IRR.L Regulatory News (IRR)

25 June 2020

IronRidge Resources Limited

(AIM: IRR)

Issue of Equity

The Board of IronRidge Resources Limited (IronRidge or the Company) wishes to advise of the allotment and issue of the following equity securities in the Company:

(i) 1,063,193 depositary interests of no par value each ("Ordinary Shares") to Geodrill Limited, as partial satisfaction of invoiced costs associated with drilling at the Company's projects in Ghana and Cote d'Ivoire. The issue of shares to Geodrill Limited is being made pursuant to the arrangements outlined in the Company's previous market release of 8 August 2019.

(ii) 17,850,429 fully-paid Ordinary Shares, as part of the Company's capital raising announced 11 May 2020, and as approved by shareholders at today's General Meeting;

(iii) 33,928,786 Fundraising Warrants, as part of the Company's previously announced capital raising, and as approved by shareholders at today's General Meeting;

(iv) 1,444,714 Broker Warrants, as part payment of the brokerage fees associated with the Company's previously announced capital raising, and as approved by shareholders at today's General Meeting;

(v) 11,250,000 Director Options (as broken down below), as approved by shareholders at today's General Meeting:

(vi) 12,700,000 ESOP Options to the Company's employees, to align them with the shareholder-approved Director Options.

All of the Options are unlisted and exercisable at a price of 12p per new Ordinary Share through to 24 June 2022. However, all of the Options are also subject to an early exercise trigger in the event that the Company's ordinary shares trade at a Volume Weighted Average Price at or above 16p per share for a period of five consecutive business days. In those circumstances, the Company has the ability to call on the holders to exercise their Options (the "Director Options" or the "ESOP Options").

All of the warrants are unlisted and exercisable at a price of 12p per new Ordinary Share through to 24 June 2022. However, all of the Warrants are also subject to an early exercise trigger in the event that the Company's ordinary shares trade at a Volume Weighted Average Price at or above 16p per share for a period of five consecutive business days. In those circumstances, the Company has the ability to call on the holders to exercise their Warrants (the "Fundraising Warrants" or the "Broker Warrants").

Application will be made for the Ordinary Shares to be admitted to trading on AIM and admission is expected to take place on or around 1 July 2020 ("Admission").

Following Admission, the Company will have a total of 404,513,660 Ordinary Shares in issue with each share carrying the right to one vote. The Company does not hold any Ordinary Shares in Treasury.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:

TABLE 1 - ISSUE OF OPTIONS

TABLE 2 - ISSUE OF ORDINARY SHARES

TABLE 3 - GRANT OF WARRANTS PURSUANT TO THE FUNDRAISE

For any further information, please contact:

Notes to Editors

IronRidge Resources is an AIM-listed, Africa focussed minerals exploration company with a lithium pegmatite discovery in Ghana, extensive grassroots gold portfolio in Cote d'Ivoire and a potential new gold province discovery in Chad. The Company holds legacy iron ore assets in Gabon and a bauxite resource in Australia. IronRidge's strategy is to create and sustain shareholder value through the discovery and development of significant and globally demanded commodities.

Ghana

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 portfolio covers some 684km2 with the newly discovered Ewoyaa project including drill intersections of 128m @ 1.21% Li2O from 3m and 111m @ 1.35% Li2O from 37m, and a further identified 20km strike of pegmatite vein swarms.

The Cape Coast lithium portfolio in Ghana is an emerging lithium province with a 14.5Mt at 1.31% Li2O maiden Mineral Resource estimate (reported in accordance with the JORC Code) in Indicated and Inferred status at the Ewoyaa and Abonko deposits. The tenure package is also highly prospective for tin, tantalum, niobium, caesium and gold, which occur as accessory minerals within the pegmatites and host formations.

Chad

The Company entered into an agreement with Tekton Minerals Pte Ltd of Singapore concerning its portfolio covering 900km2 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 @ 1.66g/t Au (including 6m @ 5.49g/t & 8m @ 6.23g/t), 4m @ 18.77g/t Au (including 2m @ 36.2g/t), 32m @ 2.02g/t Au (including 18m @ 3.22g/t), 24m @ 2.53g/t Au (including 6m @ 4.1g/t (including 2m @ 6.2g/t) and 2m @ 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.

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.

Australia

Monogorilby is prospective for province scale titanium and bauxite, with an initial maiden resource of 54.9MT of premium DSO bauxite. Monogorilby is located in central Queensland, within a short trucking distance of the rail system leading north to the Port of Bundaberg. It is also located within close proximity of the active Queensland Rail network heading south towards the Port of Brisbane.

May Queen is located in Central Queensland within IRR's wholly owned Monogorilby license package and is highly prospective for gold. Historic drilling completed during the 1980's intersected multiple high-grade gold intervals, including 2m @ 73.4 g/t Au (including 1m at 145g/t), 4m @ 38.8g/t Au (at end of hole) and 3m @ 18.9g/t Au, over an approximate 100m strike hosting numerous parallel vein systems, open to the north-west and south-east.

Gabon

Tchibanga is located in south-western Gabon, in the Nyanga Province, within 10-60km of the Atlantic coastline. This project comprises two exploration licenses, Tchibanga and Tchibanga Nord, which cover a combined area of 3,396km2 and include over 90km of prospective lithologies and the historic Mont Pele iron occurrence.

Belinga Sud is Located in the north east of Gabon in the Ogooue-Ivindo Province, approximately 400km east of the capital city of Libreville. IRR's licence lies between the main Belinga Iron Ore Deposit, believed to be one of the world's largest untapped reserves of iron ore with an estimated 1bt of iron ore at a grade >60% Fe, and the route of the Trans Gabonese railway, which currently carries manganese ore and timber from Franceville to the Port of Owendo in Libreville.

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.