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31 December 2018 Half Year Financial Statements

Hancock Bidder's Statement

Further to our letter dated 2 March 2019, I would like to update you on our priorities at Riversdale in relation to the conditional off-market takeover offer (Hancock Offer) from Hancock Corporation Pty Ltd a wholly-owned subsidiary of Hancock Prospecting Pty Ltd (Hancock).

There is significant activity underway to ensure Riversdale shareholders are fully informed about the implications of the Hancock Offer.

The Riversdale Board has appointed a team of advisors, including Macquarie Capital and Ashurst to assist it in assessing and responding to the Hancock Offer. We have also engaged Grant Thornton to prepare an Independent Expert’s Report that will contain an independent valuation of Riversdale and its opinion as to whether the Hancock Offer is fair and reasonable and the reason for its opinion.

Until we are in a position to assess and respond to the Hancock Offer, the Riversdale Board continues to recommend that shareholders take no action with respect to the Hancock Offer.

There will be plenty of time for you to accept the Hancock Offer, if that is what you decide to do.

Maximising Value for Shareholders

Given that Riversdale is in a potential change of control situation, a number of well-credentialed parties have expressed interest in Riversdale and its Grassy Mountain Project. This is not surprising as Tier 1 coking coal projects such as the Grassy Mountain Project are scarce and quality coking coal assets tend to be concentrated in the hands of a few major global players.

At this stage it is too early to tell whether a higher offer will eventuate, but we will keep you informed of all material developments and will continue to progress our engagement with interested parties.

Take No Action

View the latest Riversdale Resources Corporation Presentation as seen by attendees of the Mines and Money Conference in London November 2018.

The Joint Review Panel for the Grassy Mountain Coal Project announces today the start of a comment period on the Environmental Impact Assessment (EIA) and the Addenda submitted by Benga Mining Limited related to the environmental assessment of the project.

For more information on the Grassy Mountain Coal Project, please visit the Canadian Environmental Assessment Registry (the Registry), reference number 80101. Participants are encouraged to check the Registry regularly to view documents related to environmental assessment of the Project by the Joint Review Panel. In accordance with the Canadian Environmental Assessment Act, 2012, comments received and other documents submitted or generated to inform the environmental assessment are part of the project file and will be posted on the Registry, unless they are excluded due to confidentiality, security or other reasons.

Riversdale Resources Limited (Riversdale) is pleased to announce it has completed a share placement to Hancock Corporation Pty Ltd, a subsidiary of Hancock Prospecting Pty Ltd, (Hancock) pursuant to which Hancock will become a 19.99% shareholder in Riversdale.

Riversdale Resources Limited (Riversdale) is pleased to announce that Catherine McKenna, Federal Minister of Environment and Climate Change and Jim Ellis, President and Chief Executive Officer of the Alberta Energy Regulator (AER), have on 16 August 2018 established a three-member Joint Review Panel (JRP) to review the Grassy Mountain Steelmaking Coal Project. This is another important milestone in the Grassy Mountain permitting process.