Richmond Minerals Inc. provided update for exploration work at the Ridley Lake Gold Project located in the west central area of the Swayze Greenstone belt approximately 35 kilometers east of Newmont's Borden Gold Project. As reported in 2015 and 2016 IP and Magnetic surveys were successful in identifying well-defined geophysical anomalies characterized by high chargeability and resistivity with prominent coincidental magnetic anomalies (the "Aguara East anomalies"), having a northeast orientation and a strike length in excess of 825 metres. Modeling of the data obtained from the July 2015 and November 2016 combined surveys identified multiple targets at vertical depths down to the IP survey limit of approximately 200 metres.

Drill testing of these IP/Mag targets in the Aguara Zone in 2017 and 2020 yielded drill intersections high-lighted by 18.3 g/t gold over 3 m in hole RS-20-33 (from 329m to 332m) and 0.33 g/t gold over 136 m in hole RS-17-30. In December 2023 the Company completed 17.15 km of Spectral Induced Polarization (IP)/Resistivity (dipole-dipole, a=50 m, n= 1 to 6) and Magnetic surveys (the "Survey") to test for anomalous responses at the Cyril Knight Zone located approximately 800 m due north of the Aguara Zone. Overall the IP/Resistivity Survey of the Cyril Knight Grid resulted in unusual anomalies.

The contour map apparent chargeability (mV/V), derived from the combined data of the Cyril Knight, Aguara East and, Aguara West Grids, show two, markedly different apparent chargeability regimes. The southern Regime IP-A, that covers the Aguara East and Aguara West grids is characterized by northwest striking, discrete, well defined IP anomalous trends, as opposed to the northern Cyril Knight Zone IP-B where the anomalous responses are broad and continuous along almost entire survey lines. Specifically, seven IP anomalous horizons were identified within the IP-B regime.

The trends are sub-parallel and confirm with the northeast trending geology. The trends are identified as trends RW-1, RW-4, RW-5, RIP-6 and the discontinuous trend RW-7. The significant trend is RW-1 and may form the westerly continuation of the Trend RIP-1A of the Aguara East Grid and is centered about the Cyril Knight Grid base line 0 extending to L600W located between Lines 75W and 150W. The trend is associated with apparent resistivities exceeding 10,000 ohm-m and is suggestive of possible strong alteration within this area of the Property.

The prominent apparent chargeability anomalous trend identified as RW-5 extends from L225W to L750W and is found within the northern area of the grid and may represent the extension of Trend RIP-5 of the Aguara East Gri. RW-5 is characterized by apparent resistivities of 1,000 ohm-m or lower. Further west of L750W the signatures become complex and imply the depth of these wide source(s) may be 100 m or greater.

Trend RW-6 consists of anomalous IP responses that were observed at dipole separations n=8 and n=9, and are indicative of deeper sources. The associated resistivities here exceed 10,000 ohm-m and may also be associated with strong alteration. It is noted the wide anomalous IP responses with larger dipole separations (n=7, 8 and 9) at L900W may be in part of the northwesterly extension of RW-6. Trend RW-7 is detected intermittently at larger dipole separations indicating greater depths to the sources.

The trend is located between Trend RW-5 in the north and RW-1 on the south and is well defined along Lines 525W 375W and 300W. Significantly, the associated apparent resistivities are more than 10,000 ohm-m. Company management believes this trend is very promising and worthy of follow-up drill testing. Trend RW-4 is noted in pseudo-sections from L75W to L375W.

It is characterized by apparent chargeabilities exceeding 10 mV/V. RW-4 is the westerly extension of RIP-6 of the East grid. A formational source is suspected. Multiple drill hole collar locations have been recommended for follow-up testing of these new targets.

Plans are underway for the resumption of drilling in early summer of 2024. Oberzeiring Polymetallic Project: The 99 exploration licenses near the village of Oberzeiring expired on 31st December 2023. The licenses had been acquired from Silbermine Zeiring GmbH on March 12, 2020.

A number of unpredictably burdensome circumstances arose relating to this project, and the company decided to halt exploration activities and focus on its more promising Canadian projects. Richmond plans to phase out all Austrian projects in the coming months. Warren Hawkins, P.Eng, a "Qualified Person", within the meaning of Nation Instrument 43-101- Standards of Disclosure for Minerals Projects, has reviewed and approved the scientific and technical information contained in this news release.

Mr. Hawkins is not considered to be "independent" of the Corporation (as defined in National Instrument 43-101), as he currently holds securities of the Corporation.