Riedel Resources Limited announced further assay results from its 23-hole drill program completed at its Kingman Project in Arizona in late 2022. Multiple high-grade gold results, as seen in the first holes reported on 18 January 2023, continue to be achieved, including another +100g/t Au assay result of 0.24m @ 130g/t Au, 732g/t Ag and 28% Pb from 21m within a broader 0.76m @ 52.8g/t Au and 261g/t Ag from 20.4m in hole KNG-2022-013B. This adds to the 0.37m @ 122.6g/t Au, 172g/t Ag and 3.7% Pb achieved in hole 2022-KNG-021B reported in January 2023¹.

In addition to the +100g/t Au assay results seen to date, hole 2022-KNG-026A, located towards northern end of the Tintic zone, demonstrates potential for a possible continuation of the shallow high-grade mineralised zone further north. This is an encouraging result given Hole 2022- KNG-021B reported recently², suggests potential for possible extensions of the high- grade mineralisation to the south-west. As noted previously, the mineralisation seen to date at Tintic is approximately 600m in length and up to 150m in width.

Highlights from this batch of assays from the Tintic zone include: 3.96m @ 6.81g/t Au and 47g/t Ag from 18.3m (2022-KNG-022A) incl. 0.91m @ 16.4g/t Au, 75g/t Ag and 2.8% Pb from 18.3m and 0.31m @ 18.5g/t and 83g/t Ag from 20.7m and 0.31m @ 12.1g.t Au, 143g/t Ag and 1.6% Pb from 21.9m 1.8m @ 16.3g/t Au and 70g/t Ag from 23.8m (2022-KNG-026A) incl. 0.82m @ 32.3g/t Au and 110g/t Ag from 24.3m 0.76m @ 52.8g/t Au and 261g/t Ag from 20.4m (2022-KNG-013B) incl.

0.18m @ 39.2g/t Au and 85g/t Ag from 20.4m and 0.24m @ 130g/t Au, 732g/t Ag and 28% Pb from 21.0m 0.42m @ 27.7g/t Au and 73g/t Ag from 20.7m (2022-KNG-013A) The above results strongly support the results recently released on 18 January 2023¹, which included: 5.5m @ 12.4g/t Au, 105g/t Ag and 3.9% Pb from 16.8m (2022-KNG-017C) incl. 1m @ 47.9g/t Au, 266g/t Ag and 10.5% Pb from 17.1m 1m @ 14.3g/t Au, 222g/t Ag and 14.6% Pb from 18.8m (2022-KNG-017B) incl. 0.6m @ 23.7g/t Au, 298g/t Ag and 23% Pb from 18.8m 0.82m @ 17.1g/t Au and 28g/t Ag from 14.3m (2022-KNG-017A) incl.

0.25m @ 50.1g/t Au, 63g/t Ag & 10.5% Pb from 14.3m 1.86m @ 11.7g/t Au and 90g/t Ag from 21.3m (2022-KNG-017A) incl. 0.67m @ 30.8g/t Au, 81g/t Ag & 3.9% Pb from 21.3m 0.37m @ 122.6g/t Au, 172g/t Ag and 3.7% Pb from 67.4m (2022-KNG-021B) As previously reported, mineralisation at Tintic appears to be contained within shallow, flat-dipping veins which comprise of varying amounts of quartz, clay and sulphide mineralisation. There are also indications of a stacked lode/sill complex in the drilling and assay results.

The shallow depth of the intersected mineralisation, including the significant gold and silver grades seen in drilling, lends itself to the future potential for open-pit mining methods. The Kingman Project is located in north-west Arizona, USA, approximately 90 minutes' drive from downtown Las Vegas and within 5km of a major highway. 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. During 2021, Riedel completed 9,420m of RC drilling (104 holes) over several historic mine areas on the property, including at Tintic, Merrimac, Arizona-Magma (Plate 2) and Jim's. This drilling returned high-grade assay results including 3.8m at 98.9g/t gold and 151g/t silver from 20.6m at Tintic. 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.

The Kingman Project has seen minimal modern exploration. Riedel completed two RC drill programs and one diamond drill program during 2022, 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. This announcement was approved for release by the Board of Directors of Riedel.