Announcement PDF ASX ANNOUNCEMENT RED MOUNTAIN MINING LTD 31 July 2023 Quarterly Report for the quarter ending 30 June 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 June 2023. OPERATIONAL REVIEW Mustang Lithium Project - Nevada, USA 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 27 April 2023, the Company announced an update on reconnaissance lithium surface sampling at the Company’s Lithic Project, in Nevada, U.S.A. A total of 25 surface samples were collected from the Lithic mineral claims, with 13 recent sample results provided in Table 1 & Figure 3. These samples were collected from areas of claystone outcrop mostly in the Western parts of the mineral claim. The highest assay result of 1,254ppm Li was taken from a grab sample of grey/green claystone sediments located near the Western edge of the Lithic property. A total of 3 surface samples returned assay results of over 500ppm Li, which are highly anomalous given the high mobility of lithium in the weathered surficial environment. Typical mineral resource cutoff grade for Claystone lithium in the Big Smoky Valley and Clayton Valley is around 500ppm Li On 15 May 2023, the Company announce that the Nevada Bureau of Land Management (BLM) has approved the exploration drilling permit for its Mustang Lithium Project, based in Nevada, USA. The Company secured a Nevada based drilling company, Alloy Drilling LLC, to complete Mustang’s maiden Phase 1 drilling program, which consists of eight (8) holes (refer to below figure 1) drilled to a maximum of 150m in depth to target lithium bearing clay horizons. Drilling commenced on 5 June 2023 and concluded on 21 June 2023. Two (2) extra drill holes were added to the initial eight (8) hole program to gain further insight into the Mustang geology. Assay results are due in due course. ASX: RMX Web: www.redmountainmining.com.au Figure 1. Phase 1 drill program completed for a total of 10 holes Table 1 shows a full summary of the Phase 1 drilling campaign. Table 1. Full summary of Phase 1 drilling program. Metric used for ‘Observations’ is in feet. ASX: RMX Web: www.redmountainmining.com.au Charlotte Lithium Project - Northern Territory 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. HREE, Gold and Base Metals Project The Company is currently undertaking an internal assessment of the project with experienced consultant geologists before committing any expenditure on further exploration. 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 June 2023 was 0.83 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 June quarter was $1,030k. Date of AGM and Closing Date for Director Nominations The Board of RMX advises that the Annual General Meeting of the Company will be held on Wednesday, 8 November 2023. A notice of meeting for the Annual General Meeting will be prepared by the Company and will be announced to ASX and provided to the Shareholders in due course. The closing date for the receipt of nominations for the election of Directors is at least 35 business days prior to 8 November 2023. Any nominations must be received no later than 5:00pm (AWST) at the Company’s Registered Office. 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: RMX Web: www.redmountainmining.com.au ASX ADDITIONAL INFORMATION ASX Listing Rule 5.3.1 Exploration and Evaluation during the quarter was $175,000. The majority of this was spent on the Company’s Lithium Projects in Nevada, USA. 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 $61,265 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% Mt Mansbridge E80/5229 Red Mountain Mining 6-Jun-2024 6-Jun-2024 100% Mt Mansbridge E80/5413 Red Mountain Mining 28-Jul-2025 28-Jul-2025 100% Mt Maitland E51/1900 Red Mountain Mining 5320 23-Dec-24 23-Dec-24 100% Mt Maitland E51/1982 Red Mountain Mining 1400 11-Jul-26 11-Jul-26 100% 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 Red Mountain Mining USA 1069 - - 100% Lithic SS001-115 Red Mountain Mining USA 961 - - 100% *Note: Exploration Permits that have reached permit expiry have been submitted for renewal. ASX: RMX Web: www.redmountainmining.com.au / The mining tenement interests relinquished during the quarter and their location Not applicable. The mining tenement interests acquired during the quarter and their location 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 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). The technical and scientific information contained within this news release has been reviewed and approved by an independent consulting geologist Bill Fleshman, Fellow of the Australasian Institute of Mining and Metallurgy “AusIMM” and a “CP” (chartered professional #107342), and Qualified Person (QP) as defined by National Instrument 43-101 Policy. 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 Freshman 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 June 2023 Current quarter $A’000 Year to date (12 months) $A’000 23 86 (16) (80) (b) development - - (c) production - - (d) staff costs (54) (202) (e) administration and corporate costs (231) (955) 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 11 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 (274) (1,140) 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities - - (b) tenements - - (c) property, plant and equipment - - (159) (1,151) (e) investments - - (f) - - (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 (12 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 (159) (1,151) 3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) - 1,800 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - 6 3.4 Transaction costs related to issues of equity securities or convertible debt securities - (147) 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 - 1,659 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 1,463 1,659 4.2 Net cash from / (used in) operating activities (item 1.9 above) (274) (1,140) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (159) (1,151) 4.4 Net cash from / (used in) financing activities (item 3.10 above) - 1,659 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 (12 months) $A’000 - 3 1,030 1,030 Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 979 1,439 5.2 Call deposits 51 24 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) 1,030 1,463 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 61 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. $61,265 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) (274) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (159) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (433) 8.4 Cash and cash equivalents at quarter end (item 4.6) 1,030 8.5 Unused finance facilities available at quarter end (item 7.5) 8.6 Total available funding (item 8.4 + item 8.5) 1,030 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 2.38 - $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: N/A 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: N/A 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: N/A 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: 31 July 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