Riedel Resources Finalizes Acquisition of Key Western Australian Gold Projects, Expands Multi-Jurisdictional Exploration Portfolio Including Arizona

Strategic Acquisition of Laverton Gold District Projects Enhances Riedel's Exploration Portfolio

Riedel Resources Limited has successfully completed the acquisition of controlling interests in two substantial gold exploration projects in Western Australia's Laverton Gold District. The Cosmo Project covers 580 square kilometres, while the Mt Venn Project encompasses 420 square kilometres, collectively providing belt-scale exploration positions over approximately 1,000 square kilometres of prospective greenstone terrain. This acquisition significantly expands Riedel’s operational footprint and strengthens its strategic positioning within one of Australia’s most prolific gold regions.

These projects are strategically located near several major gold discoveries and producing mines, including the Gruyere deposit with an indicated resource of 9.1 million ounces of gold, the Duketon deposit with 7.4 million ounces, and the Golden Highway Trend hosting 1.6 million ounces. This concentration of substantial gold mineralisation in the vicinity underscores the prospectivity of the Cosmo and Mt Venn Projects and establishes a robust geological foundation for future exploration success. The acquisition transforms Riedel from a single-project explorer into a multi-jurisdictional gold company with balanced exposure across Western Australia and Arizona.

Cosmo Project Features Multiple Large-Scale Gold Anomalies Poised for Drilling

Exploration at the Cosmo Project has revealed several kilometre-scale gold-in-soil anomalies that remain untested by drilling. These represent priority targets for Riedel’s upcoming reconnaissance drilling campaigns, which will be the first systematic drilling on the project since the 1990s. The presence of multiple anomalies across a broad area highlights the greenstone belt’s prospectivity and the significant upside potential from applying modern exploration techniques.

Following Aboriginal cultural heritage clearance obtained after surveys in March 2026, Riedel is set to commence soil geochemistry surveys and reconnaissance drilling. The company has secured all necessary regulatory approvals and is preparing for drilling, marking a critical operational milestone. These activities align with Riedel’s objective to rapidly advance the project through systematic exploration and data collection.

Mt Venn Project Offers Multiple Commodity Targets Requiring Geological Reinterpretation

Covering 420 square kilometres, the Mt Venn Project has seen prior exploration uncovering multiple gold occurrences alongside potential copper and platinum group elements. Historical soil geochemistry and auger drilling identified several kilometre-scale gold-in-soil anomalies that remain untested by drilling due to past commodity price cycles and competing corporate priorities limiting exploration investment.

Riedel is conducting a comprehensive reinterpretation of Mt Venn’s geological model to better understand mineralisation controls and refine target definitions. This work will proceed alongside soil geochemistry surveys in underexplored areas or where previous results may have been obscured by sand cover. This integrated approach underscores Riedel’s commitment to fully evaluating exploration potential and generating drill-ready targets for systematic advancement.

Kingman Gold Project in Arizona Expands Exploration with Regional Soil Geochemistry

Riedel’s Kingman Gold Project in Arizona will benefit from broadened exploration focus through regional soil geochemistry surveys. The project currently holds an Inferred Mineral Resource of 64,000 ounces of gold centered on a near-surface vein system at the Tintic Prospect. This resource forms the foundation for expanding exploration across largely untested areas of the project.

The soil geochemistry program will include orientation and regional surveys aimed at generating new targets beyond the Tintic Prospect’s resource zone. This strategy reflects Riedel’s systematic approach to portfolio growth and its dedication to developing multiple value drivers across its geographic footprint.

Enhanced Leadership Team Brings Proven African Gold Discovery Expertise

Riedel has restructured its management and technical leadership to support its expanded portfolio and growth ambitions. Andrew Dinning joins as Non-Executive Director, Paul Schmiede as Chief Executive Officer under a full executive services agreement, and Jack Hamilton as Special Advisor – Exploration overseeing activities across all three projects. These appointments significantly bolster the company’s technical and corporate capabilities.

The new executives bring extensive exploration, project development, corporate, and business development experience, notably contributing to the discovery and development of major African gold projects such as Kibali, with 31.1 million ounces of gold, and Sanutura, holding 2.9 million ounces. Additionally, they possess in-depth knowledge of the Cosmo and Mt Venn Projects from Sarama’s stewardship over the past two years and maintain strong relationships with associated Native Title groups. This blend of proven discovery track record and project familiarity equips the team to execute exploration programs effectively.

Sarama Resources Maintains Significant Equity Stake as Supportive Shareholder Post-Transaction

The acquisition involved Riedel purchasing 100% of Yikarri Resources Pty Ltd, formerly a wholly owned subsidiary of Sarama Resources Ltd. Riedel’s consideration included issuing 150 million fully paid ordinary shares and 100 million performance rights to Sarama across four tranches vesting upon achievement of specific milestones. This equity-based consideration preserves Riedel’s cash reserves while aligning Sarama’s interests with future exploration success.

Post-transaction, Sarama holds approximately 32% equity interest in Riedel, positioning it as a significant supportive shareholder. This retained ownership fosters alignment between vendor and acquirer and reflects confidence in Riedel’s management and exploration strategy. The performance rights structure further incentivizes milestone-driven exploration outcomes.

Transaction Details and Consideration Terms Defined in Share Sale Agreement

The binding Share Sale Agreement between Riedel and Sarama, initially disclosed on 21 April 2026, governed the acquisition of Yikarri Resources Pty Ltd, which holds the Cosmo and Mt Venn Projects. The transaction’s consideration was structured to reflect the strategic value of the assets while preserving Riedel’s cash position and aligning interests through equity and performance rights issuance.

Issuing ordinary shares and performance rights provides Sarama with immediate equity participation and potential upside linked to exploration milestones. The four performance rights tranches create a structured vesting pathway contingent on Riedel’s exploration achievements, a common arrangement in exploration transactions that balances vendor equity retention with incentivizing project advancement.

Robust Cash Position Enables Comprehensive Exploration Across Expanded Portfolio

Riedel maintains a strong cash position, enabling funding of systematic exploration programs across its enlarged portfolio. While specific cash balances were not disclosed, the company confirmed sufficient working capital to initiate and advance exploration at Cosmo, Mt Venn, and Kingman Projects. This financial strength is crucial for managing operations across two Tier 1 jurisdictions separated by significant distances.

The ability to fund exploration is particularly important given the recent Aboriginal cultural heritage clearance at Cosmo and the planned reconnaissance drilling. Alongside soil geochemistry surveys at Mt Venn and Kingman, these activities mark a substantial increase in exploration expenditure compared to historical levels. Riedel’s solid cash reserves support absorbing these costs while progressing multiple projects concurrently.

Strategic Positioning Offers Opportunity to Explore Under-Explored Greenstone Belts

The Cosmo and Mt Venn Projects’ location within the Laverton Gold District provides Riedel with belt-scale exploration positions over under-explored greenstone terrains. Together, these projects cover about 100 kilometres of strike length across two distinct greenstone belts that have seen limited modern exploration. The extensive greenstone terrain and surrounding gold mineralisation create significant opportunities for systematic testing using contemporary geochemical and drilling methods.

These greenstone belts represent some of the last largely unexplored terrain in the region, enhancing their strategic value and discovery potential. Previous exploration identified gold-in-soil anomalies but lacked systematic drilling to test many targets. Riedel’s acquisition and commitment to comprehensive exploration offer the chance to thoroughly evaluate these terranes. Supported by an experienced technical team and adequate funding, Riedel is well positioned to potentially make significant discoveries within these under-explored geological settings.