintic prospect.

Overview

Riedel has defined mineralisation over approximately 600m strike length at Tintic, with previous drilling returning high-grade intersections located close to surface including[1] :

• 3.8m @ 98.9 g/t gold & 151 g/t silver from 20.6m

• 1.5m @ 39.3 g/t gold & 323 g/t silver from 37.3m

• 4.6m @ 12.43 g/t Au, 52 g/t silver from 45m

• 3.8m @ 18.1 g/t Au, 201 g/t silver from 85.4m

• 5.5m @ 12.4 g/t Au, 105 g/t silver from 16.76m

• 4.6m @ 8.39 g/t gold & 39 g/t silver from 100.6m

• 5.3m @ 18.1 g/t gold & 24 g/t silver from 23.6m.

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Figure 1: Aerial view of the Tintic and Jim’s prospects looking southeast towards the adjacent Mineral Park Porphyry CopperMolybdenum Mine (Mineral Park not an asset of the Company) – not to scale. The mineralisation outcrops at Tintic and Jim’s with alluvial cover masking the section between the prospects. Inset: High-grade, massive sulphide vein with galena, pyrite and sphalerite mineralisation at Tintic returned 0.24m @ 130g/t Au, 732g/t Ag and 28% Pb from 21.0m (2022-KNG-013B – refer ASX announcement 1 Feb 2023).

1 Refer ASX announcement dated 23/10/2020, 23/03/2021, 19/04/2021, 9/12/2021, 20/01/2022, 11/05/2022, 6/06/2022, 15/07/2022, 18/01/2023, 1/02/2023, 16/02/2023, 28/02/2023. The Company confirms it is not aware of any new information or data that materially affects the information included in the announcement’s”.

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Figure 2: Cross section through Tintic highlighting 2021 RC and 2022 diamond intersections.

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Figure 3: Ground magnetic geophysical image across the Central group of prospects east of the town of Chloride highlighting a strong correlation observed between high-grade gold-silver mineralisation at Tintic, Jim’s and Merrimac and high magnetic NW trending gabbro dykes.

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Figure 4: Regional ground magnetic geophysical image of the Kingman Project with no ground magnetic imagery highlighted in black circles. The planned 2023 magnetic survey aims to complete the coverage across the southeast of the Claim area at the Comanche Mine and the Bobcat Veins, and also in the north of the Project.

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 below).

The project area 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 1990’s, 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 2021, Riedel completed more than 9,000m of RC at Tintic with another 20 diamond holes in 2022.

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Figure 5: Location of the Kingman Project in Arizona, USA with major access routes through the area.

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

-ENDS-

Competent Person Statement

The information in this announcement that relates to exploration results is based on information compiled by Mr David Groombridge, a Competent Person who is a Member the Australasian Institute of Mining and Metallurgy (“AusIMM”). Mr Groombridge is an employee and security holder of the Company and has sufficient experience that 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 Mineral Resources and Ore Reserves’ (the “JORC Code”). Mr Groombridge consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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: David Groombridge – CEO 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