IRR.L Regulatory News (IRR)

19 July 2021

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 750,000 Ordinary Shares at a price of 12 pence per share as a result of the exercise of unlisted employment options.

Application will be made for the 750,000 Ordinary Shares to be admitted to trading on AIM and admission is expected to take place on or around 26 July 2021 ("Admission").

On Admission of the 750,000 Ordinary Shares to trading the issued share capital of the Company will comprise 516,864,246 Ordinary Shares. When calculating voting rights, shareholders should use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company.

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.

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 @ 1.39% Li2O in the indicated category (reported in accordance with the JORC Code). A Scoping Study on the Ewoyaa Lithium Project, announced in January 2021, supports a business case for a 2.0 Million tonnes per annum production operation, producing an average 295,000tpa of 6% Li2O spodumene concentrate, with life of mine revenues exceeding US$1.55 Billion. The Company has also secured 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, feldspar, 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.