Riversgold : Additional High Grade Lithium Prospects Defined at Tambourah

ASX: RGL Announcement 30 March 2022

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Additional High Grade Lithium Prospects Defined at

Tambourah

• • Systematic evaluation of previous exploration results reveals significant lithium values from rock chips samples collected by Fortescue Metals Group (ASX:FMG) at Tambourah in the late 2010s. Significant results include:

  • o 1.49% Li2O, 364 ppm Cs, 40 ppm Ta, 46 ppm Nb, 1,810 ppm Rb

  • o 1.21% Li2O, 254 ppm Cs, 38 ppm Ta, 70 ppm Nb, 3,476 ppm Rb

  • o 1.15% Li2O, 547 ppm Cs, 182 ppm Ta, 52 ppm Nb, 3,470 ppm Rb

• • Sampling focussed on two prospects, the existing Ragdoll occurrence and newly identified Bengal Prospect

  • o Both prospects appear to have multiple pegmatite intrusives associated with mineralisation

• • Follow up field reconnaissance to verify sampling conducted by FMG and systematically assess the potential of additional pegmatites underway this week

• • Stream sediment sampling results by FMG appear to have strong correlation with interpreted pegmatites

• • Results enhance the overall prospectivity of the 26km long mineralised corridor

Riversgold Limited (ASX: RGL) ("Riversgold", "the Company") is pleased to announce the identification of an additional high grade lithium prospect at the Tambourah Lithium Project in the Pilbara region of Western Australia. The prospect was defined through the systematic evaluation by the Company's geological team of historical exploration conducted across the Project.

Riversgold CEO, Julian Ford, said: "The extensive work conducted by FMG has provided us with further confidence in the existing Ragdoll Prospect and has additionally outlined the presence of the newly identified Bengal Prospect, located 1,500m to the north. In addition to the rock chip sampling, FMG completed systematic stream sediment sampling over the tenement. Through the collation of this and integration with our interpreted pegmatite units we can see a substantial level of lithium anomalism located proximal to interpreted pegmatites.

Our field crew will be assessing the Bengal Prospect this week and will continue to work through the prospective 26km long mineralised corridor. We look forward to providing further updates from our field reconnaissance and evaluation of previous exploration across the Project as we work through the substantial body of historical data."

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ASX: RGL Announcement 30 March 2022

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FMG Sampling Overview

Fortescue Metals Group Ltd (ASX:FMG, FMG) conducted rock chip sampling and stream sediment sampling across the project between 2015-2020. The rock chip sampling conducted provided further confirmation of the presence of lithium mineralisation associated with pegmatites at the established Ragdoll Prospect - formerly named LTPO1. In addition, the Bengal Prospect, located 1.5 km to the north, has been identified. It is interpreted that the Bengal Prospect is an east-north-east trending pegmatite swarm.

Figure 1: Bengal Prospect Rock Chip Sampling and Interpreted Pegmatites

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ASX: RGL Announcement 30 March 2022

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Figure 2: Ragdoll Prospect Rock Chip Sampling and Interpreted Pegmatites, including new sample J 576019

The sampling conducted by FMG across the Ragdoll Prospect has provided further validation of both the sampling conducted by the Company and previously by Altura. Field based exploration going forward will target the paralleling pegmatite horizons to determine their respective potential of being mineralised.

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ASX: RGL Announcement 30 March 2022

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Figure 3: Stream Sediment Sampling FMG

Stream sediment sampling conducted by FMG has provided a degree of vectoring to prioritise pegmatites warranting further investigation. From the interpretation conducted there appears to be a high degree of correlation between interpreted pegmatites and geochemically anomalous stream sediment sampling. Assuming this correlation can be verified, further infill and extensional geochemical surveys will be undertaken.

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ASX: RGL Announcement 30 March 2022

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Tambourah Project Overview

Figure 4: Location of Pilbara Projects

The main Tambourah tenement - E45/5721 - is ~25km from top to bottom and 6km wide. Based on the LCT lithium exploration model, the source of the lithium is thought to be the Split Rock Supergroup Granite, shown to the left of the tenement in Figure 4. Based on the LCT model, the lithium-rich portion of the pegmatite is believed to occur within 6-10km of the granite intrusion, which means the entire greenstone portion of this tenement is prospective for LCT-rich pegmatites.

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P:[phone]

E:[e-mail]:www.riversgold.com.au