Mount Ridley Mines Limited provided an update for its 100% owned Mount Ridley REE Project, located approximately 50km north of the Port of Esperance, Western Australia and with an area of approximately 3,400km. The Mount Ridley Project, with an area of approximately 3,400km2, is located on predominantly Crown Land approximately 35km north-east of the deep-water Port of Esperance, WA. The Project is also close to the Esperance-Kalgoorlie infrastructure corridor and Esperance Airport.

Aircore drilling to commence expanding targets at known areas of REE mineralisation. Stage 3 ­ Primary Target Expansion Drilling: The Company has received Programme of Works (POW) approvals from the Department of Mines Industry Regulation and Safety (DMIRS), which permits aircore drilling at all prospects, including Mia, Butch, Tyrrell's Keith's, Marcellus', Winston's, Jules' and Vincent's Prospects. Drilling will resume at the Mia Prospect on a 2,000m by 400m pattern, progressively being closed in to a 400m by 400m grid as results warrant, a process that will be undertaken at all targets.

Further infill drilling will take place as required to enable JORC compliant Resource estimates to be completed. Extractive Metallurgy will commence concurrently. The Company has retained Independent Metallurgical Operations, a Perth-based metallurgical consultancy and laboratory, to plan and oversee REE extraction test work as the first step towards the development of a process flowsheet.

In late 2022, the Company completed 20 PQ diamond drill core holes providing 961.5m of material for extractive metallurgical test work. Currently the core is being cut, photographed and non-destructively analysed using infra-red and x-ray techniques. A subset of the core will be analysed conventionally to provide baseline head grades.