RED MOUNTAIN MINING LIMITED — Capital/Financing Update 2023

Jan 31, 2023

ASX ANNOUNCEMENT

1 February 2023

RED MOUNTAIN MINING LTD

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Early Lithium Discovery at the Mustang Project,

Nevada, USA

HIGHLIGHTS

• Lithium assay values to a high of 721ppm lithium returned from initial surface sampling efforts.

• Encouraging results given the very limited historical exploration work in the area.

• 18 samples collected along uplifted claystone ridges.

• Stratigraphy and geomorphology of the Monte Cristo Valley is similar to that of the Clayton Valley and Big Smoky Valley which hosts the largest defined lithium mineral resource in the United States.

• The claims are within the Monte Cristo Valley caldera, which contains significant exposures of volcanic rocks interpreted to be the source of lithium in the closed basin.

• Additional surface samples and mapping aims to further evaluate the project lithology and stratigraphy.

• Surface sampling to commence at RMX’s Lithic Lithium Project in the coming days.

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Figure 1. Topography and vegetation facing north within the middle of claim block (433120N, 4233628E)

Red Mountain Mining Limited (“RMX” or the “Company”) is pleased to announce the completion of reconnaissance surface sampling at the company’s “Mustang” Project, in Nevada, U.S.A. The project is prospective for claystone hosted lithium deposits within the hydrologically closed Monte Cristo Valley.

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A total of 18 surface samples were collected from the Mustang mineral claim (Table 1, Fig. 3). These samples were collected from areas of claystone outcrop mostly in the southern and central parts of the mineral claim.

The highest assay result of 721ppm Li was from a grab sample of yellow/green clayey tuff sediments located near the center of the Mustang property.

A total of 8 samples returned assay results of over 500ppm Li, which are highly anomalous given the small scale sampling program. Typical mineral resource cutoff grade for Claystone Lithium in the Big Smoky Valley and Clayton Valley is around 500ppm Li[(a)] .

Note:

• a) Refer to American Lithium company announcement dated 16 January 2023

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Figure 2. RMX’s Mustang Project location (includes both granted & pending claims) , Nevada, USA

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Table 1. Lithium results collected for surface samples within the Mustang Project Claim. Assays were completed using American Assay Laboratories 4 acid Lithium Exploration 28 element ICP-OES method (Lab code: IO-4AB28), with 28 elements reported. A full table of results is in Appendix 1. Datum: NAD83 / UTM Zone 11

Table 1.Lithium results collected for surface samples within the Mustang Project Claim. Assays were completed using American Assay Laboratories 4 acid Lithium Exploration 28 element ICP-OES method (Lab code: IO-4AB28), with 28 elements reported. A full table of results is in Appendix 1. Datum: NAD83/UTM Zone 11	Table 1.Lithium results collected for surface samples within the Mustang Project Claim. Assays were completed using American Assay Laboratories 4 acid Lithium Exploration 28 element ICP-OES method (Lab code: IO-4AB28), with 28 elements reported. A full table of results is in Appendix 1. Datum: NAD83/UTM Zone 11	Table 1.Lithium results collected for surface samples within the Mustang Project Claim. Assays were completed using American Assay Laboratories 4 acid Lithium Exploration 28 element ICP-OES method (Lab code: IO-4AB28), with 28 elements reported. A full table of results is in Appendix 1. Datum: NAD83/UTM Zone 11	Table 1.Lithium results collected for surface samples within the Mustang Project Claim. Assays were completed using American Assay Laboratories 4 acid Lithium Exploration 28 element ICP-OES method (Lab code: IO-4AB28), with 28 elements reported. A full table of results is in Appendix 1. Datum: NAD83/UTM Zone 11	Table 1.Lithium results collected for surface samples within the Mustang Project Claim. Assays were completed using American Assay Laboratories 4 acid Lithium Exploration 28 element ICP-OES method (Lab code: IO-4AB28), with 28 elements reported. A full table of results is in Appendix 1. Datum: NAD83/UTM Zone 11	Table 1.Lithium results collected for surface samples within the Mustang Project Claim. Assays were completed using American Assay Laboratories 4 acid Lithium Exploration 28 element ICP-OES method (Lab code: IO-4AB28), with 28 elements reported. A full table of results is in Appendix 1. Datum: NAD83/UTM Zone 11	Table 1.Lithium results collected for surface samples within the Mustang Project Claim. Assays were completed using American Assay Laboratories 4 acid Lithium Exploration 28 element ICP-OES method (Lab code: IO-4AB28), with 28 elements reported. A full table of results is in Appendix 1. Datum: NAD83/UTM Zone 11
	Sample #	**Type **	mE	mN	Li (ppm)	Description
	1792520	Auger	433788	4234711	317	Yellowish tan silty claystone. Slightly saline with antiseptic smell to claystone. Sample taken from 30" deepauger hole.
	1792521	Auger	433548	4234201	226	Yellowish siltstone. Assumed marginal grade, no saline character.
	1792522	Trench	433452	4234230	349	Layered siltstone and silt with minor saline claystone lenses.
	1792523	Grab	433391	4234227	596	Tan-grey/slightly greenish clay altered rhyolite with a blocky break.
	1792524	Grab	433681	4233928	661	Yellowishgrey-tan claystone,slight salinity1.5'-2' thick.
	1792525	Trench	433973	4233004	362	Appears to be tan-grey/slightly greenish clay altered rhyolite with a blocky break. Taken from trenches 4' and 6' long bias strata. Approx. 6' relief.
	1792526	Grab	433146	4233134	166	Yellowish tan,clayeysiltstone. Slightlysaline.
	1792527	Trench	433011	4233334	245	Yellow/greenish grey siltstone with minor claystone. Very saline. Representative sample from trench 10' long representing4' relief.
	1792528	Grab	433011	4233334	211	Select grab from trench targeting very saline greenish grey claystone with blockybreak.
	1792529	Auger	433179	4233688	597	2' deephole in apparentlyclayaltered rhyolite.
	1792530	Grab	432083	4235471	490	Clay altered rhyolite taken from a hole dug 1.5' deep. Top 6"- 1' orange and white layered sandy silt-altered basalt and rhyolite or rhyolitic tuff. Remainder of hole in blocky, somewhat friable, greyaltered rhyolite.
	1792531	Grab	432765	4234252	721	Top 4" composed of brown silt and basalt cobble>Not sampled. Yellow/green clayey/siltytuffaceous sediments.
	1792532	Grab	432903	4234017	288	Greenish grey, yellowish claystone. Top 2" occurs a rind of greenpowderyclay,slimyat surface.
	1792533	Grab	433094	4233627	699	Greenish grey, massive claystone bed. Indication bed is =/>20' thick.
	1792534	Grab	432984	4233700	380	Blocky, yellowish tan claystone. Appear to be extension of bedded claystone sampled at 1792533.
	1792535	Trench	433676	4233099	520	Layers of tuff, claystone and siltstone of varying colour. Much of sampled material encrusted with salts.
	1792536	Grab	433288	4233271	517	Green silt/claystone.
	1792537	Grab	433255	4233340	551	Greenish-greysiltyclaystone.

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Figure 3. Sample locations. Elevated Li (ppm) located in the south and central parts of the tenement. Inset: Figure indicates extents of claystone thickness observed by RMX staff (Picture taken near 699ppm Li sample #1792533 @ 433085E, 4233621N). The shovel handle in foreground marks the lower observed contact, the geologist at the top of the hill, the upper contact, with claystone observed between.

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Figure 4. Sample location of anomalous lithium samples a. 721ppm Li (sample #1792531) and b. 699ppm Li (sample # 1792533).

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Figure 5a. Topography of area near Sample #1792529 with 597ppm Li (433179E, 4233688N). b. Thick clays in sample #1792524 with 661ppm Li (433681E, 4233928N).

Exploration plans for Mustang

The Company intends to conduct additional geological mapping and surface sampling within the Mustang property, and around results of interest. These results will inform the RC drilling program which is expected to comprise wide-spaced drilling of approximately ten drill holes seventy meters deep. The results from this drilling will provide information on the lithium mineralisation to vector further drilling.

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Why Lithium, Why Nevada?

Lithium is considered a critical mineral around the globe as a result of a number of factors playing into importance, including:

• Macroeconomic Factors – Favourable short, medium, and long-term market fundamentals.

• Environmental Factors – Lithium is an indispensable component of electric vehicle batteries and other energy storage solutions required to achieve an electrified and clean energy future.

• Policy Factors – A global policy initiative transitioning to a clean energy future. The United States, in particular Nevada, is a Tier-1 mining jurisdiction due to the following reasons:

• Mining Friendly – Nevada was ranked the top jurisdiction for mining according to the Fraser Institute 2020 annual survey.

• Geological Setting – Nevada hosts the world’s largest known lithium deposits including:

• Defence Production Act – The USA has recently invoked the Defence Production Act in an effort to encourage and secure domestic production of battery materials.

• Offtake Partners – Close proximity to gigafactories and manufacturers with substantial lithium supply requirements.

• Security – Nevada enjoys a legal framework characterized by clear laws and reliable enforcement.

• Policy – In the United States there is bipartisan support and funding for promoting clean energy and fostering clean energy investment.

• Minimal Outlays – Nevada has no minimum annual expenditure requirements.

Authorised 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). The technical and scientific information contained within this news release has been reviewed and approved by an independent consulting geologist Bill Fleshman, Fellow of the Australasian Institute of Mining and Metallurgy “AusIMM” and a “CP” (chartered professional #107342), and Qualified Person (QP) as defined by National Instrument 43-101 Policy. 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 Freshman 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.

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Figure 6. Location map showing RMX’s two projects relative to its neighbours in Nevada

Mustang Lithium Project (Nevada, USA)

Mustang is located on the on the south-eastern flank of the hydrologically closed Monte Cristo Valley, 9 km south of Belmont Resources Kibby Lake project, and 40km east of American Lithium’s TLC deposit.

The Mustang project comprises 38 claims (217 ha) plus 102 pending claims (853 ha) of a generally flay alluvial outwash plane with well exposed fines-dominant sediments and lithic tuffs. The outcrops are finely laminated mudstone beds and volcanic tuff and ash layers. This mixed unit of lacustrine sedimentary beds with minor volcanics is similar to host rocks found at American Lithium’s TLC deposit and Cypress’ Clayton Valley deposit. This claim area is within a mapped caldera with the Monte Cristo Valley containing a significant area of volcanic rock capable of supplying lithium to the closed basin. Andesite and basalt flows are exposed in all directions within 2-6km of the project in erosional windows through the alluvium.

.

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JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random chips, or	3 Auger, 4 trench and 11 grab samples of between 1-6kg were collected
techniques	specific specialised industry standard measurement tools appropriate	from surface.
	to the minerals under investigation, such as down hole gamma	Samples were submitted to American Assay Laboratories (AAL)
	sondes, or handheld XRF instruments, etc). These examples should	(Nevada, U.S.A) where they were prepared by Basic Rock/Drill Prep
	not be taken as limiting the broad meaning of sampling.	Package (BRPP2KG).
	• Include reference to measures taken to ensure sample representivity	Rock chip samples were analysed using method 4 acid Lithium
	and the appropriate calibration of any measurement tools or systems	Exploration 28 element ICP-OES (Lab code: IO-4AB28), with 28
	used.	elements reported.
	• 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 (eg ‘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 (eg
	submarine nodules) may warrant disclosure of detailed information.
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air	No drilling completed
techniques	blast, auger, Bangka, sonic, etc) and details (eg 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	No drilling completed
recovery	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.
Logging	• Whether core and chip samples have been geologically and	No drilling completed
	geotechnically logged to a level of detail to support appropriate
	Mineral Resource estimation, mining studies and metallurgical
	studies.
	• Whether logging isqualitative orquantitative in nature. Core(or

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Criteria	JORC Code explanation	Commentary	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	•	Between 1 and 6kg auger, trench and grab samples were
techniques	taken.		collected from surface.
and sample	• If non-core, whether riffled, tube sampled, rotary split, etc and	•	Samples were prepared by Basic Rock/Drill Prep Package
preparation	whether sampled wet or dry.		(BRPP2KG) at AAL.
	• For all sample types, the nature, quality and appropriateness of the	•	The sample size is considered suitable for this stage of
	sample preparation technique.		exploration for the commodity in question.
	• Quality control procedures adopted for all sub-sampling stages to	•	No duplicate samples were collected in the field. Duplicate
	maximise representivity of samples.		samples were completed at AAL from reject re-split material.
	• 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	•	Rock chip samples were analysed at American Assay
assay data	laboratory procedures used and whether the technique is considered		Laboratories using 4 acid Lithium Exploration 28 element ICP-
and	partial or total.		OES (Lab code: IO-4AB28).
laboratory	• For geophysical tools, spectrometers, handheld XRF instruments, etc,	•	Laboratory QAQC was utilized in the form of blanks, standards
tests	the parameters used in determining the analysis including instrument		and duplicates. This was deemed to have passed laboratory and
	make and model, reading times, calibrations factors applied and their		internal standards for this phase of exploration.
	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) andprecision have been established.
Verification of	• The verification of significant intersections by either independent or	•	No significant intersections
sampling and	alternative company personnel.	•	No twinned drill holes
assaying	• The use of twinned holes.	•	Data is collected using the Gaia GPS application on Ipad. This is
	• Documentation of primary data, data entry procedures, data		downloaded to laptop and tabulated and stored in Microsoft Excel.
	verification, data storage (physical and electronic) protocols.	•	No adjustments to assay data
	• _Discuss any adjustment to assay data. _
Location of	• Accuracy and quality of surveys used to locate drill holes (collar and	•	Sample locations are recorded using a Garmin handheld GPS
data points	down-hole surveys), trenches, mine workings and other locations		(+/- 3m accuracy).
	used in Mineral Resource estimation.	•	Grid is NAD83 / UTM zone 11N
	• Specification of the grid system used.
	• Quality and adequacy of topographic control.
Data spacing	• Data spacing for reporting of Exploration Results.	•	Samples were collected at field locations where claystone was
and	• Whether the data spacing and distribution is sufficient to establish the		identified by the company geologist.
distribution	degree ofgeological andgrade continuity appropriate for the Mineral

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Criteria	JORC Code explanation	Commentary	Commentary
	Resource and Ore Reserve estimation procedure(s) and	•	Data spacing and distribution would not be suitable for a MRE at
	classifications applied.		this point in the exploration process.
	• Whether sample compositing has been applied.	•	No sample composition has been applied.
Orientation of	• Whether the orientation of sampling achieves unbiased sampling of	•	Sample orientation targeted claystone in surface deposits. It is
data in	possible structures and the extent to which this is known, considering		not known if there is any structural control on lithium-bearing
relation to	the deposit type.		claystones.
geological	• If the relationship between the drilling orientation and the orientation	•	No drilling completed.
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.	•	Samples were dug out of the ground, bagged into 7x12” cotton
security			sample bags with sample # printed in black marker on the
			outside of the bag. A sample tag matching the bag number is
			placed in the bag. Sample details including coordinated are
			written into the sample tag book. Bagged samples were then
			placed into a larger plastic woven bag with sample intervals
			(contents written on the outside.
		•	The samples were transported to AAL in Nevada in the
			geologists 4wd vehicle.
Audits or	• The results of any audits or reviews of sampling techniques and data.	•	Results have been reviewed by other personnel associated with
reviews			the company.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary	Commentary
Mineral	• Type, reference name/number, location and ownership including	•	The Mustang Project consists of 38 granted claims (217 ha).
tenement and	agreements or material issues with third parties such as joint	•	The project is subject to a Net Smelter Royalty (“NSR”) in favour
land tenure	ventures, partnerships, overriding royalties, native title interests,		of Lithic Lithium LLC of 2%.
status	historical sites, wilderness or national park and environmental	•	There are no native title claims covering the tenement.
	settings.	•	No heritage surveys were required prior to commencing
	• The security of the tenure held at the time of reporting along with any		exploration activities.
	known impediments to obtaining a licence to operate in the area.	•	The Project does not intersect any underlying pastoral lease.
		•	The Project does not intersect an area identified as wilderness,
			nationalpark or an area of environmental interest.
Exploration	• Acknowledgment and appraisal of exploration by other parties.	•	Relevant exploration for Lithium at the Mustang Project during
done by other			2021 was undertaken by Lithic Lithium LLC have included grab,
parties			trench and stream sediment samples.

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Criteria	JORC Code explanation	Commentary	Commentary
Geology	• Deposit type, geological setting and style of mineralisation.	•	The deposit type and main target mineralisation model is of
			claystone hosted lithium.
Drill hole	• A summary of all information material to the understanding of the	•	No drilling completed
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,	•	No cut-off grades have been used during reporting
aggregation	maximum and/or minimum grade truncations (eg cutting of high	•	No metal equivalent values have been reported.
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	•	No drilling completed
between	Exploration Results.
mineralisation	• If the geometry of the mineralisation 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 (eg ‘down hole length, true
	_width not known’). _
Diagrams	• Appropriate maps and sections (with scales) and tabulations of	•	Maps and images are 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
	drill hole collar locations and appropriate sectional views.
Balanced	• Where comprehensive reporting of all Exploration Results is not	•	The results and text provided within this report are considered
reporting	practicable, representative reporting of both low and high grades		comprehensive and representative. All significant assay results
	and/or widths should be practiced to avoid misleading reporting of		have been disclosed within the text.
	Exploration Results.

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Criteria	JORC Code explanation	Commentary	Commentary
Other	• Other exploration data, if meaningful and material, should be reported	•	All relevant exploration results and observations have been
substantive	including (but not limited to): geological observations; geophysical		reported that are pertinent to this stage of exploration.
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 (eg tests for lateral	•	Red Mountain shall undertake further geological mapping and
	extensions or depth extensions or large-scale step-out drilling).		surface sampling to inform future RC drilling programs.
	• Diagrams clearly highlighting the areas of possible extensions,	•	The Company continues to assess additional opportunities to
	including the main geological interpretations and future drilling areas,		add to its current asset portfolio.
	provided this information is not commercially sensitive.

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Appendix 1.

Table 1. Full assay results collected for surface samples within the Mustang Project Claim. Assays were completed using American Assay Laboratories 4 acid Lithium Exploration 28 element ICP-OES method (Lab code: IO-4AB28), with 28 elements reported. Datum: NAD83 / UTM Zone 11

Table 1.Full assay results collected for surface samples within the Mustang Project Claim. Assays were completed using American Assay Laboratories 4 acid Lithium Exploration 28 element ICP-OES method (Lab code: IO-4AB28), with 28 elements reported. Datum: NAD83 / UTM Zone 11	Table 1.Full assay results collected for surface samples within the Mustang Project Claim. Assays were completed using American Assay Laboratories 4 acid Lithium Exploration 28 element ICP-OES method (Lab code: IO-4AB28), with 28 elements reported. Datum: NAD83 / UTM Zone 11	Table 1.Full assay results collected for surface samples within the Mustang Project Claim. Assays were completed using American Assay Laboratories 4 acid Lithium Exploration 28 element ICP-OES method (Lab code: IO-4AB28), with 28 elements reported. Datum: NAD83 / UTM Zone 11	Table 1.Full assay results collected for surface samples within the Mustang Project Claim. Assays were completed using American Assay Laboratories 4 acid Lithium Exploration 28 element ICP-OES method (Lab code: IO-4AB28), with 28 elements reported. Datum: NAD83 / UTM Zone 11	Table 1.Full assay results collected for surface samples within the Mustang Project Claim. Assays were completed using American Assay Laboratories 4 acid Lithium Exploration 28 element ICP-OES method (Lab code: IO-4AB28), with 28 elements reported. Datum: NAD83 / UTM Zone 11	Table 1.Full assay results collected for surface samples within the Mustang Project Claim. Assays were completed using American Assay Laboratories 4 acid Lithium Exploration 28 element ICP-OES method (Lab code: IO-4AB28), with 28 elements reported. Datum: NAD83 / UTM Zone 11	Table 1.Full assay results collected for surface samples within the Mustang Project Claim. Assays were completed using American Assay Laboratories 4 acid Lithium Exploration 28 element ICP-OES method (Lab code: IO-4AB28), with 28 elements reported. Datum: NAD83 / UTM Zone 11	Table 1.Full assay results collected for surface samples within the Mustang Project Claim. Assays were completed using American Assay Laboratories 4 acid Lithium Exploration 28 element ICP-OES method (Lab code: IO-4AB28), with 28 elements reported. Datum: NAD83 / UTM Zone 11	Table 1.Full assay results collected for surface samples within the Mustang Project Claim. Assays were completed using American Assay Laboratories 4 acid Lithium Exploration 28 element ICP-OES method (Lab code: IO-4AB28), with 28 elements reported. Datum: NAD83 / UTM Zone 11	Table 1.Full assay results collected for surface samples within the Mustang Project Claim. Assays were completed using American Assay Laboratories 4 acid Lithium Exploration 28 element ICP-OES method (Lab code: IO-4AB28), with 28 elements reported. Datum: NAD83 / UTM Zone 11	Table 1.Full assay results collected for surface samples within the Mustang Project Claim. Assays were completed using American Assay Laboratories 4 acid Lithium Exploration 28 element ICP-OES method (Lab code: IO-4AB28), with 28 elements reported. Datum: NAD83 / UTM Zone 11	Table 1.Full assay results collected for surface samples within the Mustang Project Claim. Assays were completed using American Assay Laboratories 4 acid Lithium Exploration 28 element ICP-OES method (Lab code: IO-4AB28), with 28 elements reported. Datum: NAD83 / UTM Zone 11
	Sample #	Sample Type	mE	mN	Ag (ppm)	Al (ppm)	As (ppm)	Bi (ppm)	Ca (ppm)	Ce (ppm)	Co (ppm)
	1792520	Auger	433788	4234711	-0.3	56600	44	-5	61311	48	11
	1792521	Auger	433548	4234201	-0.3	64183	26	-5	41572	58	12
	1792522	Trench	433452	4234230	-0.3	52979	39	-5	90205	44	9
	1792523	Grab	433391	4234227	-0.3	59272	34	-5	39914	50	12
	1792524	Grab	433681	4233928	-0.3	56740	28	-5	45294	54	11
	1792525	Trench	433973	4233004	-0.3	66807	18	-5	37301	40	9
	1792526	Grab	433146	4233134	-0.3	65383	29	-5	43882	50	11
	1792527	Trench	433011	4233334	-0.3	61691	32	-5	48168	50	13
	1792528	Grab	433011	4233334	-0.3	64742	20	-5	48724	50	11
	1792529	Auger	433179	4233688	-0.3	60639	65	-5	38777	67	12
	1792530	Grab	432083	4235471	-0.3	52660	61	-5	77255	42	11
	1792531	Grab	432765	4234252	-0.3	55610	64	-5	52404	39	12
	1792532	Grab	432903	4234017	-0.3	59000	23	-5	49104	72	10
	1792533	Grab	433094	4233627	-0.3	60732	31	-5	25387	56	12
	1792534	Grab	432984	4233700	-0.3	57203	17	-5	31500	48	12
	1792535	Trench	433676	4233099	-0.3	60308	23	-5	34097	43	12
	1792536	Grab	433288	4233271	-0.3	62574	22	-5	31419	57	12
	1792537	Grab	433255	4233340	-0.3	63509	25	-5	33188	39	13

Table 2 (cont.) Sample #	Sample Type	mE	mN	Cu (ppm)	Fe (ppm)	Ga (ppm)	Hg (ppm)	K (ppm)	La (ppm)	Li (ppm)
1792520	Auger	433788	4234711	29	35892	15	-0.5	29321	24	317
1792521	Auger	433548	4234201	19	36363	17	-0.5	27555	32	226
1792522	Trench	433452	4234230	22	29793	13	-0.5	24923	23	349
1792523	Grab	433391	4234227	28	36440	16	-0.5	35099	24	596
1792524	Grab	433681	4233928	20	34507	15	-0.5	32522	22	661
1792525	Trench	433973	4233004	9	26830	16	-0.5	28027	25	362
1792526	Grab	433146	4233134	18	32010	17	-0.5	19732	27	166
1792527	Trench	433011	4233334	33	34904	16	-0.5	23052	26	245
1792528	Grab	433011	4233334	64	32787	16	-0.5	21278	26	211
1792529	Auger	433179	4233688	33	36795	17	-0.5	32840	28	597
1792530	Grab	432083	4235471	26	33674	14	-0.5	31563	22	490
1792531	Grab	432765	4234252	21	34322	15	-0.5	38571	21	721
1792532	Grab	432903	4234017	12	31596	15	-0.5	28064	31	288

13

1792533	Grab	433094	4233627	19	33502	16	-0.5	34585	23	699
1792534	Grab	432984	4233700	20	32185	15	-0.5	27184	24	380
1792535	Trench	433676	4233099	22	34701	15	-0.5	34139	23	520
1792536	Grab	433288	4233271	17	32774	16	-0.5	31706	25	517
1792537	Grab	433255	4233340	26	36250	17	-0.5	34553	26	551

14

Table 2 (cont.) Sample #	Sample Type	mE	mN	Mg (ppm)	Mn (ppm)	Na (ppm)	Ni (ppm)	Pb (ppm)	S (ppm)	Sb (ppm)
1792520	Auger	433788	4234711	24625	867	20718	17	15	971	5
1792521	Auger	433548	4234201	20918	654	20980	17	14	243	-2
1792522	Trench	433452	4234230	27348	462	20980	15	13	1020	3
1792523	Grab	433391	4234227	28109	469	20941	19	15	932	-2
1792524	Grab	433681	4233928	25843	561	34062	15	15	1495	-2
1792525	Trench	433973	4233004	14365	498	44801	12	18	2776	-2
1792526	Grab	433146	4233134	17391	505	23512	16	15	641	-2
1792527	Trench	433011	4233334	22217	896	28348	17	16	2481	-2
1792528	Grab	433011	4233334	19708	1154	28129	16	16	2103	-2
1792529	Auger	433179	4233688	24784	560	22363	19	14	1347	3
1792530	Grab	432083	4235471	30851	575	18602	16	12	2250	-2
1792531	Grab	432765	4234252	24071	613	20719	15	16	13541	3
1792532	Grab	432903	4234017	16631	573	32147	12	15	3383	-2
1792533	Grab	433094	4233627	22189	665	33883	16	17	1332	-2
1792534	Grab	432984	4233700	23881	696	36381	16	14	2123	2
1792535	Trench	433676	4233099	21000	673	37963	17	14	1343	3
1792536	Grab	433288	4233271	21243	654	30821	16	14	3729	6
1792537	Grab	433255	4233340	20853	666	32820	17	15	1869	-2

Table 2 (cont.) Sample #	Sample Type	mE	mN	Sc (ppm)	Sr (ppm)	Ti (ppm)	Tl (ppm)	V (ppm)	Y (ppm)	Zn (ppm)
1792520	Auger	433788	4234711	11	454	2996	-10	80	16	75
1792521	Auger	433548	4234201	11	537	3248	-10	88	20	80
1792522	Trench	433452	4234230	9	573	2480	-10	80	15	64
1792523	Grab	433391	4234227	12	603	3103	-10	108	16	78
1792524	Grab	433681	4233928	11	600	2998	-10	115	13	69
1792525	Trench	433973	4233004	8	877	2651	-10	73	14	59
1792526	Grab	433146	4233134	9	552	2888	-10	89	16	68
1792527	Trench	433011	4233334	11	881	2977	-10	127	16	76
1792528	Grab	433011	4233334	10	977	2985	-10	130	17	71
1792529	Auger	433179	4233688	11	805	3138	-10	120	19	79
1792530	Grab	432083	4235471	11	494	2718	-10	84	15	71
1792531	Grab	432765	4234252	9	1257	2625	-10	187	13	73
1792532	Grab	432903	4234017	9	961	2810	-10	97	17	67
1792533	Grab	433094	4233627	10	542	2813	-10	133	13	77
1792534	Grab	432984	4233700	9	658	2832	-10	124	15	71
1792535	Trench	433676	4233099	10	482	2932	-10	88	15	78

15

1792536	Grab	433288	4233271	10	890	2927	-10	91	14	75
1792537	Grab	433255	4233340	10	470	3044	-10	96	17	82

16