RMXFF news...RED MOUNTAIN SIGNS OPTION AGREEMENT OVER
MONTANA TUNGSTEN PROJECT
HIGHLIGHTS:
• Red Mountain Mining has signed an exclusive option agreement over the Pioneer Tungsten
Project in the Pioneer Mountains mining region of southwest Montana, USA
• The Pioneer Tungsten Project covering 2,000 hectares lies adjacent to claims purchased in
November 2025 (total area 2,091 hectares) by Almonty Industries (Market Cap AU$9.2 billion),
hosting the Gentung Tungsten Deposit, 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 areas along the eastern margin of the
Cretaceous Mount Torrey Batholith, with massive garnet skarns, up to 25m thick. These skarns
contain Tungsten (W) mineralisation as scheelite, locally assaying over 0.5% WO3
• At Greenstone, one of 3 project areas at the Pioneer Tungsten Project, all historical Greenstone
drill holes were mineralised along their entire lengths and returned average assays with values
and thickness consistent with those found at the nearby Almonty 6.8Mt Gentung Tungsten
deposit. Historical Drill results* at the Pioneer Tungsten Project include grades of:
o 10.7m at 0.48% WO3
o 5.8m at 0.43% WO3
o 7.6m at 0.42% WO3
• Following an expected positive outcome from the 30-day option due diligence, RMX
anticipates that it will be able to rapidly define high-quality, relatively shallow drill targets for
testing at the Pioneer Tungsten Project
• Red Mountain is positioned to leverage near record high prices for Tungsten due to supply
constraints and increasing demand at a time when the US Federal Government is actively
seeking to secure a reliable domestic supply of the metal
• The new project is consistent with Red Mountain’s strategy of building and developing a
portfolio of high-quality US and Australian Critical Minerals Projects in Tier-1 Mining Districts
• RMX separately closed a well-supported placement for $1.6m, with firm commitments from
new and existing shareholders
ASX Announcement
30 April 2026
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