REG-Richmond Hill Resources Plc: Further re Martello Gold Project& Consultancy Agreement

Richmond Hill ResourcesAnnouncement

05/02/2026 08:30

Richmond Hill Resources PLC          
          (“Richmond Hill” or the “Company”)          
          
          Further re Martello Gold Project
& Consultancy Agreement

Richmond Hill Resources PLC (AIM: RHR) announces that, further to the
announcement on 5 January 2026, Critical Discoveries has now completed
historic data compilation and digitisation to define high-priority drill
targets for a maiden drill programme at the Martello Gold Project.

The Company intends to drill a total of seven drill holes, comprising
approximately 1,100 metres. The current proposed drill plan is preliminary and
will continue to be refined as the drilling program advances and additional
geological information is obtained from the initial drill holes.             
        Further details are expected in the coming weeks over timing of the
drill programme which at this stage is expected to commence in Q1 2026.

The Company has also appointed a third-party contractor for a DRONE-MAG survey
on the Martello Gold Project. The survey will be conducted using a DRONE-MAG
system, consisting of a Blacksquare Hercules X4 drone, a GEM Systems GSMP-35U
potassium vapor magnetometer, and GEM Systems GSM-19 Overhauser base stations.
This survey is expected to commence shortly.

Consultancy Agreement

In addition, the Company has entered into a consultancy agreement with James
Ikin (“Consultancy Agreement”). Under the terms of the Consultancy
Agreement, James Ikin will provide strategic, advisory, and other consultancy
services as may be reasonably requested by the Company from time to time, for
a fee of £30,000 per annum.

Related Party Transaction

James Ikin is a substantial shareholder in the Company, therefore the entering
into the Consultancy Agreement 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.

Hamish Harris, CEO of Richmond Hill, commented                    : “       
             With the data compilation complete, the contracting of a third
party for a MAG survey and drilling on the near horizon, the Board is enthused
about the momentum gained since listing. We look forward to providing updates
to shareholders in the coming weeks and months regarding the upcoming drill
programme at the exciting Martello Gold Project.                    ”

 

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or
anticipated future events and anticipated results that are forward-looking in
nature and, as a result, are subject to certain risks and uncertainties, such
as general economic, market and business conditions, competition for qualified
staff, the regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political jurisdiction,
uncertainties regarding the results of exploration, uncertainties regarding
the timing and granting of prospecting rights, uncertainties regarding the
Company's ability to execute and implement future plans, and the occurrence of
unexpected events.                      Actual results achieved may vary from
the information provided herein as a result of numerous known and unknown
risks and uncertainties and other factors.           

This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors of the Company are responsible for
the release of this announcement.

For further information, please contact:

 Richmond Hill Resources   Hamish Harris                                                 Tel: +44 (0)787958 4153    
 Cairn Financial Advisers LLP (Nominated Adviser)   Ludovico Lazzaretti / James Western  Tel: +44 (0)20 7213 0880   
 Clear Capital Limited (Broker)   Bob Roberts                                            Tel: +44 (0) 20 3869 6080  

 



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