Red Mountain Mining Limited (RMXFF) Outcropping Garnet Skarn Identified and Magnetic Modelling Highlights Significant Potential at Pioneer

Executive Summary

• Red Mountain Mining has identified and sampled outcropping garnet skarn at the Mammoth and Greenstone prospects of its 100% owned Pioneer Tungsten Project in Montana, USA.
• 24 rock chip samples have been submitted for multielement analysis to confirm tungsten mineralisation, with initial results expected by late June 2026.
• Magnetic modelling indicates shallow subsurface extensions of the Uphill Creek Granodiorite beneath the claims, supporting the potential for limestone-hosted tungsten-bearing skarn at drillable depths.
• The company plans further surface mapping and sampling in June, with rapid progression to drill testing of downdip skarn extensions contingent on positive analytical results and regulatory approvals.

Key Details

• Project Location & Structure: Pioneer Tungsten Project (100% owned), comprising three claim areas: Greenstone, Mammoth, and Lost Creek, located along the eastern margin of the Mount Torrey Batholith in Montana, USA.
• Geological Context: Massive limestone-hosted garnet skarns up to 25m thick are known in adjacent ground, containing tungsten mineralisation as scheelite (CaWO4), locally assaying over 0.5% WO3.
• Sampling Activity: A three-day reconnaissance field visit in late May confirmed outcropping garnet skarn at Mammoth and Greenstone. 24 rock chip samples of skarn and altered material were collected and submitted for multielement analysis.
• Analytical Timeline: Initial analytical results are anticipated before the end of June 2026.
• Magnetic Modelling Methodology: Conducted by Arrow Geosciences using 2023 USGS Butte extension airborne magnetic/radiometric survey data. Inverted using Virtual Resultant Magnetisation Intensity (VRMI) with 25m cells and SRTM topographic control (~30m resolution).
• Modelling Results: Confirms subsurface magnetic bodies beneath Greenstone and Mammoth claims, interpreted as shallow extensions of the Uphill Creek Granodiorite (the fluid source for skarn mineralisation). The Lost Creek margin dips steeply. The Mammoth model shows a central "hole" interpreted as an intrusion of the later, non-magnetic Grayling Lake Granite.
• Drilling & Next Steps: Further reconnaissance mapping and surface sampling planned for June. Subject to positive analytical results, the company will rapidly define drill targets to test downdip extensions of skarn mineralisation during the northern hemisphere summer, pending environmental and regulatory approvals.
• Adjacent/Regional Context: Claims lie immediately adjacent to properties purchased in November 2025 by Almonty Industries (Market Cap AU$6.6B), which host the Gentung Tungsten Deposit (6.83Mt @ 0.315% WO3).
• Historical Production: Adjacent Ivanhoe and Lost Creek Mines produced an estimated 680kt of tungsten ore in the 1950s and 1970s. Specific historical data includes: Ivanhoe Mine (1953-1957): 567kt @ 0.35% WO3; Lost Creek Mine (1952-1956): 19kt @ 0.18% WO3; Greenstone Mine (1950s): 900kg sorted ore @ 1.2% WO3.
• Geological Controls: Tungsten mineralisation is restricted to the contact between the Uphill Creek Granodiorite and mid-Paleozoic carbonate-rich sedimentary rocks (Snowcrest Range Group). No skarn development is associated with the younger Grayling Lake Granite.