Riedel Resources Limited announced the first assay results from a 23-hole diamond drill program completed at its Kingman Project in Arizona during Fourth Quarter CY2022. Multiple high-grade gold results seen in shallow holes 2022-KNG-017A, 017B and 017C confirm and complement the previous high-grade RC drill assay results achieved in 2022. The mineralisation at this location at Tintic is approximately 150m in width (to date) and is close to surface across each drill hole intercept on the section.

The exceptional result of 0.37m @ 122.6g/t Au, 172g/t Ag and 3.7% Pb from 67.4m seen in hole 2022-KNG-021B, supports the high-grade intercept seen in RC hole 2022-CHL-075D which returned 3.8m @ 18.1gt/Au and 201g/t Ag including 1.5m @ 38g/t Au and 492g/t Ag¹. In addition to the high gold grades, the silver and lead suite of grades appear significantly elevated. 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. Kingman Project Background 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 (refer Map 1).

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). 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's recent RC drill program completed in April 2022 was its third 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. This announcement was approved for release by the Board of Directors of Riedel.