IRR.L Regulatory News (IRR)

2 September 2021

High-Grade Drill Intersections

New Mineralised Pegmatite Confirmed at Grasscutter

Mineralised Pegmatites Extended at Ewoyaa North

Ghana, West Africa

IronRidge Resources Limited (AIM: IRR, "IronRidge" or the "Company"), the African focussed minerals exploration company, is pleased to report additional broad and high-grade lithium pegmatite drill intersections at new targets adjacent to the Ewoyaa Lithium Project ("Ewoyaa" or "ELP"), where the Company 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/5173K_1-2021-9-2.pdf

HIGHLIGHTS:

Ø New high-grade lithium pegmatite intersections reported in initial reverse circulation ("RC") drilling results at the Grasscutter target adjacent to the ELP, including highlights at a 0.4% Li2O cut-off and maximum 4m of internal dilution of:

o GRC0368: 49m at 1.21% Li2O from 122m

o GRC0362: 29m at 1.49% Li2O from 71m

o GRC0364: 26m at 1.57% Li2O from 126m

o GRC0365: 23m at 1.55% Li2O from 73m

o GRC0363: 23m at 1.41% Li2O from 62m

o GRC0366: 21m at 1.36% Li2O from 150m

o GRC0367: 18m at 1.5% Li2O from 53m

o GRC0359: 21m at 0.92% Li2O from 68m

o GRC0361: 12m at 1.44% Li2O from 47m

Ø Additional high-grade lithium pegmatite intersections reported in ongoing reverse circulation ("RC") drilling results at the Ewoyaa North and Anokyi Main targets adjacent to the ELP, including highlights at a 0.4% Li2O cut-off and maximum 4m of internal dilution of:

o GRC0351: 30m at 1.53% Li2O from 109m

o GRC0348: 30m at 1.3% Li2O from 81m

o GRC0356: 14m at 1.1% Li2O from 83m

o GRC0349: 14m at 0.88% Li2O from 77m

o GRC0334: 7m at 1.47% Li2O from 72m

o GRC0350: 6m at 1.63% Li2O from 123m

Ø RC resource extension drilling now completed for a total 25,612m in 205 holes; assay results reported herewith for an additional 6,921m of the current programme.

Ø Infill resource drilling, metallurgical diamond core drilling and planning for hydro monitoring drilling, mining and engineering studies now commenced with five drill rigs on site.

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.

Ø Increasing lithium demand due to its role in the stored energy transition.

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

"We are highly encouraged by the ongoing results received from new targets adjacent to Ewoyaa, which continue to confirm high grades in new exploration targets tested within the ELP area.

"We have defined a new mineralised structure at the Grasscutter target, where broad pegmatite intersections, including 49m at 1.21% Li2O, have been reported within 620m of the resource footprint. The board is confident the additional exploration targets will increase resource scale and improve project economics, where we have defined Ghana's first lithium resource of 14.5Mt at 1.31% Li2O, within 110km of an operating deep-sea port.

"We remain energised to be advancing the Project with our new partner Piedmont Lithium, with infill resource, metallurgical and hydrogeological drilling underway, and five drill rigs currently on site. The Company reaffirms that it is ideally positioned to take advantage of the increasing global demand for lithium."

Ongoing Drilling Results

New high-grade drilling results for 6,921m in 50 holes have been received for the ongoing drill programme. Multiple high-grade drill intersections have been returned, with highlights reported in Table 1 and Figure 1 at a 0.4% Li2O cut-off and maximum 4m of internal dilution (refer Appendix 1 for all reported intersections). Cross sections for highlight holes over the new Grasscutter target are shown in Figure 2 and Figure 3.

All sampling was completed at 1m sampling intervals at the drill site and submitted for analysis at Intertek laboratory with sample preparation completed in Ghana and sample analysis in Perth, Western Australia. All results passed internal and laboratory QA/QC protocols, providing confidence in the reported results.

The drilling programme was designed to test multiple new spodumene-bearing pegmatites identified through the Company's recent and ongoing auger drill programme; to add resource tonnes within the immediate ELP mine corridor area (refer Figure 4). The programme will also advance the regional exploration pipeline by drill testing the Ndasiman, Amoanda and Hweda targets within the Saltpond and Apam West licenses respectively (refer Figure 5).

The original planned 12,500m RC drilling programme was increased to 16,500m to test strike extensions of drilled pegmatites and further increased to 25,000m to include the recently defined Grasscutter and Ewoyaa North targets.

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.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

For any further information please contact:

Notes to Editors:

About IronRidge

www.ironridgeresources.com.au

IronRidge Resources is an AIM-listed, 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. As announced on 1 June 2021, IronRidge intends to demerge its suite of gold assets into a separate listed entity. As announced on 31 August 2021, Piedmont Lithium to fully fund the Ewoyaa lithium project in Ghana.

Ghana

The Cape Coast Lithium portfolio covers some 684km2 and includes the newly discovered Ewoyaa Lithium Project with a maiden 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 (reported in accordance with the JORC Code). The Company entered into earn-in arrangements with Obotan Minerals Limited, Merlink Resources Limited, Barari Developments Limited and Joy Transporters Limited of Ghana, West Africa, securing the first access rights to acquire the historical Egyasimanku Hill spodumene rich lithium deposit, estimated to be in the order of 1.48Mt at 1.67% Li2O and surrounding tenements. The tenure package is also prospective for tin, tantalum, niobium, caesium and gold, which occur as accessory minerals within the pegmatites and host formations.

Côte d'Ivoire

The Company entered into conditional earn-in arrangements in Côte d'Ivoire, West Africa; securing access rights to highly prospective gold mineralised structures and pegmatite occurrences covering a combined 3,584km2 and 1,172km2 area respectively. The projects are well located within access of an extensive bitumen road network and along strike from multi-million-ounce gold projects and mines. The Company's most advanced project is the Zaranou gold project which includes high-grade gold drilling intersections along 8km strike including 6m at 6.44g/t gold from 132m, 6m at 15.11g/t gold from 26m, 4m at 5.16g/t gold from 110m and 22m at 3.39g/t gold from 8m within a broader 47km long gold anomalous structure.

Chad

The Company entered into an agreement with Tekton Minerals Pte Ltd of Singapore concerning its portfolio covering 746km2 of highly prospective gold and other mineral projects in Chad, Central Africa. IronRidge acquired 100% of Tekton including its projects and team to advance the Dorothe, Echbara, Am Ouchar, Nabagay and Kalaka licenses, which host multiple, large scale gold projects. Trenching results at Dorothe, including 84m at 1.66g/t Au (including 6m at 5.49g/t & 8m at 6.23g/t), 4m at 18.77g/t Au (including 2m at 36.2g/t), 32m at 2.02g/t Au (including 18m at 3.22g/t), 24m at 2.53g/t Au (including 6m at 4.1g/t (including 2m at 6.2g/t) and 2m at 6.14g/t), 14.12g/t Au over 4m, 34.1g/t over 2m and 63.2g/t over 1m, have defined significant gold mineralised quartz veining zones over a 3km by 1km area including the steep dipping 'Main Vein' and shallow dipping 'Sheeted Vein' zones.

Corporate

IronRidge made its AIM debut in February 2015, successfully securing strategic alliances with three international companies; Assore Limited of South Africa, Sumitomo Corporation of Japan and DGR Global Limited of Australia. Assore is a high-grade iron, chrome and manganese mining specialist. Sumitomo Corporation is a global resources, mining marketing and trading conglomerate. DGR Global is a project generation and exploration specialist.