Quarterly Activities and Cashflow Report

Redstone Resources Limited (ASX: RDS) (Redstone or the Company) presents its quarterly report for the period ending 30 September 2023 (the Quarter).

HIGHLIGHTS:

RADISSON EAST AND SAKAMI LITHIUM PROJECTS – QUÉBEC, CANADA

• In July Redstone entered into an exclusive Option agreement to acquire a 100% interest in the Radisson East and Sakami Lithium Projects located in the prolific James Bay Lithium District, Québec, Canada
• Radisson East and Sakami are located in close proximity to several advanced lithium projects and new lithium discoveries in Canada (see Figure 6) including:
  • Patriot Battery Metals Inc. (ASX:PMT, TSXV:PMET) Corvette Project (~170km east)
  • Winsome Resources Ltd (ASX:WR1) Cancet Project (100km east)
  • Q2 Metals Corp (TSXV: QTWO) Mia Lithium Property (~40km southwest)
• Projects have a combined area of 90km2 and cover more than 50km of highly prospective greenstone belt with coincident Li‐in‐lake anomalism and are host to several known pegmatite occurrences and outcrops (See Figures 3 to 5)

ATTWOOD LAKE LITHIUM PROJECT‐ NORTHWESTERN ONTARIO, CANADA

• Completion of Phase 1 exploration program comprising helicopter‐supported geological mapping and sampling program for lithium (Li) and rare‐earth element (REE) bearing pegmatites
• Numerous pegmatite showings were discovered on the project with a total of 209 rock grab samples collected from various pegmatitic bodies

REDSTONE AND GALAN LITHIUM JOINT VENTURE ‐ JAMES BAY PROJECTS AND ONTARIO PROJECTS

• Post Quarter end, Redstone expanded its Canadian lithium footprint by entering into a joint venture with Galan Lithium Ltd (ASX:GLN) to acquire 100% of the Taiga, Camaro and Hellcat Lithium Projects also located in the heart of the world class James Bay Lithium Province (see Figure 8)
• Initial exploration on James Bay Lithium Projects completed by Axiom Exploration identified 28 prospective pegmatite dykes
• The James Bay Lithium Projects cover 5,187 hectares adjacent to the Patriot Battery Metals (TSXV:PMET) CV8 pegmatite discovery – which has returned average sampling grades of 4.6% Li2O
• As part of the JV Redstone and Galan have also secured an option to acquire 100% of the PAK East and PAK Southeast Lithium Projects located in Ontario's “Electric Avenue” (see Figure 9)

MANAGEMENT COMMENTARY

Commenting on key progress made during the September quarter, Chairman Richard Homsany said:

“Redstone continues to position itself as a rapidly emerging critical metals exploration and development business, underpinned by our portfolio of high quality assets in Canada and Western Australia. As recently reported, Redstone has further strengthened its position in the highly sought after and prolific James Bay Lithium District and in Ontario – a region boasting several Tier‐1 lithium projects.

Redstone has very quickly and cost effectively built a portfolio of advanced lithium exploration assets in two of Canada’s premier jurisdictions. Our technical team will be the operator of our JV projects with Galan. Our strategy to increase our Canadian lithium exposure strongly supports our plans for our West Musgrave Copper Project in Western Australia.”

RADISSON EAST AND SAKAMI LITHIUM PROJECTS – JAMES BAY, QUÉBEC, CANADA

Redstone has a clearly defined strategy to build a high quality critical metals exploration and development business. As part of this strategy, the Company has continued to assess several new project opportunities both domestic and overseas.

Consequently, in early July 2023 Redstone secured an option to acquire a 100% interest over the highly prospective Radisson East and Sakami Lithium Projects immediately providing the Company with a strong position in the prolific James Bay Lithium district in Québec, Canada.

The Radisson East and Sakami Projects cover over 50km of greenstone belt strike length, which is geology that is known to host spodumene‐bearing pegmatites throughout the world class James Bay Lithium district. Greenstone belts are the key host geology at each high‐grade lithium project nearby including Corvette, Cancet and the Mia Lithium Project (Figure 1).

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