Riedel Resources : Kingman Project Update and Surface Sampling Results

For personal use only

17 November 2021

• RIEDEL RECEIVES ADDITIONAL HIGH-GRADE GOLD AND SILVER ASSAY RESULTS FROM SURFACE SAMPLING AT KINGMAN PROJECT, USA
• • FIRST KINGMAN RC DRILL RESULTS EXPECTED LATER THIS MONTH

Highlights:

• Riedel receives further high-grade gold and silver assays up to 169 g/t gold and 377 g/t silver from geochemical surface sampling over the south-east of the Kingman Project in north-west Arizona, USA
• Elevated zinc and lead samples also returned from the surface sampling program including assay results up to 7.1% lead and 6.5% zinc
• First assay results from Riedel's recent RC drill program at Tintic anticipated later this month

Riedel Resources Limited (ASX:RIE, Riedel or the Company) is pleased to announce results of further surface sampling within the claim areas staked earlier this year at its Kingman Project in northeast Arizona, USA. Sampling achieved high-grade gold and silver assay results predominantly in the south-east part of the project area, including:

• Sample 1671216 (South-East zone) - 67.6 g/t gold & 217 g/t silver
• Sample 1671229 (South-Eastzone) - 28.9 g/t gold & 377 g/t silver (& 6.7% lead)
• Sample 1671230 (South-East zone) - 169 g/t gold & 143g/t silver
• Sample 1671232 (South-East zone) - 9.1 g/t gold & 198g/t silver (& 7.1% lead)
• Sample 1671248 (Towne Extended) - 3.1 g/t gold & 83 g/t silver.

Riedel also received several additional elevated lead and zinc results from the surface sampling program, including:

• Sample 1671234 (South-East zone) - 2.5% lead

For personal use only

Riedel Chairman Michael Bohm stated: "We are pleased to achieve further high-grade gold and silver results from surface sampling at the Kingman Project. While surface sampling is a targeting tool and drilling is the final arbiter, it is nice to have these results to hand as they support the previous high- grade assay results achieved from surface sampling reported earlier this year1.

"We have a substantial land position in our Kingman Project with multiple mineralised targets in the south, in addition to our primary areas of focus at Tintic - where we recently wrapped-up an RC drilling program targeting extensions to the high grades achieved earlier this year2 - and the historic Merrimac/Arizona-Magma mine areas in the north of the project area.

"We keenly awaiting the first batch of assay results from the recent RC drilling that focussed on Tintic

• which we still target to have to hand later this month as previously advised." Significant surface sampling results are shown in Figure 1 below.

Figure 1 - Kingman Project showing location of latest significant surface assay results relative to the recently drilled historic Tintic mine area and nearby copper/moly occurrences previously mined by others (note the proximity of Highway 93 located approximately 3km to the west of the Kingman Project area).

1. Refer ASX announcement dated 3 August 2021
2. Refer ASX announcement dated 23 March 2021

The Company confirms it is not aware of any new information or data that materially affects the information included in the announcements.

For personal use only

Kingman Project

Map 1 - Location of Riedel's Kingman project in Arizona, USA

The project 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 1990s, 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 April 2021, Riedel completed a 5,000m RC drill program over several historic mine areas on the property, including at Tintic, Merrimac, Arizona Magma and Jim's. This drilling returned numerous high- grade gold and silver assay results including 3.8m at 98.9g/t gold and 151g/t silver from 20.6m at Tintic (refer ASX announcement dated 23 March 2021). In addition, it confirmed a 1.8km long exploration target associated with the historic Jim's mine to host significant gold, silver, zinc and lead mineralisation as shallow as 1.5m below surface (refer Riedel's ASX announcement dated 19 April 2021).

The Kingman Project has seen minimal modern exploration. Riedel's RC drill program completed in April 2021 was its first at Kingman, where it is looking to acquire up to an 80% interest in via its December 2020 Agreement with Flagstaff Minerals Limited and Flagstaff Minerals (USA) Inc (refer Riedel's ASX announcement dated 23 October 2020).

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

-ENDS-

For personal use only

Competent Person Statement

Information in this release that relates to Exploration Results is based on information compiled by Mr Sean Whiteford, who is a qualified geologist, a member of the Australian Institute of Mining and Metallurgy, and a consultant to Riedel Resources Limited. Mr Whiteford has sufficient experience which 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 Exploration Results, Mineral Resources and Ore Reserves'. Mr Whiteford consents to the inclusion in this release of the matters based on his information in the form and context in which it appears. Mr Whiteford is not a shareholder of the Company.

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:

Michael Bohm - Chairman

Riedel Resources Limited

4/6 Richardson St, West Perth, WA, 6005, Australia Tel: +61 (08) 9226 0866 admin@riedelresources.com.au

5