Mount Ridley Mines Limited provided the following update on the 100%-held Weld Range West Iron Project ("WRWIP") in the mid-west of Western Australia. Haematite/goethite mineralisation observed by MRD geologists in the maiden drilling campaign. Geophysical surveys recently completed indicate the centrally located Lulworth Formation BIF drill targets could merge into a single, three kilometre-long target zone. Heritage Protection survey to cover expanded Lulworth Formation target zone initiated. 883 samples from the May drilling programme are with a commercial laboratory for analysis with results expected shortly. Drilling has now resumed at the extended Lulworth Formation target zone. On 22 April 2021 MRD commenced an RC drilling programme at the WRWIP to test for haematite zones in banded iron formation ("BIF"), which could potentially be classed as "DSO" ­ Direct Shipping Ore. The programme consisted of thirty-seven (37) holes completed for 2,638 metres. In this first programme, two targets were drilled within the WRWIP: Target 1 in the southern Wilgie Mia BIF and Target 2, in the central Lulworth BIF. Drilling provided sufficient geological information about the development of haematite for the Company to commit to the second programme, which commenced on May 31, 2021. In addition, drilling demonstrated the presence of channel iron deposits ("CID"), recognised in mapping along the southern Wilgie Mia formation, but previously unrecognised along the flanks the Lulworth formation - in a layer that is up to 15m thick. The first drill programme generated 883 samples that are currently being analysed by a commercial laboratory. The return of analyses has been delayed due to large numbers of samples generated during the current exploration boom, which has created a significant backlog, however the analytical process for MRD's samples has started. During May, the following geophysical surveys were undertaken; A gravity survey, completed over much of the Wilgie Mia and Lulworth formations within the WRWIP. A trial ground magnetic survey over the eastern Wilgie Mia and Lulworth formations within the WRWIP. Appraisal of the resulting geophysical imagery from both surveys confirms the continuity of the Lulworth formation under cover, and therefore not evident in the surface geological mapping. Magnetic data imagery is used to indicate areas where the BIF units may have become structurally affected by faulting. De-magnetisation of the BIF at structurally complex areas can be the result of the alteration of magnetite (magnetic) to haematite (non-magnetic), and therefore indicative of a drill target. The gravity survey highlights areas with dense rocks, which include BIF and CID deposits.