REDSTONE RESOURCES LIMITED — Capital/Financing Update 2023

Nov 5, 2023

ASX ANNOUNCEMENT 6 November 2023

POTENTIAL PEGMATITE OUTCROPS IDENTIFIED AT RADISSON EAST AND SAKAMI LITHIUM PROJECTS

HIGHLIGHTS:

• Analysis of high‐resolution satellite imagery covering the Radisson East and Sakami Lithium Projects in James Bay has identified a significant number of potential Lithium‐ Caesium‐Tantalum (LCT) pegmatite outcrops
• Several high priority exploration targets are confirmed for follow‐up
• The Sakami South claim package shows the highest prospectivity and is underlain by geological units that are highly prospective for hosting LCT pegmatites
• Radisson East and Sakami Projects have a combined area of 90km2 and cover more than 50km of highly prospective greenstone belt with coincident Li‐in‐lake anomalism and are host to several known pegmatite occurrences and outcrops
• Within Canada, spodumene dykes have been found in every major greenstone belt
• A preliminary field programme will be completed to assess the highest prospectivity areas, verify the presence of pegmatite outcrops and test for lithium mineralisation
• The targeted field programme will include mapping, outcrop sampling, and geochemical sampling over the initial targets
• Radisson East and Sakami are located in the prolific James Bay Lithium District near:
  • o Patriot Battery Metals Inc. (ASX:PMT, TSXV:PMET) Corvette Project (~170km east)
  • o Winsome R e source s Ltd (AS X: WR1) Cance t Project (100km east)
  • o Q2 Metals Corp (TSXV: QTWO) Mia Lithium Property (~40km southwest)
• The Sakami Project (68 km2 ) lies within the La Grande sub‐province situated approximately 14 km north of the boundary between the La Grande and Opinaca sub‐ provinces, in a similar geological setting as the Corvette (Patriot Battery Metals), Cancet (Winsome Resources Ltd.) and Adina (Winsome Resources Ltd.) lithium deposits, which all occur 10 to 20 km north of the boundary
• The Radisson East Project (22 km2 ) lies within the La Grande sub‐province and 55 kilometres to the northeast of Q2 Metals Corp.'s Mia Lithium Project

Redstone Resources Ltd (ASX: RDS) (Redstone or the Company) is pleased to announce that recently completed multispectral analysis has identified several areas of potential pegmatite outcrop within the Radisson East and Sakami Lithium Projects in James Bay, Québec.

Redstone engaged consultant Dr. Neil Pendock (Dirt Exploration) to complete multispectral analysis of data collected from Sentinel‐2 in 2021 along with ALOS‐1 satellite in 2009 over the Radisson East and Sakami Lithium Projects. Pleasingly, Redstone can confirm the identification of mapped areas over the two Projects corresponding to several exploration targets interpreted to potentially correspond to Lithium‐Caesium‐Tantalum (LCT) Pegmatites.

The Radisson East Lithium Project (Radisson East) is comprised of two claim packages totalling 43 individual claims and covering an area of 21.9 km2. The Sakami Lithium Project (Sakami) is comprised of three claim packages totalling 134 individual mineral claims and covering an area of 67.8 km2. Both Projects are located in the James Bay Region of west‐central Québec, Canada; a world‐class and prolific lithium district that is host to several advanced lithium projects and new lithium discoveries.

Management Commentary

Commenting on the identification of potential pegmatite outcrops within Redstone's James Bay Projects, Redstone's Chairman Richard Homsany said:

"We are encouraged by the outcomesfrom the multispectral analysis which clearly shows the strong potential for LCT mineralised pegmatites to be hosted within our James Bay tenement package.

Following these positive indications, our initial follow‐up field campaign will aim to further test these priority target areasfor lithium mineralisation ahead of a maiden drilling programme.

The Radisson East and Sakami Projects, combined with our recent acquisition of additional projects in James Bay and Northwest Ontario, provide Redstone with a significant foundation to build a high quality lithium exploration and development businessin a Tier‐1 mining jurisdiction. We look forward to reporting updates from our pipeline of exploration and evaluation activity."

Multispectral Analysis Summary

Satellite‐derived hyperspectral data can detect rocks of interest that lie on the surface, or buried a few centimetres below the surface beneath vegetation, soil, or till. This technique is very useful in the James Bay region because the area is heavily vegetated.

The exploration targets were generated by training a multivariate statistical classifier. The training was completed using 562 rock chip samples with assays of lithium (Li ppm) >0 from a government dataset. The rock chip samples were located within the Projects and in the immediate surrounding area. The classifier identified a digital fingerprint correlated with the lithium response in the area of interest surrounding the Radisson East and Sakami Projects.

From the hyperspectral analyses, spectral unmixing of visible/near‐infrared [VNIZ] and shortwave infrared [SWIR] data from Sentinel 2 identified four spectral endmembers that correlated with the Li‐containing rock chips(Figure 1 and 2). The spectral endmembersincluded spodumene, quartz, zoisite, and rhodonite. Areas of high interest were generated across all 5 claim packages and are shown as heat maps in Figures 1 and 2.

Additionally, Dr. Pendock documents that the Li‐containing rocks chips are located in regions of low dielectric constant [DC] as identified from synthetic aperture radar [SAR]. The area of interest shows as overall very conductive due to the presence of lakes, bogs and vegetation which all have high DCs. Areas of low DC have been identified across all 5 claim packages and are potentially indicative of the presence of pegmatitic bodies.

Figure 1: Resultsfrom hyperspectral imagery of the Sakami Property. Heat mapsfor areas of high interest are in provided for spectral unmixing (bottom right; endmembers spodumene, quartz, zoisite, and rhodonite) and gas emissions (bottom left; methane). High priority targets are shown as purple and red circles.

A review of satellite imagery (visible light) has identified several prominent "white" patches, a characteristic visual signature of pegmatite/granite outcrops, correlating with the high interest target areas.

A thorough review of the hyperspectral work has resulted in the identification of high priority targets that require follow‐up field examination, these are shown by the blue and purple symbols in Figures 1 and 2. The Sakami Project, specifically Sakami South, shows the highest prospectivity across the claim packages.

The Sakami claims are underlain by a north‐south trending basalt‐derived amphibolite and iron formations, as well as tonalitic gneiss with biotite. Within the Canadian setting, spodumene dykes have been found in every major greenstone belt and usually occur near the upper contacts between late‐stage granitic intrusive masses and metamorphosed volcanic and sedimentary rocks1. As an example, the lithium pegmatites of Patriot's CV5 deposit are hosted predominantly within amphibolites, metasediments, and lesser ultramafics2.

ABOUT RADISSON EAST AND SAKAMI PROJECTS

The Radisson East Lithium Project is comprised of two claim packages totalling 43 individual claims and covering an area of 21.9 km2. The Sakami Lithium Project (Sakami) is comprised of three claim packages totalling 134 individual mineral claims and covering an area of 67.8 km2.

Radisson East sits along the east Duncan Range and covers geology described as east‐west trending interbedded volcanic and sedimentary strata of Precambrian age. The area is prospective for hosting hard‐rock, pegmatite‐hosted lithium mineralisation with appropriate indicator‐mineralogy for hosting spodumene‐bearing pegmatites, within favourable host‐rocks. The Project islessthan 300 m from a major Provincial highway and isin close proximity to power providing ideal access during planned field programmes.

Radisson East shares its western border with Québec‐focused Azimut Exploration Inc. (TSXV:AZM) and Century Duncan Mining.

Sakami, approximately 60 km east of Radisson East, is host to extensive and prolific greenstone belts. These are coincident with a belt of strongly elevated Li‐in‐lake readings, where the majority of samples proximal to Sakami returned >95% percentile for the entire 500,000‐plus provincial sediment sampling database. Publicly availably provincial data indicate the presence of coarse‐grained pegmatites within the Project area. Publicly available 1st derivative (DV1) magnetic products at a regional scale highlight the presence of a significant north to northeast trending magnetic feature (believed to be representative of greenstones), which runs through the centre of the Project with a circular feature, interpreted as a possible intrusion, located near to the northeastern Project border.

Sakami shares its northeastern border with Québec‐focused Azimut Exploration Inc. (TSXV: AZM) which is also focused on lithium exploration within the prolific James Bay lithium district.

1 Flanagan, J. T. (1977): Lithium deposits and potential of Québec and Atlantic Provinces. Energy, vol 3, pp 391‐398.

2 McCraken, T. and Cunningham, R. (2023): Mineral Resource Estimate for the CV5 Pegmatite, Corvette Property.

Figure 2: Results from hyperspectral imagery of the Radisson East Property. Heat maps for areas of high interest are in provided for spectral unmixing (bottom right; endmembers spodumene, quartz, zoisite, and rhodonite) and gas emissions (bottom left; methane). High priority targets are shown as purple and red circles.

This Announcement has been approved for release by the Board of Redstone Resources Limited.

For further information please contact:

Richard Homsany	Miranda Conti
Chairman	Company Secretary
Redstone Resources Limited	Redstone Resources Limited
+61 8 9328 2552	+61 8 9328 2552
contact@redstone.com.au	contact@redstone.com.au

REDSTONE RESOURCES

Redstone Resources Limited (ASX: RDS) is a base, precious metals and a lithium company exploring its 100% owned prospective West Musgrave Project, which includes the Tollu Copper deposit, in Western Australia. The West Musgrave Project is located between BHP's Nebo Babel Deposit and Nico Resources' Wingellina Ni‐Co Project. Redstone continues to evaluate the HanTails Gold Project at Kalgoorlie, Western Australia for potential development in the future. Redstone has recently entered into an option agreement to acquire the Attwood Lake Lithium Project located in northwestern Ontario, Canada over which it is has completed a Phase 1 exploration programme. Redstone hasfurtherstrengthened its battery metals exposure, having also entered into an option agreement to acquire 100%of the Radisson East and Sakami Lithium Projects located in the prolific James Bay Lithium District, Québec. Redstone has also recently entered into a 50/50 JV with Galan Lithium for the Taiga, Camaro and Hellcat Lithium Projects, located in James Bay, Canada (the James Bay Lithium Projects) and an option for the PAK Lithium Projects located in Ontario, Canada.

Cautionary Note

The Company cautions that as per ASX Listing Rule 3.1 and the Compliance Update 04/23, the presence of pegmatite rock does not necessarily indicate the presence of lithium mineralisation. Laboratory chemical assays are required to determine the presence and grade of mineralisation.

Forward‐Looking Statements

This document may include forward‐looking statements. Forward‐looking statements include, but are not limited to statements concerning Redstone Resources Limited's (Redstone) planned exploration programme and other statements that are not historical facts. When used in this document, the words such as "could", "plan", "estimate", "expect", "intend", "may", "potential", "should", and similar expressions are forward‐looking statements. Although Redstone believes that its expectations reflected in these forward‐looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward‐ looking statements.

Competent Person Statement

The information in this document that relates to exploration results for the Attwood Lake Lithium Project was authorised by Michael Dufresne, M.Sc., P.Geol, P.Geo., who is employed as a Consultant to the Company through APEX Geoscience. Mr. Dufresne is a Member of the Alberta, British Columbia, Northwest Territories – Nunavut and New Brunswick Engineering and Geoscientist Professional Associations and has sufficient experience of relevance to the style of mineralisation and type of deposit under consideration and to the tasks with which he was employed to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Dufresne consents to the inclusion in the report of matters based on information in the form and context in which it appears.

JORC Code, 2012 Edition – Table 1 SECTION 1 SAMPLING TECHNIQUES AND DATA

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

Criteria	JORC Code explanation	Commentary
Samplingtechniques	Nature and quality of sampling (egcut channels, random chips, orspecific specialised industrystandard measurement toolsappropriate to the minerals underinvestigation, such as down holegamma sondes, or handheld XRFinstruments, etc). These examplesshould not be taken as limiting thebroad meaning of sampling.Include reference to measurestaken to ensure samplerepresentivity and the appropriatecalibration of any measurementtools or systems used.Aspects of the determination ofmineralisation that are Material tothe Public Report.In cases where 'industry standard'work has been done this would berelatively simple (eg 'reversecirculation drilling was used toobtain 1 m samples from which 3 kgwas pulverised to produce a 30 gcharge for fire assay'). In othercases more explanation may berequired, such as where there iscoarse gold that has inherentsampling problems. Unusualcommodities or mineralisation types(eg submarine nodules) maywarrant disclosure of detailedinformation.	Not applicable, no sample results are reported.
Drillingtechniques	Drill type (eg core, reversecirculation, open-hole hammer,rotary air blast, auger, Bangka,sonic, etc) and details (eg corediameter, triple or standard tube,depth of diamond tails, facesampling bit or other type, whethercore is oriented and if so, by whatmethod, etc).	Not applicable, no drilling is reported.
Drill samplerecovery	Method of recording and assessingcore and chip sample recoveriesand results assessed.Measures taken to maximisesample recovery and ensurerepresentative nature of thesamples.Whether a relationship existsbetween sample recovery and gradeand whether sample bias may haveoccurred due to preferentialloss/gain of fine/coarse material.	Not applicable, no drilling is reported.

Criteria	JORC Code explanation	Commentary
Logging	Whether core and chip sampleshave been geologically andgeotechnically logged to a level ofdetail to support appropriate MineralResource estimation, mining studiesand metallurgical studies.Whether logging is qualitative orquantitative in nature. Core (orcostean, channel, etc) photography.The total length and percentage ofthe relevant intersections logged.	Not applicable, no drilling is reported.
Sub-samplingtechniquesand samplepreparation	If core, whether cut or sawn andwhether quarter, half or all coretaken.If non-core, whether riffled, tubesampled, rotary split, etc andwhether sampled wet or dry.For all sample types, the nature,quality and appropriateness of thesample preparation technique.Quality control procedures adoptedfor all sub-sampling stages tomaximise representivity of samples.Measures taken to ensure that thesampling is representative of the insitu material collected, including forinstance results for fieldduplicate/second-half sampling.Whether sample sizes areappropriate to the grain size of thematerial being sampled.	Not applicable, no geochemical results are reported.
Quality ofassay dataandlaboratorytests	The nature, quality andappropriateness of the assaying andlaboratory procedures used andwhether the technique is consideredpartial or total.For geophysical tools,spectrometers, handheld XRFinstruments, etc, the parametersused in determining the analysisincluding instrument make andmodel, reading times, calibrationsfactors applied and their derivation,etc.Nature of quality control proceduresadopted (eg standards, blanks,duplicates, external laboratorychecks) and whether acceptablelevels of accuracy (ie lack of bias)and precision have beenestablished.	Not applicable, no geochemical results are reported.
Verification ofsampling andassaying	The verification of significantintersections by either independentor alternative company personnel.The use of twinned holes.Documentation of primary data, dataentry procedures, data verification,data storage (physical andelectronic) protocols.Discuss any adjustment to assaydata.	Not applicable, no drilling results are reported.
Location ofdata points	Accuracy and quality of surveysused to locate drill holes (collar anddown-hole surveys), trenches, mine	Not applicable, no drilling or sampling are reported.

Criteria	JORC Code explanation	Commentary
	workings and other locations used inMineral Resource estimation.Specification of the grid systemused.Quality and adequacy oftopographic control.
Data spacinganddistribution	Data spacing for reporting ofExploration Results.Whether the data spacing anddistribution is sufficient to establishthe degree of geological and gradecontinuity appropriate for theMineral Resource and Ore Reserveestimation procedure(s) andclassifications applied.Whether sample compositing hasbeen applied.	Not applicable, no drilling or sampling are reported. The data is not appropriate for use in estimating aMineral Resource and is not intended for such use.There has been insufficient exploration to define aMineral Resource and it is uncertain if further explorationwill result in the determination of a Mineral Resource.
Orientation ofdata inrelation togeologicalstructure	Whether the orientation of samplingachieves unbiased sampling ofpossible structures and the extent towhich this is known, considering thedeposit type.If the relationship between thedrilling orientation and theorientation of key mineralisedstructures is considered to haveintroduced a sampling bias, thisshould be assessed and reported ifmaterial.	Not applicable, no sampling is reported.
Samplesecurity	The measures taken to ensuresample security.	Not applicable, no sampling is reported.
Audits orreviews	The results of any audits or reviewsof sampling techniques and data.	Not applicable, no audits or reviews have beencompleted.

SECTION 2 REPORTING OF EXPLORATION RESULTS

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

Criteria	JORC Code explanation	Commentary
Mineraltenement andland tenurestatus	Type, reference name/number,location and ownership includingagreements or material issues withthird parties such as joint ventures,partnerships, overriding royalties,native title interests, historical sites,wilderness or national park andenvironmental settings.The security of the tenure held atthe time of reporting along with anyknown impediments to obtaining alicence to operate in the area.	Redstone has entered into an exclusive optionagreement to acquire 100% undivivded interest in theRadisson East and Sakami Lithium Projects. TheRadisson East and Sakami Lithium Projects comprise177 claims as listed below that are located in Québec,Canada. All the claims are currently held 100% byOliver Friesen and are currently held 100% by CosmosLi Development Canada Ltd which is a wholly ownedsubsidiary of Cosmos Exploration27442662746597274426727465982744268274659927442692746600274427027466012744271274660227442722746603274427327466042744274274660527442752746606

Criteria	JORC Code explanation	Commentary
		2744276	2746607
		2744277	2746608
		2744278	2746609
		2744279	2746610
		2744280	2746611
		2744281	2746612
		2744282	2746613
		2744283	2746614
		2744284	2746615
		2744285	2746616
		2744286	2746617
		2744287	2746618
		2744288	2746619
		2744289	2746620
		2744290	2746621
		2744291	2746622
		2744292	2746623
		2744293	2746624
		2744294	2746625
		2744295	2746626
		2744296	2746627
		2744297	2746628
		27442982744299	27466292746630
		2744300	2746631
		2744301	2746632
		2744302	2746633
		2744303	2746634
		2744304	2746635
		2744305	2746636
		2744306	2746637
		2744307	2746638
		2744308	2746639
		2744309	2746640
		2744310	2746641
		2744311	2746642
		2744312	2746643
		2744313	2746644
		2744314	2746645
		2744315	2746646
		2744316	2746647
		2744317	2746648
		2744398	2746649
		2744399	2746650
		2744400	2746651
		2744401	2746652
		2744402	2746653
		2744403	2746654
		2744404	2746655
		2744405	2746656

Criteria	JORC Code explanation	Commentary
		2744406	2746657
		2744407	2746658
		2744408	2746659
		2744409	2746660
		2744410	2746661
		2744411	2746662
		2744412	2746663
		2744413	2746664
		2744414	2746665
		2744415	2746666
		2744416	2746667
		2744417	2746668
		2744418	2746669
		2744419	2746670
		2744420	2746671
		2746582	2746672
		2746583	2746673
		2746584	2746674
		2746585	2746675
		2746586	2746676
		2746587	2746677
		2746588	2746678
		2746589	2746679
		2746590	2746680
		2746591	2746681
		2746592	2746682
		2746593	2746683
		2746594
		2746595
		2746596
		
Explorationdone by otherparties	Acknowledgment and appraisal ofexploration by other parties.	explorersacrossthepotential.	Limited exploration has been completed by previousarea.Historicalexplorationfocused mainly on gold, silver, base metal and uranium
		Thegovernmentlocated proximal to Sakami.	database(SIGEOM)shows77sediment samples and 22 rock samples have beenhistorically collected over the Projects. From thegovernment sample database a belt of samplesshowing strongly elevated Li-in-lake readings are
Geology	Deposit type, geological setting andstyle of mineralisation.	bynarrow,sinuous,greenstonebeltstonalite.hosted in the pegmatites.	The Projects are located in the central part of theSuperior Geological Province within the La Grandesubprovince near the boundary to the Opinacasubprovince. This boundary is a deep- seated regionalstructural boundary. The La Grande subprovince iscomposed of multiple deformed sequences of Archeanvolcano-sedimentary and plutonic rocks characterizedandpartlyinterconnectedsurroundedandintrudedbyvoluminous granitoid rocks, granitic pegmatites andLithium-Caesium-Tantalum (LCT) mineralization can be

Criteria		JORC Code explanation		Commentary
Drill holeInformation		A summary of all informationmaterial to the understanding of theexploration results including atabulation of the followinginformation for all Material drillholes:easting and northing of the drillohole collarelevation or RL (Reduced Levelo– elevation above sea level inmetres) of the drill hole collardip and azimuth of the holeodown hole length andointerception depthhole length.oIf the exclusion of this informationis justified on the basis that theinformation is not Material and thisexclusion does not detract from theunderstanding of the report, theCompetent Person should clearlyexplain why this is the case.		Not Applicable. No drilling is reported.
Dataaggregationmethods		In reporting Exploration Results,weighting averaging techniques,maximum and/or minimum gradetruncations (eg cutting of highgrades) and cut-off grades areusually Material and should bestated.Where aggregate interceptsincorporate short lengths of highgrade results and longer lengths oflow grade results, the procedureused for such aggregation shouldbe stated and some typicalexamples of such aggregationsshould be shown in detail.The assumptions used for anyreporting of metal equivalent valuesshould be clearly stated.		Not Applicable. No sampling results are reported.
Relationshipbetweenmineralisationwidths andinterceptlengths		These relationships are particularlyimportant in the reporting ofExploration Results.If the geometry of themineralisation with respect to thedrill hole angle is known, its natureshould be reported.If it is not known and only the downhole lengths are reported, thereshould be a clear statement to thiseffect (eg 'down hole length, truewidth not known').		Not Applicable. No drilling is reported.
Diagrams		Appropriate maps and sections(with scales) and tabulations ofintercepts should be included forany significant discovery beingreported These should include, butnot be limited to a plan view of drillhole collar locations andappropriate sectional views.		Relevant Maps are included in the ASX announcement.
Balancedreporting		Where comprehensive reporting ofall Exploration Results is notpracticable, representativereporting of both low and high		No Applicable. No sampling results are reported.

Criteria	JORC Code explanation	Commentary
	grades and/or widths should bepracticed to avoid misleadingreporting of Exploration Results.
Othersubstantiveexplorationdata	Other exploration data, ifmeaningful and material, should bereported including (but not limitedto): geological observations;geophysical survey results;geochemical survey results; bulksamples – size and method oftreatment; metallurgical test results;bulk density, groundwater,geotechnical and rockcharacteristics; potentialdeleterious or contaminatingsubstances.	Redstone acquired multispectral Sentinel-2 and ALOS1 satellite imagery over the Radisson East and SakamiLithium Projects. Satellite-derived hyperspectral datacan detect rocks of interest that lie on the surface, orburied a few centimetres below the surface beneathvegetation, soil, or till. This technique is very useful inthe James Bay region because the area is heavilyvegetated.The exploration targets were generated by training amultivariate statistical classifier assessing geologicaland geochemical data in conjunction with the satelliteimagery. The training was completed using 562 rockchip samples with assays of lithium (Li ppm) >0 from agovernment dataset. The rock chip samples werelocated within the Projects and in the immediatesurrounding area. The classifier identified a digitalfingerprint correlated with the lithium response in thearea of interest surrounding the Radisson East andSakami Projects.Eight spectral bands of Sentinel-2 VNIR imagery have10 m spatial resolution and two bands of SWIR have 20m resolution. The VNIR/SWIR spectral response issurficial. Any soil and outcrop responses may beextracted using spectral unmixing. Spectral unmixing ofvisible/near-infrared [VNIZ] and shortwave infrared[SWIR] data produces endmembers that are comparedto the spectral library of the USGS. On the Property fourspectral endmembers were identified that correlatedwiththeLi-containingrockchips.Thespectralendmembers included spodumene, quartz, zoisite, andrhodonite.
Further work	The nature and scale of plannedfurther work (eg tests for lateralextensions or depth extensions orlarge-scale step-out drilling).Diagrams clearly highlighting theareas of possible extensions,including the main geologicalinterpretations and future drillingareas, provided this information isnot commercially sensitive.	Discussed in the text of this announcement.