Mount Ridley Mines Limited provided an update following the receipt of the first group of assay results from its inaugural drilling programme specifically targeting clay-hosted rare earth element (REE) mineralisation. Standout results from this first group of assays include: Winston's Extensions: MRAC0872: 14m at 812 ppm TREO from 27m; MRAC0893: 17m at 1043 ppm TREO from 40m; MRAC0894: 11m at 1080 ppm TREO from 1m; MRAC0895: 11m at 940 ppm TREO from 34m; MRAC0896: 18m at 834 ppm TREO from 31m; MRAC0898: 5m at 1027 ppm TREO from 52m; MRAC1200: 12m at 938 ppm TREO from 6m; MRAC1201: 9m at 1386ppm TREO from 24m. Vincent: MRAC0920: 22m at 886ppm TREO from 24m including 12m at 1346 ppm TREO from 33m; MRAC0927: 7m at 1525 ppm TREO from 60m; MRAC0930: 9m at 1203 ppm TREO from surface; MRAC0931: 7m at 1205 ppm TREO from 30m; MRAC0932: 8m at 1055 ppm TREO from 21m; MRAC0935: 7m at 1711 ppm TREO from 30m; MRAC0942: 13m at 1620 ppm TREO from 22m; MRAC0939: 7m at 1336 ppm TREO from 33m; MRAC0980: 9m at 1393 ppm TREO from 48m.

Jules: MRAC0995: 8m at 1493 ppm TREO from 18m; MRAC1003: 22m at 822ppm TREO from 36m including 12m at 1180 ppm TREO from 36m. AIRCORE DRILLING EXTENDS ALREADY EXTENSIVE REE MINERATION: The Mount Ridley REE Project is located approximately 50km north of the Port of Esperance Western Australia with an area covering approximately 3,400km2. Commencing in March 20221, the Company undertook drilling adjacent to known REE mineralisation at the Winston's Prospect and first-pass Regional Drilling throughout the Project where accessible tracks were available, using two aircore drilling rigs for much of the duration of the programme.

The Company's aircore programme saw: 409 holes (MRAC0862-MRAC1114, MRAC1200-MRAC1355) drilled for 18,927m; and from these, 8,497 samples were submitted to a commercial laboratory.