Red Mountain Mining : Acquires Prospective Lithium Tenure

ASX ANNOUNCEMENT
RED MOUNTAIN MINING LTD	21 February 2022

only		Red Mountain Acquires Prospective Lithium Tenure, WA
Highlights
use	• Red Mountain acquires company holding granted exploration license south west of
	Greenbushes lithium province, WA
• Tenure prospective for lithium, nickel, gold and base metals
	Project located in southwest terrane with potential to support a Julimar-style
personal	•
	geological system
• Recent site visit confirms presence of Yilgarn Craton granites, with the same unit
	located adjacent to pegmatites at Greenbushes
• Project acquisition to complement HREE exploration at Mt Mansbridge
• Commerically favourable terms providing large potential upside in project value
	growth
• Further exploration work to commence upon execution of land access agreements
•	An aggressive follow up exploration program is being planned for the Mt
	Mansbridge HREE project which RMX is fully funded for following the recent capital
	raising

ForRed Mountain Mining Limited (RMX, the Company) (ASX:RMX) is pleased to advise it has acquired 100% of

the Nannup Project, a prospective granted exploration tenement south west of the Greenbushes lithium province in Western Australia.

The Nannup Project (Nannup, E70/5662) comprises of 48km2 in tenure and is prospective for lithium, nickel, gold and base metals (see Figure 1).

ASX: RMX	Web: www.redmountainmining.com.au

Figure 1: Nannup project location, south west of Greenbushes

onlyuse

personalG ology

The Nannup project tenement is located within the southwest terrane, proximal to the Darling Fault, a major north-south structure with interbedded Banded Iron Formation (BIF) and mafic-ultramafic rocks mapped at surface. Recently discovered features in similar proximity to the Darling Fault include Chalice's

ForJulimar and S2's Three Springs Project.

The Nannup project contains a 15km long north-south magnetic anomaly adjacent to the Darling Fault (see igure 2). This anomaly is potentially related to a second order fault parallel to the Darling Fault. The area is underlain by archaean granite gneiss, with most of the tenure classified as greenstone and some amphibolite already identified.

Historical exploration by BHP approximately 9km south of the Nannup tenement reported multiple lithium anomalies and the Company is keen to explore the lithium potential of the Nannup project based on those historic nearby workings.

ASX: RMX	Web: www.redmountainmining.com.au

onlyuse personalRecent field visit

Figure 2: North to south magnetic anomaly adjacent to Darling Fault

A recent initial reconnaissance visit confirmed the evidence of historic gold workings at Majenup within a Forhighly metamorphized and sheared environment. Due to the extensive secondary cover only a relative

small number of coarse grained biotite gneisses lithologies were observed. Additionally, evidence for greenstone belts in form of chlorite schists and bedded cherts was observed. Leucocratic granite / granitoids observed confirmed the presence of Yilgarn Craton granites, the same unit located adjacent to the Greenbushes pegmatite.

While there was no ultramafic lithologies observed during the initial visit, the proximal fault system, including the Darling Fault as well as a second order fault within the western extent of the tenure may have provided the magmatism and will be investigated in subsequent field visits once access agreements are in place.

ASX: RMX	Web: www.redmountainmining.com.au

onlyForward Program

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.

Transaction Terms

useR d Mountain has entered into a binding heads of agreement to acquire 100% of the shares in Airdrie Exploration Pty Ltd (Airdrie) for a consideration of $50,000 in cash (Acquisition). Airdrie holds 100% of the granted exploration tenement in the Nannup project. The consideration will be paid in full on settlement of the Acquisition.

The acquisition is expected to be completed in the coming weeks.

personalAuthorised on and behalf of the Board.

Mauro Piccini

Company Secretary

ForC mpetent 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) and has been compiled and assessed under the supervision of Mr Ralf Kriege. Mr Kriege is a Member of the Australasian Institute of Mining and Metallurgy. 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 Kriege consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

ASX: RMX	Web: www.redmountainmining.com.au

JORC Code, 2012 Edition - Table 1 report template

Section 1 Sampling Techniques and Data

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

		Criteria		JORC Code explanation		Commentary
		Sampling		• Nature and quality of sampling (eg cut channels, random chips, or	• Random Chips samples (not analyzed to date)
		techniques			specific specialised industry standard measurement tools appropriate
only			to the minerals under investigation, such as down hole gamma
		sondes, or handheld XRF instruments, etc). These examples should
		not be taken as limiting the broad meaning of sampling.
				• Include reference to measures taken to ensure sample representivity
use			and the appropriate calibration of any measurement tools or systems
		used.
	• Aspects of the determination of mineralisation that are Material to the
		Public Report.
	• In cases where 'industry standard' work has been done this would be
		relatively simple (eg 'reverse circulation drilling was used to obtain 1
		m samples from which 3 kg was pulverised to produce a 30 g charge
		for fire assay'). In other cases more explanation may be required,
		such as where there is coarse gold that has inherent sampling
personal			problems. Unusual commodities or mineralisation types (eg
		submarine nodules) may warrant disclosure of detailed information.
		ASX: RMX	Web: www.redmountainmining.com.au
		Drilling		•	Drill type (eg core, reverse circulation, open-hole hammer, rotary air	•	No drilling conducted.
		techniques			blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple
					or standard tube, depth of diamond tails, face-sampling bit or other
					type, whether core is oriented and if so, by what method, etc).
		Drill sample		• Method of recording and assessing core and chip sample recoveries	•	No drilling conducted.
		recovery			and results assessed.
				• Measures taken to maximise sample recovery and ensure
					representative nature of the samples.
				• Whether a relationship exists between sample recovery and grade
					and whether sample bias may have occurred due to preferential
					loss/gain of fine/coarse material.
		Logging		• Whether core and chip samples have been geologically and	• No drilling conducted. Surface chips samples geologically
					geotechnically logged to a level of detail to support appropriate		logged, no quantitative logging.
					Mineral Resource estimation, mining studies and metallurgical
					studies.
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