IronRidge Resources (IRR.L) Corporate Update Executive Management Team Secured

Issue of Options and Performance Shares

The Board of IronRidge Resources Limited (AIM: IRR, ‘IronRidge’ or the ‘Company’) , an Africa focused minerals exploration company with a significant lithium pegmatite discovery in Ghana, extensive gold portfolios in Côte d’Ivoire and a potential new gold province discovery in Chad, is pleased to announce the commitment of its senior management team for the next phase of the Company’s project and corporate developments.

HIGHLIGHTS:

Ø Chief Executive Officer – Vincent Mascolo commits to a further two years with an option for a further two years.

Ø Chief Operating Officer – Len Kolff commits to a further two years with an option for a further two years.

Commenting on the Company’s latest progress, Neil Herbert, Chairman of IronRidge, said :

“Underpinning the Company’s transition from explorer to developer and producer, we are delighted to have secured the continued services of Vincent and Len who have both been instrumental in the development of the Company to date. Of note, both executives were paramount in securing the recent landmark developments which will now see the Company’s Ewoyaa Lithium Project fully funded through to production and a strategic portfolio review designed to unlock value for shareholders.

“We believe they will continue to make a significant contribution to the Company’s efforts to both strengthen and rapidly develop its project inventory and shareholder value”.

Issue of Share Options and Performance Rights

Accordingly, and as part of contract extensions and other personnel initiatives, the Company will issue the following unlisted options and performance rights to employees:

The proposed issue of unlisted Options and Performance Rights to Mr Len Kolff replaces a long-term incentive award agreed between Mr Kolff and the Company on 3 September 2018. It is intended that the new unlisted options and performance rights be issued to him immediately after the forthcoming EGM.

Unlisted Options

Number of Options Strike Price Term to Expiry

3,000,000 30 pence 2 years from issue

4,000,000 40 pence 2 years from issue

5,000,000 50 pence 2 years from issue

Unlisted Performance Rights

Number of Performance Rights Maturity Price Term to Expiry

225,000 30 pence 2 years from issue

225,000 35 pence 2 years from issue

225,000 40 pence 2 years from issue

225,000 45 pence 2 years from issue

225,000 50 pence 2 years from issue

225,000 55 pence 2 years from issue

225,000 60 pence 2 years from issue

225,000 65 pence 2 years from issue

500,000 70 pence 2 years from issue

750,000 75 pence 2 years from issue

1,000,000 GBP1.00 2 years from issue

Achievement of the Maturity Price milestone triggers the vesting of the Performance Rights to fully paid ordinary shares. The Maturity Price is based on a 15 Trading Day VWAP metric for each tranche of Rights.

As a result of the renewed contractual arrangements for the CEO, Mr Vincent Mascolo, the Company intends to issue the following unlisted Options and Performance Rights as detailed below, subject to the approval of shareholders at the Company’s upcoming 2021 EGM. Mr Mascolo’s renewed contract is on similar terms to that of his expiring arrangements. The proposed issue of unlisted Options and Performance Rights to Mr Mascolo replaces the long-term incentive award agreed between Mr Mascolo and the Company on 3 September 2018 and approved by shareholders on 29 November 2018.

Unlisted Options

Number of Options Strike Price Term to Expiry

4,000,000 30 pence 2 years from issue

5,000,000 40 pence 2 years from issue

6,000,000 50 pence 2 years from issue

Unlisted Performance Rights

Number of Performance Rights Maturity Price Term to Expiry

450,000 30 pence 2 years from issue

450,000 35 pence 2 years from issue

450,000 40 pence 2 years from issue

450,000 45 pence 2 years from issue

450,000 50 pence 2 years from issue

450,000 55 pence 2 years from issue

450,000 60 pence 2 years from issue

450,000 65 pence 2 years from issue

1,000,000 70 pence 2 years from issue

1,500,000 75 pence 2 years from issue

2,000,000 GBP1.00 2 years from issue

The Maturity Price milestone triggers the vesting of the Performance Rights to fully paid ordinary shares and is based on a 15 Trading Day VWAP metric for each tranche of Rights.

For any further information please contact:

IronRidge Resources Limited

Vincent Mascolo (Chief Executive Officer)

Amanda Harsas (Company Secretary)

www.ironridgeresources.com.au

Tel: +61 2 8072 0640


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