Red Dirt Metals : Diamond Drilling Assays - 31.9m @ 1.01% Li2O

only	107 244 039
ACN
ASX	RDT

DATE 26 May 2022

useISSUED CAPITAL Ordinary Shares: 301.5M

BOARD OF DIRECTORS

Matthew Boyes

Managing Director

personalAlex Hewlett

Ch irman

James Croser

Non-Executive Director

Tim Manners

N n-Executive Director

Nader El Sayed

Non-Executive Director

COMPANY SECRETARY

Steven Wood

REGISTERED OFFICE

A	Suite 4, Level 1,
ForP	6 Centro Ave,
Subiaco WA 6008
[phone]

1. [e-mail]

1. reddirtmetals.com.au

ASX ANNOUNCEMENT

Diamond Drilling Assays

31.9m @ 1.01% Li2O

Red Dirt Metals Limited (ASX: RDT) ("Red Dirt" or the "Company") is pleased to provide an update on the latest batch of assays received from three diamond holes at its Mt Ida Lithium Gold Project. These results include the first diamond hole returned from the Timoni pegmatite with exceptional grades reported across the pegmatite interval.

Highlights include;

"Sister Sam" Pegmatite;

• 31.9m @ 1.01% Li2O intersected in IDRCD204 from 367m o including 8m @ 1.90% Li2O from 378m
• 26.3m @ 1.1% Li2O intersected in IDRCD172 from 299.9m o including 3.5m @ 2.4% Li2O from 300.4m

"Timoni" Pegmatite interval in first diamond hole;

• 5.2m @ 2.42% Li2O intersected in IDRCD153 from 275.6m
• 4 drill rigs now onsite completing expanded 60,000m programme
• Resource definition drilling on target for completion by end Q2 2022

Drilling at the southern Sister Sam and Timoni Pegmatite has again reported exceptional grades of Li2O over significant thicknesses. The first Timoni core from IDRCD153 intersected 5.2m @ 2.42% Li2O from 275.6m downhole with high contents of visible coarse spodumene crystals in the submitted core.

The Timoni pegmatite remains open at depth with IDRD006 intersecting 14.95m of pegmatite core from 404m downhole approximately 120m further down plunge from IDRCD153 (assays pending). This is indicating that the pegmatite is thickening with depth. Sister Sam drilling will now focus on the delineation of the shallower portion of the pegmatite body between 200m and 40m from surface for both metallurgical and resource definition purposes.

With a 4th drill rig now having arrived at site, and further rig (1 Aircore) planned to arrive by the end of May, the Company is advancing the resource drill-out and regional exploration programmes as quickly as practicable. Red Dirt is continuing its aggressive approach to exploration and development with an additional 60,000m of drilling now approved in addition to the 28,000m already completed at the project since November 2021.

For personal use only

Figure 1; Planview of the Mt Ida pegmatites modelled and extrapolated to surface with significant Li2O intervals

For personal use only

Figure 2; Section through Sister Sam pegmatite showing Li2O grades reported to date with additional new intervals

After receiving very positive first round sighter testwork results (ASX release 4th May 2022), the collection of a 2.5 tonne representative metallurgical sample for the feasibility level metallurgical testwork programme is ongoing in conjunction with resource definition drilling targeted for completion by end of June 2022. Red Dirt is currently applying a 30th June cut-off date for the last drilling to be submitted for analysis and to be included into a maiden resource estimation.

The Company has an independent consulting group contracted to calculate and report the maiden resource estimate for the Sister Sam, Timoni and Sparrow pegmatites. In addition to the Lithium resource will be a review, re-calculation and report on an updated JORC 2012 resource of the existing gold-copper mineralisation at Mt Ida, as these resources are currently calculated under JORC 2004 and require updating for compliance purposes.

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Figure 3; Timoni section with pegmatite outline and updated lithium assays

Managing Director Matthew Boyes commented on updated Drill results from Mt Ida;

"An excellent result again from the diamond core assays especially now with Timoni pegmatite also reporting very high-grade Lithium results over good widths. We've seen a steady increase in drill metre production rates with another two machines now onsite and we are on target for the completion of our resource definition drill out by the end of June 2022. I see the calculation of this resource estimate as our next major de-risking hurdle in the development of the Mt Ida Lithium project."

Authorised for ASX lodgement by the Board.

Red Dirt Metals Limited Matthew Boyes Managing Director [phone] [e-mail]

For personal use only

Competent Persons Statement

Exploration information in this Announcement is based upon work undertaken by Mr Matthew Boyes who is a Fellow of the Australasian Institute of Mining and Metallurgy (AUSIMM). Mr Boyes has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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' (JORC Code). Mr Boyes is an employee of Red Dirt Metals Limited and consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

The information in this release that references previously reported exploration results is extracted from the Company's ASX market announcements released on the date noted in the body of the text where that reference appears, or above. The previous market announcements are available to view on the Company's website or on the ASX website (www. asx.com.au). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.