Pioneer Tungsten

Highlights

• Tier-1 Neighbour: 209 hectares immediately adjacent to Almonty Industries’ (Market Cap ~A$7.8b) claims hosting the 6.83Mt @ 0.315% WO₃ Gentung Tungsten Deposit, with Almonty targeting production by H2 2026 at 1,400t WO₃ per year.

• Established Tungsten District: The adjacent Ivanhoe and Lost Creek Mines are estimated to have collectively produced ~680kt of tungsten ore in the 1950s and from 1970 to 1975.

• High-Grade Historical Drill Results*: All four historical Greenstone drill holes were mineralised along their entire lengths, returning average grades of 0.34% to 0.48% WO₃ over intercepts of 5.8m to 10.7m (10.7m @ 0.48% WO₃, 7.6m @ 0.42% WO₃, 6.1m @ 0.34% WO₃ and 5.8m @ 0.43% WO₃), with values and widths comparable to drilling at the adjacent Gentung deposit.

• Three Prospects, Three Discovery Opportunities: Mammoth, Lost Creek and Greenstone, each with recorded tungsten-bearing massive garnet skarn mineralisation up to 25m thick, locally assaying over 0.5% WO₃.

• Federal Alignment: Tungsten is a US-designated Critical Mineral, and the Project is well-positioned to benefit from US Government initiatives (including Project Vault) targeting domestic tungsten supply.

• Pricing Tailwind: Ammonium paratungstate (APT) prices have risen above US$3,000/MTU, up from under US$900 at the end of 2025, driven by Chinese export controls and structural demand from defence, aerospace and electronics.

Tungsten Mineralisation at Pioneer

The Pioneer Tungsten Project sits along the eastern margin of the Cretaceous Mount Torrey Batholith, where the Uphill Creek Granodiorite intrudes Snowcrest Range Group limestones. This is the same granodiorite-limestone contact that hosts every economic tungsten deposit and historical mine in the district, including Gentung, Ivanhoe and Lost Creek. Mineralisation occurs as scheelite (CaWO₄) within massive garnet skarn up to 25m thick.

Within the project area, RMX has identified three discrete prospects:

• Greenstone: Four historical drill holes* intersected mineralisation along their entire lengths, returning average grades of 0.34% to 0.48% WO₃ over thicknesses comparable to the nearby Gentung deposit. Surface samples from the exposed skarn have returned up to 0.81% WO₃.

• Mammoth: Located within a few hundred metres of the Ivanhoe Mine and the northern end of Almonty’s Gentung claim block. USGS magnetics show a shallow magnetic high beneath the claims analogous to the response over the blind Gentung orebody, with no drill testing undertaken to date.

• Lost Creek: Captures the granodiorite-limestone contact ~600m along strike from Almonty’s claims, with historical channel and core samples from the I Pit and H Adit returning up to 0.55% WO₃.

Strategic Advantage: The Almonty Connection

The Project’s development pathway is fundamentally de-risked by its location directly adjacent to Almonty Industries’ planned Gentung Mine. Almonty (Market Cap ~A$7.8b) is the largest non-Chinese tungsten producer in the Western world and is targeting production readiness at Gentung by the second half of 2026, with planned output of 140,000 MTUs (1,400t) of WO₃ per year. RMX is leveraging its position on the same geological contact, and along strike from Almonty’s claims at all three prospects, to rapidly define shallow drill targets and accelerate exploration towards an economic discovery in one of the most strategically important tungsten districts in the United States.

*Cautionary Statement: The historical drill results referenced above have not been previously reported in accordance with the JORC Code 2012, and a Competent Person has not provided sufficient detail to disclose the results in accordance with the Code. It is possible that following further evaluation and/or exploration work that confidence in the results may be reduced when reported under the JORC Code 2012. Red Mountain confirms that nothing has come to the attention of the company that causes it to question the accuracy or reliability of the results, but the company has not independently validated the results and therefore is not to be regarded as reporting, adopting or endorsing those results.