Announcement PDF ASX ANNOUNCEMENT RED MOUNTAIN MINING LTD 20 October 2023 Quarterly Report for the quarter ending 30 September 2023 Red Mountain Mining Limited (the “Company”, “Red Mountain” or “RMX”) is pleased to provide the following report on its activities during the quarter ending 30 September 2023. OPERATIONAL REVIEW Mustang Lithium Project - Nevada, USA (RMX 100%) Mustang is located on the south-eastern flank of the hydrologically closed Monte Cristo Valley, 9 km south of Belmont Resources Kibby Lake project and 40 km east of American Lithium’s TLC deposit. On 12 July 2023, RMX announced that it had completed a maiden reverse circulation (RC) program at Mustang has successfully provided confirmation of lithium discovery from initial surface sampling in February 2023. Significant thick high-grade lithium claystone was intersected in eight (8) out of ten (10) drill holes at the greenfields tenure of Mustang (see Figure 1), with seven (7) holes intersecting high-grade lithium from or near surface. Significant intercepts from the maiden drill program include: • RMDH-1: 48.77 metres @ 687ppm Li from 3.05 metres • RMDH-2: 30.50 metres @ 629ppm Li from surface (0 metres) • RMDH-3: 30.50 metres @ 608ppm Li from 4.6 metres • RMDH-4: 28.96 metres @ 564ppm Li from 4.5 metres • including 3.05 metres @ 690ppm Li from 30.5 metres • RMDH-6: 32.00 metres @ 639ppm Li from 6.1 metres • RMDH-7: 29.00 metres @ 600ppm Li from 1.5 metres • RMDH-9: 29.00 metres @ 642ppm Li from surface (0 metres) • RMDH-14: 21.30 metres @ 488ppm Li from 83.8 metres • including 4.6 metres @ 627ppm Li from 88.5 metres • including 1.53 metres @ 722ppm Li from 103.7 metres On 9 August 2023, it was announced that RMX staked an additional 88 Mining Claims (“Claims”) north of the current tenure at the 100% owned Mustang Lithium Project, with confirmation of claims being successfully filed by the Nevada Bureau of Land Management (See Figure 1). ASX: RMX Web: www.redmountainmining.com.au Figure 1: Additional 88 Claims staked by Red Mountain – Mustang Project On 27 September 2023, RMX announced results received from preliminary metallurgical test work on several core samples. Following the successful maiden drilling campaign at Mustang, a metallurgical program was designed as proof of concept that lithium can be extracted from collected drill samples through the use of sulphuric acid as a metallurgical process. In addition, permit application for phase II drilling at Mustang was submitted successfully to the Bureau of Land Management Nevada. Subsequent to the quarter, on 4 October 2023, the Company advised that the Bureau of Land Management Nevada has granted permit approval for phase II drilling program at the Company’s 100% Mustang Lithium Project in Nevada, USA. Drilling has now commenced and will continue throughout October, with fasttracked assay results expected around mid-November, pending efficiency of the phase II drill program. Lithic Lithium Project – Nevada, USA (RMX 100%) On 1 August 2023, Red Mountain received an additional 29 surface samples from American Assay Laboratories, with Figure 2 providing a summary of the latest sampling results. These samples were additionally collected from areas of claystone outcrop mostly in the western parts of the mineral claim. The highest assay result of 1,541ppm Li was taken from an auger sample of grey-green claystone sediments located on the western side of the Lithic property. A total of ten (10) surface samples returned assay results of over 1,000ppm Li, which are highly anomalous given the high mobility of lithium in the weathered surficial environment. On 17 August 2023, RMX advised that drill permit application for RMX’s 100% Lithic Lithium Project had been successfully submitted to the Nevada Bureau of Land Management. Application is currently under review and pending. ASX: RMX Web: www.redmountainmining.com.au Figure 2: Summary of latest samples at the Lithic Lithium Project Monjebup Rare Earth Project – Western Australia (RMX Farm in 80%) On 10 July 2023, RMX entered into a farm-in agreement (“Farm-in”) with LBM (Aust) Pty Ltd (“LBM”), a wholly owned subsidiary of Liontown Resources Ltd (“Liontown”), to acquire an 80% interest in their Monjebup Rare Earth Project (“Monjebup”), consisting of 321 blocks covering ~910 km2, that is prospective for Rare Earths in southern Western Australia. The Monjebup Project is located circa 80km north-east of Albany, Western Australia and lies predominantly over private land with efficient road access within and around the Project area. From a geological standpoint, the Monjebup Project is located in the Albany portion of the Albany Fraser Orogen. The Albany Fraser Orogen extends along the southern and south eastern margin of the Archaen Yilgarn Craton and comprises ortho-gneisses, granites and to a lesser degree sedimentary rocks and remnants of mafic dykes and large sheets of metagabbros, as well as mafic granulites. On 4 September 2023, Red Mountain commenced preliminary surface sampling at the Monjebup Project. This initial sampling phase was mainly confined to the road reserves within the Project’s 910km2 tenure package at approximately 500m intervals. (See Figure 3) ASX: RMX Web: www.redmountainmining.com.au Figure 3: Monjebup locations for soil sampling (initial phase) On 18 September 2023, the Company completed the first phase soil sampling at Monjebup. A total of 81 samples were taken and are currently being processed by Intertek Genalysis. Assay results are expected by the end of October 2023. Koonenberry Gold Project – New South Wales (RMX 100%) The Koonenberry Gold Project covers approximately 657 km2 and is located in a geologic setting considered analogous to the prolific Victorian Goldfields located in south-eastern Australia. The Koonenberry Gold Project adjoins Manhattan Corporation’s (ASX:MHC) Tibooburra Gold Project where Manhattan has previously announced a new high grade gold discovery. The Company has completed an internal review of the project’s historic data and has commenced budgeting for an exploration programme at targeted locations. The Company notes recent positive developments in RC drilling in our neighbouring tenement by Manhattan Corporation (ASX: MHC), delivering further high grade gold assay results. The Company is considering the implications of these exploration result outcomes so close to the Company’s tenement package. Charlotte Lithium Project - Northern Territory (RMX 100%) The Charlotte Lithium Project, less than 100kms by road from Darwin, N.T, is located within the Bynoe Pegmatite Field. All prospects within the mapped area occur in the western third of the tenement (south from historically mapped pegmatite occurrences). Access to the central and eastern areas of the tenement were restricted by access issues associated with the current wet season. These areas remain prospective for exploration and will be further investigated during the dry season. ASX: RMX Web: www.redmountainmining.com.au Nannup Lithium, Nickel, Gold & Base Metals Project – Western Australia (RMX 100%) The Nannup project is a granted exploration tenement south-west of Greenbushes lithium, Western Australia. The Project is prospective for lithium and located in the southwest terrane with potential to support a Julimar-style geological system. An initial exploration program is being planned to further identify the lithium, nickel, gold and base metals potential which is expected to commence once land access agreements are granted. Batangas Gold Project, Philippines – Shares and NSR The Company holds approximately 1.7m shares in London listed Blue Bird Merchant Ventures Limited (LON: BMV). Blue Bird is focused on its near-term production gold project in South Korea. BMV share price as at 30 September 2023 was 0.80 pence. The Company retains its net smelter royalty over the Philippines located Batangas gold project. Corporate The Company’s cash position at the end of the September quarter was $1,404k. On 31 July 2023, RMX announced it had raised $850,000 via a share placement to professional and sophisticated investors (Placement). On 12 September 2023, RMX announced that it had raised $596,900 (before costs) pursuant to the Company’s Share Purchase Plan (SPP) that closed on 8 September 2023. New Projects The Company continues to review and assess opportunities, particularly in the battery minerals space, that will add value to its portfolio. Authorised on behalf of the Board, Mauro Piccini Company Secretary ASX ADDITIONAL INFORMATION ASX Listing Rule 5.3.1 Exploration and Evaluation during the quarter was $542,000. The majority of this was spent on the Company’s Lithium Projects in Nevada, USA. ASX: RMX Web: www.redmountainmining.com.au ASX Listing Rule 5.3.2 There was no substantive mining production and development activities during the quarter. ASX Listing Rule 5.3.5 Payments to related parties of the entity and their associates: Payments to Related Parties & their Associates Director Fees and Superannuation Amount $63,719 Tenement Table: ASX Listing Rule 5.3.3 Mining tenement interests held at the end of the quarter and their location AREA IN HECTARES DATE OF RENEWAL PERIOD EXPIRATION PERMIT TERM EXPIRY INTEREST CONTRACTUAL RIGHT PERMIT NAME PERMIT NUMBER REGISTERED HOLDER/APPLICANT Koonenberry EL8997 Red Mountain Mining 35,400 3-Sept-23 3-Sept-23 100% Koonenberry EL9009 Red Mountain Mining 30,300 23-Oct-23 23-Oct-23 100% Mt Mansbridge E80/5111 Red Mountain Mining 10-Oct-2023 10-Oct2023 100% Nannup E70/5662 Airdrie Exploration P/L 20-Oct-26 20-Oct-26 100% Charlotte EL33346 Red Mountain Mining 525 02-Feb-29 02-Feb-29 100% Mustang J1-38, JE1-102, JJ188 Red Mountain Mining USA 1069 - - 100% Lithic SS001-115 Red Mountain Mining USA 961 - - 100% Monjebup E70/6042, E70/6043, E70/6044 LMB (Aust) Pty Ltd 91000 22-May-27 22-May-27 Earn-in 80% / *Note: Exploration Permits that have reached permit expiry have been submitted for renewal. The mining tenement interests relinquished during the quarter and their location PERMIT NAME PERMIT NUMBER REGISTERED HOLDER/APPLICANT Mt Mansbridge E80/5229 Red Mountain Mining DATE OF RENEWAL PERIOD EXPIRATION 6-Jun-2024 Mt Mansbridge E80/5413 Red Mountain Mining Mt Maitland E51/1900 Red Mountain Mining Mt Maitland E51/1982 Red Mountain Mining PERMIT TERM EXPIRY INTEREST CONTRACTUAL RIGHT 6-Jun-2024 100% 28-Jul-2025 28-Jul-2025 100% 5320 23-Dec-24 23-Dec-24 100% 1400 11-Jul-26 11-Jul-26 100% AREA IN HECTARES The mining tenement interests acquired during the quarter and their location ASX: RMX Web: www.redmountainmining.com.au / Not applicable. Beneficial percentage interests held in farm-in or farm-out agreements at the end of the quarter Not applicable. Beneficial percentage interests in farm-in or farm-out agreements acquired or disposed of during the quarter Not applicable. Competent Person Statement The information in this announcement that relates to Exploration Results and other technical information complies with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). It has been compiled and assessed under the supervision of Mark Mitchell, Technical Consultant to the company. Mr. Mitchell is a Member of the Australasian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Mr Mitchell consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. Disclaimer In relying on the above mentioned ASX announcement and pursuant to ASX Listing Rule 5.32.2, the Company confirms that it is not aware of any new information or data that materially affects the information included in the abovementioned announcements. ASX: RMX Web: www.redmountainmining.com.au Rule 5.5 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Red Mountain Mining Limited ABN Quarter ended (“current quarter”) 40 119 568 106 30 September 2023 Current quarter $A’000 Year to date (3 months) $A’000 18 18 (24) (24) (b) development - - (c) production - - (d) staff costs (43) (43) (e) administration and corporate costs (257) (257) Consolidated statement of cash flows 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation 1.3 Dividends received (see note 3) - - 1.4 Interest received 4 4 1.5 Interest and other costs of finance paid - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities (302) (302) 2. Cash flows from investing activities 2.1 Payments to acquire or for: - - (165) (165) - - (518) (518) (e) investments - - (f) - - (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation other non-current assets ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 1 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Consolidated statement of cash flows 2.2 Current quarter $A’000 Year to date (3 months) $A’000 Proceeds from the disposal of: (a) entities - - (b) tenements - - (c) property, plant and equipment - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (683) (683) 3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 1,447 1,447 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities (88) (88) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) - - 3.10 Net cash from / (used in) financing activities 1,359 1,359 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 1,030 1,030 4.2 Net cash from / (used in) operating activities (item 1.9 above) (302) (302) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (683) (683) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 1,359 1,359 ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 2 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Consolidated statement of cash flows 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Year to date (3 months) $A’000 - - 1,404 1,404 Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 1,353 979 5.2 Call deposits 51 51 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 1,404 1,030 6. Payments to related parties of the entity and their associates 6.1 Aggregate amount of payments to related parties and their associates included in item 1 64 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Current quarter $A'000 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. 6.1 Director and consulting fees paid to Directors and/or Director related entities ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. $63,719 Page 3 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities 8.1 Net cash from / (used in) operating activities (item 1.9) (302) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (518) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (820) 8.4 Cash and cash equivalents at quarter end (item 4.6) 1,404 8.5 Unused finance facilities available at quarter end (item 7.5) 8.6 Total available funding (item 8.4 + item 8.5) 1,404 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 1.71 - $A’000 - Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: Administration and corporate costs included costs associated with the capital raising conducted in the quarter. These costs will not be incurred in the upcoming quarters. The exploration and evaluation expenditure related to the RC Drilling at the Mustang Lithium Project that was incurred during the quarter is not expected to be as significant in the next quarters. 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: The Company also intends to place shortfall from its recent Share Purchase Plan, which will bolster cash reserves and continue to fund operations. ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 4 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: Yes, the Company expects to be able to continue its operations and meet its business objectives based on the current cashflow forecast prepared for internal purposes. Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 20 October 2023 Authorised by: The Board of Red Mountain Mining Limited (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 5