Nickel Discovery at Kiabye Project

Red Mountain Mining Limited (“RMX” or the “Company”) is pleased to advise that a recent infill soil sampling program with rock chip sampling at Kiabye was completed with the rock chip assays becoming available. The recent soil sampling involved the collection of 520 soil samples at 25m and 100m infill over the Kiabye South target and infill and extension sampling at the Northern anomaly and Reef 2 target at 50m spacing. At total of 11 rock chip samples were taken during the exercise with 10 taken along the Kiabye South Target.

HIGHLIGHTS

• Gossan discovery produces 1.12% Ni, 0.95% Co and 0.07% Cu from an area not previously tested for Nickel or Cobalt mineralisation.
  
• The gossan is Iron and manganese rich with detectable Pt and Pd.
• Soil gold assays highlighting a N-S magnetic feature with gold leakage points along a strike length of over 2km.
• Soil assay results for Flicka Lake in Canada are expected shortly.

One rock chip sample (KPR065) of a gossan in the southern part of the Kiabye South Target was highly anomalous reporting strong Nickel and Cobalt results:

• 11,222ppm Ni, 9,565ppm Co, 756ppm Cu, 95.2ppb Pd, 22.6ppb Pt and 7ppb Au

Figure 1: Gossan sample KRP065 rich in iron (24.95%) and manganese (>5%) and exhibiting a vuggy texture.

The gossan sample KPR065 resides in an area approximately 1.4km south of the historical Nickel exploration pits with no evidence onsite of previous workings. This site also sits on the south margin of a VTEM anomaly with a shallow conductive feature, see Figure 3.

The follow-up phase of rock chip and soil sampling at the Kiabye Gold Project, covers previously identified gold target areas over the central portion of the Kiabye Greenstone Belt in the Yilgarn‘s Murchison Domain, southeast of Mount Magnet. In particular, the soil sampling focused on the Kiabye South area with 25m infill sampling over a 2,500m North-South magnetic linear target where historical shallow drill (RAB) site N15 (14m) reported 1m @3.45 g/t in the last metre of the hole and is located near surface rock sample with 0.728ppm Au (RMX 5/8/2024). On the marginal extensions of the target infill sampling was conduct to complete 50m centers or e 50x100 spacings on the more marginal areas in the south. See Figure 2 for locations.

Figure 2: Rock Chip sample sites on infill soil sampling locations

Figure 3: Shallow conductive feature associated with gossan sample KPR065.

Soil gold assays highlight a N-S magnetic feature with gold leakage points and strike length of over 2km.

Two soil sampling programs were conducted for gold over several historical targets within the Kiabye Project area. The main targets were Kiabye South, Northern anomaly and Reef 2.

Figure 4: Kiabye South Magnetic linear target with several anomalous gold in soil samples, up to 64ppb along a strike of over 2km in length, Contours in red with peaks labelled in ppb,

At Kiabye South results indicate several anomalous samples which coincide with a N- S magnetic feature, a possible demagnetized zone associated with an interpreted shear/fault zone where the anomalous gold possible represents mineralised leakage points along the structure. These points represent future drill targets to test the structure.

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