Mount Ridley Mines Limited provided a drilling update following the receipt of further assay results from its 2022 drilling programme which specifically targeted clay-hosted rare earth element (REE) mineralisation. The 100% owned Mount Ridley Rare Earth Element Project is located approximately 50km north of the Port of Esperance Western Australia, with an area covering approximately 3,400km2. AIRCORE DRILLING INTERSECTS EXTENSIVE REE MINERALISATION WITHIN AN AREA OF AT LEAST 1,200KM2: Results reported herein are for 223 drill holes1, and 3,820 samples (excluding quality control samples) now assayed.

New prospects, namely Mia, Butch and Fabienne (in addition to the recently announced Vincent and Jules Prospects), have been identified, with very broad, thick intervals of REE2 mineralisation grading above 500ppm TREO3 and 10,000m TREO4 returned at each. Significant drilling intersections include: Tyrrell's – Marcellus: MRAC1053: 235m at 3,688ppm TREO from 6m including 959ppm MagREO, MRCA1068: 11m at 1,115ppm TREO from 24m including 212ppm MagREO. Mia: MRAC1233: 18m at 1,046ppm TREO from 19m including 341ppm MagREO, MRAC1234: 15m at 2,120ppm TREO from 15m including 388ppm MagREO, MRAC1235: 24m at 982ppm TREO from 24m including 269ppm MagREO, MRAC1236: 15m at 950ppm TREO from 21m including 248ppm MagREO.

Keith's – Vincent: MRAC0957: 9m at 1,154ppm TREO from 42m including 376ppm MagREO, MRAC1101: 12m at 1,433ppm TREO from 39m including 451ppm MagREO, MRAC1026: 9m at 2,447ppm TREO from 54m including 913ppm MagREO. Butch: MRAC0954: 16m at 1,282ppm TREO from 42m including 324ppm MagREO, MRAC0955: 47m at 1,521ppm TREO from 33m including 369ppm MagREO, MRAC0956: 20m at 1,948ppm TREO from 42m including 362ppm MagREO, MRAC1012: 16m at 1,935ppm TREO from 39m including 417ppm MagREO, MRAC1017: 6m at 2,690ppm TREO from 36m including 835ppm MagREO. Fabienne: MRAC1259: 12m at 976ppm TREO from 30m including 316ppm MagREO, MRAC1263: 12m at 1,634ppm TREO from 45m including 486ppm MagREO, MRAC1311: 9m at 1,122ppm TREO from 75m including 246ppm MagREO, MRAC1325: 12m at 2,178ppm TREO from 45m including 608ppm MagREO, MRAC1326: 13m at 1,561ppm TREO from 63m including 409ppm MagREO, MRAC1327: 15m at 1,157ppm TREO from 60m including 306ppm MagREO.

The latest drill results have: Extended the overall central REE Corridor, which includes Winston's, Keith's, Jules' and Vincent's, with mineralisation intersections forming a zone that is approximately 30km by 11km - reinforcing the Company's view that REE mineralisation is extensively distributed within the Project; Identified new regional mineralisation targets at the Fabienne, Butch and Mia Prospects, located southwest and northeast of previously known mineralisation; and Confirmed targets at Marcellus and Tyrrell's. MRAC1053: 23m at 3,688 ppm TREO from 6m at Tyrrell's is the best drilling intersection from the Mount Ridley region to date; All drilling has been along existing bush tracks, and within vacant crown land. The Company has adopted a policy to avoid the adjoining cultivated farmland.