Riedel Resources Limited provided an update on progress regarding its Kingman Project in Arizona, USA. Following on from the successful completion of the diamond drill program in late 2022, which returned numerous high-grade gold assay results from shallow diamond drill holes, Riedel announced that it has satisfied the AUD 5 Million exploration expenditure requirement and will now proceed, subject to shareholder approval, to issue 100 Million shares to Flagstaff Minerals Limited to earn a 51% interest in Flagstaff Minerals (USA) Inc. In addition, the Company has engaged Environmental and Metallurgical consultancy groups to commence initial project study work. This work involves baseline data collection on site and preliminary metallurgical test work in Canada and is scheduled to commence in the coming weeks, with the samples already sent to the metallurgical laboratory.

The work programs are important steps along the path toward Riedel's goal of assessing, advancing, permitting and potentially developing a shallow, high-grade, mining project at Tintic.