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RED MOUNTAIN MINING LIMITED
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Red Mountain Mining Ltd (RMXFF) Drilling Underway at Armidale Antimony-Gold Project

2026-08-30 18:28 ET - News Release

Perth, Australia, Aug 31, 2026 - (ABN Newswire) - Red Mountain Mining Ltd (ASX:RMX) (OTCMKTS:RMXFF), 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 announce that the maiden drilling program at the Armidale Antimony-Gold Project has commenced.

HIGHLIGHTS:

- Drilling is underway at Red Mountain's maiden RC drilling program at the Armidale AntimonyGold Project in New South Wales.

- 17 holes are planned to test key priority targets defined by the Company's extensive surface geochemical sampling program at the Oaky Creek prospect.

- Drilling is expected to take approximately three weeks, with assays expected to be received early in the next quarter.

- Oaky Creek is Red Mountain's most advanced target within the 391 km2 Armidale AntimonyGold Project, located in the Southern New England Orogen of NSW, considered to be Australia's premier antimony mineral province. Previously announced conventional and augersoil sampling and rock chip results of up to 39.3% Sb and 1.09ppm Au from Oaky Creek indicate potential for a large-scale orogenic antimony-gold vein system with a strike extent of ~3km at surface, which is analogous to Larvotto Resources' (ASX:LRV)Hillgrove project.

- At the Pioneer Tungsten Project in Montana, United States, the Company expects to receive assay results in early September from the comprehensive sampling program.

The RC drilling program is designed to test key compelling 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 1*). The program will drill test the coherent 300m x 30m OakyCreek South Main Grid antimony-arsenic auger soil anomaly, which has also returned rock chip results of up to 39.3% Sb and 1.09ppm Au; historical workings and outcropping quartzcarbonate-stibnite veins at the Oaky Creek North Workings; and the Sb-bearing Creek exposure to the north of it. Seventeen holes are expected to be drilled over a period of approximately three weeks. Assay results for the drilling program are expected to be received next quarter.

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, siltstoneand 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. As initially reported in June 2025, 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 Creek, returned multiple rock chip sampleswith 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 1*). 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$660 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 late 2025 and early 2026 to tighten the Company's existing 100m x 50m spaced soil grid in order to better constrain individual drill targets. This detailed systematic work has allowed the company to define five high priority orogenic antimony targets for drill testing at Oaky Creek (Figure 1) during the third quarter of 2026.

In July 2026, Red Mountainalso reported the results of a trial, four line dipole-dipole induced polarisation (DDIP) survey over Oaky Creek South. Modelling of the data revealed a coherent NNESSW-striking, steeply SE-dipping chargeability anomaly that extends beneath and at least 300m southwest from outcropping quartz-carbonate-stibnite veins and shallow historical antimony workings at the Oaky Creek South Workings (Figure 1*). The anomaly shows a peak observed chargeability of over 7.2 mV/V, compared to background values that typically range from 2 to 3 mV/V. The anomaly significantly increases the size of the Oaky Creek South Workings target and is modelled to extend from surface to a depth of at least 200m, and over a strike extent of at least 400m, compared to the ~120m strike of surface vein mineralisation. It strengthens to the SSW and remains open in that direction.

The drilling program is expected to last a period of approximately three weeks. Due to delays in the rig availability - influenced by prior delays due to wet weather and other unforeseen circumstances, the drilling program commenced later than was indicated by the contractor.

Red Mountain Armidale Antimony-Gold Project background

Red Mountain's 100%-owned Armidale Antimony-Gold Project lies in the Southern New England Orogen (SNEO) in northeastern New South Wales, west of Australia's largest known antimony deposit, Larvotto's (ASX: LRV) Hillgrove deposit, which is also the 8th largest antimony deposit globally. The SNEOis recognised as Australia's premier Antimony province (Figure 2*).

Red Mountain's Armidale Antimony-Gold Project has an extensive 85km length along the western side of the Peel Fault. The geology of the project area is dominated by isoclinally folded Carboniferous metasediments of the Tamworth Belt, which is a forearc basinal package related to west-dipping subduction of oceanic crust beneath the Lachlan Orogen. Ultramafic melanges of the Great Serpentinite Belt, which outcrop along the Peel Fault, are considered to be remnants of this oceanic crust. The Peel Fault System has recognised world-class mineral potential, with over 400 known orogenic gold and base metal mineral occurrences along its over 400km strike extent, but is underexplored, with less than 200 mostly shallow drillholes over its length, the majority of which are focused on discrete prospects. Oaky Creek is the company's highest priority and most advanced prospect within the project and is one of several known orogenic gold and antimony mineral occurrences within the tenement (Figure 3*).

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/5ZT52D13

About Red Mountain Mining Limited:

Red Mountain Mining Limited (ASX:RMX) is a mineral exploration and development company. Red Mountain has a portfolio of US, Canada and Australia projects in Critical Minerals and Gold. Red Mountain is advancing its Armidale Antimony-Gold Project in NSW, Utah Antimony Project in the Antimony Mining District of Utah, US, Fry Lake Gold Project and US Lithium projects.

Contact:

 
Mauro Piccini 
Company Secretary