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Red Mountain Mining Limited (ASX:RMX,OTC:RMXFF) (OTCMKTS:RMXFF) has reported on exploration activity across its Australian, United States and Canadian project portfolio for the year ended 30 June 2026.
The Company's principal activity is mineral exploration in Australia, USA and Canada. At 30 June 2026, Red Mountain reported cash and cash equivalents of $1,972,455, compared with $274,463 at 30 June 2025. Net assets were $4,489,040, compared with $1,393,484.
During FY2026, Red Mountain's exploration program at its 100%-owned Armidale Antimony-Gold Project in New South Wales focused principally on the Oaky Creek antimony prospect within EL9732.
During late 2025 and early 2026, the Company completed a ~1300 sample infill hand auger soil sampling campaign across the full ~3km strike extent of the Oaky Creek prospect. The work was undertaken to tighten the Company's existing 100m x 50m spaced soil grid and allowed the Company to define five high priority orogenic antimony targets for drill testing.
Reconnaissance rock chip and soil sampling was also completed at East Hills and Horsley Station. At East Hills, the Company collected 78 soil samples and 20 rock chip samples. The soil program returned a peak value of 104ppm Sb, while a rock chip sample contained 9.9% Sb.
At Horsley Station, a quartz-fuchsite vein sample collected from historical workings returned an anomalous gold value of 0.25g/t Au. A nearby sample of similar material contained anomalous antimony of 0.18%.
In May 2026, the NSW Resources Regulator granted approval for a reverse circulation drilling program at Oaky Creek. Subsequent to 30 June 2026, Red Mountain completed a 20-hole, 1776m maiden reverse circulation drilling program during September 2026. Assay results were expected during November 2026.
The Company also completed a four-line, 6.2 line-km orientation induced polarization survey at Oaky Creek South during May 2026. Subsequent to the end of the financial year, Red Mountain reported on 9 July 2026 that modelling of the dipole-dipole induced polarization data showed a coherent chargeability anomaly with a maximum observed value of 7.2 mV/V, relative to typical background values of 2 to 3mV/V, associated with anomalous auger soil antimony values, outcropping quartz-carbonate-stibnite veins and shallow historical workings at the Oaky Creek South Workings.
During the final quarter of FY2026, Red Mountain executed an agreement with Orion Property Holdings LLC to acquire the Pioneer Tungsten Project in Beaverhead County, southern Montana, USA. On execution of the agreement in May 2026, Red Mountain took full possession of the project.
Under the agreement, annual payments are due for a period of four years, followed by a final payment if the Company chooses to retain 100% ownership of the Pioneer Tungsten Project. Red Mountain may exit the agreement and return the claims at any time before a payment falls due without financial penalty.
During May 2026, the Company collected 30 reconnaissance rock chip samples from the Mammoth and Greenstone prospectsat Pioneer. Ten of the 30 samples contained more than 500ppm tungstate (WO3). Five Greenstone samples assayed more than 1000ppm (0.10%) WO3, with a maximum value of 3159ppm (0.32%) WO3. One Mammoth sample returned 2856ppm (0.29%) WO3.
Subsequent to 30 June 2026, Red Mountain reported on 14 September 2026 that it had pegged additional prospective ground at Pioneer, more than doubling the original project area to 517 Ha. Systematic surface sampling commenced during the September 2026 Quarter, with an initial focus on mapped garnet skarn areas at Greenstone, Glow Worm and the north-west corner of the Lost Creek claim area.
In February 2026, Red Mountain announced the acquisition of the Thompson Falls Antimony Project in Montana and Idaho, USA. The project was expanded during the June Quarter to a total of 477 hectares.
In late 2025, Red Mountain collected and submitted 20 rock chip samples from the Thompson Falls project area. Sixteen samples were collected from the mine waste dump at the historical Eastern Star Adit. These samples returned antimony values ranging from 820ppm Sb to 36.5% Sb and gold values ranging from 0.04ppm to 1.12ppm Au.
At the Fry Lake Gold-Copper Project in Ontario, Canada, the Company completed 17continuous channel sample traverses ranging from 1m to 6m across three historically known quartz reefs at the Flicka Zone.
Reported results included:
- Vein #1: 0.25m @ 11.6g/t Au and 0.6m @ 6.72g/t Au.
- Vein #2: 1m @ 13.64g/t Au, including0.35m @ 25.1g/t Au, and 0.5m @ 17.7g/t Au.
- Vein #3: 1m @ 9.91g/t Au, including 0.7m @ 13.2g/t Au, and 1.7m @ 5.16g/t Au, including 1m @ 7.91g/t Au.
FINANCIAL POSITION AND FUNDING
For the year ended 30 June 2026, Red Mountain reported revenue and other income of $124,674, compared with $22,622 for the year ended 30 June 2025.
The Group recorded a loss after income tax of $4,848,129 for FY2026, compared with a loss after income tax of $2,558,249 for FY2025.
The audited Consolidated Statement of Cash Flows reported net cash used in investing activities of $1,165,569 and net cash from financing activities of $5,274,848 for the year ended 30 June 2026.
During the financial year, the Company completed share placements raising$781,740, $718,260, $1,349,998 and $1,602,000. The Company also reported proceeds from the issue of listed options of $193,498 and proceeds from the exercise of options of $645,116.
*To view the Annual Report, please visit:
https://abnnewswire.net/lnk/W3EWLI5J
Editorial Note:
This media release has been independently prepared by ABN Newswire editorial staff based on Red Mountain Mining Annual Report for 2026. It is intended as an editorial summary of information disclosed in that report and should be read in conjunction with Red Mountain Mining full ASX announcement. All financial, operational and post-reporting-period information in this editorial has been sourced from the Company's report.
About Red Mountain Mining Limited:
Red Mountain Mining Limited (ASX:RMX,OTC:RMXFF) 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.
Source:
Red Mountain Mining Limited
Contact:
Mauro Piccini
Company Secretary
