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RED MOUNTAIN MINING LIMITED Capital/Financing Update 2021

Sep 19, 2021

65719_rns_2021-09-19_081feac3-c357-40f1-9546-1f221f1e8aa4.pdf

Capital/Financing Update

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ASX ANNOUNCEMENT

20[th ] September 2021

RED MOUNTAIN MINING LTD

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Mt Mansbridge Update

  • Recent target definition site visit has allowed completion of drill planning for multiple REE, Nickel-Copper-Cobalt-PGE targets

  • Rock chips assays returned confirming REE mineralisation at multiple prospects

  • Heritage survey rescheduled for end of September with RC drill rig secured for October

Red Mountain Mining Limited ( RMX, the Company ) (ASX: RMX ) is pleased to provide an update on its 100% owned Mt Mansbridge Project located in the East Kimberley region of West Australia.

In late August, Company personnel and Outlier Geoscience carried out a final drill planning, mapping and review site visit across the Mt Mansbridge tenure. The results of the work have recently been received confirming targets for rare earths RC drill testing. Further refinement of Mt Mansbridge Ni-Cu-Co-PGE targets has also been completed by the companies’ geophysical consultants, SGC.

An unscheduled delay due to claimants availability has resulted in the final required heritage survey being rescheduled to the last week of September with the members of the Tjurubalan, the Traditional Owners of the land. An RC drilling contractor has been secured by the Company and is scheduled to commence drilling in October.

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Figure 1 – Mt Mansbridge Project – Proposed October 2021 Drill Targets

ASX: RMX Web: www.redmountainmining.com.au

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Rare Earth Elements

The recently completed mapping and rock chipping program focused upon several REE targets that were previously identified from various studies and data acquisition programs by the Company over the past year. In summary, the following REE targets have been identified by the company for drill testing (prospects are shown in Fig 1):

  • Mansbridge Xenotime-Dysprosium Occurrence - Located within the Killi-Killi formation. A XenotimeDysprosium occurrence within quartz veining and alteration identified during Uranium Exploration by BHP. HREE mineralisation confirmed by recent rock chipping.

  • Killi- Killi - LREE and HREE soil anomalies located on the unconformable contact of the Killi- Killi Formation and Gardiner Sandstone – HREE and LREE Mineralisation confirmed by recent rock chipping.

  • Kylo Xenotime-Dysprosium Occurrence – A historical rock chip collected by Northern Minerals Ltd. within the Killi-Killi Formation. The rock chip coincides with the T4 radiometric anomaly.

Historical geochemical results were previously reported (see ASX announcement dated 29 March 2021) . Radiometric anomalies were previously reported in the Company’s ASX announcement dated 4/2/21.

Mansbridge Xenotime-Dysprosium Occurrence

The Mansbridge Prospect is a Xenotime-Dysprosium occurrence identified by BHP during Uranium exploration in the 1980’s. The prospect consists of a >200m long zone of mineralisation associated with veining and alteration within the Killi-Killi Basement. Recent mapping and rock chipping has validated the geology of the prospect and the historical rock chips collected by previous explorers. Several highly anomalous rock chips were returned with values up to 2060ppm Y and 384ppm Dy (See table 1). 4 RC drill holes have been planed at the prospect to test the HREE mineralisation.

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Total
Sample ID Y_ppm Dy_ppm Er_ppm Eu_ppm Gd_ppm Ho_ppm Lu_ppm Tb_ppm Tm_ppm Yb_ppm
HREE_ppm
MMR012 1260 259 148 27.8 204 49.9 19.55 40.2 23.1 140.5 2172
MMR019 827 167.5 100.5 17.6 133.5 33.3 16.35 26.6 16.75 94 1433
MMR020 2060 384 201 53.4 367 71.1 25.3 68.2 30.1 188.5 3449
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Table 1 – Mt Mansbridge Project – Selected HREE Rock Chips

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Figure 2 – Mt Mansbridge Project – Proposed October 2021 Drill Targets

Web: www.redmountainmining.com.au

ASX: RMX

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Killi -Killi Rare Earth Prospect

Killi-Killi consists of two geochemical anomalies located approximately 400m north of the Mansbridge XenotimeDysprosium Occurrence. The first soil anomaly is a HREE anomaly and is located on the western end of the Mt Mansbridge inlier (Figure 3). Geologically, the anomaly is located on the prospective unconformable contact between the basement Killi-Killi Formation and the overlying Gardiner Sandstone.

The second soil anomaly is a LREE anomaly that was partially defined by previous soil sampling programs (Figure 4). The anomaly has now been defined at a length of 1km and is again located on the prospective unconformable contact.

Rock chip assays from the two areas returned anomalous LREE and HREE values. A single hole is planned for each of the anomalies and is designed to intersect the prospective unconformity.

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Figure 3 – Killi-Killi Prospect – HREE Geochem Anomaly with recent Rock chips and Proposed October 2021 Drilling

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Figure 4 – Killi-Killi Prospect – LREE Geochem Anomaly with recent Rock chip and Proposed October 2021 Drilling

ASX: RMX Web: www.redmountainmining.com.au

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Kylo – HREE-Xenotime-Dysprosium Occurrence

The Kylo Prospect is one of the two prospects within the project area with observed xenotime mineralization. The prospect was originally identified by Sigma Resources Group in 1982 and later validated by Northern Minerals Ltd. in 2011 (Wamex Report# A92909). Assaying returned elevated Yttrium (1551ppm) and Dysprosium (222ppm) values from a ‘siliceous cherty’ unit proximal to the unconformity. Selected assay values and a photograph of the outcrop are shown below. (Previously Announced in ASX Announcement: 4/2/21 – Aerial Survey Identifies HREE Targets). A single RC hole has been planned to be drilled into this unit.

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Element Dy Er Gd P Th U Y Yb
ppm 222.32 138.29 61.09 576 6.12 9.7 1551.8 92.47
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Table A - Selected Assay Values for rock chip GTRK000002 (MGA94Z52 443275e, 7886581n) (From Northern Minerals Ltd. Combined Annual Technical Report 2011 – WAMEX Report# A92909)

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Photograph of GTRK000002 HREE Mineralized ‘siliceous cherty’ Outcrop (From Northern Minerals Ltd. Combined Annual Technical Report 2011 – WAMEX Report# A92909)

Web: www.redmountainmining.com.au

ASX: RMX

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Déjà vu Prospect (Ni-Cu-Co-PGE’s)

The Déjà vu Prospect was identified and drilled by CRA between 1991 and 1993. The prospect was originally targeted for diamond bearing kimberlites, however encountered serpentinised peridotite. Sporadic sampling and assaying through the ultramafic intrusive unit returned several encouraging cobalt assay results between 70-100m including 0.34%, 0.32% and 0.22% Co (Previously announced 24/2/21 ASX Announcement: RMX to progress Ni-Cu-Co-PGE Target at Mt Mansbridge). Litho-geochemical studies recently undertaken by the companies geochemical and geological consultants highlighted the cobalt as primary magmatic related (i.e. not weathering enrichment) and also that the anomalous Co values cannot be explained by the observed silicate minerals within the peridotite only.

A traverse of three RC holes is planned to be drilled across the intrusion. The holes are designed to provide further geological information, intersect the prospective contacts and provide a comprehensive set of samples around the existing cobalt anomaly.

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Figure 5 – Déjà vu Cross Section with CRA Drilling

Web: www.redmountainmining.com.au

ASX: RMX

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Cow Creek Prospect (Ni-Cu-Co-PGE’s)

The Cow Creek Prospect consists of several regionally distinctive, generally north-north-west trending, elongated, magnetic features. The magnetic features sit within a broader ovoid area measuring 7x7km, an area which is ringed by further less intensive magnetic anomalies. The area has been interpreted as a mafic-ultramafic intrusive complex, similar to what hosts the Sally Malay/Savannah Nickel Deposit owned by Panoramic Resources.

The interpreted intrusive complex is concealed below overlying sedimentary sequences of the Birrindudu Group. This has resulted in the regionally significant geophysical anomaly never receiving any effective exploration activity.

An inversion of the magnetic data was undertaken by Southern Geoscience Consultants (SGC) recently to assist with visualizing the geophysical feature in 3D (Fig 5.). Several magnetic features were identified from the inversion. A number of prioritized holes have been planned to test the features during the upcoming program.

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Figure 6 – Cow Creek Magnetic Inversion

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Figure 7 – Mag Target A – Inversion Slice and Planned Drill Hole

ASX: RMX Web: www.redmountainmining.com.au

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Table 2 – Rare Earth Element Rock Chip Assays

Sample ID SampleType Grid MGA_E MGA_N RL Sc_ppm Ce_ppm La_ppm Nd_ppm Pr_ppm Sm_ppm Total
LREE_ppm
Y_ppm Dy_ppm Er_ppm Eu_ppm Gd_ppm Ho_ppm Lu_ppm Tb_ppm Tm_ppm Yb_ppm Total
HREE_ppm
Total
REE_ppm
MMR001 Rockchip MGA94 Z52 451509 7890696 476 4.3 80.7 36.6 34.9 9.11 6.75 168 23.2 5.83 3.45 1.07 5.15 1.16 0.47 0.77 0.5 3.51 45 217
MMR002 Rockchip MGA94 Z52 451498 7890701 479 0.1 1.05 0.25 0.6 0.15 0.11 2 0.4 0.1 0.06 0.015 0.08 0.02 0.01 0.01 0.01 0.06 1 3
MMR003 Rockchip MGA94 Z52 451447 7890721 483 6.5 79.1 38.7 29.3 8.19 6.17 161 29.1 5.79 2.92 1.09 6.08 1.11 0.32 0.92 0.36 2.3 50 218
MMR004 Rockchip MGA94 Z52 451430 7890738 483 0.7 7.79 3.3 3.5 0.92 0.71 16 1.8 0.36 0.19 0.11 0.47 0.07 0.02 0.07 0.03 0.15 3 20
MMR005 Rockchip MGA94 Z52 451439 7890769 484 1.3 35.1 13 21.4 4.66 5.4 80 64.7 12.05 11.35 1.03 6.48 2.74 1.09 1.39 1.29 8.59 111 192
MMR006 Rockchip MGA94 Z52 451427 7890793 489 0.3 3.96 1.7 1.8 0.45 0.37 8 1.5 0.32 0.17 0.06 0.33 0.06 0.02 0.05 0.02 0.11 3 11
MMR007 Rockchip MGA94 Z52 451411 7890793 488 0.4 4.9 2.1 2.5 0.59 1.1 11 16.8 3.64 1.74 0.4 3.32 0.61 0.17 0.62 0.21 1.3 29 40
MMR008 Rockchip MGA94 Z52 451411 7890791 490 7 70.9 34.6 27.2 7.8 5.74 146 21.5 4.18 2.34 1.01 4.88 0.82 0.32 0.72 0.36 2.23 38 192
MMR009 Rockchip MGA94 Z52 451378 7890805 487 0.2 2.2 1 1.3 0.27 0.35 5 1.2 0.33 0.1 0.08 0.42 0.05 0.01 0.07 0.01 0.07 2 8
MMR010 Rockchip MGA94 Z52 451231 7890784 483 0.3 5.8 2.8 2.5 0.65 0.55 12 1.3 0.24 0.14 0.11 0.38 0.05 0.02 0.05 0.02 0.14 2 15
MMR011 Rockchip MGA94 Z52 451145 7890842 454 7 72.2 34.9 30.4 8.32 5.97 152 23.8 4.46 2.62 0.94 4.5 0.91 0.38 0.7 0.41 2.63 41 200
MMR012 Rockchip MGA94 Z52 451185 7890812 451 50.5 450 180.5 379 85.6 102.5 1198 1260 259 148 27.8 204 49.9 19.55 40.2 23.1 140.5 2172 3420
MMR013 Rockchip MGA94 Z52 451190 7890813 454 5.6 83.3 32 52.4 11.55 10.9 190 31.7 8.36 4.58 1.74 7.67 1.54 0.75 1.26 0.73 4.57 63 259
MMR014 Rockchip MGA94 Z52 451191 7890812 454 6.8 97.2 44.2 49.5 11.85 11.15 214 35.3 9.31 4.34 1.99 9.49 1.73 0.57 1.54 0.26 4.07 69 289
MMR015 Rockchip MGA94 Z52 451198 7890809 454 2 35.9 15.8 19 4.3 4.15 79 6.3 1.62 0.8 0.67 2.41 0.28 0.13 0.3 0.14 0.96 14 95
MMR016 Rockchip MGA94 Z52 451221 7890788 465 4.2 285 98.6 165 39.1 32.2 620 16.3 3.72 1.96 4.19 9.53 0.68 0.29 0.83 0.3 1.85 40 664
MMR017 Rockchip MGA94 Z52 451221 7890792 467 4.6 85.8 38.9 45.3 10.7 8.81 190 16.8 3.29 2.13 1.14 5.05 0.68 0.32 0.62 0.33 2.14 33 227
MMR018 Rockchip MGA94 Z52 451238 7890847 481 6.3 50.9 25 22.3 5.6 5.3 109 15.4 3.48 1.59 1 4.63 0.6 0.23 0.66 0.24 1.47 29 145
MMR019 Rockchip MGA94 Z52 451164 7890841 476 20.7 161 50.9 109.5 24.3 45.7 391 827 167.5 100.5 17.6 133.5 33.3 16.35 26.6 16.75 94 1433 1845
MMR020 Rockchip MGA94 Z52 451169 7890836 476 54.9 470 212 476 102 160.5 1421 2060 384 201 53.4 367 71.1 25.3 68.2 30.1 188.5 3449 4924
MMR021 Rockchip MGA94 Z52 451153 7890836 479 8.8 79.6 37.2 34.9 9.33 6.67 168 29.4 7.21 3.46 1.21 6.77 1.37 0.43 1.15 0.5 3.03 55 231
MMR022 Rockchip MGA94 Z52 451154 7890848 484 17.7 130 48 82.5 18.4 25.1 304 433 72 46.4 7.5 56.7 15.1 5.5 11.75 7.41 42.5 698 1020
MMR023 Rockchip MGA94 Z52 451129 7890862 486 9.1 132 54.1 97.4 19 28.5 331 132 30.8 16 5.85 30 5.57 1.99 4.96 2.43 15.05 245 585
MMR024 Rockchip MGA94 Z52 451132 7890924 494 16.5 64 28.5 28.5 7.87 5.36 134 21 5.05 2.61 0.87 4.87 0.95 0.38 0.84 0.4 2.51 39 190
MMR025 Rockchip MGA94 Z52 451133 7890924 494 7.6 104.5 48.9 46.2 12.1 8.56 220 28.6 5.82 2.99 1.25 6.88 1.05 0.38 1.03 0.42 2.49 51 279
MMR026 Rockchip MGA94 Z52 451087 7890893 492 3.5 57.2 24.4 32 7.53 7.13 128 16.5 3.63 2.08 1.19 5.12 0.69 0.27 0.67 0.32 1.86 32 164
MMR027 Rockchip MGA94 Z52 451066 7890906 492 4.8 59.9 23.9 39.7 8.73 9.06 141 23.8 5.44 2.36 1.55 7.56 0.94 0.24 1.05 0.4 1.76 45 191
MMR028 Rockchip MGA94 Z52 451021 7890929 492 2.4 24.6 11.5 12.2 2.84 2.83 54 9.8 2.12 1.07 0.52 2.42 0.39 0.15 0.39 0.16 0.96 18 74
MMR029 Rockchip MGA94 Z52 451003 7890895 502 6.2 86.8 41.9 37.4 9.76 6.97 183 19.8 4.51 2.14 1.16 5.88 0.8 0.29 0.84 0.31 1.82 38 227
MMR030 Rockchip MGA94 Z52 450860 7890745 489 4.7 81.6 40.4 32.2 8.89 5.66 169 19.3 3.66 2.09 0.77 4.51 0.72 0.3 0.66 0.32 1.96 34 208
MMR031 Rockchip MGA94 Z52 450495 7892376 428 5.9 150.5 66.8 69.9 17.2 13.75 318 20.3 4.29 2.19 2.25 9.15 0.76 0.31 0.99 0.32 1.91 42 367
MMR032 Rockchip MGA94 Z52 450495 7892376 428 13.2 80.1 40.7 29.1 8.86 4.77 164 22.7 4.2 2.43 0.79 4.21 0.81 0.39 0.69 0.39 2.87 39 216
MMR033 Rockchip MGA94 Z52 450846 7891461 505 13.9 102.5 50.7 40.5 11 7.13 212 24.9 4.76 2.45 1.12 5.64 0.91 0.34 0.83 0.36 2.19 44 269
MMR034 Rockchip MGA94 Z52 450947 7891433 506 7.5 72.9 36.2 28.4 7.88 5.96 151 15.9 3.5 1.56 1 4.78 0.6 0.23 0.69 0.23 1.48 30 189
MMR035 Rockchip MGA94 Z52 450948 7891434 507 0.4 12.55 5.9 4.9 1.27 1 26 2.5 0.52 0.27 0.16 0.73 0.09 0.04 0.1 0.04 0.25 5 31
MMR036 Rockchip MGA94 Z52 450934 7891383 420 18.8 22.2 10 9 2.24 2.12 46 21 3.96 2.51 0.49 3.06 0.82 0.4 0.61 0.4 2.57 36 100
MMR037 Rockchip MGA94 Z52 450935 7891382 420 0.8 28.8 14.6 10.6 2.91 1.85 59 4 0.66 0.37 0.28 0.89 0.13 0.05 0.12 0.05 0.32 7 66
MMR038 Rockchip MGA94 Z52 450950 7891356 420 13.5 157 67.1 68.7 18.85 11.45 323 29.9 6.43 3.32 1.79 8.42 1.16 0.46 1.24 0.49 2.93 56 393
MMR039 Rockchip MGA94 Z52 450946 7891320 420 19.5 86.2 37.5 54.6 12.65 11.8 203 40.1 9.94 4.49 2.24 11.7 1.75 0.55 1.92 0.61 3.5 77 299
MMR040 Rockchip MGA94 Z52 450948 7891321 420 0.8 14.8 7.5 5.1 1.48 0.72 30 2.1 0.42 0.23 0.11 0.48 0.08 0.03 0.07 0.04 0.2 4 34
MMR041 Rockchip MGA94 Z52 449656 7892003 420 1.7 19.8 9.1 7.2 1.85 1.54 39 8 1.38 0.83 0.29 1.46 0.28 0.13 0.24 0.13 0.83 14 55
MMR042 Rockchip MGA94 Z52 449616 7892021 437 10.1 70.5 31.2 29.4 8.28 6.15 146 35.9 6.37 4.03 1.17 6.14 1.34 0.62 1 0.63 4.48 62 217
MMR043 Rockchip MGA94 Z52 449615 7892023 458 4.8 48.1 20.8 15.1 4.26 2.69 91 7 1.42 0.74 0.42 1.81 0.27 0.11 0.24 0.11 0.72 13 109
MMR044 Rockchip MGA94 Z52 449588 7891988 467 17.8 138 68.2 72.4 17.4 12.85 309 22.1 4.97 2.68 1.81 7.15 0.94 0.41 0.92 0.41 2.88 44 371
MMR045 Rockchip MGA94 Z52 449577 7891963 468 16.8 135.5 67.4 64.8 16 12.8 297 27 5.87 3.13 2.14 9.05 1.14 0.43 1.11 0.45 3.09 53 367
MMR046 Rockchip MGA94 Z52 449573 7891949 468 6.2 77.3 36.1 39.2 9.71 7.3 170 26.2 5.74 2.48 1.28 6.42 1.07 0.29 0.95 0.35 2.25 47 223
MMR047 Rockchip MGA94 Z52 451175 7889681 466 1.3 5.61 2.7 2.7 0.69 0.61 12 2.5 0.46 0.26 0.11 0.54 0.09 0.03 0.08 0.04 0.24 4 18
MMR048 Rockchip MGA94 Z52 451095 7889697 466 8.5 95.7 46.5 40.4 11.25 7.06 201 25.2 4.56 2.43 1.08 5.69 0.87 0.34 0.81 0.36 2.34 44 253
MMR049 Rockchip MGA94 Z52 451095 7889698 466 0.8 9.99 4.6 3.8 1.03 0.75 20 3.7 0.67 0.38 0.13 0.66 0.13 0.06 0.1 0.05 0.39 6 27
MMR050 Rockchip MGA94 Z52 449047 7893522 466 3.7 19 9.6 8.1 2.09 1.9 41 11.6 1.89 1.1 0.42 2.09 0.38 0.15 0.31 0.16 1.01 19 64
MMR051 Rockchip MGA94 Z52 447324 7902972 425 0.7 8.24 4 2.7 0.79 0.51 16 1.6 0.35 0.18 0.06 0.4 0.06 0.03 0.06 0.03 0.19 3 20
MMR052 Rockchip MGA94 Z52 443278 7886586 421 0.9 39.5 21.3 21.1 4.9 5.84 93 68.8 10.5 4.86 1.25 8.14 2.05 0.32 1.49 0.55 2.82 101 194
MMR053 Rockchip MGA94 Z52 443259 7886579 425 13.2 93.9 46.5 51.1 12.4 10.95 215 23.9 5.12 2.58 1.7 7.12 0.99 0.31 0.93 0.35 2.31 45 273
MMR054 Rockchip MGA94 Z52 443229 7886703 430 5.5 98.1 48.3 41.8 11.3 6.41 206 13.8 2.92 1.26 0.93 4.54 0.49 0.17 0.59 0.18 1.19 26 237
MMR055 Rockchip MGA94 Z52 443104 7886760 433 15 71 32.1 33.1 8.87 6.89 152 23.3 5.15 2.55 1.17 5.79 0.97 0.33 0.85 0.37 2.42 43 210
MMR056 Rockchip MGA94 Z52 443338 7886878 434 5.9 73 37.1 26.8 7.96 5.12 150 7.2 2.1 0.79 0.76 3.79 0.32 0.15 0.49 0.12 1 17 173
MMR057 Rockchip MGA94 Z52 443415 7887041 442 6 89 44.5 33.9 10 6.15 184 10.3 3.12 1.06 1.05 5.21 0.46 0.14 0.69 0.15 0.99 23 213
MMR058 Rockchip MGA94 Z52 443464 7886425 463 1.8 15.5 8.5 5 1.46 1.02 31 4 0.96 0.47 0.2 1.13 0.16 0.07 0.19 0.08 0.51 8 41
MMR059 Rockchip MGA94 Z52 443521 7894752 462 1.7 31.3 17.3 11.7 3.32 2.21 66 3.8 0.82 0.4 0.35 1.78 0.14 0.06 0.2 0.06 0.42 8 76
MMR060 Rockchip MGA94 Z52 443526 7894753 452 0.1 4.67 2.2 2.2 0.55 0.47 10 0.4 0.11 0.03 0.06 0.26 0.02 0.01 0.03 0.01 0.03 1 11
MMR061 Rockchip MGA94 Z52 443589 7894990 462 0.5 12.25 6.3 4.2 1.2 0.82 25 1.5 0.32 0.16 0.11 0.54 0.06 0.03 0.06 0.03 0.19 3 28
MMR062 Rockchip MGA94 Z52 443571 7894965 462 0.7 35.8 24.1 8.7 3.01 1.41 73 1.9 0.54 0.21 0.24 0.93 0.08 0.04 0.12 0.03 0.26 4 78
MMR063 Rockchip MGA94 Z52 451499 7893437 466 0.5 14 8.8 4.5 1.33 0.72 29 1.8 0.37 0.22 0.11 0.49 0.07 0.04 0.06 0.03 0.25 3 33
MMR064 Rockchip MGA94 Z52 451542 7893432 467 20.2 44.7 26.5 20 5.45 4.92 102 56.3 9.77 6.81 1.07 6.66 2.08 1.13 1.34 1.1 7.73 94 216
MMR065 Rockchip MGA94 Z52 451657 7893559 469 3.1 7.38 3.6 2.9 0.74 0.91 16 10.7 1.89 1.29 0.22 1.34 0.41 0.23 0.27 0.22 1.56 18 37
MMR066 Rockchip MGA94 Z52 451679 7893684 460 4.6 14.25 7.8 4.8 1.32 1.21 29 12 2.21 1.45 0.27 1.58 0.47 0.26 0.31 0.24 1.79 21 55
MMR067 Rockchip MGA94 Z52 451510 7893897 462 5.4 11.7 5.1 4.5 1.11 1.43 24 17.5 3.09 2.08 0.35 2.13 0.64 0.35 0.43 0.34 2.5 29 59
MMR068 Rockchip MGA94 Z52 451346 7894105 456 2.8 12.55 8 3.3 1.06 0.7 26 8.9 1.56 1.05 0.18 1.02 0.33 0.19 0.21 0.18 1.3 15 43
MMR069 Rockchip MGA94 Z52 451091 7894124 459 3.8 33.8 25.6 9.9 3.12 1.54 74 9.4 1.65 1.07 0.3 1.4 0.34 0.18 0.24 0.18 1.29 16 94
MMR070 Rockchip MGA94 Z52 451157 7894370 463 4.8 10.7 5.6 3.4 0.97 0.86 22 11 1.76 1.19 0.21 1.21 0.38 0.22 0.24 0.21 1.57 18 44
MMR071 Rockchip MGA94 Z52 451118 7894541 428 1.2 9.92 5.2 3 0.9 0.53 20 3 0.56 0.36 0.09 0.5 0.12 0.05 0.08 0.06 0.39 5 26
MMR072 Rockchip MGA94 Z52 450952 7894587 458 1.9 46.9 24.1 16.6 4.71 2.06 94 4.7 1.01 0.54 0.3 1.34 0.18 0.09 0.18 0.08 0.56 9 105
MMR073 Rockchip MGA94 Z52 451253 7894834 458 0.8 10.2 6.6 3.4 1.04 0.5 22 1.6 0.29 0.18 0.07 0.33 0.06 0.03 0.05 0.03 0.21 3 25
MMR074 Rockchip MGA94 Z52 451451 7895007 429 3.4 10.5 6.8 2.2 0.68 0.73 21 11.1 1.77 1.35 0.18 1.12 0.4 0.23 0.24 0.22 1.61 18 43
MMR075 Rockchip MGA94 Z52 451554 7895167 464 1.8 3.49 1.6 1.3 0.34 0.41 7 5.4 0.95 0.66 0.1 0.59 0.2 0.12 0.12 0.11 0.8 9 18
MMR076 Rockchip MGA94 Z52 451784 7894189 471 4.4 8.83 4.7 3.3 0.87 0.98 19 11.2 2.24 1.47 0.23 1.56 0.43 0.23 0.28 0.22 1.7 20 43
MMR077 Rockchip MGA94 Z52 442193 7895485 458 0.8 18.65 9.5 7.5 1.97 1.35 39 4.3 0.94 0.51 0.21 1.06 0.18 0.08 0.14 0.08 0.54 8 48
MMR078 Rockchip MGA94 Z52 442047 7895492 463 0.7 15.65 8.7 5.6 1.55 0.94 32 2.4 0.47 0.34 0.1 0.62 0.1 0.05 0.08 0.04 0.35 5 38

Web: www.redmountainmining.com.au

ASX: RMX

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REE Conceptual Mineralisation Model

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Mt Mansbridge Project Location

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Web: www.redmountainmining.com.au

ASX: RMX

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Authorized for and on behalf of the Board,

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Mauro Piccini, Company Secretary

Competent Persons Statement

The information in this announcement that relates to Exploration Results and other technical information complies with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ( JORC Code ) and has been compiled and assessed under the supervision of Mr Oliver Judd. Mr Judd is a Member of the Australasian Institute of Mining and Metallurgy. He has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Mr Judd consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

Disclaimer

In relying on the above mentioned ASX announcement and pursuant to ASX Listing Rule 5.32.2, the Company confirms that it is not aware of any new information or data that materially affects the information included in the above-mentioned announcement.

Web: www.redmountainmining.com.au

ASX: RMX

Mt Mansbridge JORC Code – Table 1 Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria JORC Code explanation Commentary Commentary
Sampling Nature and quality of sampling (e.g. cut channels, random chips, or Rockchips
techniques specific specialized industry standard measurement tools appropriate
to the minerals under investigation, such as down hole gamma
sondes, or handheld XRF instruments, etc.). These examples should
not be taken as limiting the broad meaning of sampling.
Include reference to measures taken to ensure sample representivity
and the appropriate calibration of any measurement tools or systems
used.



78 Rockchips collected and assayed.
2-3kg samples of outcropping rock collected by a geologist into a
calico and sent to laboratory for assay.
ALS Laboratories (Perth) assayed the samples using ME-MS61r
method (4 Acid digestion with ICP_MS finish).
60 elements were analysed including all REE’s.
Aspects of the determination of mineralization that are Material to the
Public Report.
In cases where ‘industry standard’ work has been done this would be
relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1
m samples from which 3 kg was pulverized to produce a 30 g charge
for fire assay’). In other cases, more explanation may be required,
such as where there is coarse gold that has inherent sampling
problems. Unusual commodities or mineralization types (e.g.
submarine nodules) may warrant disclosure of detailed information.
Drilling Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air NA
techniques blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter,
triple or standard tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by what method, etc.).
Drill sample Method of recording and assessing core and chip sample recoveries NA
recovery and results assessed.
Measures taken to maximize sample recovery and ensure
representative nature of the samples.
Whether a relationship exists between sample recovery and grade
and whether sample bias may have occurred due to preferential
loss/gain of fine/coarse material.
Logging Whether core and chip samples have been geologically and NA
geotechnically logged to a level of detail to support appropriate
Mineral Resource estimation, mining studies and metallurgical
studies.
• _Whether logging is qualitative or quantitative in nature. Core (or _

10

Criteria JORC Code explanation Commentary
costean, channel, etc.) photography.
The total length and percentage of the relevant intersections logged.
Sub-sampling
If core, whether cut or sawn and whether quarter, half or all core
NA
techniques taken.
and sample If non-core, whether riffled, tube sampled, rotary split, etc. and
preparation whether sampled wet or dry.
For all sample types, the nature, quality and appropriateness of the
sample preparation technique.
Quality control procedures adopted for all sub-sampling stages to
maximize representivity of samples.
Measures taken to ensure that the sampling is representative of the in
situ material collected, including for instance results for field
duplicate/second-half sampling.
Whether sample sizes are appropriate to the grain size of the material
being sampled.
Quality of The nature, quality and appropriateness of the assaying and ALS Laboratories (Perth) assayed the samples using ME-MS61r method
assay data laboratory procedures used and whether the technique is considered (4 Acid digestion with ICP_MS finish). This technique is considered a
and partial or total. partial technique for REE’s.
laboratory
tests
For geophysical tools, spectrometers, handheld XRF instruments, etc,
the parameters used in determining the analysis including instrument

60 elements were analysed including all REE’s.
make and model, reading times, calibrations factors applied and their Laboratory QAQC was used and deemed satisfactory.
derivation, etc.
Nature of quality control procedures adopted (eg standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels
of accuracy (ie lack of bias) and precision have been established.
Verification of
The verification of significant intersections by either independent or
NA
sampling and alternative company personnel.
assaying The use of twinned holes.
Documentation of primary data, data entry procedures, data
verification, data storage (physical and electronic) protocols.
Discuss any adjustment to assay data.
Location of Accuracy and quality of surveys used to locate drill holes (collar and Sample locations collected using a handheld GPS accurate to +/- 3m.
data points down-hole surveys), trenches, mine workings and other locations Grid utilised is GDA94 Z52.
used in Mineral Resource estimation.
Specification of the grid system used.
Quality and adequacy of topographic control.

11

Criteria JORC Code explanation Commentary
Data spacing Data spacing for reporting of Exploration Results. Rock chipping was randomly spaced at the geologist’s discretion.
and Whether the data spacing, and distribution is sufficient to establish
distribution the degree of geological and grade continuity appropriate for the
Mineral Resource and Ore Reserve estimation procedure(s) and
classifications applied.
Whether sample compositing has been applied.
Orientation of Whether the orientation of sampling achieves unbiased sampling of NA
data in possible structures and the extent to which this is known, considering
relation to the deposit type.
geological If the relationship between the drilling orientation and the orientation
structure of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material.
Sample The measures taken to ensure sample security. NA
security
Audits or The results of any audits or reviews of sampling techniques and data.
Data has been reviewed by other geologist associated with the company.
reviews

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria JORC Code explanation Commentary
Mineral Type, reference name/number, location and ownership including The Mt Mansbridge Project consists of 3 granted tenements: E80/5111,
tenement and
agreements or material issues with third parties such as joint
E80/5229 and E80/5413 and a single application E80/5669.
land tenure
status
ventures, partnerships, overriding royalties, native title interests,
historical sites, wilderness or national park and environmental
settings.
The tenure is within land where native title has been determined. The
traditional owners of the land are the Tjurabalan People.
The security of the tenure held at the time of reporting along with any A heritage survey will need to be completed prior to commencing ground
known impediments to obtaining a licence to operate in the area. disturbing exploration activities.
The Project does not intersect any underlying pastoral lease.
The Project does not intersect an area identified as wilderness, national
park or an area of environmental interest.
Exploration Acknowledgment and appraisal of exploration by other parties. Relevant exploration for HREE’s at Mt Mansbridge was undertaken by
done by other Sigma Resources Group in 1982 and later by BHP, Quantum Resources
parties and Northern Minerals Ltd.

12

Criteria JORC Code explanation Commentary
This work has led to several radiometric and geochemical anomalies that
warrant further investigation.
Geology Deposit type, geological setting and style of mineralization. The deposit type and main target mineralisation model is of a basement
and unconformity related REE type.
Drill hole A summary of all information material to the understanding of the NA
Information exploration results including a tabulation of the following information
for all Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level – elevation above sea level in
metres) of the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
If the exclusion of this information is justified on the basis that the
information is not Material and this exclusion does not detract from
the understanding of the report, the Competent Person should clearly
explain why this is the case.
Data In reporting Exploration Results, weighting averaging techniques, NA
aggregation maximum and/or minimum grade truncations (e.g., cutting of high
methods grades) and cut-off grades are usually Material and should be stated.
Where aggregate intercepts incorporate short lengths of high-grade
results and longer lengths of low-grade results, the procedure used
for such aggregation should be stated and some typical examples of
such aggregations should be shown in detail.
The assumptions used for any reporting of metal equivalent values
should be clearly stated.
Relationship These relationships are particularly important in the reporting of NA
between Exploration Results.
mineralization
If the geometry of the mineralization with respect to the drill hole
widths and angle is known, its nature should be reported.
intercept If it is not known and only the down hole lengths are reported, there
lengths should be a clear statement to this effect (e.g., ‘down hole length, true
width not known’).
Diagrams Appropriate maps and sections (with scales) and tabulations of Included within body of text.
intercepts should be included for any significant discovery being
_reported These should include, but not be limited to a plan view of _

13

Criteria JORC Code explanation Commentary
drill hole collar locations and appropriate sectional views.
Balanced Where comprehensive reporting of all Exploration Results is not NA
reporting practicable, representative reporting of both low and high grades
and/or widths should be practiced avoiding misleading reporting of
Exploration Results.
Other Other exploration data, if meaningful and material, should be reported
All pertinent exploration information data is reported within this report or
substantive including (but not limited to): geological observations; geophysical referenced from previous reports.
exploration survey results; geochemical survey results; bulk samples – size and
data method of treatment; metallurgical test results; bulk density,
groundwater, geotechnical and rock characteristics; potential
deleterious or contaminating substances.
Further work The nature and scale of planned further work (e.g. tests for lateral Heritage surveying and RC drilling is scheduled to commence in
extensions or depth extensions or large-scale step-out drilling). September.
Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.

14

Maitland JORC Code – Table 1 Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

(

(
Criteria JORC Code explanation Commentary
Sampling techniques
Nature and quality of sampling (e.g. cut channels, random chips, or specific
specialised industry standard measurement tools appropriate to the minerals
under investigation, such as down hole gamma sondes, or handheld XRF
instruments, etc.). These examples should not be taken as limiting the broad
meaning of sampling.

Include reference to measures taken to ensure sample representivity and the
appropriate calibration of any measurement tools or systems used.

Aspects of the determination of mineralisation that are Material to the Public
Report.

In cases where ‘industry standard’ work has been done this would be
relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m
samples from which 3 kg was pulverised to produce a 30 g charge for fire
assay’). In other cases more explanation may be required, such as where
there is coarse gold that has inherent sampling problems. Unusual
commodities or mineralisation types (e.g. submarine nodules) may warrant
disclosure of detailed information.
Diamond drilling was undertaken to produce core for geological logging and assaying
Selected core was submitted to the laboratory where it was cut, sampled, crushed
and pulverised to produce sample for assay.
Samples were analysed by ALS Laboratories (Perth). A 30g charge for Fire assay
was produced with AA finish for gold analysis. 4 Acid digestion with ICP-AES finish
was undertaken for 33 further elements.
Drilling techniques
Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast,
auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard
tube, depth of diamond tails, face-sampling bit or other type, whether core is
oriented and if so, by what method, etc.).
HQ sized core was drilled from surface until competent rock was intersected. NQ
sized core was then drilled to the end of hole.
Core was orientated using a reflex digital orientation tool.
Drill sample recovery
Method of recording and assessing core and chip sample recoveries and
results assessed.

Measures taken to maximise sample recovery and ensure representative
nature of the samples.

Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
Core recovery is recorded each metre by the on site geologist.
At this stage of exploration, it is unknown if a bias occurs between sample recovery
and grade.
Logging
Whether core and chip samples have been geologically and geotechnically
logged to a level of detail to support appropriate Mineral Resource
estimation, mining studies and metallurgical studies.

Whether logging is qualitative or quantitative in nature. Core (or costean,
channel, etc.) photography.

The total length and percentage of the relevant intersections logged.
Core was logged by a qualified geologist with sufficient experience in this geological
terrain and relevant styles of mineralisation using an industry standard logging system
which could eventually be utilised within a Mineral Resource Estimation.
Lithology, mineralisation, alteration, veining, weathering and structure were all
recorded digitally.
Logging is qualitative, quantitative or semi-quantitative in nature.
Sub-sampling techniques and
sample preparation

If core, whether cut or sawn and whether quarter, half or all core taken.

If non-core, whether riffled, tube sampled, rotary split, etc. and whether
Selected zones of core will be submitted to the laboratory. Samples will be no more
than ~1m in length.

15

Criteria JORC Code explanation Commentary
sampled wet or dry.

For all sample types, the nature, quality and appropriateness of the sample
preparation technique.

Quality control procedures adopted for all sub-sampling stages to maximise
representivity of samples.

Measures taken to ensure that the sampling is representative of the in-situ
material collected, including for instance results for field duplicate/second-
half sampling.

Whether sample sizes are appropriate to the grain size of the material being
sampled.
Core will be cut, sampled, crushed and pulverised by the laboratory.
Duplicate will be taken (coarse crush duplicates) during prep at a rate of
approximately every 25thsample. QAQC in the form of certified material will be
inserted into the sample string approximately every 25th sample.
Core will be submitted to ALS laboratories (Perth WA) for a 30g Fire Assay with AAS
finish (Au-AA25). A 2-3kg samples is oven dried to 105 degC and is then pulverised
to 85% passing 75um. Standard laboratory QAQC is undertaken and monitored.
Quality of assay data and
laboratory tests

The nature, quality and appropriateness of the assaying and laboratory
procedures used and whether the technique is considered partial or total.

For geophysical tools, spectrometers, handheld XRF instruments, etc., the
parameters used in determining the analysis including instrument make and
model, reading times, calibrations factors applied and their derivation, etc.

Nature of quality control procedures adopted (e.g. standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (i.e. lack of bias) and precision have been established.
Samples were analysed by ALS Laboratories (Perth). A 30g charge for Fire assay
was produced with AA finish for gold analysis. 4 Acid digestion with ICP-AES finish
was undertaken for 33 further elements.
Assay technique is Fire Assay which is a ‘Total Technique’.
Standard laboratory QAQC is undertaken and monitored by the laboratory and by the
company upon assay result receival.
Verification of sampling and
assaying

The verification of significant intersections by either independent or
alternative company personnel.

The use of twinned holes.

Documentation of primary data, data entry procedures, data verification, data
storage (physical and electronic) protocols.

Discuss any adjustment to assay data.
Logging and sampling were recorded directly into a digital logging system, verified
and eventually stored in an offsite database.
No twinning has been undertaken.
Location of data points
Accuracy and quality of surveys used to locate drill holes (collar and down-
hole surveys), trenches, mine workings and other locations used in Mineral
Resource estimation.

Specification of the grid system used.

Quality and adequacy of topographic control.
Collar position was recorded using a handheld Garmin GPS (+/- 3m).
GDA94 Z50s is the grid format for all xyz data reported.
A Reflex north seeking gyro was used at the completion of the hole. The hole was
deemed to have intersected the target zone.
Data spacing and distribution
Data spacing for reporting of Exploration Results.

Whether the data spacing and distribution is sufficient to establish the degree
of geological and grade continuity appropriate for the Mineral Resource and
Ore Reserve estimation procedure(s) and classifications applied.

Whether sample compositing has been applied.
See drill table for hole positions.
Data spacing at this stage is not suitable for Mineral Resource Estimation at this point.
Orientation of data in relation
to geological structure

Whether the orientation of sampling achieves unbiased sampling of possible
structures and the extent to which this is known, considering the deposit type.

If the relationship between the drilling orientation and the orientation of key
mineralised structures is considered to have introduced a sampling bias, this
should be assessed and reported if material.
Drilling was undertaken at a sub-perpendicular angle to the interpreted strike and dip
of the interpreted mineralised structures. Geological units are interpreted as nearly
vertically dipping (~90deg) and thus true widths of mineralisation will have to be
extrapolated from any assay results.

16

Criteria JORC Code explanation Commentary
Sample security
The measures taken to ensure sample security.
All samples from collection at rig through to submission at the laboratory have been
under the supervision of Red Mountain contracted personnel or sub-contractors
associated with the company.
Audits or reviews
The results of any audits or reviews of sampling techniques and data.
The program will be reviewed by senior company personnel and associated
consulting geologists.

Section 2 Reporting of Exploration Results

(Criteria in this section apply to all succeeding sections.)

Criteria JORC Code explanation Commentary
Mineral tenement and land tenure
status

Type, reference name/number, location and ownership including
agreements or material issues with third parties such as joint ventures,
partnerships, overriding royalties, native title interests, historical sites,
wilderness or national park and environmental settings.

The security of the tenure held at the time of reporting along with any
known impediments to obtaining a licence to operate in the area.
The information in this release relates to tenement E51/1900. This tenement is the
subject of an exclusivity agreement between Red Mountain and Simon Jones with
a view to a sale and purchase agreement.
There are no existing Native Title Agreements over the current tenement. The
tenement is wholly within partially determined claim WC2004/10 Wjarri Yamatji #1
with the Aboriginal Representative area body being Yamatji Marlpa Aboriginal
Corporation.
Tenure is in good standing with DMIRS
Exploration done by other parties
Acknowledgment and appraisal of exploration by other parties.
The Mt Maitland Project area has an extensive exploration history dating back late
1800’s when Maitland North and Maitland South were mined intermittently from
1897. Modern gold exploration over the project has been conducted by several
companies with Talisman Mining Ltd being the most recent.
The general area that forms the subject of this report has been explored in the
past by various companies including Pancontinental Mining, Coolgardie
Resources, Metex Resources and Talisman Mining Ltd during the period 1987-
2011.
Geology
Deposit type, geological setting and style of mineralisation.
The Project covers the Mt Maitland Greenstone Belt at the northern margin of the
Yilgarn Craton. The Mt Maitland Project is situated at a major geological plate
tectonic boundary reflecting the collision between the separate Pilbara and Yilgarn
Cratons. It is bounded by major regional structural faults – to the north by the
Murchison Fault, to the west by the Yalgar Fault and to the south by the Mt
Maitland Fault. The Murchison Fault separates the Proterozoic southern Capricorn
Orogen from the Archaean northern Yilgarn Craton. The Yalgar Fault separates
the older Narryer Terrane from the Murchison Domain.
The Mt Maitland Greenstone Belt extends over roughly 23x4km and is represented
by the Maitland synformal structure which is the northern most greenstone belt I
the Yilgarn Craton.
The Mt Maitland Greenstone Belt is an arcuate 3km succession of interlayered
mafic-ultramafic igneous intrusives and volcanics, and felsic volcanic rocks with
several intercalated sedimentary rocks and BIF’s. The sequence has been folded
and regionally metamorphosed to upper greenschist/mid amphibolite grade.

17

Criteria JORC Code explanation Commentary
Extensive Proterozoic dolerite dykes cross-cut the project area related to massive
gabbroic intrusive bodies.
A regional splay structure off the mantle tapping Murchison Fault traverse the
entire length of the tenement.
Pervasive quartz veins occur along the splay structure
Orogenic gold mineralisation in the area is associated with quartz veining +/-
sulphides and enveloping hydrothermal mineralisation haloes within sheared
mafic-ultramafic igneous intrusives and volcanics, and sedimentary rocks
(including BIF) and felsic volcanic rocks.
E51/1900 covers almost the entirety of the Mt Maitland Greenstone Belt.
The central half of the tenement comprises outcrop and sub-cropping basement
with alluvial and colluvial cover in the northern and southern parts.
Drill hole information
A summary of all information material to the understanding of the
exploration results including a tabulation of the following information for
all Material drill holes:
o
easting and northing of the drill hole collar
o
elevation or RL (Reduced Level – elevation above sea level in
metres) of the drill hole collar
o
dip and azimuth of the hole
o
down hole length and interception depth
o
hole length.

If the exclusion of this information is justified on the basis that the
information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly
explain why this is the case.
An overview of the drilling program is given within the text and tables within this
document
Data aggregation methods
In reporting Exploration Results, weighting averaging techniques,
maximum and/or minimum grade truncations (e.g. cutting of high
grades) and cut-off grades are usually Material and should be stated.

Where aggregate intercepts incorporate short lengths of high-grade
results and longer lengths of low-grade results, the procedure used for
such aggregation should be stated and some typical examples of such
aggregations should be shown in detail.

The assumptions used for any reporting of metal equivalent values
should be clearly stated.
NA
Relationship between
mineralisation widths and intercept
lengths

These relationships are particularly important in the reporting of
Exploration Results.

If the geometry of the mineralisation with respect to the drill hole angle
is known, its nature should be reported.

If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect(e.g. ‘down hole length, true
At this stage of mineral exploration, the geometry of the mineralisation to the drill
hole is unknown and therefore the true width of mineralisation is unknown.

18

Criteria JORC Code explanation Commentary
width not known’).
Diagrams
Appropriate maps and sections (with scales) and tabulations of
intercepts should be included for any significant discovery being
reported These should include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional views.
Refer to figures within this report.
Balanced reporting
Where comprehensive reporting of all Exploration Results is not
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration
Results.
The accompanying document is a balanced report with a suitable cautionary note.
Other substantive exploration data
Other exploration data, if meaningful and material, should be reported
including (but not limited to): geological observations; geophysical
survey results; geochemical survey results; bulk samples – size and
method of treatment; metallurgical test results; bulk density,
groundwater,
geotechnical
and
rock
characteristics;
potential
deleterious or contaminating substances.
Suitable commentary of the geology encountered are given within the text of this
document.
Further work
The nature and scale of planned further work (e.g. tests for lateral
extensions or depth extensions or large-scale step-out drilling).

Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
Assay results for MSD01

19