RED MOUNTAIN MINING LIMITED — Capital/Financing Update 2024

Jul 21, 2024

ASX ANNOUNCEMENT

RED MOUNTAIN MINING LTD 22 July 2024

Gold exploration to commence at Fry Lake

HIGHLIGHTS

• RMX targets areas for Gold exploration at Flicka Lake, part of the Fry Lake Project area.
• Target areas interpreted prospective for Gold based on open file data.
• Targets cover extensions to shear zones and faults including favourable geological units.
• Exploration team to conduct sampling as part of upcoming maiden exploration program.
• RMX continues to review additional assets.

Red Mountain Mining Limited ("RMX" or the "Company") is pleased to advise that it has defined priority structural targets over its four exploration licenses prospective for gold, within the Meen-Dempster Greenstone Belt, Ontario, Canada. The first area for investigation is the 100% RMX owned Flicka Lake claims, the western most area in its Fry Lake Project portfolio. The structural targets focus on potential host sites for gold lode mineralisation, which is known to occur in the broader area.

The targeting is based on mapped faults, shear zones, reported basement alteration of basement and extensions to known zones of interest worked by other explorers. These promising features will be sampled by rock and soil methods by the Company's contract geologists. The Company's contractors have confirmed their availability and alongside the Red Mountain Mining team, are finalising the field program.

Figure 1: Flicka Lake target areas shown in pink with structural targets, faults, shears, alteration and prospects held by others*.* Datum UTM NAD83 zone 15

Background

The Fry Lake Projects are located in the Uchi region, a prolific mineral belt which has produced 32Moz Au to date1 . The Golden Patricia Mine previously operated by Barrick Gold (NYSE: GOLD) is located 12km North of Fry Lake.

Figure 2: Fry Lake Project in relation to the Pickle Lake and Golden Patricia gold fields and basement geology. Datum UTM NAD83 zone 15.

The four tenements are based on structural targets, reported alteration, proximity to banded iron, reported gold occurrences and porphyry intrusions. Figure 2 shows the Meen-Dempster Greenstone belt compressed between late-stage granitic intrusions and associated fault and shear zones, in particular the Fry-McVean East-West shear and associated banded iron.

1 S&P Global Market Intelligence, June 2023

Figure 3: Mapped geology of the Meen -Dempster Greenstone Belt and the Fry Lake properties. McVean Lake gold occurrence at lower left-hand corner on the Fry-McVean massive shear. Note the Flicka Lake licence surrounds existing claims and known mineralisation held by others.

Table 2 summarises each tenement and provides a brief description of the target area and target size.

Licence Group	Sub Target	Priority	Brief Comment	Area km2
Relyea	Relyea Porphyry	P1	Western extension of porphyry. Felsic intrusion into clastic metasedimentaryrocks sub parallel strike, qtz-feld-porphyritic-syenite with local silicificationzones blueish translucent qtz veins potential to host gold. Poor outcrop no
	Lake Relyea	P2	historic drilling or exploration - GreenfieldsReports of a rusty qtz vein north of lake with gold lode sub parallel to mainfoliation, pronounced biotite-sericite alteration in fine grained sandstone onlineament through the Kawashe Lake #2 copper-gold occurrence.	11.7
Fry Lake Stock	Fry Lake Stock	P2	Western margin exhibits pervasive sericite-carbonate alteration associatedwith disseminated pyrite and minor tourmaline. Locally fracture controlled ironcarbonate with qtz and pyrite alteration and veining.	5.8
Flicka Lake	Flicka Lake	P1	NE structures emanating from main E-W shear giving rise to Flicka & Fry Lake #9Au occurrences with the later having a 50m wide Fe-carbonate rich zone in theshear.	9.5
Fry-McVean Shear	McVean Lake West	P1	Lies west of historical McVean Lake Au lode occurrence in quartz porphyrydykes and coincident with the mapped Fry-McVean Shear.	10.9
	Fry-McVean Shear	P1	Extension of the McVean Lake West target along the Fry-McVean shear andtakes in two narrow felsic bodiesTotal	37.9
	Projects Located in Strategic Gold District		The Pickle Lake gold mines historically reported production of 3,271,276Mt for 1,502,147oz2from 1935 to1966. The major gold mines and current resources, past and present, in the area are:
•••••	Golden Patricia (Barrick Gold NYSE: GOLD)Central Patricia Mines		Pickle Crow, AuTeco Minerals report a JORC (2012) inferred resource of 11.9Mt at 7.2g/t Au for2.8Moz (FireFly Metals ASX: FFM 4th May 2023):Dona Lake (Newmont Corporation NYSE: NEM)Kasagiminnis Gold deposit, Ardiden report a JORC (2012) Inferred resource estimate of 0.79Mt at4.3g/t Au for 0.11Moz (ASX: ADV 10 September 2019)
2			: Data taken from the Ontario Mineral Inventory, Ontario Geological Survey Record MDI52O09SE00007
Next Steps
			A first pass rock and soil sampling program is currently being prepared to test structural targets identified.Subject to contractor availability and weather conditions, the Company expects the initial sampling processto commence in this quarter, where the collected samples will be assayed in a local assay laboratory.
	Additional Assets Being Reviewed
RMX continues to review additional asset opportunities to complement the company's existing assetportfolio.
	Authorised for and on behalf of the Board,
Mauro Piccini
Company Secretary

Projects Located in Strategic Gold District

• Golden Patricia (Barrick Gold NYSE: GOLD)
• Pickle Crow, AuTeco Minerals report a JORC (2012) inferred resource of 11.9Mt at 7.2g/t Au for 2.8Moz (FireFly Metals ASX: FFM 4th May 2023):
• Dona Lake (Newmont Corporation NYSE: NEM)
• Central Patricia Mines
• Kasagiminnis Gold deposit, Ardiden report a JORC (2012) Inferred resource estimate of 0.79Mt at 4.3g/t Au for 0.11Moz (ASX: ADV 10 September 2019)

Next Steps

Additional Assets Being Reviewed

Mauro Piccini

Investors and Media

For any questions, please contact us at info@redmountainmining.com.au

About Red Mountain Mining

Red Mountain Mining Limited (ASX: RMX) is a mineral exploration and development company. Red Mountain has a portfolio of critical minerals including gold, lithium, rare earth and base metal projects, located in Canada, USA and Australia. The Company's flagship projects are based in Nevada USA, prospective for lithium claystone mineralisation. Red Mountain is progressing its Fry Lake project, based in the Strategic Gold district in Ontario, Canada. Other projects include the Monjebup Rare Earths Project and the Koonenberry Gold Project.

Competent Person 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). It has been compiled and assessed under the supervision of contract geologist Mark Mitchell. Mr Mitchell is a Member of the Australasian Institute of Geoscientists and 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 Mitchell consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

1.1 Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling	•Nature and quality of sampling (e.g. cut	•No drilling or sampling conducted to date
techniques	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 thePublic 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 (e.g. core, reverse circulation,	•No drilling or sampling conducted to date
techniques	open-hole hammer, rotary air blast, auger,
	Bangka, sonic, etc) and details (e.g. corediameter, 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	•No drilling or sampling conducted to date
recovery	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.
Logging	•Whether core and chip samples have been	•No drilling or sampling conducted to date
	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 therelevant intersections logged.

Criteria	JORC Code explanation	Commentary
Sub	•If core, whether cut or sawn and whether	No drilling or sampling conducted, just
sampling	quarter, half or all core taken.	pegged licences
techniques	•If non-core, whether riffled, tube sampled,
and sample	rotary split, etc and whether sampled wet
preparation	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 forfield 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	•No drilling or sampling conducted to date
assay data	the assaying and laboratory procedures
and	used and whether the technique is
laboratory	considered partial or total.
tests	•For geophysical tools, spectrometers,
	handheld XRF instruments, etc, the
	parameters used in determining the
	analysis including instrument make andmodel, 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.
Verification	•The verification of significant intersections	•No drilling or sampling conducted to date
of sampling	by either independent or alternative
and	company personnel.
assaying	•The use of twinned holes.•
	Documentation of primary data, data entryprocedures, data verification, data storage
	(physical and electronic) protocols.
	•Discuss any adjustment to assay data.
Location of	•Accuracy and quality of surveys used to	•No drilling or sampling conducted to date
data points	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.
Data	•Data spacing for reporting of Exploration	•No drilling or sampling conducted to date
spacing and	Results.
distribution	•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

Criteria	JORC Code explanation	Commentary
	estimation procedure(s) and classificationsapplied.•Whether sample compositing has beenapplied.
Orientationof data inrelation togeologicalstructure	•Whether the orientation of samplingachieves unbiased sampling of possiblestructures and the extent to which this isknown, considering the deposit type.•If the relationship between the drillingorientation and the orientation of keymineralised structures is considered to haveintroduced a sampling bias, this should beassessed and reported if material.	•No drilling or sampling conducted to date
Samplesecurity	•The measures taken to ensure samplesecurity.	•No drilling or sampling conducted to date
Audits orreviews	•The results of any audits or reviews ofsampling techniques and data.	•No drilling or sampling conducted to date

1.2 Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineraltenement andland tenurestatus	•Type, reference name/number, locationand ownership including agreements ormaterial issues with third parties such asjoint ventures, partnerships, overridingroyalties, native title interests, historicalsites, wilderness or national park andenvironmental settings.•The security of the tenure held at the timeof reporting along with any knownimpediments to obtaining a licence tooperate in the area.	Four Active Mining TitlesClaim numbers 893983 to 894170 (188 claims)for:1)Fry Lake2)Fry Lake Stock3)Fry -McVean Shear4)Relyea PorphyryCurrently in RMX's agents name (AndreBelozerov) in the process of being transferred toRMX's name. No Known impediments toexploration, not in any "Mining ActivityRestriction" areas
Explorationdone by otherparties	•Acknowledgment and appraisal ofexploration by other parties.	•Limited exploration done in the licences,mainly rock chip sampling by the OntarioGeological Survey (Open File Report 6208 in2008)
Geology	•Deposit type, geological setting and styleof mineralisation.	•No deposit identified in the tenements, butlode style gold mineralisation is reported inthe broader area associated with shear zonesand sericite pyrite alteration, structurallycontrolled by larger crustal deformationalfeatures; underlying geology is the MeenDempster Archaean Greenstone Belt.
Drill holeInformation	•A summary of all information material tothe understanding of the explorationresults including a tabulation of thefollowing information for all Material drill	•No drilling or sampling conducted

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

Criteria	JORC Code explanation	Commentary
	holes:
	oeasting and northing of the drill hole
	collar
	oelevation or RL (Reduced Level –
	elevation above sea level in metres) of
	the drill hole collar
	odip and azimuth of the holeodown hole length and interception
	depth
	ohole 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	•No drilling or sampling conducted
aggregation	averaging techniques, maximum and/or
methods	minimum grade truncations (e.g. cutting
	of high grades) and cut-off grades areusually 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
Relationship	stated.•These relationships are particularly	•No drilling or sampling conducted
between	important in the reporting of Exploration
mineralisation	Results.
widths and	•If the geometry of the mineralisation with
intercept	respect to the drill hole angle is known, its
lengths	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 width not known').
Diagrams	•Appropriate maps and sections (with	•No drilling or sampling conducted
	scales) and tabulations of interceptsshould 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	•No drilling or sampling conducted
reporting	Exploration Results is not practicable,
	representative reporting of both low and
	high grades and/or widths should be
	practiced to avoid misleading reporting of
Other	Exploration Results.•Other exploration data, if meaningful and	•No drilling or sampling conducted
substantive	material, should be reported including

Criteria	JORC Code explanation	Commentary
explorationdata	(but not limited to): geologicalobservations; geophysical survey results;geochemical survey results; bulk samples– size and method of treatment;metallurgical test results; bulk density,groundwater, geotechnical and rockcharacteristics; potential deleterious orcontaminating substances.
Further work	•The nature and scale of planned furtherwork (e.g. tests for lateral extensions ordepth extensions or large-scale step-outdrilling).•Diagrams clearly highlighting the areas ofpossible extensions, including the maingeological interpretations and futuredrilling areas, provided this information isnot commercially sensitive.	•No drilling or sampling conducted•First pass rock chip and soil samplingplanned.•See Diagrams in text