Riedel Resources Extends High-Grade Kingman Gold Mineralisation and Secures Major WA Acquisition

Kingman Drilling Confirms High-Grade Gold-Silver Mineralisation

Riedel Resources Limited (ASX:RIE) has delivered compelling assay results from its Kingman Gold Project in Arizona, with diamond drilling at the Tintic Deposit returning standout intercepts such as 0.61 metres grading 71.9 g/t gold and 92.5 g/t silver. These results not only validate the existing geological model but also identify extensions to the northwest of the current Mineral Resource Estimate (MRE), suggesting the deposit’s footprint could expand beyond previous boundaries.

Additional near-surface oxide intercepts between 10 and 30 metres depth support a cost-effective follow-up drilling campaign. Meanwhile, drilling at the Silver Fox Prospect confirmed gold-silver anomalism along a structurally controlled corridor, reinforcing its potential as a genuine exploration target within the Kingman district’s mineralisation framework.

The program’s structural measurements and assay correlations confirm that the high-grade lodes occur at predicted locations and dips, bolstering confidence in the geological model. The presence of elevated silver alongside gold supports a hypogene sulphide style mineralisation variably oxidised near surface, consistent across the deposit. These findings build on earlier drilling campaigns and continue to position Kingman as a promising asset in Riedel’s portfolio, as detailed in the company’s high-grade assay results reported last quarter.

Advancing Metallurgical Testing and Exploration Infrastructure

Riedel has collected PQ diamond core samples specifically for heap-leach metallurgical testwork, a crucial step toward assessing the Tintic Deposit’s development potential. The final composite selection of oxide and transitional domain samples is underway, with testwork planned to evaluate cyanide amenability and gold/silver recoveries, particularly in iron-oxide-rich altered zones.

Complementing drilling, the company has progressed soil geochemistry program design focusing on covered ground south of Chloride Road, aiming to detect concealed epithermal gold-silver and copper-molybdenum porphyry mineralisation. Seven trenches have been fully permitted by the Bureau of Land Management (BLM) to expose bedrock beneath shallow cover, enabling rapid sampling and guiding future drill targeting.

Operational planning for the Exploration Plan of Operations (PoO) is near completion, with environmental consultants soon to be engaged for formal BLM submission. The PoO will govern disturbances related to trenching, drill-pad construction, and access upgrades while maintaining exploration flexibility within regulatory limits.

Transformational Acquisition of Cosmo and Mt Venn Projects in Western Australia

Post-quarter, Riedel entered a binding agreement to acquire a majority and controlling interest in the Cosmo and Mt Venn Gold Projects in the Laverton Gold District of Western Australia, through the acquisition of Sarama Resources’ subsidiary Yikarri Resources. The transaction involves issuing 150 million shares and 100 million performance rights to Sarama, alongside capped project-related cost payments.

These projects cover approximately 1,000 km² of underexplored greenstone belts known for extensive gold-in-soil anomalies, with Cosmo displaying 45 km of strike length and footprints up to 1.8 km wide. Encouragingly, grab samples at Cosmo have graded as high as 52 g/t gold. Riedel plans to commence drilling in July 2026 following cultural heritage clearances, aiming to unlock the potential of these belts long constrained by historical access issues.

The acquisition and concurrent two-tranche A$2.5 million equity placement, led by 708 Capital Pty Ltd, are designed to fund exploration across the newly acquired projects and existing operations. The placement’s first tranche of approximately $1.2 million will be completed under existing placement capacities, while the second tranche of around $1.3 million is subject to shareholder approval anticipated in June 2026. This capital raise is expected to boost Riedel’s cash reserves to about A$4 million on a post-completion basis, providing a solid financial platform for upcoming work programs, as highlighted in the recent major WA gold project acquisition announcement.

Strategic Board and Management Changes

Reflecting its growth trajectory, Riedel appointed Mr Andrew Dinning as a Non-Executive Director in April 2026, replacing Mr Scott Patrizi. Meanwhile, Paul Schmiede is proposed to take over as Chief Executive Officer upon completion of the acquisition, with Jack Hamilton transitioning to a Special Advisor role overseeing exploration activities across the Kingman, Cosmo, and Mt Venn projects.

These leadership changes align with Riedel’s strategic expansion and are expected to provide experienced guidance as the company advances multiple high-potential assets across two continents.

Marymia East Gold Project Progress in Western Australia

In addition to its core projects, Riedel holds an 11.93% interest in the Marymia East Gold and Base Metals Project near the Bulgera Gold Project in Western Australia. Recent drilling at the Shiraz Prospect returned a notable high-grade intersection of 3 metres at 7.93 g/t gold, complementing historical shallow mineralisation across Shiraz and the nearby Chardonnay Prospect. Norwest Minerals Limited has commenced 3D modelling of drill data to support maiden resource estimates expected in May 2026.

This satellite project could supplement future production at Bulgera, reinforcing Riedel’s broader regional exposure and exploration upside in the Murchison district.