RED MOUNTAIN MINING LIMITED — Investor Presentation 2021

Apr 11, 2021

ASX ANNOUNCEMENT RED MOUNTAIN MINING LTD

12th April 2021

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IP Anomalies at Mt Maitland – Drilling to Commence in late April/early May

• Geophysical IP survey has identified priority targets at Mt Maitland South and Jacia.

• IP Survey doubled in size due to highly encouraging early results.

• Jacia trend interpreted to be prospective for VMS-style base metal mineralisation.

• Diamond drilling of priority targets fast tracked to commence during late April/early May 2021.

Red Mountain Mining Limited ( RMX, the Company ) (ASX: RMX ) is pleased to report the results of the recently completed IP geophysical survey at its 100% owned Mt Maitland Gold and Base Metal Project in the Murchison Region of Western Australia. The survey identified two priority targets situated below the depth of current exploration drilling. Having adopted a systematical approach to the initial stages of exploration, subsequent stages can now be accelerated with increased levels of confidence having now identified two robust drill targets known to be associated with precious and base metal mineralization.

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

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Figure 1: Location of Mt Maitland Project

The Company is currently prioritizing arrangements for the next phase of planned exploration which will include drill testing targets recently identified by the IP Survey. Approvals have been received from all relevant government departments, heritage clearance has been granted and a diamond drilling contractor secured and scheduled. Drilling is expected to commence toward the end of April/early May.

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Figure 2 - DDIP Inverted Chargeability Section (Line 4) – Chargeability Anomalies with Proposed Drilling

A DDIP (Di-pole-Di-Pole Induced Polarisation) geophysical survey was recently completed by Zonge Engineering and Research Organization (Australia) Pty. Ltd, (Zonge), and managed by Perth based geophysical consultants, Resource Potentials Pty Ltd.

The survey initially consisted of three 1.6km long E-W orientated survey lines, spaced 400m apart and centered over the Jacia and Mt Maitland South Prospects. Receivers were spaced at 100m along the survey lines.

As preliminary results were highly encouraging from the initial three survey lines, a further two infill lines were completed to constrain the chargeable - anomalous zones. The completed survey comprised of five 1.6km long E-W orientated surveys lines, spaced 200m apart.

Final data processing and inversion modelling of each survey line has now been completed revealing two significant anomalous zones of elevated chargeability. These are located at depth and trend along the Jacia and Maitland South Mineralised Zones (see Figures 2 - 6).

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Figures 3 & 4: Maitland South and Jacia – Geology (Top) and 1VD Magnetics (Bottom) with Surface Projection of Inverted Chargeability Shell (25mV/V)

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Figure 5: DDIP Inverted Chargeability Sections (Line 4 Highlighted – Jacia and Maitland South Anomalies)

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Jacia Prospect– Precious and Base Metals

The Jacia Prospect is interpreted to be prospective for Volcanogenic Massive Sulphide (VMS) style precious and base metal mineralization, (Au-Cu-Zn-Ag). The prospect is located on the western margin of the ‘Maitland Greenstone Belt’. Mineralisation associated with veining is observed within a broad package of sheared basalts and sediments on the granite-greenstone belt contact. The Maitland Greenstone Belt is located adjacent to the Proterozoic aged Bryah Basin and known to host numerous precious and base metal deposits including DeGrussa and Monty (Sandfire Resources Ltd.), Horseshoe Lights (Horseshoe Metals Ltd.) and Forrest (Auris Minerals Ltd.).

Observed mineralized veining at Jacia is interpreted as a distal/stock work feature of a VHMS system or potential remobilization of mineralisation along local structures. The IP survey identified a coherent changeable anomaly towards the northern end of the Jacia trend on line 4. The centre of the chargeability anomaly is located approximately 250m below the land surface.

The IP anomaly is coincident to an area of structural interest and potential hydrothermal activity interpreted by RMX in airborne magnetic imagery (Figure 4). This area of coincident magnetic and IP anomalism is also host to an historical gold and copper working. Malachite mineralization, along with shear hosted quartz veining were observed within the historic workings. Rock chip samples were taken from the workings and along the Jacia Trend, retuning encouraging values of up to 1.94g/t Au, 7.4% Cu, 0.96% Zn and 58.6 g/t Ag ( see announcement dated 19[th] August 2020 – ‘Mt Maitland Drill Program’ ).

It is thought the source of the chargeability anomaly may be related to disseminated sulphide mineralisation at depth and is considered by RMX to be prospective for precious and base metals.

The Jacia IP anomaly is set to be tested with a single diamond drill hole approximately 370m deep. Drilling is expected to commence toward the end of April/early May.

Maitland South – Gold

The Maitland South Prospect is a +500m long gold mineralized shear zone characterized by extensive historical workings and shafts. Previous drilling and geochemical work has previously been completed by RMX and previous explorers, identifying multiple mineralized intersections throughout the zone.

Previous drilling suggests gold mineralisation to be in association with sulphidic quartz veining hosted within a mafic shear zone. The IP Survey identified a moderate to high amplitude chargeability anomaly on survey line 4. This anomaly is located directly beneath the ‘Maitland South Mineralized Shear Zone’ containing key drill intercepts (previously announced 13[th] January 2021):

• MMC001 – 7m @ @ 3.3g/t Au from 34m inc. 1m @ 12.7g/t from 37m

• MMC002 – 8m @ 1.7g/t Au from 107m inc. 1m @ 4.8g/t from 107m and 1m @ 7.1g/t from 110m

• MUDC008 13m @ 2.53g/t from 9m inc. 6m @ 6.6g/t from 13m

• MTC003 - 14m @ 1.52g/t from 64m inc. 4m @ 3.8g/t from 67m

The IP anomaly is interpreted to consist of disseminated sulphide mineralization significantly higher in concentration than previously encountered in zones located along the mineralized shear. This increased accumulation of sulphide mineralisation could be associated with a dilatational zone within the mineralized structure leading to an increased sulphide thickness and/or content resulting in the chargeability anomaly.

A single 420m long diamond drill hole is proposed at the Maitland South IP anomaly, designed to test both the IP chargeability anomaly as well as help define the depth extension of the Maitland South mineralized structure. Drilling at Maitland South will follow the completion of planned drilling at Jacia.

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

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Figure 6: DDIP Inverted Chargeability Sections in 3D with Proposed Drill Holes and Previous Drilling (Looking SE)

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 ) 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 5.23.2, 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.

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

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JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

JORC 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.	Dipole-dipole induced polarisation (DDIP) surveying carried out by Zonge Engineering and Research Organization Pty Ltd (Zonge Australia); details in Section 2.
	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.).	NA
	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.	NA
	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.	NA
	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	NA
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Criteria	JORC Code explanation	Commentary
	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 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.	NA
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.	NA
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.	NA
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.	NA
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.	NA
Sample security	• The measures taken to ensure sample security.	NA
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	NA

Section 2 Reporting of Exploration Results

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

Criteria JORC Code explanation Commentary Mineral tenement and • Type, reference name/number, location and The information in this release relates to tenement land tenure status ownership including agreements or material E51/1900. This tenement is the subject of an exclusivity agreement between Red Mountain and Simon Jones with

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	Criteria	JORC Code explanation	Commentary
		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.	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. 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	NA
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Criteria	JORC Code explanation	Commentary
	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 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 width not known’).	NA
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 IP survey was monitored and reviewed by the company’s geophysical consultants, Resource Potentials. Resource Potentials considered the IP survey data to be of very good data quality.
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.	The DDIP survey was carried out by Zonge Australia. The survey program consisted of 5x E-W orientated survey lines spaced 200m apart. • Transmitter = GDD transmitter • Receiver = GDD GRX receiver • Freq=0.125Hz • A-spacing= 100m
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.	Red Mountain plans to undertake further drilling at the Project as well as further mineral exploration programs.

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