Results of drilling of 20 Reverse Circulation (RC) holes totalling 2,093m announced in March 2022.

Drilling was over the Central KKM project area within and just outside the Resource envelope.

16 of 20 holes intercepted gold mineralisation, in 15 holes at or above cut-off grade, including:

·    37m @ 0.73 g/t Au from 120m to 157m in KKRC095 (including 5m @ 2.05 g/t Au from 135m, 1m @ 1.59g/t Au from 145m, 2m @ 2.18g/t Au from 150m)

·    19m @ 0.54 g/t Au from 81m to 100m in KKRC087 (including 3m @ 1.07 g/t Au from 90m, 1m @ 2.55g/t Au from 95m)

·    10m @ 1.5g/t Au from 61m to 71m in KKRC103 (including 3m @ 1.02 g/t Au from 61m, 5m @ 2.23 g/t Au from 67m)

·    8m @ 1.23g/t Au from 87m to 95 m in KKRC189 (including 4m @ 1.81 g/t Au from 87m, 2m @ 1.07 g/t Au from 92m)

·    17m @ 1.02 g/t Au from 116m to 133m in KKRC102 (including 1m @ 3.15 g/t Au)

·    6m @ 1.17 g/t Au from 8m to 13m in KKRC082 (including 1m @ 3.75 g/t Au)

·    4m @ 1.37 g/t Au from 83m to 87m in  KKRC101 (including 1m @ 2.7 g/t Au)

EIA already obtained for four of the remaining prospects.

Next stage diamond drilling programme being planned with consultant input, with intention of following this with a JORC Resource revision.

IP programmes completed on four prospects, and mapping and sampling planned at Masurura.

Results of first 2,469m, 29 hole, RC drill programme on prospect announced in February 2022.

Copper intersections of significance included:

·    6 metres at 0.61% (including 1 metre at 1.45%) towards the bottom of hole DRC014 at Kilembwe

·    3 metres at 0.7% and 3m at 1.14% encountered towards the bottom of holes DRC019 and DRC021 at Luanshimba North.

Extensive Cobalt encountered including:

·    43m at 0.13% including 11m at 0.2% at Kilembwe in DRC015 in a brecciated argillaceous arenite

·    3m at 0.37% related to a fault gouge, overlying 13m at 0.10% in a brecciated argillaceous arenite at Kilembwe in DRC008

·    5m at 0.78% including 2m at 1.4% at DRC023 in Luanshimba East.

Several holes ended as they were entering pyrite and chalcopyrite mineralisation, and the next step will be diamond drilling to test for Copper and Cobalt ores deeper in the sequence,

9 granted licences totalling 1,501 sq km are held around the historic mining centre of Ballarat. A further 3 licences totalling 657 sq km (one of which produced over 300,000 oz in mid-19th century mining)  are completing the grant process and a further licence is in a competitive grant process.

A diamond drill programme to test three target areas began before Christmas with a 6 hole programme at the O'Loughlins prospect SE of Ballarat, before moving to drilling at Pitfield SW of Ballarat. Drill results from O'Laughlins are expected from the busy Perth labs shortly.

Red Rock and its JV partner are seeking a listing for NBGC, and work on this is progressing in what is now a better gold environment.

Faso Minerals Ltd (FML) through its 100% subsidiary Faso Greenstone Resources SARL holds 348 sq km of highly prospective ground acquired from local holders in the SW of Burkina Faso at Bilbale and Boulon.

Applications for other areas have been prepared.

A remote sensing screening of the areas using visible near infrared (VNIR), shortwave infrared (SWIR), longwave infrared (LWIR) and ALOS-1

synthetic aperture radar (SAR) imagery, was undertaken.

A sampling and mapping programme covering artisanal and other areas with evidence of surface or near surface gold is about to be undertaken at Bilbale.

LacGold Minerals Ltd (LGM) through its 100% subsidiary LacGold Resources SARLU has made initial applications for five prospective areas, screened from a long list, for gold exploration. The first two totalling 745.67 sq km after adjustments have been approved by the Interministerial Committee (CIM) and the signed Décrets are awaited.

Official visits have been conducted to the next 2, Tienko and Korhogo.

Some initial sampling has been carried out and most results are still awaited:

            Yama  Djekanou   Tienko       Korhogo

Termite    3         0               0               0

Soil         10        9               0               0

Rocks    17        21             37              1

Stream    4        10              0               0

An extension area to one of the licences has been identified.

An initial MMI (mobile metal ion) programme will be undertaken immediately upon grant.

RRR is in the process with a local partner of assembling a lithium portfolio by purchase of old mining areas and by pegging of prospective areas with evidence of lithium mineralisation.

The process is well advanced and reporting awaits the imminent receipt of definitive documentation.

75 samples covering the areas of interest have been submitted for assay.

The Company's 100% owned subsidiary has obtained judgments for $2.5m (being 50.1% of $5m paid to local partner VUP by a buyer) and $2m damages, plus costs, in relation to its joint venture with VUP. An opposition filed to the judgment by VUP was rejected by the Court.

VUP seeks a further $15m in relation to its contract with a third party, and RRR has notified the buyer of its interest in 50.1% of that, if paid, or assets in lieu.

RRR is moving to enforce the judgments, and further damages, against VUP and other parties that have enabled its conduct.

This may require later proceedings in other jurisdictions, but the substantive law to be applied in any claim will likely be that of the DRC.

RRR has c397,873 shares in Elephant Oil Corporation, where an application for listing on a North American market has now been applied for. Current expectations, as reported to RRR, are for  an early April listing following submission of an updated quarterly report. Should the listing occur on the terms indicated to us, the Company is likely to possess a liquid asset with a market value in the millions of dollars.

The Company retains its royalty on the El Limon gold mine in Colombia (currently not paying but expected to resume payments in 2022). Other non-paying royalties include the 0.75% (fully diluted) NSR royalty over the Mt Ida iron ore asset in Australia, now part of Juno Minerals Ltd, and those over the Australian joint venture gold assets.

RRR notes the statement by Juno, which listed in 2021, in its interim results announced in March 2022 that "with a renewed interest magnetite iron ore, Juno commenced a review on the Mount Ida Project. The Project in on a granted Mining Lease, has significant tenure for infrastructure, and expansive water exploration licences over areas prospective for good quality water. The Mount Ida Project remains the largest magnetite resource and most technically advanced magnetite project in the Yilgarn. Juno intends to progress the completion of the Feasibility Study on the Mount Ida Project, with the objective of developing a long-life magnetite mine".

The Company no longer holds a material investment in Jupiter Mines.