Ann: Excellent Beneficiation Test Results Lift REE Grades, page-2

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Excellent screen beneficiation test results lift REE grades by up to 202% at the Mount Ridley REE1 Project.

Exploration Update - Beneficiation Test Results Mount Ridley Mines Limited (ASX: MRD, “Mt Ridley” or “the Company” is pleased to provide a summary of results from a programme of screen beneficiation testing of samples from its 100% owned Mount Ridley REE Project, located approximately 50km north of the Port of Esperance, Western Australia (Figure 1). Beneficiation testing was initiated following the return of very high silica assays from the Mia and other prospects hosted in clays with a felsic rock protolith. Beneficiation is a process which removes barren minerals from mineralisation to achieve an improvement in grade. Screen beneficiation tests were undertaken by the Simulus Group on nineteen (19) samples from 15 drill holes. Samples were from 6 of the 11 prospects that form the Mount Ridley REE Project (Figures 2 and 3). A range of screens with apertures between 500 micron (µm) and 25 µm were used, with results showing that optimum beneficiation, being the relationship between mass rejected and REE recovered, was achieved by screening at 75 µm (Table 1 and Graph 1).