Riversgold : Proposed Acquisition of Prospective Pilbara Lithium Projects

ASX: RGL

Announcement 10 March 2022

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Proposed strategic acquisition of prospective Pilbara

Lithium Projects

Significant portfolio of four lithium prospective tenements (pending grant) covering 164km2 in

the Pilbara

Tambourah Project (Li, Rb, Ta, Cu, Au)

• Unexplored greenstone belt on the margin of granite contact over 25km in strike length up to 6km wide
• Sampling of pegmatites within tenure has returned results of up to 1.38% Li2O, 0.21% Rb2O, 0.03% Ta2O5
• Field visit confirmed multiple pegmatite veins showing spodumene and lepidolite (lithium) crystals within tenement package
• Pegmatites occur at contact between granite-greenstone unit which extends for 7.4km within tenure and in multiple swarms within greenstone unit
• Previous exploration and mining focussed predominantly on gold and to lesser extent copper potential, significant results include:
• • 21.34m at 1.45% Cu from 44.2m (PT22)
  • • Including 4.57m at 5.12% Cu;
  • 9.14m at 1.88% Cu and 0.19 g/t Au from 67m (PT8) ending in mineralisation
  • • Including 4.57m at 2.98% Cu
  • Rock chip samples of up to 13.8% Cu, 1.25 g/t Au

Wodgina East Project (Li, Fe)

• Located within ~2km of Albemarle / Mineral Resources' Wodgina Lithium Deposit (259.2Mt at 1.17% Li2O%)1
• Tenure surrounded by Albemarle / Mineral Resources JV ground and FMG tenements

Upper 5 Mile Creek (Li, Sn, Ta)

• Located 20km southeast of Nullagine, alluvial tin and tantalum previously exploited

Company to undertake capital raising

• Company to undertake a two tranche placement to raise approximately $1 million (before costs) at $0.017 per share
• Company to undertake a 1 for 8 non-renounceable rights issue to raise approximately $1 million (before costs) at the same issue price as the placement

Riversgold Limited (ASX: RGL, "Riversgold" or "the Company") is pleased to announce it has signed a binding agreement to acquire EV Minerals Pty Ltd, which holds the rights to acquire four mineral exploration tenement applications (currently in the name of Mining Equities Pty Ltd) covering

1 Refer to the announcement from Mineral Resources Limited (ASX:MIN) dated 23 October 2018 https://www.asx.com.au/asxpdf/20181023/pdf/43zjlqr1j8dlv2.pdf

1. Suite 23, 513 Hay Street, Subiaco WA 6008 P: [phone] E:[e-mail]: www.riversgold.com.au

ASX: RGL

Announcement 10 March 2022

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164km2 in the Pilbara region of Western Australia.

The key Tambourah Project, comprising adjacent proposed tenements E45/5721 and E45/6615, has multiple outcropping pegmatites containing lepidolite and potentially spodumene, as confirmed by recent reconnaissance mapping.

Photo 1: Typical mineral showing surface iron staining and lepidolite in broken rock chip

Riversgold CEO Julian Ford said: "The proposed acquisition of these Pilbara lithium assets, especially the Tambourah Project, is potentially company-making for Riversgold. The development of the Pilgangoora Project by Pilbara Minerals Limited (ASX: PLS) has been an extremely valuable case study for junior explorers looking to follow the same path as we now are. At Tambourah, we have the classic hallmarks of an LCT lithium target much like Pilgangoora. In Western Australia, we are fortunate that gold and lithium exploration targets often occur in the same tenure and geological setting. The exciting thing about these pegmatites are that they remain untested by drilling as historical exploration focused on gold and copper albeit never followed up. We are excited to be the first Company to focus on the lithium potential and look forward to getting on the ground to refine the established targets."

1. Suite 23, 513 Hay Street, Subiaco WA 6008 P: [phone] E:[e-mail]: www.riversgold.com.au

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ASX: RGL

Announcement

10 March 2022

Tambourah Project Overview (Li, Rb, Ta, Cu, Au)

Figure 1: Location of Pilbara Projects

The proposed Tambourah tenements (Tambourah E45/5721 and Tambourah South E45/6615) cover an area of 108km2. Tambourah is located approximately 170km south of Port Hedland. The Tambourah Project is accessed via the Great Northern Highway and the unsealed but well- maintained regional Shaw to Bow Road, which connects the Great Northern Highway to Marble Bar and goes through the northern section of the tenement. The Shaw to Bow Road is suitable for heavy vehicle access. The majority of the Tambourah Project is comprised of gently rolling hills covered in spinifex grass.

1. Suite 23, 513 Hay Street, Subiaco WA 6008 P: [phone] E:[e-mail]: www.riversgold.com.au

ASX: RGL

Announcement 10 March 2022

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Geology

Tambourah is located within the East Pilbara Granite-Greenstone Terrane of the Pilbara Craton which is characterised by large granitic complexes flanked by greenstone belts comprised of steeply dipping sequences of volcano-sedimentary rocks. The Tambourah Project partially overlies the limbs of the Western Shaw Greenstone Belt which is flanked by granitoid batholiths to the west and east. The Western Shaw Belt is considered to be an east-facing monoclonal panel bounded to the west by the Yule Batholith and the east by the Shaw Batholith. The greenstone succession is represented by members of the Warrawoona Group composed of repeated cycles of mafic-felsic volcanic activity, which is characterised by mafic-ultramafic volcanic rocks, felsic volcanic rocks and cherts. The most obvious structure is a strong north to north-east trending schistosity with intensity increasing westward towards the granite contact.

Locally, the greenstone is composed of north-trending mafic schists and amphibolite along with inter- dispersed cherts and dolerites belonging to the Warrawoona Group. Strong schistosity is evident in the mafic volcanic rocks which are typically of greenschist to amphibolite grade. The granite- greenstone contact is considered to be both structural and intrusive in nature with the exploration licence at Tambourah partially overlying the Yule Batholith, a monzogranitic batholith which is locally gneissic and intruded by pegmatite.

Lithium potential

Although the area was historically explored for both tin and tantalum, the Tambourah Project has never been systematically explored for lithium nor have the pegmatites within the tenure ever been drilled for lithium. In 2013, three rock chip pegmatite samples were taken by Altura Mining and assayed. These results are shown in Table 1 below. The samples were never followed up.

A recent due diligence field trip was undertaken by Riversgold representatives identified multiple pegmatite veins that appeared to be rich in lithium mineralisation, approximately 200 metres along strike from the area sampled by Altura. In addition, rock chip samples from two adjoining pegmatites were acquired by the Company. These samples are shown in Photos 1-4. These samples have been submitted for assay testing and mineralogy analysis. In addition, detailed interpretation of aerial photographs has identified potential swarms of pegmatites alongside the field-mapped pegmatites.

Table 1: Historical rock chip samples from Tambourah

	Sample			Easting			Northing			Li2O %			Cs ppm			Ta ppm			Nb ppm			Rb ppm
	RCP1			725875			7596823			0.22%			56			23			187			904
	RCP2	725897		7596809		0.25%		47		26		231		856
	RCP3			725941			7596746			1.38%			300			274			69.6			1890

1. Suite 23, 513 Hay Street, Subiaco WA 6008 P: [phone] E:[e-mail]: www.riversgold.com.au

ASX: RGL

Announcement

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Figure 2: Tambourah Project showing LCT Pegmatite prospectivity

characteristics

For personal use only

Riversgold considers the proximity of the nearby Tambourah Dome, the major geological structures running north south within the adjacent greenstones and pegmatites at Tambourah, to have the hallmarks of a classic LCT pegmatite system, similar to that at Pilgangoora and Wodgina.

At Tambourah, the greenstone belt wedged between the Tambourah Dome and Shaw Batholith is approximately 5-6km wide and the proposed Tambourah tenements extend for nearly 25km parallel to this contact. The Company considers the scale and mineralisation to be material factors in prioritising the Tambourah Project in its exploration strategy.

Historical exploration at Tambourah

Tambourah has been subject to prospector activity since the late 1800s with most gold production taking place between 1897 and 1906 from steeply dipping quartz veins. Further production was recorded in the 1980s from alluvial workings. No records of production or grade during either period are available. Since this time, the area has been periodically evaluated for gold and base metal potential. Significant historical mines and working include Tambourah (Numbers 1, 2, 3 and 4), Logans Find, The Star and Denis Mary.

More recent history for the tenure includes the targeting of base metals and gold in the 1960s by Anglo American, Sipa Resources in the 1980s and 1990s and De Grey Mining in the early 2000s. Significantly, the tantalum potential of the area was recognised by Talison Minerals which registered an exploration tenement in 2006 and initiated airborne geophysics and surface mapping. The exploration leases were subsequently farmed out to Atlas Iron Limited and De Grey Mining Ltd. Atlas Iron acquired the iron ore rights over the area in 2008 and held the

exploration leases until 2012. De Grey acquired the gold and base metal rights in 2007 and 2008.

1. Suite 23, 513 Hay Street, Subiaco WA 6008 P: [phone] E:[e-mail]: www.riversgold.com.au