Riversgold Limited announced that it has entered into a Farm-in and Joint Venture agreement with Corcel Plc (Corcel) to earn up to a 70% interest in their Mt Weld REE Project (the Project), a granted mineral tenement (P34/4489), located only 1.4km west-north-west of Lynas Rare Earths Limited's Mt Weld REO Mine near Laverton in Western Australia. REE Potential Targets: The Mt Weld Project on tenement P34/4489 covers 171 hectares in size and straddles the mine access road to Lynas's Mt Weld Mine. The tenement is predominantly covered by recent transported sediments obscuring the underlying geology, with four (4) discrete undrilled magnetic features (T1-T4) which are interpreted to potentially represent carbonatite intrusives associated with the Mt Weld carbonatite intrusive complex 1.5km to the east.

Key Transaction Details: The company announced that Corcel is an unrelated party. The key terms of the transaction are: RGL to pay Corcel a non-refundable payment of AUD 30,000 on execution; RGL agrees to sole fund AUD 500,000 during the First Earning Period (the earlier of 12 months, expenditure met or withdrawal) to earn 50% of the Project; In the event RGL wishes to withdraw during the First Earning Period, RGL must spend a minimum of AUD 100,000 within the first six months or pay the balance of the AUD 100,000 in cash to Corcel; At the conclusion of the First Earning Period and following notice by RGL to commence the Second Earning Period from, Corcel may elect to either: commence the Second Earning Period during which time RGL must sole fund a further AUD 1,000,000 within 12 months to earn an additional 20% interest in the Project; or contribute to expenditure in proportion to their respective interests of 50% each under a joint venture agreement.