Announcement PDF Red Mountain Mining Limited ABN 40 119 568 106 Annual Report for the Year Ended 30 June 2026 Annual Repor t | 30 June 2026 2 | P a g e Contents Corporate Directory 3 Directors' Report 4 Auditor’s Independence Declaration 45 Consolidated Statement of Profit or Loss and Other Comprehensive Income 46 Consolidated Statement of Financial Position 47 Consolidated Statement of Changes in Equity 48 Consolidated Statement of Cash Flows 49 Notes to the Consolidated Financial Statements 50 Consolidated Entity Disclosure Statement 82 Directors' Declaration 83 Independent Auditor’s Report 84 Corporate Governance Statement 88 ASX Additional Information 89 Annual Repor t | 30 June 2026 3 | P a g e Corporate Directory Board of Directors Mr Lincoln Liu Managing Director Mr Mauro Piccini Non-Executive Chairman Mr Robert Parton Non-Executive Director Company Secretary Mr Mauro Piccini Registered Office 1/38 Colin Street West Perth WA 6005 Telephone: 08 6559 1792 Website: https://www.redmountainmining.com.au/ Securities Exchange Listing Listed on the Australian Securities Exchange (ASX Code: RMX) Auditors Hall Chadwick (NSW) Level 40, 2 Park Street, Sydney NSW 2000 Solicitors Steinepreis Paganin Level 14 - QV1 250 St Georges Terrace Perth WA 6000 Bankers Westpac Banking Corporation Level 13, 109 St Georges Terrace Perth WA 6000 Share Registry Automic Share Registry Level 5, 191 St Georges Terrace Perth WA 6000 Telephone: 1300 288 664 Annual Repor t | 30 June 2026 4 | P a g e Directors’ Report The Directors of Red Mountain Mining Limited (“RMX” or “the Company”) present their report, together with the financial statements on the consolidated entity consisting of Red Mountain Mining Limited and its controlled entities (the “Group”) for the financial year ended 30 June 2026. DIRECTORS The names and particulars of the Company’s directors in office during the financial year and at the date of this report are as follows. Directors held office for this entire period unless otherwise stated. Lincoln Liu | Managing Director (appointed 15 August 2024) Lincoln has acted in various roles as advisor to several mining companies in their growth phase and across a range of commodities. He has worked in the Australian Equities market for 15 years. His experience includes trading, equities research and investment banking having completed numerous Capital Raising, M&A, IPO and Private Equity deals. He is the founder of a Sydney based Corporate advisory firm servicing growth companies in the mining and technology sectors. Lincoln has ASX Company Directorship and Corporate Governance experience serving on the board of a listed technology minerals company. He holds a Bachelor’s degree from Western Sydney University, a Master of Commerce (Finance) from the University of New South Wales and a Master of Business Administration from the University of Sydney. During the past three years Mr Liu has held a directorship in the following ASX listed company:  Non-Executive Director of Pinnacle Minerals Limited (resigned 14 December 2025)  Non-Executive Chairman of Sultan Resources Limited (appointed 9 April 2025)  Chairman of West Cobar Metals Limited (current) Mauro Piccini | Non-Executive Chairman (appointed 27 June 2024) Mauro is a Chartered Accountant (CA) and a member of the Governance Institute of Australia (GIA). He specialises in corporate advisory, company secretarial and financial management services. Mauro spent 7 years at the ASX and possesses core competencies in publicly listed and unlisted company secretarial, administration and governance disciplines. Mauro started his career in the Perth office of Ernst and Young (EY) where he spent several years in their assurance division. During the past three years Mr Piccini has held a directorship in the following ASX listed company:  Non-Executive Director of Aurum Resources Limited (resigned 1 February 2024)  Non-Executive Director of Aldoro Resources Limited (appointed 23 June 2025) Robert Parton | Non-Executive Director (Appointed 1 July 2016) Commencing in 1987, Mr Parton spent 20 years providing business analysis and management at companies including BHP, Kraft Foods, Crane Group, Mitre 10 and PDL Electronics (part of the Schneider Electric Group). Since 2006, Mr Parton has been providing corporate advisory services utilising his extensive experience in business management, project evaluation and capital-raising across various sectors including real estate, cleantech, IT and manufacturing. He has been involved in transaction management from sourcing, analysis and due diligence evaluation through to settlement and is a qualified accountant with over 20 years' membership with CPA Australia. During the past three years Mr Parton has not held a directorship in another ASX listed company. Annual Repor t | 30 June 2026 5 | P a g e Directors’ Report COMPANY SECRETARY Mr Mauro Piccini Mr Piccini spent 9 years at the ASX and possesses core competencies in publicly listed and unlisted company secretarial, administration and governance disciplines. Mr Piccini is a Chartered Accountant (CA) and a member of the Governance Institute of Australia (GIA). Mr Piccini started his career in the Perth office of Ernst and Young (EY) where he spent several years in their assurance division. INTERESTS IN SHARES AND OPTIONS OF THE COMPANY AND RELATED BODIES CORPORATE The following table sets out each current Director’s relevant interest in shares, options and performance rights of the Company or a related body corporate as at the date of this report. Director Ordinary Shares Listed Options Performance Rights Direct interest Indirect interest Direct interest Indirect interest Direct interest Indirect interest Mr Lincoln Liu 13,500,000 20,769,231 4,200,000 - 50,000,000 - Mr Mauro Piccini - - 1,500,000 - 6,000,000 - Mr Robert Parton - - - 300,000 - - Total 13,500,000 20,769,231 5,700,000 300,000 56,000,000 - PRINCIPAL ACTIVITIES The principal activity of the Company is mineral exploration in Australia, USA and Canada. Annual Repor t | 30 June 2026 6 | P a g e Directors’ Report REVIEW AND RESULTS OF 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 (Figure 1). The SNEO is recognised as Australia’s premier antimony province and hosts Australia’s largest known antimony deposit, Larvotto Resources’ (ASX: LRV; Market Cap. ~AU$600 million) Hillgrove deposit. Antimony in the SNEO occurs in hydrothermal quartz veins, breccias, and stockworks, often with associated gold and/or tungsten mineralisation. Figure 1: Location of LRV’s Hillgrove Mine and other Known NSW gold and antimony mineral occurrences relative to Red Mountain’s Armidale Antimony-Gold Project and NSW basement orogenic units. The map clearly demonstrates the prospectivity of the New England Orogen for antimony and gold. The location the Peel Fault is also shown. 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 2). 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. Annual Repor t | 30 June 2026 7 | P a g e Directors’ Report REVIEW AND RESULTS OF OPERATIONS Figure 2: 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. During the 2025-26 financial year, the Oaky Creek antimony prospect was the primary focus of RMX’s exploration program within EL9732. Reconnaissance rock chip and soil sampling were also completed at the East Hills and Horsley Station prospects. 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. Annual Repor t | 30 June 2026 8 | P a g e Directors’ Report REVIEW AND RESULTS OF OPERATIONS Oaky Creek - 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, completed during the 2024-2025 Financial Year, comprised a 50m x 100m spaced grid soil sampling campaign centered on a major splay of the Namoi Fault, accompanied by rock chip sampling. As initially reported in June 20252, 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 (Figure 3). This initial and subsequent surface sampling campaigns at Oaky Creek3, 4, 5, 6, 7 completed during the current year, returned multiple rock chip samples 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 3). 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’ Hillgrove Project, which lies east of Red Mountain’s project area. 2 RMX ASX Announcement 7 June 2025. https://investorhub.redmountainmining.com.au/announcements/6998482 3 RMX ASX Announcement 27 June 2025. https://investorhub.redmountainmining.com.au/announcements/7026204 4 RMX ASX Announcement 11 July 2025. https://investorhub.redmountainmining.com.au/announcements/7050680 5 RMX ASX Announcement 2 October 2025. https://investorhub.redmountainmining.com.au/announcements/7181513 6 RMX ASX Announcement 15 January 2026. https://investorhub.redmountainmining.com.au/announcements/7325282 7 RMX ASX Announcement 12 March 2026. https://investorhub.redmountainmining.com.au/announcements/7435807 Annual Repor t | 30 June 2026 9 | P a g e Directors’ Report REVIEW AND RESULTS OF OPERATIONS Figure 3: (A) Google Earth image showing auger soil sampling completed over the Oaky Creek antimony prospect relative to contoured conventional soil antimony values and antimony minerallised (>0.5% Sb) rock chip samples. The two insets show the NSW 5m digital elevation model over the (B) Oaky Creek North and (C) Oaky Creek South areas, showing auger antimony soil results, mapped quartz- carbonate-stibnite vein traces and priority drill targets. During the current financial year, in late 2025 and early 2026 Red Mountain completed a ~1300 sample infill hand auger soil sampling campaign across the full ~3km strike extent of the Oaky Creek prospect to tighten the Company’s existing 100m x 50m spaced soil grid in order to better constrain individual drill targets. This detailed systematic work allowed the company to define five high priority orogenic antimony targets8 for drill testing at Oaky Creek (Figure 3). 8 RMX ASX Announcement 30 March 2026. https://investorhub.redmountainmining.com.au/announcements/7467812 Annual Repor t | 30 June 2026 10 | P a g e Directors’ Report REVIEW AND RESULTS OF OPERATIONS Approval for a reverse circulation (RC) drilling program to test the drill targets at Oaky Creek was granted by the NSW Resources Regulator in May9 and Red Mountain engaged Durock Drilling to complete the work, 20 holes totaling 1776m, were completed in September10, with assay results expected during November 2026. Also in May 2026, the Company engaged Fender Geophysics to complete a four-line, 6.2 line-km, orientation induced polarization (IP) survey at Oaky Creek South9. The survey was designed to test the subsurface electrical response across the coherent antimony-arsenic auger soil anomaly at the Oaky Creek South Main Grid, to extend across the soil anomaly, surface quartz-carbonate-stibnite vein mineralisation and shallow historical pits and shafts at the Oaky Creek South Workings; and to cross a major fault splay of the Namoi Fault that is interpreted to be a potential major feeder structure for the orogenic antimony mineralisation at the Oaky Creek Prospect (Figure 4). The survey that was completed for Red Mountain collected dipole-dipole IP (DDIP) data at a spacing of 50m along three 1.6km long, 100m spaced NW-SE oriented lines and one 1.5km long SW-NE oriented line. Gradient array IP (GAIP) data was also collected along the three NW-SE oriented lines to test the relative effectiveness of the two techniques, as GAIP data can be collected more quickly and therefore is more cost-effective, particularly for large survey areas, but is less effective at detecting narrow, steeply-dipping targets11, such as those expected for the Oaky Creek vein system. Due to its potential greater effectiveness, Red Mountain prioritised modelling of the DDIP data from the survey. Figure 4: Reprocessed GSNSW RTP TILT magnetics12 over the broader Oaky Creek South area, showing anomalous (>10ppm Sb) auger antimony soil results, completed IP lines, and the Oaky Creek South Main Grid and Oaky Creek South Workings surface geochemical anomalies. Auger samples returning <10ppm Sb are not shown to avoid obscuring the magnetics. For full sample coverage refer to Figure 3. 9 RMX ASX Announcement 18 May 2026. https://investorhub.redmountainmining.com.au/announcements/7541141 10 RMX ASX Announcement 23 September 2026. https://investorhub.redmountainmining.com.au/announcements/7748483 11 J.D. Corbett, 1992. https://www.tandfonline.com/doi/abs/10.1071/EG992075 12 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. Annual Repor t | 30 June 2026 11 | P a g e Directors’ Report REVIEW AND RESULTS OF OPERATIONS As reported shortly after the end of the financial year on 9 July13, modelling of the DDIP data showed a clear coherent chargeability anomaly (maximum observed value 7.2 mV/V, relative to typical background values of 2 to 3mV/V) associated with anomalous auger soil antimony values, outcropping quartz-carbonate-stibnite veins and shallow historical workings at the Oaky Creek South Workings, and a weaker chargeabilty response (maximum observed value 3.91 mV/V) beneath the strong antimony-arsenic auger soil anomaly at the Oaky Creek South Main Grid. 3D modelling (Figure 5) suggests that the anomaly at the Oaky Creek South Workings is most strongly developed southwest of Line 10000N, and implies that it extends at least a further 150m beyond it. Figure 5: 3D perspective view looking northeast (top) and map view (bottom left) of 3D modelled DDIP chargeability, showing the strong coherent chargeabilty anomaly beneath and extending SSW from the Oaky Creek South Workings, which is open to the SSW, and the weaker response beneath the central portion of the Oaky Creek South Main Grid. 13 RMX ASX Announcement 9 July 2026. https://investorhub.redmountainmining.com.au/announcements/7624811 Annual Repor t | 30 June 2026 12 | P a g e Directors’ Report REVIEW AND RESULTS OF OPERATIONS The chargeability anomaly at the Oaky Creek South Workings is interpreted to potentially represent the presence of chargeable sulfide within steeply dipping quartz-carbonate-stibnite veins, similar to those mapped and sampled at the surface within and adjacent to the historical workings. The modelling therefore suggests that the veins both persist to depths of greater than 100m, and potentially much deeper, below surface and that they extend along strike over a total distance of at least 400m (Figure 3; Figure 5) well beyond the ~120m surface footprint of the outcropping veins, and extending the size of the Oaky Creek South Workings drill target. Antimony mineralisation confirmed at East Hills During September 2025, RMX completed initial soil and rock chip sampling over the East Hills antimony prospect in the southern portion of EL9732. A total of 78 soil samples were collected on a 50m x 100m spaced grid centred on the historical workings at the prospect (Figure 6), as well as 20 rock chip samples. The soil antimony results define a weak NNW-trending strike-parallel anomaly, with a peak value of 104ppm Sb14 close to the historical workings and a rock chip sample containing 9.9% Sb15 (Figure 6). The >5ppm Sb anomaly is open to the SSE, so further sampling in that direction may be warranted in the future. Gold in soil results received from East Hills were mostly <5ppb Au, with the exception of two samples that returned values of 14ppb Au and 304ppb Au14 (Figure 6). These two samples appear to be spatially associated with the main NNW-trending antimony anomaly, suggesting that the mineralisation at East Hills is a similar orogenic antimony-gold system to that seen at Oaky Creek. However, the gold results for the 20 rock chip samples were low, with a best result of 0.016g/t Au15. Based on results to date, the system as East Hills is a lower priority for further exploration than the Oaky Creek prospect, which appears to be a larger target. Figure 6: Individual soil sample and anomalous (>500ppm Sb) rock chip results for antimony (left) and soil sample gold results (right) over contoured soil antimony for sampling at East Hills. Both anomalous (>5ppm Sb) and elevated (>2ppm Sb) values define a NNW- trend, which approximately parallels the strike in the area, and the highest soil antimony value of 104ppm Sb lies close to the anomalous rock chip samples, including the sample containing 9.9% Sb and the small historical pit at East Hills. Elevated (>1ppb Au) gold samples, including the two strongly anomalous samples, are generally spatially correlated with the NNW-trending antimony soil anomaly. 14 RMX ASX Announcement 27 November 2025. https://investorhub.redmountainmining.com.au/announcements/7282267 15 RMX ASX Announcement 15 October 2025: https://investorhub.redmountainmining.com.au/announcements/7209330 Annual Repor t | 30 June 2026 13 | P a g e Directors’ Report REVIEW AND RESULTS OF OPERATIONS Anomalous gold and prospective ultramafic host rocks confirmed at Horsley Station In September 2025, RMX collected eight rock chip samples from the historical workings and nearby outcrops at Horsley Station. As reported in mid-October16, a sample of quartz-fuchsite vein material from the workings returned an anomalous gold value of 0.25g/t Au, while a nearby sample of similar material contained anomalous antimony of 0.18% (Figure 7). An outcrop of ultramafic rock was also sampled ~25m east of the workings (Figure 7). Although this sample is not mineralised, ultramafic lithologies are recognised as the preferred host for gold mineralisation along the Peel Fault system and the exposure supports RMX’s interpretation that magnetic highs at Horsley Station and Horsley North represent structurally-bound ultramafic bodies. Figure 7: Gold (left) and antimony (right) rock chip analyses for the East Hils prospect, with values of >0.1g/t Au and >0.1% Sb highlighted. Multispectral satellite data highlights additional targets within EL9732 In August 2025, RMX engaged geophysical consultant Dirt Exploration (“Dirt”) to process Sentinel-2 visible/near infrared (VNIR) and shortwave infrared (SWIR) satellite imagery to test for the presence of multispectral signatures that may indicate previously unrecognised antimony targets within EL9732. Dirt’s unmixing of the satellite multispectral data identified stibnite absorption spectra along the length of EL973217. One hundred of these features were identified, with apparent structural control, as many of the stibnite occurrences occur along or subparallel to the mapped Peel Fault System (Figure 8). RMX’s priority Horsely Station gold target is highlighted by the stibnite spectra, but neither Oaky Creek nor East Hills show a discernable response, despite demonstrated presence of stibnite mineralisation at surface. The dataset also highlights a number of other targets for ground follow-up, most notably along the length of the Namoi Fault and the throughout the northern end of EL9732, where minor historical alluvial gold mining has occurred, but no antimony mineralisation is recorded. 16 RMX ASX Announcement 15 October 2025. https://investorhub.redmountainmining.com.au/announcements/7209330 17 RMX ASX Announcement 19 August 2025. https://investorhub.redmountainmining.com.au/announcements/7111098 Annual Repor t | 30 June 2026 14 | P a g e Directors’ Report REVIEW AND RESULTS OF OPERATIONS In addition to the stibnite spectra, jarosite was also unmixed by Dirt from the spectral dataset, as the two can co-exist where the antimony sulfide (stibnite) is oxidised. Jarosite is a potassium iron sulfate hydroxide that forms in acidic environments and is known to scavenge metallic elements, including antimony and arsenic. Jarosite was observed by RMX geologists during rock and soil sampling at Oaky Creek18, where it was associated with oxidation of primary stibnite mineralisation, along with cervantite, stibicontite, senarmonite and valentinite. The distribution of jarosite from the spectral data is shown in Figure 8. As was seen for stibnite, there is a strong apparent structural control on its distribution related to the Peel fault system. The Horsley Station and East Hills prospects show a strong response, while Oaky Creek again shows no response. In the northern half of EL9732, the majority of jarosite spectral occurrences are spatially related to the Namoi Fault and its splays. Figure 8: Location of stibnite (left) and jarosite (right) spectral occurrences within EL9732 relative to the Peel Fault system as mapped by Geological Survey of NSW and known gold and antimony mineral occurrences from the GSNSW database. The major Peel, Cobbadah and Namoi Faults are labelled as well as RMX’s priority Oaky Creek, East Hills and Horsley Station prospects. 18 RMX ASX Announcement 30 May 2025. h ps://investorhub.redmountainmining.com.au/announcements/6982256 Annual Repor t | 30 June 2026 15 | P a g e Directors’ Report REVIEW AND RESULTS OF OPERATIONS Future exploration plans Drill testing of the five targets defined at Oaky Creek is the Red Mountain’s highest priority for the Company’s Armidale Antimony Gold Project. Four of these targets were drilled during the September 2026 maiden RC drill program19, with the fourth target not accessible, due to crops in the ground. Re Mountain’s future exploration work program at Oaky Creek is dependent on the results of the drilling, which are expected to be received in November 2026. The Company also continues to work towards securing additional land access to ground truth stibnite and jarosite spectral anomalies across EL9732, in particular, those that lie adjacent to known mineralisation and/or are along the known major Peel, Namoi and Cobbadah faults. Pioneer Tungsten Project, Montana, USA (RMX 100%) During the final Quarter of 2025-26, Red Mountain executed an agreement with Orion Property Holdings LLC to acquire the Pioneer Tungsten Project, located in Beaverhead County, southern Montana, USA. On execution of the agreement in May20, Red Mountain took full possession of the project. Under the terms of the agreement, full details of which were announced on 30 April21, Red Mountain will retain full ownership of the project with annual payments due for a period of four years, followed by a final payment due if the Company chooses to retain 100% ownership of the project. Red Mountain can exit the agreement and return the claims at any time prior to each payment falling due with no financial penalty. As was recently reported to the market on 14 September 202622, subsequent to execution of the ownership agreement Red Mountain pegged additional prospective ground, more than doubling the original project area to 517 Ha. Although secured subsequent to the end of the reporting period, the expanded project footprint is shown in this Annual Report. Pioneer Project geology The Pioneer Tungsten Project 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 9). 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 202523 by Almonty Industries (NASDAQ: ALM / TSX: AII / ASX: AII / Frankfurt: ALI1; Market Cap AU$5.5 billion), which include the Gentung Tungsten Deposit, which has a total mineral resource of 6.83 Mt @ 0.315 % WO3 24; 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 197524. 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 mineralisation25. 19 RMX ASX Announcement 23 September 2026. https://investorhub.redmountainmining.com.au/announcements/7748483 20 RMX ASX Announcement 28 May 2026. https://investorhub.redmountainmining.com.au/announcements/7556970 21 RMX ASX Announcement 30 April 2026, https://investorhub.redmountainmining.com.au/announcements/7515319 22 RMX ASX Announcement 14 September 2026, https://investorhub.redmountainmining.com.au/announcements/7732594 23 ALM press release 17 November 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/ 24 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 25 RMX ASX Announcement 9 June 2026. https://investorhub.redmountainmining.com.au/announcements/7574526 Annual Repor t | 30 June 2026 16 | P a g e Directors’ Report REVIEW AND RESULTS OF OPERATIONS The Torrey Batholith is 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. Significantly, there does not appear to be any skarn development or tungsten mineralisation associated with the Grayling Lake Granite, which cuts and is therefore younger than the granodiorite and associated skarn mineralisation at the Mammoth Prospect (Figure 9). Figure 9: Surface geology after McDonald and Yakovlev (2019)26, Zen (1988)27 and McDonald et al. (2012)28.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 Glow Worm - Greenstone claim areas), Almonty Industry’s claims, the Ivanhoe, Lost Creek and Greenstone mines, and published USGS tungsten mineral occurrences. 26 https://ngmdb.usgs.gov/Prodesc/proddesc_108777.htm 27 https://ngmdb.usgs.gov/Prodesc/proddesc_21817.htm 28 https://ngmdb.usgs.gov/Prodesc/proddesc_97585.htm Annual Repor t | 30 June 2026 17 | P a g e Directors’ Report REVIEW AND RESULTS OF OPERATIONS 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 9). 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 Au29. 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 30. 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 30. Both mines remained idle until 1971, when General Electric purchased the properties and rebuilt the mill at Ivanhoe, wh