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IronRidge Resources (IRR.L) Commencement of Drilling, Ghana Lithium Project

Drilling Commenced at Ewoyaa

Visible Spodumene Intercepted in First Hole

Lithium Pegmatite Project

Ghana, West Africa

IronRidge Resources Limited (AIM: IRR, “IronRidge” or the “Company”), the African focussed minerals exploration company, is pleased to announce the commencement of drilling at the Ewoyaa Lithium Project (“Ewoyaa” or “ELP”), where it has defined a JORC compliant mineral resource estimate of 14.5Mt at 1.31% Li2O in the inferred and indicated category, including 4.5Mt at 1.39% Li2O in the indicated category in Ghana, West Africa.

Figures and Tables referred to in this release can be viewed in the PDF version available via this link:

http://www.rns-pdf.londonstockexchange.com/rns/6314L_1-2021-1-14.pdf

HIGHLIGHTS:

Ø Drilling contractor GeoDrill Limited (“GeoDrill”) mobilised to site and drilling commenced.

Ø First RC drill hole ( GRC0199) intersects visible spodumene on a new pegmatite target within 500m of the current resource.

Ø 12,500m reverse circulation (“RC”) drilling programme designed to add resource tonnes within the immediate Ewoyaa resource area.

Ø Approximately 10,000m of RC drilling designed to test seven new high-priority pegmatite targets, including outcropping spodumene pegmatite within the immediate Ewoyaa Lithium Project area to add potential resource tonnes.

Ø Approximately 2,500m of exploration RC drilling planned to test an additional three exploration targets; Ndasiman, Amoanda and Hweda within the Saltpond and Apam West licenses (refer RNS of 30 June 2020 and 7 Aug 2018).

Ø 6km of new access roads and 85 drill pads prepared within the Ewoyaa project area.

Ø Ideal infrastructure support: projects located within 110km of the operating Takoradi deep-sea port, within 100km of the capital Accra and adjacent to the sealed Takoradi – Accra highway and high-power transmission lines.

Ø Highly supportive government; long mining history, strong diversification drive and pro-renewable and stored energy space initiatives.

Commenting on the Company’s latest progress, Vincent Mascolo, Chief Executive Officer of IronRidge, said:”

We are delighted to report that drilling has commenced at the Ewoyaa Lithium Project, where we have defined Ghana’s first lithium JORC compliant resource of 14.5Mt at 1.31% Li2O in the inferred and indicated category within 110km of an operating deep-sea port.

“Our first RC drill hole of the season has intersected 13m of visible spodumene mineralisation on a new pegmatite target within 500m of the current resource and from a depth of 34m down hole.

“The approximate 12,500m RC programme is designed to rapidly test seven new high-priority pegmatite targets within the immediate Ewoyaa resource area u ncovered by the recently completed auger drilling programme, as well as test three exploration targets within the Saltpond and Apam West licenses.

“The single largest new pegmatite defined within the ELP corridor is 460m long and up to 30m apparent width with outcropping spodumene observed and the potential to add significant resource tonnes within the immediate project area.

“Over 6km of drill access and 85 drill pads have already been cleared and ready for drilling.

“Additionally, we will drill test the Ndasiman, Amoanda and Hweda exploration targets with approximately 2,500m of RC drilling, respectively 9km, 8km and 27km as the crow flies from Ewoyaa. The exploration targets occur within the adjoining exploration licenses and form part of our ongoing pipeline of project development within the highly prospective 684km2 lithium portfolio.

“Despite the challenges faced in the past year, IronRidge has made significant progress in driving its lithium assets and the Ewoyaa Lithium Project forward.

“The Company is well positioned to take advantage of the increasing demand for lithium and its role in the future of stored energy transition.

“We look forward to keeping shareholders up to date as results become available.”

Drilling Commenced – Visible Spodumene Intersected

Drilling has commenced at Ewoyaa with GeoDrill collaring the first hole of the 12,500m RC programme planned to be completed in or around early April 2021 (refer Figure 1 ).

Figure 1: Geodrill RC rig collaring the first hole GRC0199 of the 2021 season.

The first hole GRC0199, has intersected visible spodumene mineralisation between 34m to 47m down hole within the first of seven new pegmatite targets to be tested and within 500m of the current resource footprint, with assays pending. (refer Figure 2 and Figure 4 ).

Figure 2: GeoDrill RC rig collaring the first hole GRC0199 of the 2021 season.

The drilling programme is designed to test multiple new spodumene bearing pegmatites identified through the Company’s recent auger drill programme; to add resource tonnes within the immediate ELP area as well as advance the regional exploration pipeline by drill testing the Ndasiman, Amoanda and Hweda targets within the Saltpond and Apam West licenses respectively (refer Figure 3 ).

Figure 3: Summary of new target areas being tested and their location relative to the current resource footprint.

Seven new pegmatite targets will be drill tested as part of this programme and occur within 500m to 1.5km of the current resource footprint (refer Figure 4 ).

The newly defined pegmatite targets have similar strike and widths to the Ewoyaa North-East deposit which hosts 2.5Mt of mineralisation (JORC compliant, refer RNS of 28 January 2020and Figure 4).

Figure 4: Planned drilling with hole GRC0199 location and completed access over newly defined spodumene-bearing pegmatites within close proximity to the current resource footprint.

Competent Person Statement

Information in this announcement relating to the exploration results is based on data reviewed by Mr Lennard Kolff (MEcon. Geol., BSc. Hons ARSM), Chief Geologist of the Company. Mr Kolff is a Member of the Australian Institute of Geoscientists who has in excess of 20 years’ experience in mineral exploration and is a Qualified Person under the AIM Rules. Mr Kolff consents to the inclusion of the information in the form and context in which it appears.

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.


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