Term sheet for high grade gold project in Canada

Richmond Hill Resources announces that it has entered into a binding term sheet (the “Term Sheet”) with Olerud Limited (the "Vendor") which sets out the indicative commercial terms pursuant to which it is proposed that the Company will enter into a sale and purchase agreement (the "Agreement") with respect to the Martello Gold Project, consisting of certain licences over prospective acreage in Ontario, Canada (the "Proposed Transaction").

Under the Term Sheet, Richmond will acquire the Martello Gold Project in Ontario, Canada, subject to entering the Agreement, the consideration will be satisfied by:

£775,000 will be satisfied by the issue of new ordinary shares at a price to be agreed in the Agreement between the Company and Vendor.

£200,000 in cash to be paid as follows:

£100,000 on entering the Agreement;

£50,000 to be paid on or before 31 October 2026; and

£50,000 to be paid on or before 31 March 2027.

Further deferred consideration of up to £300,000 in cash subject to completion of drilling and the Company obtaining a mineral resource estimate on the Martello Project.

Highlights on the Martello

Gold

Project

100% proposed acquisition of the Martello Gold Project, Ontario

88 mining claims located within 4,241 hectaressituated in the Wabigoon Greenstone belt which includes numerous other reported gold deposits

South East of Dryden Ontario, a well-known gold district

Good availability of drill rigs and crews and other infrastructure

Highway access to within 10km of the property, gravel roads within the property

High grade historic grab samples including a grab sample of up to 1,050 g/t au

Three historic mine shafts

Drilling Permits in place

A further announcement will be made in due course at the time of the Company entering into the Agreement with the Vendor. There can be no certainty that the Agreement will be entered into or that the Proposed Transaction will proceed as currently envisaged.

Related Party Transaction

James Ikin is the controller of the Vendor and also a substantial shareholder of the Company, therefore the entering into the Term Sheet by the Company is a "related party transaction" for the purposes of Rule 13 of the AIM Rules (the “Transaction”). The directors of the Company, all being independent of the Transaction, having consulted with the Company's nominated adviser, Cairn Financial Advisers LLP, consider that the terms of the Transaction are fair and reasonable in so far as the Company's shareholders are concerned.

Further information on the Company can be found on its website at www.richmondhillresources.com