Gold assay results received for the balance of soil samples collected earlier this year indicate the Windmills prospect could extend at least 800 metres north and 600 metres south of the discovery traverse and expand the area of interest at Lady Janet

Highlights include: Windmills prospect

Assays greater than 5 ppb Au received - the results provide infill to link earlier results from samples to the south and extend northwards indicating a strike extent measuring at least 1.4 kilometres; Located adjacent and parallel to the regional Yandina Shear Zone. Lady Janet prospect Assays greater than 5 ppb Au received - results provide infill that links earlier similar tenor assay results from samples along two separated sets of traverses. The combined results form a contiguous zone extending at least 1.2 kilometres north-south; Located adjacent and parallel to the regional Yandina Shear Zone. Exploratory sampling

Assays greater than 5 ppb Au received from wide spaced exploratory traverses. Overview Reedy Lagoon Corporation Limited has received the remaining gold assay results outstanding from soil sampling conducted earlier in the year at its 100% owned Burracoppin Gold Project located roughly midway between Perth and Kalgoorlie in the central Wheatbelt of Western Australia.

Exploration

During the period January to April this year 1,240 soil samples were collected at the Burracoppin Gold project. This report includes gold assay results for the 690 samples not previously available and compliments the earlier reporting of gold assay results for 550 samples (refer ASX release 27/06/2022). The 690 samples for which assays are now reported includes results from samples collected under wet ground conditions that required different sampling protocols than were used for the prior sampling. These different sampling protocols led to delays in getting the samples to the assay laboratory. At Windmills the new assay results for gold include levels greater than 5 ppb along 6 traverses providing similar tenor gold results along 8 adjacent traverses 200 metres apart (refer to figure 2). Results from 2 lines located at 400 metre line spacing to the north have also reported samples with similar tenor gold but in smaller numbers.

About the sampling

The gold assay results in this release are for 690 soil samples acquired during the March quarter 2022. Gold assays for 550 additional soil samples collected during the March quarter 2022 were received earlier and reported in June (refer ASX release 27/06/2022). Earlier soil sampling on the Project was conducted by the Company during December 2020 and January 2021 (refer ASX release 27/05/2021). The sampling was undertaken on foot along traverse lines orientated across target mineralisation trends. Standard sampling protocol for this project includes taking a sample at 50 metre intervals along the traverse and involves digging a small pit from which soil is sieved to collect about 150 grams of minus 180 micron sized particles. Where sample moisture content precluded sieving at time of collection, a larger sample (about 3/4 kilogram) was collected for subsequent drying and sieving. 503 ('wet') samples were collected and sieved to minus 180 micron by the laboratory prior to assay. The soil samples collected have been assayed for low detection gold (0.1 ppb detection limit) by an independent laboratory and these results are presented in this report (refer to the attachments for laboratory details and assay procedures).

Additional assay, including multi-element, to investigate for path-finder elements and to assist in interpreting the gold assay results, is under consideration. Next steps include, infill and extension sampling at identified anomalies, systematic soil sampling to recover geochemical data to aid targeting gold-bearing mineralised systems for drill testing and additional exploratory traverses in untested areas.

Contact:

Geof Fethers

Managing Director

Telephone: (03) 8420 6280

E: reedylagoon.com.au

Reedy Lagoon Corporation Limited

P O Box 2236

Richmond VIC 3121

About the Burracoppin Gold Project

The 100% owned Burracoppin Gold project is located in the central Wheatbelt of Western Australia roughly midway between Perth and Kalgoorlie on the Great Eastern Highway, Route 94. The Edna May Gold Mine is located 20 kilometres to the northeast of the project and the newly opened Tampia Gold Mine is about 60 kilometres to the south. The Project was initiated in early 2021 to explore an under-explored region associated with the Yandina Shear Zone and comprises exploration licences E70/4941, E70/5467 and E70/5544. The Company is also exploring the Burracoppin magnetite deposit located on E70/4941 as part of its Burracoppin Iron Project. Initial focus of exploration includes a structural feature, the Yandina Shear Zone, and areas adjacent to it. Current results are building the Windmills and Lady Janet prospects and the new areas of interest created in the south by the Company's wide spaced exploratory sampling.

The information in this report that relates to Exploration Results is based on information compiled by Geof Fethers who is a member of the Australian Institute of Mining and Metallurgy (AusIMM). Geof Fethers is a director of the Company and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Geof Fethers consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Where Exploration Results have been reported in earlier RLC ASX releases referenced in this report, those releases are available to view on the INVESTORS page of reedylagoon.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in those earlier releases. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

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