RED MOUNTAIN MINING LIMITED — Regulatory Filings 2021

Oct 3, 2021

ASX ANNOUNCEMENT RED MOUNTAIN MINING LTD 4th October 2021

October Exploration Update

• Mt Mansbridge Heritage Survey Completed
• Earthworks underway with drilling scheduled to commence during October
• Mt Maitland South Assay Results

Red Mountain Mining Limited (RMX, the Company) (ASX:RMX) is pleased to provide an update for recent exploration activities at its Western Australian Projects.

Mt Mansbridge Project

The company has recently completed a heritage surveying with members of the Tjurubalan, the Traditional Owners of the land. Access to several prospects has been agreed with earthworks set to commence imminently with drilling scheduled to commence in mid-October.

Figure 1 – RMX company personnel and members of the Tjurubalan undertaking the heritage survey (taken 27/9/21)

Rare Earth Elements

The Company recently announced several REE targets that will be tested during the upcoming drill program. The targets were finalized during the recently completed mapping and rock chipping program and from various studies and data acquisition programs by the Company over the past year. In summary, the following Rare Earth Element targets have been identified by the company for drill testing (prospects are shown in Fig 2):

• Mansbridge Xenotime-Dysprosium Occurrence - Located within the Killi-Killi formation. A Xenotime-Dysprosium occurrence within quartz veining and alteration identified during Uranium Exploration by BHP. HREE mineralisation confirmed by recent rock chipping.
• Kylo Xenotime-Dysprosium Occurrence – A historical rock chip collected by Northern Minerals Ltd. within the Killi-Killi Formation. The rock chip coincides with the T4 radiometric anomaly.
• Killi-Killi Unconformity Feature – Large unconformity feature to be tested as the possible source of REE mineralization and soil anomalies which would be consistent with a geological model proffered for regional REE discoveries.

All heritage clearance was achieved, other than for the Klli-Killi unconformity feature which contains particular ethnographic significance.

An RC drill rig has been secured and drilling is scheduled to commence during October. The Company intends to continue discussions with the Tjurubalan to potentially provide access to the Killi-Killi unconformity prospect during the 2022 exploration season.

Figure 2 – Mt. Mansbridge Project – Rare Earth Element and Nickel-Copper-Cobalt-PGE Prospects

Déjà vu Prospect (Ni-Cu-Co-PGE's)

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

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

All proposed drilling activity was successfully cleared from a heritage perspective.

Figure 3 – Déjà vu Cross Section with historic CRA Drilling

Cow Creek Prospect (Ni-Cu-Co-PGE's)

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

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

An inversion of the magnetic data was undertaken by Southern Geoscience Consultants (SGC) recently to assist with visualizing the geophysical feature in 3D (Fig 5.). Several magnetic features were identified from the inversion. A number of prioritized holes have been planned to test the features during the upcoming program, to be carried out on a phased basis subject to results of initial drilling. All proposed drilling activity was successfully cleared from a heritage perspective.

Figure 4 – Cow Creek Magnetic Inversion

Figure 5 – Mag Target A – Inversion Slice and Planned Drill Hole

Maitland Project

Assays results have recently been received from the second drill hole at the Company's 100% owned Maitland Project located in the Murchison Region of Western Australia.

The purpose of the drill hole was to test an IP chargeability anomaly that coincides with the interpreted down dip position of the mineralized Maitland Shear Zone (Fig 6). The geophysical survey and targets were previously announced (ASX – Follow up drilling to test IP anomalies at Mt Maitland – 12/4/21). The Maitland South prospect is a +500m long shear zone characterized by numerous historical workings with shallow RC drilling returning significant intercepts: MMC001 – 7m @ 3.3g/t Au from 34m and MUDC008 13m @ 2.53g/t from 9m (previously announced 13/1/21). Drilling successfully intersected the Maitland South Shear Zone between 266.77m and 281.42m (14.65m width).

The shear zone consisted of quartz filled breccias on the margins with strongly silica, sericite, with minor hematite altered schist within the centre of the zone. Disseminations of pyrite were observed throughout the interval. A peak assay result of 20ppb Au (270-271m) was achieved from the shear zone. A peak result for the hole of 50ppb Au was returned from 261-262m. These results are considered insignificant in comparison to previously returned drill results.

Figure 6 - DDIP Inverted Chargeability Section (7,148,770n) – Chargeability Anomalies with Proposed Drilling

Figure 7 – Drill Core From MSD01

Hole_ID	MGA_E	MGA_N	RL	EoH	Azi	Dip
JD01	601211	7148800	464	320.1	270	-60
MSD01	601657	7148799	482	399.1	270	-60

MGA94 Z50

Table 1 – Drilling Details

Authorized for and on behalf of the Board,

Mauro Piccini, Company Secretary

Competent Persons Statement

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

Disclaimer

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

Maitland JORC Code – Table 1

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary
Sampling techniques	•Nature and quality of sampling (e.g. cut channels, random chips, or specificspecialised industry standard measurement tools appropriate to the mineralsunder investigation, such as down hole gamma sondes, or handheld XRFinstruments, etc.). These examples should not be taken as limiting the broadmeaning of sampling.•Include reference to measures taken to ensure sample representivityand theappropriate calibration of any measurement tools or systems used.•Aspects of the determination of mineralisation that are Material to the PublicReport.•In cases where 'industry standard' work has been done this would berelatively simple (e.g. 'reverse circulation drilling was used to obtain 1 msamples from which 3 kg was pulverised to produce a 30 g charge for fireassay'). In other cases more explanation may be required, such as wherethere is coarse gold that has inherent sampling problems. Unusualcommodities or mineralisation types (e.g. submarine nodules) may warrantdisclosure of detailed information.	Diamond drilling was undertaken to produce core for geological logging and assayingSelected core was submitted to the laboratory where it was cut, sampled, crushedand pulverised to produce sample for assay.Samples were analysed by ALS Laboratories (Perth). A 30g charge for Fire assaywas produced with AA finish for gold analysis. 4 Acid digestion with ICP-AES finishwas undertaken for 33 further elements.
Drilling techniques	•Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast,auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standardtube, depth of diamond tails, face-sampling bit or other type, whether core isoriented and if so, by what method, etc.).	HQ sized core was drilled from surface until competent rock was intersected. NQsized core was then drilled to the end of hole.Core was orientated using a reflex digital orientation tool.
Drill sample recovery	•Method of recording and assessing core and chip sample recoveries andresults assessed.•Measures taken to maximise sample recovery and ensure representativenature of the samples.•Whether a relationship exists between sample recovery and grade andwhether sample bias may have occurred due to preferential loss/gain offine/coarse material.	Core recovery is recorded each metre by the on site geologist.At this stage of exploration, it is unknown if a bias occurs between sample recoveryand grade.
Logging	•Whether core and chip samples have been geologically and geotechnicallylogged to a level of detail to support appropriate Mineral Resourceestimation, mining studies and metallurgical studies.•Whether logging isqualitative or quantitative in nature. Core (or costean,channel, etc.) photography.•The total length and percentage of the relevant intersections logged.	Core was logged by a qualified geologist with sufficient experience in this geologicalterrain and relevant styles of mineralisation using an industry standard logging systemwhich could eventually be utilised within a Mineral Resource Estimation.Lithology, mineralisation, alteration, veining, weathering and structure were allrecorded digitally.Logging is qualitative, quantitative or semi-quantitative in nature.
Sub-sampling techniques andsample preparation	•If core, whether cut or sawn and whether quarter, half or all core taken.•If non-core, whether riffled, tube sampled, rotary split, etc. and whether	Selected zones of core will be submitted to the laboratory. Samples will be no morethan ~1m in length.

Criteria	JORC Code explanation	Commentary
	sampled wet or dry.	Core will be cut, sampled, crushed and pulverised by the laboratory.
	•For all sample types, the nature, quality and appropriateness of the samplepreparationtechnique.•Quality control procedures adopted for all sub-sampling stages to maximise	Duplicate will be taken (coarse crush duplicates) during prep at a rate ofapproximately every 25th sample. QAQC in the form of certified material will beinserted into the sample string approximately every 25th sample.
	representivity of samples.•Measures taken to ensure that the sampling is representative of the in-situmaterial collected, including for instance results for field duplicate/secondhalf sampling.	Core will be submitted to ALS laboratories (Perth WA) for a 30g Fire Assay with AASfinish (Au-AA25). A 2-3kg samples is oven dried to 105 degC and is then pulverisedto 85% passing 75um. Standard laboratory QAQC is undertaken and monitored.
	•Whether sample sizes are appropriate to the grain size of the material beingsampled.
Quality of assay data andlaboratory tests	•The nature, quality and appropriateness of the assaying and laboratoryprocedures used and whether the technique is considered partial or total.•For geophysical tools, spectrometers, handheld XRF instruments, etc., the	Samples were analysedby ALS Laboratories (Perth). A 30g charge for Fire assaywas produced with AA finish for gold analysis. 4 Acid digestion with ICP-AES finishwas undertaken for 33 further elements.
	parameters used in determining the analysis including instrument make and	Assay technique is Fire Assay which is a 'Total Technique'.
	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 ofaccuracy (i.e. lack of bias) and precision have been established.	Standard laboratory QAQC is undertaken and monitored by the laboratory and by thecompany upon assay result receival.
Verification of sampling andassaying	•The verification of significant intersections by either independent oralternative company personnel.	Logging and sampling were recorded directly into a digital logging system, verifiedand eventually stored in an offsite database.
	•The use oftwinned holes.	No twinning has been undertaken.
	•Documentation of primary data, data entry procedures, data verification, datastorage (physical and electronic) protocols.•Discuss any adjustment to assay data.
Location of data points	•Accuracy and quality of surveys used to locate drill holes (collar and down	Collar position was recorded using a handheld Garmin GPS (+/-3m).
	hole surveys), trenches, mine workings and other locations used in Mineral	GDA94 Z50s is the grid format for all xyz data reported.
	Resource estimation.•Specification of the grid system used.•Quality and adequacy of topographic control.	A Reflex north seeking gyro was used at the completion of the hole. The hole wasdeemed to have intersected the target zone.
Data spacing and distribution	•Data spacing for reporting of Exploration Results.	See drill table for hole positions.
	•Whether the data spacing and distribution is sufficient to establish the degreeof geological and grade continuity appropriate for the Mineral Resource andOre Reserve estimation procedure(s) and classifications applied.•Whether sample compositing has been applied.	Data spacing at this stage is not suitable for Mineral Resource Estimation at this point.
Orientation of data in relationto geological structure	•Whether the orientation of sampling achieves unbiased sampling of possiblestructures and the extent to which this is known, considering the deposit type.•If the relationship between the drilling orientation and the orientation of keymineralised structures is considered to have introduced a sampling bias, thisshould be assessed and reported if material.	Drilling was undertaken at a sub-perpendicular angle to the interpreted strike and dipof the interpreted mineralised structures. Geological units are interpreted as nearlyvertically dipping (~90deg) and thus true widths of mineralisation will have to beextrapolated from any assay results.

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

Section 2 Reporting of Exploration Results (Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenurestatus	•Type, reference name/number, location and ownership includingagreements 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 anyknown impediments to obtaining a licence to operate in the area.	The information in this release relates to tenement E51/1900. This tenement is thesubject of an exclusivity agreement between Red Mountain and Simon Jones witha view to a sale and purchase agreement.There are no existing Native Title Agreements over the current tenement. Thetenement is wholly within partially determined claim WC2004/10 Wjarri Yamatji #1with the Aboriginal Representative area body being Yamatji Marlpa AboriginalCorporation.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 late1800's when Maitland North and Maitland South were mined intermittently from1897. Modern gold exploration over the project has been conducted by severalcompanies with Talisman Mining Ltd being the most recent.
		The general area that forms the subject of this report has been explored in thepast by various companies including Pancontinental Mining, CoolgardieResources, 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 theYilgarn Craton. The Mt Maitland Project is situated at a major geological platetectonic boundary reflecting the collision between the separate Pilbara and YilgarnCratons. It is bounded by major regional structural faults –to the north by theMurchison Fault, to the west by the Yalgar Fault and to the south by the MtMaitland Fault. The Murchison Fault separates the Proterozoic southern CapricornOrogen from the Archaean northern Yilgarn Craton. The Yalgar Fault separatesthe older Narryer Terrane from the Murchison Domain.
		The Mt Maitland Greenstone Belt extends over roughly 23x4km and is representedby theMaitland synformal structure which is the northern most greenstone belt Ithe Yilgarn Craton.
		The Mt Maitland Greenstone Belt is an arcuate 3km succession of interlayeredmafic-ultramafic igneous intrusives and volcanics, and felsic volcanic rocks withseveral intercalated sedimentary rocks and BIF's. The sequence has been foldedand regionally metamorphosed to upper greenschist/mid amphibolite grade.

Criteria	JORC Code explanation	Commentary
		Extensive Proterozoic dolerite dykes cross-cut the project area related to massivegabbroic intrusive bodies.
		A regional splay structure off the mantle tapping Murchison Fault traverse theentire 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 shearedmafic-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 basementwith alluvial and colluvial cover in the northern and southern parts.
Drill hole information	•A summary of all information material to the understanding of theexploration results including a tabulation of the following information forall Material drill holes:easting and northing of the drill hole collaroelevation or RL (Reduced Level –elevation above sea level inometres) of the drill hole collardip and azimuth of the holeodown hole length and interception depthohole length.o•If the exclusion of this information is justified on the basis that theinformation is not Material and this exclusion does not detract from theunderstanding of the report, the Competent Person should clearlyexplain why this is the case.	An overview of the drilling program is given within the text and tables within thisdocument
Data aggregation methods	•In reporting Exploration Results, weighting averaging techniques,maximum and/or minimum grade truncations (e.g. cutting of highgrades) and cut-off grades are usually Material and should be stated.•Where aggregate intercepts incorporate short lengths of high-graderesults and longer lengths of low-grade results, the procedure used forsuch aggregation should be stated and some typical examples of suchaggregations should be shown in detail.•The assumptions used for any reporting of metal equivalent valuesshould be clearly stated.	NA
Relationship betweenmineralisation widths and interceptlengths	•These relationships are particularly important in the reporting ofExploration Results.•If the geometry of the mineralisation with respect to the drill hole angleis known, its nature should be reported.	At this stage of mineral exploration, the geometry of the mineralisation to the drillhole is unknown and therefore the true width of mineralisation is unknown.
	•If it is not known and only the down hole lengths are reported, thereshould be a clear statement to this effect (e.g. 'down hole length, true

Criteria	JORC Code explanation	Commentary
	width not known').
Diagrams	•Appropriate maps and sections (with scales) and tabulations ofintercepts should be included for any significant discovery beingreported These should include, but not be limited to a plan view of drillhole collar locations and appropriate sectional views.	Refer to figures within this report.
Balanced reporting	•Where comprehensive reporting of all Exploration Results is notpracticable, representative reporting of both low and high grades and/orwidths should be practiced to avoid misleading reporting of ExplorationResults.	The accompanying document is a balanced report with a suitable cautionary note.
Other substantive exploration data	•Other exploration data, if meaningful and material, should be reportedincluding (but not limited to): geological observations; geophysicalsurvey results; geochemical survey results; bulk samples –size andmethod of treatment; metallurgical test results; bulk density,groundwater, geotechnical and rock characteristics; potentialdeleterious or contaminating substances.	Suitable commentary of the geology encountered are given within the text of thisdocument.
Further work	•The nature and scale of planned further work (e.g.tests for lateralextensions 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.	Petrophysical analysis of drill core in relation to IP survey results