Riedel Secures 90% Interest in Kingman Project, Advances Cultural Survey

Kingman Project Ownership Strengthened

Riedel Resources Limited (ASX: RIE) has significantly increased its stake in the Kingman Project in Arizona, USA, securing a 90% interest following a renegotiation completed in late 2024. This move consolidates Riedel's control over a historically rich gold and silver mining area, positioning the company to leverage near-term development opportunities.

The Kingman Project, located within proximity to major infrastructure and the Nevada Gold Belt, has a storied mining history dating back to the late 19th century. Riedel's enhanced ownership aligns with its strategic focus on high-grade, shallow mineralisation amenable to open-pit mining, particularly at the Tintic deposit, which boasts a JORC resource of 494,000 tonnes grading 4g/t gold and 43.9g/t silver.

Cultural Survey Completion and Regulatory Progress

In 2023, Riedel commissioned WestLand Resources, Inc to conduct a comprehensive cultural resources inventory across over 1,000 acres of the Kingman Project area. This survey assessed potential impacts on historic properties under the National Historical Preservation Act. The completion of this survey and the forthcoming submission of the report to the Bureau of Land Management mark critical steps in advancing exploration and potential mining activities with due regulatory compliance.

Advancing Processing and Project Pipeline

Riedel is actively investigating toll treatment options for the Tintic deposit, seeking third-party processing arrangements that could expedite development timelines and reduce capital expenditure. The high-grade nature of the Tintic mineralisation, combined with its shallow depth, makes it an attractive candidate for such processing solutions.

Beyond Kingman, the company continues to evaluate new project opportunities to diversify and strengthen its portfolio. While no new exploration activities were reported at the Marymia East Gold & Base Metals Project in Western Australia during the quarter, Riedel's ongoing review signals a proactive approach to growth.

Corporate and Financial Developments

In November 2024, shareholders approved a 40:1 consolidation of the company's securities, a move aimed at improving capital structure and market appeal. Financially, Riedel completed a $500,000 convertible note raising in July 2024, providing additional funding flexibility. The company reported a cash balance of $215,000 at the end of the quarter, with ongoing capital management strategies to support operations and exploration activities.

Payments to related parties during the quarter were limited to rental expenses, with no directors' fees paid, reflecting prudent corporate governance. The company remains vigilant in monitoring its cash flow and funding options, including potential equity raises and debt financing, to sustain its exploration momentum.