SYDNEY, AUSTRALIA: Red Mountain Mining Limited (RMX) has entered into a purchase agreement with Lithic Lithium LLC, a US subsidiary of Chariot Corporation Limited, to acquire the Lithic Lithium Project (Lithic) and the Mustang Lithium Project, consisting of 153 claims covering 1,178 ha prospective for claystone hosted lithium in Nevada, the dominant claystone hosted lithium region in the United States of America (USA).

The Projects are in the prolific Big Smoky and Monte Cristo Basins of Esmeralda County, Central Nevada. This region currently hosts the only operating lithium mine in the USA (Silver Peak Lithium Mine NYSE: ALB) and is the nexus of claystone hosted lithium exploration and development in the USA. RMX’s peers in central Nevada have defined significant Lithium Carbonate Equivalent (LCE) mineral resources to NI 43-101 standards

The Projects are in close proximity infrastructure, power, mining services and future offtake partners.

Nevada is a top ranked jurisdiction for mining according to the Fraser Institute 2021 annual survey.

Red Mountain Mining intends to undertake additional sampling, geological mapping and reconnaissance of the Lithic property and surrounding areas of interest.

Red Mountain Mining also intends to conduct a line of shallow trenches, over a 2,000 m, northeast trending line through the centre of the claim block. Representative samples within the trench line will then be collected from the underlying volcaniclastic sediments and claystone and assayed to identify suitable exploration targets for RC drilling.

The Company intends to conduct additional geological mapping and surface sampling within the Mustang property. These results will inform the RC drilling program which is expected to comprise wide-spaced drilling of approximately ten drill holes seventy metres deep. It is expected that the results from this drilling will provide information on the lithium mineralization to vector further drilling.