Mount Ridley Mines Limited to 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 2. On-going regional aircore (AC) drilling intersects thick zones of high grade (>1,000ppm) total Rare Earth Oxide (TREO) mineralisation at the new Jody and Marvelous Marvin Prospects New results include: MRAC1125: 6m at 3,182ppm TREO (33% MagREO2) from 24m MRAC1161: 20m at 1,514ppm TREO3 (25% MagREO) from 12m and MRAC1162: 35m at 1,999ppm TREO (26% MagREO) from 18m at the new Jodi Prospect. MRAC1077: 15m at 1,736ppm TREO (23% MagREO) from 36m and MRAC1082: 21m at 1,906ppm TREO (18% MagREO) from 45m at the new Marvelous Marvin Prospect. MRAC0995: 8m at 1,493ppm TREO (23% MagREO) from 18m and MRAC1003: 12m at 1,180ppm TREO (30% MagREO) from 36m at the Jules Prospect Drilling assay results have been received for 1,479 samples (excluding quality control samples) from 88 aircore drill holes4.

Significant TREO (above 500ppm) mineralisation extended 4 previously identified prospects and two new prospects; Jodi and Marvelous Marvin, were discovered. Of the 88 holes assayed, 77 returned significant TREO. Drilling was carried out along existing tracks which form project-wide network, with drillholes spaced 400m apart.

New prospects at Jody and Marvelous Marvin were discovered, with each displaying relatively shallow (less than 20m of cover), widespread, thick, high-grade TREO intervals containing up to 33% MagREO. Individual assays of higher grade (above 1,000ppm) TREO were common.