Mount Ridley Mines Limited (Mt Ridley or the Company) announced that drilling has resumed at its namesake Mount Ridley REE Project. The 100% owned Project is located approximately 50km north of the Port of Esperance Western Australia, with an area covering approximately 3,400km2. Diamond drilling has commenced at Mt Ridley and will twin rare earth intersections at key prospects including Tyrrells, Mia, Butch Fabienne and Vincent.

Drilling will aim to examine rare earth mineralogy to assist with ore genesis models and guide metallurgical testwork. Two aircore rigs are due to commence infill and step out drilling over a total mineralized footprint of 1,200 square kilometres. The 50,000 metre aircore program is likely to finish in second quarter of fiscal year 2023.

Metallurgical testwork on selected prospects is ongoing. Company well positioned to fund exploration with $6.0 million due from the underwritten options (MRDOB) expiring on 30th November 2022. Holes to be twinned include: o 23m at 3,688ppm TREO1 from 6m in MRAC1053 at Tyrrell Prospect o 15m at 2,120ppm TREO from 15m in MRAC1234 at the Mia Prospect o 47m at 1,521ppm TREO from 33m in MRAC0955 at the Butch Prospect o 12m at 2,178ppm TREO from 45m in MRAC1325 at the Fabienne Prospect o 9m at 2,447ppm TREO from 54m in MRAC1026 at the Winston Prospect o 12m at 1,346ppm TREO from 24m in MRAC0920 at the Vincent Prospect o 13m at 788ppm TREO from 27m in MRAC0961 at the Keith Prospect, and o 12m at 1,180ppm TREO from 36m from MRAC1003 at the Jules Prospect.