RED MOUNTAIN MINING LIMITED — Capital/Financing Update 2025

Jul 10, 2025

ASX ANNOUNCEMENT

11 JULY 2025

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ASX: RMX

Red Mountain Mining Ltd ACN 119 568 106 Australia and Canada based Gold and Battery metals explorer redmountainmining.com.au

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RMX ACCELERATES ANTIMONY-GOLD EXPLORATION AT ARMIDALE

HIGHLIGHTS

• Gold results for 102 rock chip samples from the Oaky Creek Antimony prospect returned values of up to 0.54g/t Au, with all anomalous samples located within the prospective trends defined by the soil Antimony results, consistent with the

presence of an orogenic Sb-Au system

• 2,500m of shallow trenching is planned across three separate Antimony soil geochemical anomalies at Oaky Creek, which have no direct association with historical mine workings or outcropping mineralisation

• RMX anticipates that mapping and sampling of the trenches will allow the company to identify multiple targets at Oaky Creek for follow-up drill testing

• Three further priority Antimony and Gold targets to be tested:

• Major >1,000 station soil sampling program targeted at the East Hills Antimony prospect and the Horsley Station gold prospect, both of which feature historical mine workings

• New Gold target “Horsley North” featuring a magnetic high to be tested

• Q3 and Q4 exploration initiatives are fully funded following successful placement

Red Mountain Mining Limited (“ RMX ” or the “ Company ”) is pleased to announce gold assays for 102 rock chip samples and to further detail the Company’s immediate accelerated program at the Armidale Antimony-Gold project. This follows the exceptional support in Red Mountain’s recent funding initiative, anchored by three strategic investors all of whom have positioned as Top 20 shareholders of Larvotto Resources (ASX: LRV).

Gold analytical results of up to 0.54g/t Au have been received for rock chip samples from the Oaky Creek prospect in the northern portion of the tenement (Figure 1), where the company recently reported antimony in soils results of up to 333ppm Sb[1 ] and rock chip values of up to 28.34% Sb[2] .

An extensive program of shallow trenching is planned to uncover basement geology beneath three unexplained soil anomalies at Oaky Creek where no outcropping mineralisation was detected. If successful in uncovering mineralisation, the trenching program will confirm the presence of orogenic antimony mineralisation over a strike extent of 1.5km at Oaky Creek North and 800m at Oaky Creek South.

1RMX ASX Announcement 7 June 2025. https://investorhub.redmountainmining.com.au/announcements/6998482

2RMX ASX Announcement 27 June 2025. https://investorhub.redmountainmining.com.au/announcements/7026204

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In the south of EL9732 (Figure 1), RMX will collect 1,032 soil samples across three 50m x 100m grids designed to test for:

• An extension of the historically mined quartz vein-hosted antimony mineralisation at the East Hills prospect.

• The extent of gold mineralisation at the Horsley Station prospect, where historical workings close to the Peel Fault coincide with a distinct magnetic high, interpreted to be serpentinite mélange, which is an analogous setting to the gold deposits of the Bingara and Teatree goldfields, further to the north.

• Evidence of gold mineralisation associated with a similar magnetic high (termed Horsley North) located approximately 2km north of Horsley Station and extending along the Peel Fault to RMX’s tenement boundary.

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Figure 1: Geological Survey of NSW total magnetic intensity reduced to pole (TMI RTP) imagery and location of gold and antimony mineral occurrences within and near to EL9732, showing the location of the Oaky Creek antimony prospect in the northern part of the tenement. The inset shows the southeast corner of EL9732 and the locations of the East Hills antimony, Horsley Station gold and Horsley North magnetic targets. The mapped location of the Peel Fault is also shown.

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Gold rock chip results confirm the presence of an orogenic Antimony-Gold system at Oaky Creek

Following receipt of the strong Antimony rock chip results for Oaky Creek reported on 27 June 2025[3] , 102 of these samples were submitted for gold analysis by fire assay with lead collection. The samples were collected from insitu outcropping exposures where possible, but subcrop and float samples were collected where this was not possible. Rock chip sample locations, nature (outcrop, subcrop or float) and geochemical results are provided in Appendix 1.

Gold results for the rock chip samples from Oaky Creek are shown in Figure 2. Strongly anomalous (>0.1ppm Au) rock chip results were returned for samples collected from the historical workings at Oaky Creek North (up to 0.46ppm Au) and Oaky Creek South (up to 0.14ppm Au) and from the antimony-bearing creek exposure ~500m NNW of Oaky Creek North (up to 0.54ppm Au), showing good correlation with high antimony results. Similarly, no samples with elevated (>0.01ppm Au) gold were collected outside of the footprint of the two main antimony soil anomalies. This strong spatial correlation between antimony and gold supports RMX’s exploration model for the Oaky Creek prospect, targeting a vein-style orogenic antimony-gold deposit, which is analogous to Larvotto’s (ASX: LRV) Hillgrove project, Australia’s largest antimony deposit.

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Figure 2: Comparison of rock chip gold and soil antimony results for the Oaky Creek prospect.

3RMX ASX Announcement 27 June 2025. https://investorhub.redmountainmining.com.au/announcements/7026204

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Shallow 2,500m trenching program to be completed at Oaky Creek

RMX’s soil sampling at Oaky Creek, reported on 7 June 2025[4] , defines a ~1.5km long NNW-trending antimony soil anomaly, which extends both north and south of historical workings at Oaky Creek North east of the Namoi Fault splay and a similarly-oriented ~800m antimony soil anomaly that extends north of the Oaky Creek South workings to the west of the fault (Figure 3).

The northern end of the Oaky Creek North anomaly coincides with an antimony-bearing creek exposure that returned rock chip results of up to 28.3% Sb[5] and 0.54ppm Au. However, the strongest portion of the anomaly (termed OC1), ~900 SSE of the Oaky Creek North workings is located in a cleared paddock, with no bedrock exposures observed.

For the Oaky Creek South soil anomaly, strongly anomalous rock chip samples collected close to the historical workings returned values of up to 28.34% Sb[5] and 0.14ppm Au. However, no bedrock exposures or float samples were located from within two soil antimony anomalies (termed OC2 and OC3) located 300m to 400m NNW of the workings (Figure 3, Inset B).

To test for bedrock mineralisation beneath OC1, OC2 and OC3, RMX will complete a program of shallow trenching across the three anomalies, comprising 15 trenches oriented at 060[⁰] , for a total of ~2,500m, as shown in Insets A and B of Figure 3. If, as anticipated, the trenches expose orogenic antimony mineralisation beneath the soil anomalies, the program will confirm the presence of orogenic antimony mineralisation over a strike extent of 1.5km at Oaky Creek North and 800m at Oaky Creek South. Any mineralised exposures will be mapped and sampled for geochemical analysis.

The Company has engaged a local earthworks contractor to undertake the trenching work and is currently securing approval from the NSW Resources Regulator for the proposed program of work. RMX anticipates that the work will commence in late July.

4RMX ASX Announcement 7 June 2025. https://investorhub.redmountainmining.com.au/announcements/6998482

5RMX ASX Announcement 27 June 2025. https://investorhub.redmountainmining.com.au/announcements/7026204

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Figure 3: MAIN FIGURE (top left): Comparison of rock chip and soil antimony results for the Oaky Creek prospect. Strongly anomalous (>20ppm Sb) soil results coincide with historical workings at Oaky Creek North and Oaky Creek South. However, similar tenor soil antimony anomalies occur at OC1 ( Inset A ), 900m SSE of Oaky Creek North and OC2 and OC3 ( Inset B ), 300m to 400m NNW of Oaky Creek South. Lack of available outcrop at these locations means that the sources for the soil anomalies remain unknown. RMX plans to complete a shallow trenching program comprising 15 trenches totalling ~2500m to test for bedrock mineralisation beneath the three anomalies.

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Three further priority Antimony and Gold targets to be tested

In addition to Oaky Creek, RMX’s initial assessment of EL9732 identified two further priority exploration targets[6] , which like Oaky Creek feature evidence of historical mining, likely dating from the early 1900s (Figure 4A). Neither the East Hills antimony prospect or the Horsley Station gold prospect have been explored systematically, with no soil sampling for gold, antimony or silver previously undertaken at either location.

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Figure 4: Geological Survey of NSW TMI RTP imagery over the SE end of EL9732 showing (A) location of gold and antimony mineral occurrences and proposed 50m x 100m soil sampling grids over the East Hills antimony, Horsley Station gold and Horsley North magnetic targets; and (B) more detailed view of the planned Horsley Station soil sampling grid relative to contoured results of portable XRF soil results reported by Icon Resources in 2008. Note the correspondence of elevated (>5ppm) As with the high magnetic response. The As anomaly is open to both the north and south. The mapped locations of the Peel and Cobbadah faults are also shown.

At the East Hills antimony prospect, several shallow pits and a shaft have been sunk on a stibnite bearing reef striking at 170⁰, approximately parallel to the Cobadah and Peel Faults which lie to the east. RMX will collect a total of 88 soil samples over a 500 x 600m grid with 100m line spacing and 50m sample interval at East Hills (Figure 4A) during the second half of 2025, to test for strike extension of the mineralisation at the workings.

6RMX ASX Announcement 2 February 2025. https://investorhub.redmountainmining.com.au/announcements/6794753

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The Horsley Station gold workings comprise a 10m x 3m x 12m deep open cut mined for gold from a narrow quartz reef striking at 100⁰ and dipping steeply to the north. The prospect lies on the Peel Fault and the host for the mineralisation includes fault slices of serpentinite, which is an analogous setting to the gold deposits of the Bingara and Teatree goldfields. A distinct magnetic high along the Fault (Figure 4A) is interpreted to define the extent of the serpentinite body.

A soil sampling program was completed in 2008 by Icon Resources over Horsley Station, with samples analysed in situ using a Niton portable XRF[7] . The focus of this exploration was ultramafic-hosted nickel and copper and these samples were not assayed for gold, silver or antimony. However, arsenic values were recorded and show a strong correlation between elevated As and the interpreted ultramafic body along the Peel Fault (Figure 4B). Arsenic is widely considered to be an excellent pathfinder and proxy for gold mineralisation. Notably, the magnetic feature extends both north and south of Icon’s soil survey footprint and the arsenic anomaly is open in both directions. RMX will test the full strike extent of the magnetic target within EL9732 at Horsley Station as well as a similar magnetic target approximately 2km to the north at Horsley North, collecting 460 samples at Horsely Station and 484 samples at Horsley North at 50m sample intervals and 100m line spacing, as shown in Figure 4.

RMX Armidale Antimony-Gold Project Background

RMX’s Armidale antimony-gold project lies approximately 85km west of Australia’s largest known antimony deposit, Larvotto’s (ASX: LRV) Hillgrove deposit, and the 100% RMX-owned EL9732 extends for 85km immediately west of the Peel Fault.

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Figure 5: Known NSW gold and antimony mineral occurrences relative to basement orogenic units. The map clearly demonstrates the prospectivity of the New England Orogen for antimony and gold. The location of the Hillgrove Deposit, Peel Fault and EL9732 are also shown.

7Combined First & Second Annual Report on EL 6648, 6680 & 6682. https://search.geoscience.nsw.gov.au/report/R00030947

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The Southern New England Orogen is recognised as Australia’s premier Antimony province (Figure 5). Antimony occurs in hydrothermal quartz veins, breccias and stockworks, often with associated gold and/or tungsten mineralisation.

The geology of EL9732 is dominated by isoclinally folded Carboniferous metasediments of the Tamworth Belt, which is a forearc basinal package related to west-dipping subduction of oceanic crust beneath the Lachlan Orogen. Ultramafic mélanges of the Great Serpentinite Belt, which outcrop along the Peel Fault, are considered to be remnants of this oceanic crust. The Peel Fault System has recognised world-class mineral potential, with over 400 known orogenic gold and base metal mineral occurrences along its over 400km strike extent but is underexplored, with less than 200 mostly shallow drillholes over its length, the majority of which are focused on discrete prospects.

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Authorised for and on behalf of the Board,

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Mauro Piccini

Company Secretary

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 and base metal projects, located in Australia, Canada and USA. Red Mountain is progressing its Armidale Antimony-Gold Project in NSW, Fry Lake Gold project, based in Canada and Kiabye Gold Project in WA. In addition, Red Mountain’s project portfolio includes the Nevada Lithium Projects.

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.

Disclaimer

In relying on the above mentioned ASX announcement and pursuant to ASX Listing Rule 5.23.2, 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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JOIN THE RED MOUNTAIN MINING INVESTOR HUB

Visit https://investorhub.redmountainmining.com.au for access to the Investor Hub

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Appendix 1: Rock chip assay results

Antimony (Sb) and tungsten (W) results for these samples were previously reported in RMX’s 27 June 2025 ASX announcement[8] .

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8RMX ASX Announcement 27 June 2025. https://investorhub.redmountainmining.com.au/announcements/7026204

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JORC Code, 2012 Edition - Table 1

1.1 Section 1 Sampling Techniques and Data

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 (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.	• Rock samples were collected from 1kg grab samples. • Rock chip samples were selective based on visual appearance and are not used for resource determination, only to check if mineralisation is present. • All samples are exploration in nature and not for resource determination. • Rock samples were sent to Intertek Townsville laboratory. Selected 50g charges taken from rock sample pulps were assayed by fire assay FA50/OE2 for gold. • Historical soil pXRF data (Icon Resources Ltd) readings from 10x10cm hole up to 20cm deep on 125x25m grid using Niton pXRF with 30 second readings. • It is unknown what reference material was used or calibration method for the pXRF data, reading area limited to the window shutter of the Niton pXRF
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). _	• No drilling reported
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.	• No drilling reported.
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.	• No drilling reported. • Rock sampling is not used for resource estimation.

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Criteria	JORC Code explanation	Commentary
	• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.
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 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.	• Rock chip sampling was biased towards outcrop that was altered including samples from old shaft workings. • Rock grab samples were taken raw and approximately 1kg each. • Grab rock samples are first pass with size appropriate for initial work and not intended for grade purposes.
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.	• Rocks were treated at Intertek and with standard procedure of drying, crushed, pulverized (in Nickel crucibles) and 50g charges were taken from the pulps for lead collection fire assay FA50/OE2 • Lead collection fire assay is considered an appropriate method for optimise gold recovery in diverse mineralogical matrices. • No duplicate, blank and standards (CRM) were inserted other than those used by the laboratory. • It is unknown if the pXRF samples included standards, blanks or repeat readings.
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.	• No drill holes reported.
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.	• All sample taken with GPS readings with site locations recorded in GDA94 (z56). • No mineral resource estimation was conducted.

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Criteria	JORC Code explanation	Commentary
	• Specification of the grid system used. • Quality and adequacy of topographic control.	• The 2008 pXRF readings were supplemented by GPS readings, model unknown
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.	• Rock sample spacing was biased towards available outcrop which was limited away from incised creek exposures. • Being exploration, any sample results will not be considered sufficient for any ore determinations. • No analytical compositing has been reported. • The pXRF readings were taken on east -west lines 125m apart and 25m reading intervals for 552 readings. • The pXRF readings parameters are considered appropriate for early-stage reconnaissance. • ThepXRF readings were not composited
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.	• Rock samples were collected along outcrop with strike and dip recorded where available. • No drilling conducted. • The pXRF reading were perpendicular to the N- S Peel fault which passes through the grid.
Sample security	• The measures taken to ensure sample security.	• Samples were managed by field staff, individually double wrapped and sealed in a 1- ton bulk which was dropped off in a freight forwarding yard. Samples arrived at the laboratory sealed. • pXRF readings were recorded onsite.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• No audit or reviews of sampling techniques and data is reported.

1.2 Section 2 Reporting of Exploration Results

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

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 Exploration licence EL9732 is granted and 100% wholly owned by Red Mountain Mining and covers 391km2. • The licence is predominantly in Freehold pastoral properties and as such Native Title is extinguished.

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Criteria	JORC Code explanation	Commentary
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• The north-south elongate corridor covered by the project contains no historical mineral exploration drilling and has seen limited previous surface exploration for Antimony and Gold mineralisation. No soil sampling for these elements has been undertaken and rockchip and stream sediment coverage is limited, leaving the majority of the tenement untested by systematic exploration and therefore is considered having significant potential for discovery. • Icon Resources Ltd conducted exploration over there Dunmore target, Baldwin project EL6682 in 2008, data taken from the open file reports at NSW Resources.
Geology	• Deposit type, geological setting and style of mineralisation.	• The project is located in the Southern New England Orogen. The geology of the tenement is dominated by isoclinally folded Carboniferous metasediments of the Tamworth Belt which is a forearc basin package related to west-dipping subduction of oceanic crust beneath the Lachlan Orogen. Ultramafic melanges of the Great Serpentinite Belt, which outcrop along the Peel Fault, are considered to be remnants of this oceanic crust. • The style of mineralisation target is hydrothermal quartz veins, breccia and stockworks derived from fluids during regional compression and resulting faulting providingthe conduits to the fluids.
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.	• No drilling conducted

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Criteria	JORC Code explanation	Commentary
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.	• No aggregated methods are reported
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 width not known’). _	• No relationship is made between mineralisation width and intercept lengths
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.	• Appropriate location diagram is presented in the text. The diagram is indicative only as no assumptions of grade, extent or depth are made.
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.	• Only pertinent results are given as due to the relevance of the announcement.
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.	• There is no other substantive exploration data provided or withheld as this announcement deals with this early phase exploration target.
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). _	• The forward work programme depends on full sample assay results from the laboratory. If encouraging, then costeaning and drilling programmes will be implements to

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Criteria	JORC Code explanation	Commentary
	• Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	determine the depth and lateral extent of the stibnite mineralisation. • Diagrams of the sampling positions have been provided in the text.

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