Red Mountain Mining Ltd (ASX:RMX) Secures 100% Ownership of Pioneer Tungsten Project

28 May 2026

Price Sensitive Announcement $

Highlights:

• Red Mountain Mining has successfully completed due diligence and has moved to secure 100% ownership of the Pioneer Tungsten Project in Montana, USA
• The Pioneer Tungsten Project, covering 209 hectares, lies adjacent to claims purchased in November 2025 by Almonty Industries (Market Cap AU$7.8 billion), hosting the Gentung Tungsten Deposit with a mineral resource of 6.83Mt @ 0.315% WO3, as well as the Ivanhoe and Lost Creek Mines, which are estimated to have collectively produced 680kt of tungsten ore in the 1950s and 1970s
• The Pioneer Tungsten Project comprises three key areas along the eastern margin of the Mount Torrey Batholith, locally featuring massive garnet skarns up to 25m thick containing Tungsten (W) mineralisation as scheelite, assaying over 0.5% WO3
• Red Mountain’s due diligence has confirmed the presence of garnet skarns within the claim areas, with the Company anticipating it will be able to rapidly define high-quality, relatively shallow drill targets for testing at the Pioneer Tungsten Project, commencing at Greenstone
• Work has commenced to secure drilling approvals to test the Tungsten content and downdip extensions at Greenstone
• Historical drill results at Greenstone include grades of:
  • 10.7m at 0.48% WO3
  • 5.8m at 0.43% WO3
  • 7.6m at 0.42% WO3
• Red Mountain is well positioned to leverage near record high Tungsten prices of over US$3,000 (AU$4,200) per MTU of WO3, up sharply from less than US$900 at the end of 2025, driven by supply constraints and increasing demand at a time when the US Federal Government is actively seeking to secure a reliable domestic supply of the Critical Metal
• RMX expects to launch its initial sampling program at the Pioneer Tungsten Project in early June 2026 and is well funded following the recent financing initiative
• IP survey results from the Armidale Antimony-Gold Project in NSW are expected in early June, ahead of the RC drilling program due to commence shortly

Overview:

Red Mountain Mining Limited, 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 it has exercised its option to acquire 100% ownership of the Pioneer Tungsten Project in the southwest of Montana, USA.

The Pioneer Tungsten Project comprises three groups of claims — the Greenstone, Mammoth and Lost Creek prospects — along the eastern margin of the Mount Torrey Batholith, all with recorded tungsten-bearing garnet skarn mineralisation. Massive garnet skarns up to 25m thick are known to occur locally in adjacent ground, containing Tungsten mineralisation as scheelite (CaWO4) assaying over 0.5% WO3.

Red Mountain has exercised its option pursuant to the agreement announced on 30 April 2026. The Pioneer Tungsten Project is an advanced asset underpinned by an attractive historical drilling dataset, and its acquisition cements Red Mountain’s position as a focused Critical Minerals explorer and developer in the US and Australia.

A district with exceptional pedigree

The Pioneer Tungsten Project claims lie directly adjacent to claims purchased in November 2025 by Almonty Industries (NASDAQ: ALM / TSX: AII / ASX: AII; Market Cap AU$7.8 billion), which include the Gentung Tungsten Deposit with a total mineral resource of 6.83Mt @ 0.315% WO3, as well as the Ivanhoe and Lost Creek Mines — estimated to have collectively produced 680kt of tungsten ore across the 1950s and 1970s.

The earliest recorded interest in the garnet skarn hosted tungsten mineralisation surrounding the Mount Torrey Batholith dates from the early 1950s, driven by the US Federal Government’s strategic metal stockpiling program. Open pit tungsten production from the Ivanhoe Mine commenced in October 1953, with total production during that period of 567kt at an average grade of 0.35% WO3. Similar skarn-hosted tungsten mineralisation was mined at the Lost Creek Mine between 1952 and 1956, with recorded production of 19kt at an average grade of 0.18% WO3. Both mines operated again in the 1970s under General Electric before ceasing in 1975.

Greenstone prospect set to be rapidly progressed

The Greenstone prospect is the highest priority target within the Pioneer Tungsten Project. Scheelite-bearing garnet skarn was mapped at surface over a strike extent of 400m during exploration in 1951 by the Minerals Engineering Company. Four shallow drillholes, ranging in depth between 5.8m and 10.7m, were collared in the outcropping skarn and were mineralised along their entire lengths, returning average whole-hole assays ranging from 0.34% to 0.48% WO3 — values and thicknesses comparable to drilling results for Almonty’s 6.83Mt Gentung deposit. Based on these results, the Minerals Engineering Company at the time considered Greenstone had the potential to become a large producer of low-grade tungsten ore.

Red Mountain’s planned approach is to follow a similar exploration methodology, with initial drilling expected to be reverse circulation percussion drilling with holes inclined to the west at approximately 50° to provide true-thickness intercepts through the skarn, which dips at approximately 40° to the east. Montana-based geological contractor KC Harvey Environmental has commenced work to secure drilling approvals at Greenstone, with the initial sampling program expected to launch in early June 2026.

Perfectly timed entry into a surging tungsten market

Tungsten is currently attracting near record price levels of over US$3,000 (AU$4,200) per MTU of WO3, up sharply from less than US$900 at the end of 2025. This sharp increase has been driven by China moving from being a net exporter to a net importer of tungsten, combined with the continued widespread use of tungsten carbide cutting and drilling tools in construction, metalworking and mining; the growing use of tungsten in the electronics industry and as an additive to specialty metal alloys used in aerospace, the automotive industry and defence; and its ability to substitute for lead in many applications.

In the face of global supply shortage and Chinese control of supply chains, the US Federal Government is actively seeking to secure reliable domestic supply of tungsten. Red Mountain is well positioned to leverage this dynamic, with the Pioneer Tungsten Project located adjacent to Almonty’s planned Gentung Mine — a proximity that may allow the Company to efficiently bring any economic discoveries rapidly to market and positions Red Mountain well to potentially engage with the major global tungsten player.

The strong increase in the tungsten price has seen the value of established producers such as Almonty Industries surge and multiple new players enter the space, making the timing of Red Mountain’s 100% acquisition of the Pioneer Tungsten Project particularly compelling for shareholders.

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