Announcement PDF ASX: RMX investorhub.redmountainmining.com.au info@redmountainmining.com.au Red Mountain Mining Ltd ACN 119 568 106 QUARTERLY REPORT FOR THE QUARTER ENDING 30 SEPTEMBER 2026 Red Mountain Mining Limited (ASX: RMX, US OTCQB: RMXFF, or “the Company”), a Critical Minerals exploration and development company with an established portfolio in Tier-1 Mining Districts in the United States and Australia, is pleased to provide the following summary of activities undertaken during the three-month period ending 30 September 2026 (“the Quarter”). The Quarter saw the completion of the maiden drilling program for the Company’s Armidale Antimony-Gold Project in NSW, Australia and initial systematic surface sampling over the Pioneer Tungsten Project in Montana. OPERATIONS Armidale Antimony-Gold Project, NSW, Australia (RMX 100%) Red Mountain’s Armidale Antimony-Gold Project encompasses 391km2 of prospective ground within the Southern New England Orogen (SNEO) in north-eastern NSW. The SNEO is recognised as Australia’s premier antimony province and hosts Australia’s largest known antimony deposit, Larvotto Resources’ (ASX: LRV; Market cap ~A$400 million) Hillgrove deposit. Antimony in the SNEO occurs in hydrothermal quartz veins, breccias, and stockworks, often with associated gold and/or tungsten mineralisation. Red Mountain’s project area lies west of Hillgrove and covers part of the Peel Fault system, which has recognised potential for orogenic gold and antimony mineralisation. Several known mineral occurrences lie within EL9732, where historical small-scale shallow shafts and open pits, thought to date from the early 1900s, have exploited stibnite and gold (Figure 1). Given the age of these workings, the little exploration conducted since and the proximity of EL9732 to the Peel Fault, RMX believes there is untested potential for antimony and gold within the tenement. ASX Announcement 30 October 2026 RED MOUNTAIN MINING LTD ASX: RMX INVESTORHUB.REDMOUNTAINMINING.COM.AU 2 Figure 1: Geological Survey of NSW total magnetic intensity reduced to pole (TMI RTP) imagery1 and location of gold and antimony mineral occurrences within and near to EL9732, summarising highlights of RMX’s exploration to date and the location of the Oaky Creek and East Hills antimony prospects, Horsley Station gold prospect and Horsley North magnetic target. The mapped location of the Peel Fault is also shown. 1 Matthews, S.J. 2024. New South Wales Statewide magnetic merge, version 3.0 [Digital Dataset]. Geological Survey of New South Wales, Department of Primary Industries and Regional Development, Maitland. RED MOUNTAIN MINING LTD ASX: RMX INVESTORHUB.REDMOUNTAINMINING.COM.AU 3 Maiden drilling program completed at Oaky Creek During the September Quarter, Red Mountain successfully completed a maiden reverse circulation (RC) drilling program at the Oaky Creek antimony prospect. Assay results are pending and are expected to be received during November 2026. A total of 20 RC drillholes, totaling 1776m, were completed over a period of approximately three weeks in September 20262 to test four of five priority orogenic antimony-gold targets defined from Red Mountain’s comprehensive surface rock chip, conventional soil and auger soil sampling program, completed over the past 12 months (Figure 2; Table 1). In summary, the drilling comprised: • Ten drillholes, including one vertical hole (OC26RC012) into the coherent 300m x 30m Oaky Creek South Main Grid antimony-arsenic auger soil anomaly, which has also returned surface rock chip results of up to to 39.3% Sb & 1.09ppm Au. • Three drillholes beneath the historical workings and outcropping quartz-carbonate-stibnite veins at the Oaky Creek North Workings, although the last of these holes (OC26RC020) was abandoned at 15m, well short of the anticipated target at ~100m hole depth and was not sampled. • Four drillholes to test beneath the Sb-bearing Creek exposure to the north of the Oaky Creek North Workings. • Three drillholes to test the historical workings, outcropping quartz-carbonate-stibnite veins and associated IP chargeabilty anomaly at the Oaky Creek South Workings. Stibnite was visually identified by the logging geologist in six of the ten holes drilled at the Oaky Creek South Main Grid (Figure 2). However, stibnite is a very soft mineral with a Moh’s Scale hardness of 2, softer than a human fingernail, compared to 7 for quartz, which is harder than glass. Because of this, RC drilling will preferentially pulverise quartz-vein hosted stibnite to a fine powder, making it difficult to identify visually in drill chips. 2 RMX ASX Announcement 23 September 2026. https://investorhub.redmountainmining.com.au/announcements/lYYZ9o-drilling-completed-at-armidale-antimony-gold-project RED MOUNTAIN MINING LTD ASX: RMX INVESTORHUB.REDMOUNTAINMINING.COM.AU 4 Figure 2: (A) Google Earth image showing auger soil sampling completed over the Oaky Creek antimony prospect relative to contoured conventional soil antimony values and antimony mineralised (>0.5% Sb) rock chip samples. The two insets show the NSW 5m digital elevation model over the (B) Oaky Creek North Workings and Sb-bearing Creek Exposure; and (C) Oaky Creek South Main Grid and Oaky Creek South Workings targets, showing auger antimony soil results, mapped quartz-carbonate-stibnite vein traces and drill hole collar locations. Drill holes where stibnite was visually identified in drill chips are identified as “Drillhole with Sb”. RED MOUNTAIN MINING LTD ASX: RMX INVESTORHUB.REDMOUNTAINMINING.COM.AU 5 Table 1: Details of RC drillholes completed and intervals selected for laboratory analysis during Red Mountain Mining’s maiden drilling program at Oaky Creek. On the basis of visual logging of alteration, quartz veining and mineralisation and pXRF results, a total of 578 one-metre intervals, representing 32.5% of the total drilling, were sampled and have been submitted to Intertek for four-acid digest multielement and gold by fire assay analysis. All assay results are pending and Red Mountain anticipates that they will be received and reported to the market during November. Oaky Creek represents a significant 3km long orogenic antimony system with multiple drill ready targets The Oaky Creek prospect features quartz-carbonate-stibnite veins and breccias hosted within a tightly folded and faulted sequence of metamorphosed Carboniferous mudstone, siltstone and fine sandstone. The mineralisation has been targeted by two groups of shallow historical pits and shafts at Oaky Creek North and Oaky Creek South. The Company’s initial sampling program at Oaky Creek comprised a 50m x 100m spaced grid soil sampling program centered on a major splay of the Namoi Fault, accompanied by rock chip sampling. mE mN Azimuth Dip Depth(m) From (m) To (m) Length(m) 12 21 9 60 78 18 12 16 4 27 31 4 41 55 14 60 65 5 79 100 21 110 112 2 OC26RC004 266925 6657665 614 315 -55 102 OakyCreek South Main Grid 0 102 102 6 51 45 59 100 41 OC26RC006 266956 6657698 617 315 -55 90 OakyCreek South Main Grid 50 80 30 OC26RC007 266959 6657711 617 315 -55 72 OakyCreek South Main Grid 41 54 13 39 61 22 71 74 3 OC26RC009 266986 6657745 614 315 -55 66 OakyCreek South Main Grid 36 48 12 OC26RC010 267100 6657377 609 135 -55 94 OakyCreek South Workings and IP target 71 81 10 22 35 13 47 52 5 OC26RC012 266924 6657711 617 0 -90 42 OakyCreek South Main Grid 0 42 42 22 27 5 56 81 25 OC26RC014 266767 6659826 597 80 -55 69 AntimonyBearing Creek Exposure 31 57 26 OC26RC015 266772 6659744 601 80 -55 120 AntimonyBearing Creek Exposure 83 104 21 45 52 7 97 101 4 12 31 19 53 76 23 OC26RC018 267028 6657254 596 100 -55 120 OakyCreek South Workings and IP target 36 44 8 18 29 11 60 74 14 OC26RC020 266979 6659298 599 40 -55 15 OakyCreek North Workings AntimonyBearing Creek Exposure AntimonyBearing Creek Exposure OakyCreek North Workings OakyCreek North Workings 80 120 117 99 81 OakyCreek South Main Grid OakyCreek South Main Grid OakyCreek South Main Grid OakyCreek South Main Grid OakyCreek South Main Grid -55 -55 -55 -55 -55 90 84 120 120 75 80 80 80 80 75 -55 -55 -55 -55 -55 600 593 6659990 598 602 135 135 170 315 315 6657363 6659801 6659479 6659293 604 607 609 615 616 617 267130 266762 266687 266872 266987 6657682 6657689 6657732 6657675 6657726 OC26RC011 OC26RC013 OC26RC016 OC26RC017 OC26RC019 266812 266836 266872 266940 266975 Target Area Sampled Interval Hole abandoned - notsampled OC26RC001 OC26RC002 OC26RC003 OC26RC005 OC26RC008 Hole ID Collar locationGDA94 Z56 Elevation (m) Hole details OakyCreek South Workings and IP target RED MOUNTAIN MINING LTD ASX: RMX INVESTORHUB.REDMOUNTAINMINING.COM.AU 6 As initially reported in June 20253 , the soil sampling defines a coherent, ~1.5km long, 100-200m wide, NNW-trending >2ppm Sb in soil anomaly extending both north and south of the historical workings at Oaky Creek North and a similarly-oriented ~1km long >2ppm Sb in soil anomaly extending north from the Oaky Creek South workings. Sampling campaigns at Oaky Creek45 , returned multiple rock chip samples6, 7, 8 with values of over 25% Sb and 0.1g.t Au for five different areas, with mineralised and anomalous rock samples showing a strong spatial correlation to the antimony soil anomaly (Figure 2). When considered collectively, the soil and rock chip results indicate a significant orogenic antimony mineral system with a strike extent of 3km, which is analogous to Larvotto Resources’ (ASX: LRV; Market Cap. ~AU$430 million) Hillgrove Project, which lies east of Red Mountain’s project area. Red Mountain’s ~1300 sample infill hand auger soil sampling campaign across the full ~3km strike extent of the Oaky Creek prospect was completed across the past two Quarters to tighten the Company’s existing 100m x 50m spaced soil grid in order to better constrain individual high priority drill targets. This detailed systematic work has allowed the company to define five high priority orogenic antimony targets9 for drill testing at Oaky Creek (Figure 2). Future exploration plans Following receipt and interpretation of the drill assay results, the Company will plan its next stage of exploration at Oaky Creek and more broadly across the Armidale Antimony-Gold Project. 3 RMX ASX Announcement 7 June 2025. https://investorhub.redmountainmining.com.au/announcements/6998482 4 RMX ASX Announcement 27 June 2025. https://investorhub.redmountainmining.com.au/announcements/7026204 5 RMX ASX Announcement 11 July 2025. https://investorhub.redmountainmining.com.au/announcements/7050680 6 RMX ASX Announcement 2 October 2025. https://investorhub.redmountainmining.com.au/announcements/7181513 7 RMX ASX Announcement 15 January 2026. https://investorhub.redmountainmining.com.au/announcements/7325282 8 RMX ASX Announcement 12 March 2026. https://investorhub.redmountainmining.com.au/announcements/7435807 9 RMX ASX Announcement 30 March 2026. https://investorhub.redmountainmining.com.au/announcements/7467812 RED MOUNTAIN MINING LTD ASX: RMX INVESTORHUB.REDMOUNTAINMINING.COM.AU 7 Pioneer Tungsten Project, Montana, USA (RMX 100%) During the Quarter, Red Mountain doubled the footprint of the Company’s Pioneer Tungsten Project, located in Beaverhead County, southern Montana, USA; and completed a systematic rock chip sampling program over the Greenstone and Glow Worm prospects and the northern portion of the Lost Creek prospect10 . Following the execution of the agreement in late May that secured ownership of the Pioneer Project11 , Red Mountain pegged additional prospective geology along the margin of the Mount Torrey Batholith and has more than doubled the project footprint to its current size of 478 Ha, with expanded coverage over the Greenstone and Mammoth prospects and the addition of a new prospective area, the Glow Worm prospect, which lies approximately 1km north of Greenstone and 4km south of the Lost Creek prospect (Figure 3). Surface sampling demonstrates tungsten mineralisation across all sampled prospects Red Mountain’s systematic rock chip sampling was focused on areas within the Lost Creek, Glow Worm and Greenstone prospects, where published US Bureau of Mines mapping 12 records outcropping garnet skarn. Sampling was carried out on east-west traverses at a nominal line spacing of 50m and, where possible, sample spacing of 5m over the area of mapped skarn, with a handful of additional samples collected between these areas where potentially altered or mineralised rocks were identified (Figure 4 and Figure 5). Due to the predominance of steep terrain and often thick living vegetation and leaf litter cover across the Project area, it was often difficult to confidently identify outcropping material away from historical workings and excavations. Where outcropping material could not be located, float or workings spoil samples were collected, if available. In addition, for the Glow Worm prospect, soil samples were collected where no rock material could be located and two stream sediment samples were collected south of Greenstone (Figure 4). At all three sampled prospects, there is a strong correlation between the distribution of mapped garnet skarn after Pattee (1960) and strongly anomalous (>500ppm WO3 in outcrop, float and spoils) to mineralised (>1000ppm WO3 in outcrop, float and spoils) tungsten results. 10 RMX ASX Announcement 14 September 2026. https://investorhub.redmountainmining.com.au/announcements/zXXb8b-further-strong-tungsten-and-copper-assays-at-pioneer-project 11 RMX ASX Announcement 28 May 2026. https://investorhub.redmountainmining.com.au/announcements/7556970 12 Pattee, E.C., 1960. U.S. Bureau of Mines, Report of Investigation 5552. https://digital.library.unt.edu/ark:/67531/metadc38682/m2/1/high_res_d/metadc38682.pdf RED MOUNTAIN MINING LTD ASX: RMX INVESTORHUB.REDMOUNTAINMINING.COM.AU 8 Figure 3: Surface geology of the eastern margin of the Mount Torrey Batholith in Montana, showing the location of Red Mountain’s Pioneer Tungsten Project (comprising the Mammoth, Lost Creek and Blow Worm - Greenstone claim areas), Almonty Industry’s claims, the Ivanhoe, Lost Creek and Greenstone mines, and published USGS tungsten and copper occurrences. Geology after McDonald and Yakovlev (2019)13 , Zen (1988)14 & McDonald et al. (2012)15 . 13 https://ngmdb.usgs.gov/Prodesc/proddesc_108777.htm 14 https://ngmdb.usgs.gov/Prodesc/proddesc_21817.htm 15 https://ngmdb.usgs.gov/Prodesc/proddesc_97585.htm RED MOUNTAIN MINING LTD ASX: RMX INVESTORHUB.REDMOUNTAINMINING.COM.AU 9 Figure 4: WO3 results for the Greenstone and Glow Worm prospects relative to topography and USGS surface geology after McDonald and Yakovlev (2019)16 and mapped garnet skarn after Pattee (1960)17 . For geology legend refer to Figure 3. 16 https://ngmdb.usgs.gov/Prodesc/proddesc_108777.htm 17 Pattee, E.C., 1960. U.S. Bureau of Mines, Report of Investigation 5552. https://digital.library.unt.edu/ark:/67531/metadc38682/m2/1/high_res_d/metadc38682.pdf RED MOUNTAIN MINING LTD ASX: RMX INVESTORHUB.REDMOUNTAINMINING.COM.AU 10 At Greenstone, 30 of 113 samples collected contain >500pm WO3, with 17 of these containing >1,000ppm (0.1%) WO3, and a maximum value of 5,473ppm (0.55%) WO3. As can be seen on Figure 4, tungsten mineralisation is most consistently developed along a strike extent of approximately 400m immediately SSW of the Greenstone Mine Claim, where it is associated with mapped garnet skarn. This area was identified as a potential drill target by Red Mountain during the Company’s due diligence for the Pioneer Project18 and remains a priority target for drill testing. The Glow Worm area was also identified by Red Mountain as prospective for tungsten mineralisation during due diligence and the area has subsequently been pegged and granted. Like the Greenstone Prospect ~1km to the south, Glow Worm was initially prospected in the first half of the 20th century for copper mineralisation, and features at least six adits and four shallow shafts that are thought to date from this phase of exploration (Pattee, 196019 ). In 1952 and 1953, five bulldozer trenches and several small pits were dug to prospect for tungsten. However, no production of copper or tungsten are recorded from the prospect. As can be seen on Figure 5, garnet skarn is mapped by Pattee (1960) over a strike extent of 700m at Glow Worm. Twelve of 57 outcrop, float and spoil samples collected from the prospect contain >500pm WO3, with eight of these containing >1000ppm (0.1%) WO3, and a maximum value of 4036ppm (0.40%) WO3. In addition, seven of the 23 soil samples, collected where it was not possible to locate rock samples, contain over 50ppm WO3, with a maximum value of 383ppm WO3. Tungsten mineralisation is most consistently developed in the central and southern portions of the mapped garnet skarn, where it appears to be thinner than further to the north, potentially indicating a zone of more concentrated hydrothermal flow. The Lost Creek Mine has recorded production from a series of adits and small open pits of 19kt at an average grade of 0.18% WO3 between 1952 and 195620 . The current Lost Creek Mine Claim lies immediately north of Red Mountain’s Lost Creek claim area, but the mine workings and the area of skarn mapped by Pattee (1960) extend into the northwest corner of Red Mountain’s ground (Figure 5). The area further to the south has not been mapped in detail and has not been sampled by Red Mountain. However, the contact between the Uphill Creek Granodiorite and the Snowcrest Range 18 RMX ASX Announcement 28 May 2026. https://investorhub.redmountainmining.com.au/announcements/7556970 19 Pattee, E.C., 1960. U.S. Bureau of Mines, Report of Investigation 5552. https://digital.library.unt.edu/ark:/67531/metadc38682/m2/1/high_res_d/metadc38682.pdf 20 Geach, R.D., 1972. Montana: Montana Bureau of Mines and Geology Bulletin 85. https://www.mbmg.mtech.edu/mbmgcat/public/ListCitation.asp?pub_id=10086&#gsc.tab=0 RED MOUNTAIN MINING LTD ASX: RMX INVESTORHUB.REDMOUNTAINMINING.COM.AU 11 Group limestone is mapped by the USGS as extending down the full length of the Company’s Lost Creek claim area (Figure 5), so this unsampled area remains prospective. Eight of 13 outcrop, float and spoil samples collected across and close to the mapped garnet skarn at Lost Creek contain >500pm WO3, with six of these containing >1000ppm (0.1%) WO3, and a maximum value of 3241ppm (0.32%) WO3. These results highlight the strong potential of the Lost Creek prospect for tungsten mineralisation and further mapping and sampling is planned across the remainder of the prospect. Figure 5: WO3 results for the Lost Creek prospect relative to topography and USGS surface geology after McDonald and Yakovlev (2019)21 and mapped garnet skarn after Pattee (1960)22 . For geology legend refer to Figure 3. 21 https://ngmdb.usgs.gov/Prodesc/proddesc_108777.htm 22 Pattee, E.C., 1960. U.S. Bureau of Mines, Report of Investigation 5552. https://digital.library.unt.edu/ark:/67531/metadc38682/m2/1/high_res_d/metadc38682.pdf RED MOUNTAIN MINING LTD ASX: RMX INVESTORHUB.REDMOUNTAINMINING.COM.AU 12 Precious and base metal mineralisation also identified A significant number of rock chip samples from Glow Worm and the northern portion of Greenstone returned highly anomalous to mineralised results for base and precious metals, particularly for copper (Figure 6), silver (Figure 7), and gold (Figure 8). These results are not unexpected, given the area’s early mining history, which saw prospecting and small-scale production of these metals, in particular copper, in the late 1800s and the first half of the 1900s. Copper (Figure 6) and silver (Figure 7) mineralisation are best developed in the northern portion of the Greenstone prospect, along the western margin of the Greenstone Mine Claim, with maximum values of 6.72% Cu and 462ppm Ag. The Greenstone Mine has reported historical production of 96 metric tonnes of copper ore in 1908. 1909 and 1949, which reportedly yielded 3.0t of copper, 4.3kg of silver and an ounce of gold23 . Copper is also consistently found in samples from the southern and central portions of the Glow Worm prospect, where it is also associated with early 1900s shaft and adit development. The maximum recorded values for Glow Worm are 3.97% Cu and 199ppm Ag. Gold mineralisation (Figure 8) is most consistently developed for the northern portion of Greenstone, which returned a maximum value of 3.88ppm Au. It is less well-developed at Glow Worm, which returned below detection limit results for most samples and a maximum value of 0.81ppm Au. Although not sampled in detail, reconnaissance sampling at Mammoth, reported on 1 July24 , also returned anomalous copper, silver and gold results, with one sample of manganese-rich, malachite- stained skarn returning values of 19.15% Cu, 1325ppm Ag and 2.25ppm Au. Like Greenstone, the Mammoth area has recorded small-scale historical copper, silver and gold production, with the Ivanhoe Mine Claims producing 5.7t of copper, 18.3kg of silver and an ounce of gold from 79t of ore mined during 1928 and 192923 . 23 Geach, R.D., 1972. Montana: Montana Bureau of Mines and Geology Bulletin 85. https://www.mbmg.mtech.edu/mbmgcat/public/ListCitation.asp?pub_id=10086&#gsc.tab=0 24 RMX ASX Announcement 1 July 2026. https://investorhub.redmountainmining.com.au/announcements/7610220 RED MOUNTAIN MINING LTD ASX: RMX INVESTORHUB.REDMOUNTAINMINING.COM.AU 13 Figure 6: Copper (Cu) results for the Greenstone and Glow Worm prospects relative to topography and USGS surface geology after McDonald and Yakovlev (2019)25 and mapped garnet skarn after Pattee (1960)26 . For geology legend refer to Figure 3. 25 https://ngmdb.usgs.gov/Prodesc/proddesc_108777.htm 26 Pattee, E.C., 1960. U.S. Bureau of Mines, Report of Investigation 5552. https://digital.library.unt.edu/ark:/67531/metadc38682/m2/1/high_res_d/metadc38682.pdf RED MOUNTAIN MINING LTD ASX: RMX INVESTORHUB.REDMOUNTAINMINING.COM.AU 14 Figure 7: Silver (Ag) results for the Greenstone and Glow Worm prospects relative to topography and USGS surface geology after McDonald and Yakovlev (2019)27 and mapped garnet skarn after Pattee (1960)28 . For geology legend refer to Figure 3. 27 https://ngmdb.usgs.gov/Prodesc/proddesc_108777.htm 28 Pattee, E.C., 1960. U.S. Bureau of Mines, Report of Investigation 5552. https://digital.library.unt.edu/ark:/67531/metadc38682/m2/1/high_res_d/metadc38682.pdf RED MOUNTAIN MINING LTD ASX: RMX INVESTORHUB.REDMOUNTAINMINING.COM.AU 15 Figure 8: Gold (Au) results for the Greenstone and Glow Worm prospects relative to topography and USGS surface geology after McDonald and Yakovlev (2019)29 and mapped garnet skarn after Pattee (1960)30 . For geology legend refer to Figure 3. 29 https://ngmdb.usgs.gov/Prodesc/proddesc_108777.htm 30 Pattee, E.C., 1960. U.S. Bureau of Mines, Report of Investigation 5552. https://digital.library.unt.edu/ark:/67531/metadc38682/m2/1/high_res_d/metadc38682.pdf RED MOUNTAIN MINING LTD ASX: RMX INVESTORHUB.REDMOUNTAINMINING.COM.AU 16 Pioneer Project geology Red Mountain Mining’s Pioneer Tungsten Project lies along the eastern margin of the Mount Torrey Batholith - a large volume composite complex that forms the core of the Pioneer Mountains in southwest Montana. The batholith ranges in composition from gabbro to granite, but is dominantly granodioritic in composition. Tungsten mineralisation occurs along the entire eastern contact of the Pioneer Batholith where it is in contact with mid-Paleozoic carbonate-rich sedimentary rocks, but to date significant mineralisation, occurring in scheelite-bearing massive garnet skarns, has only been found where the limestones of the Snowcrest Range Group contact the Uphill Creek Granodiorite. Red Mountain’s claims cover four discrete locations, the Greenstone, Glow Worm, Mammoth and Lost Creek prospects, where the eastern margin of the Uphill Creek Granodiorite is in direct contact at surface with the Snowcrest Range Group (Figure 3). Red Mountain’s claims encompass Tungsten-bearing skarn mineralisation mapped and sampled in the middle of last century and a number of historical workings still visible today. The claims also lie immediately adjacent to claims purchased in November 202531 by Almonty Industries (NASDAQ: ALM / TSX: AII / ASX: AII / Frankfurt: ALI1; Market Cap AU$3.8 billion), which include the Gentung Tungsten Deposit, which has a total mineral resource of 6.83 Mt @ 0.315 % WO3 32 ; as well as the Ivanhoe and Lost Creek Mines, which are estimated to have collectively produced 680kt of tungsten ore in the 1950s and from 1970 to 197532 . Red Mountain’s surface sampling to date has confirmed the presence of garnet skarn hosted tungsten mineralisation at all four identified prospects, returning maximum rock chip tungstate (WO3) assay results of 0.55% WO3 for Greenstone, 0.40% WO3 for Glow Worm, 0.32% WO3 for sampling over a small portion of Lost Creek and 0.29% WO3 from reconnaissance sampling at Mammoth. In addition to the exposures of garnet skarn at surface, Red Mountain’s claims also have clear geological potential for limestone-hosted tungsten-bearing garnet skarn mineralisation at shallow depths beneath overlying quartzite units, where magnetic modelling undertaken by Arrow Geosciences, indicates subsurface magnetic bodies, interpreted to represent the granodiorite source of the skarn mineralisation33 . 31 ALM press release 17/11/2025. https://press.almonty.com/almonty-advances-intent-to-become-the-leading-u-s-integrated-tungsten-producer-with-acquisition-of-gentung-browns- lake-tungsten-project-in-montana/ 32 Nelson et al., 2012. https://almonty.com/wp-content/uploads/2025/11/Lentung-43-101.pdf 33 RMX ASX Announcement 9 September 2026. https://investorhub.redmountainmining.com.au/announcements/7574526 RED MOUNTAIN MINING LTD ASX: RMX INVESTORHUB.REDMOUNTAINMINING.COM.AU 17 Historical tungsten production The earliest recorded interest in the garnet skarn hosted tungsten mineralisation surrounding the Mount Torrey Batholith dates from the early 1950s, driven by the US Federal Government’s strategic metal stockpiling program, with significant production recorded from the Ivanhoe and Lost Creek mines (Figure 1). Exploration for tungsten was carried out between 1951 and 1953 around the Ivanhoe Mine (also known as the Brown’s Lake Mine), which had been mined for copper, silver and gold in 1928 and 1929, recording production of 5.7t Cu; 647 oz Ag and 1 oz Au34 . Open pit tungsten production from the Ivanhoe Mine commenced in October 1953 and initially ceased in 1957, with total production during this period of 567kt at an average grade of 0.35% WO3 35 . Similar skarn-hosted tungsten mineralisation was mined by the Minerals Engineering Company between 1952 and 1956 from a series of adits and small open pits at the Lost Creek Mine, ~5km southeast of Ivanhoe. The total recorded production from Lost Creek during this period is 19kt at an average grade of 0.18% WO3 35 . Both mines remained idle until 1971, when General Electric purchased the properties and rebuilt the mill at Ivanhoe, which operated until 1975. Minor Tungsten production is also recorded from the Greenstone Mine during the 1950s, with recorded production of 900kg of sorted ore, containing 1.2% WO3 35 . It is estimated that total production from the district from the 1950s and 1970s is approximately 680kt of tungsten ore36 . Next steps for Pioneer USGS mapping shows that the prospective Snowcrest Range Group, which hosts both tungsten and copper skarn mineralisation at Pioneer when in contact with the Uphill Creek Granodiorite, extends throughout the strike length of Red Mountain’s claims at Glow Worm, Greenstone, Lost Creek and Mammoth (Figure 3). At Lost Creek and Mammoth, Snowcrest Range limestone is shown in contact with the Granodiorite at surface throughout the claim area, which implies potential for additional skarn development at the surface. In the southern part of the Greenstone area, the limestone is not in direct contact with the Granodiorite at surface. However, as reported in June, magnetic modelling undertaken by Arrow Geosciences37 , indicates shallow subsurface magnetic bodies, interpreted to represent the granodiorite source of the skarn mineralisation beneath the overlying limestone. 34 Geach, R.D., 1972. Montana: Montana Bureau of Mines and Geology Bulletin 85. https://www.mbmg.mtech.edu/mbmgcat/public/ListCitation.asp?pub_id=10086&#gsc.tab=0 35 Pattee, E.C., 1960. U.S. Bureau of Mines, Report of Investigation 5552. https://digital.library.unt.edu/ark:/67531/metadc38682/m2/1/high_res_d/metadc38682.pdf 36 Nelson et al., 2012. NI 43-101 Technical Report of the Lentung (Gentung) Tungsten & Garnet Deposit https://almonty.com/wp-content/uploads/2025/11/Lentung-43-101.pdf 37 RMX ASX Announcement 9 June 2026. https://investorhub.redmountainmining.com.au/announcements/7574526 RED MOUNTAIN MINING LTD ASX: RMX INVESTORHUB.REDMOUNTAINMINING.COM.AU 18 Red Mountain’s US exploration team planned to mobilise in the second half of October to undertake further mapping and sampling across the Pioneer Project prior to the onset of the Northern Hemisphere winter, but was prevented by heavy snowfall over the project area. The Company is hopeful that a suitable weather window will open prior to the full onset of winter to allow completion of this planned work, which is designed to expand Red Mountain’s coverage beyond the areas that have been previously targeted and seek evidence of both tungsten and copper mineralisation. USA Antimony Projects (RMX 100%) With Red Mountain’s US field crew focused on the Pioneer Tungsten Project, desktop work was undertaken during the September Quarter on the Company’s four USA antimony projects: Thompson Falls on the Montana-Idaho border, Yellow Pine and Silver Dollar in central Idaho and the Utah Antimony Project (Figure 9). Figure 9: Location of Red Mountain’s Thompson Falls, Utah, Yellow Pine and Silver Dollar (now relinquished) antimony projec