Fellow RMX holders,After going through every announcement from...

Fellow RMX holders,

After going through every announcement from 2015 to 2025, I can no longer ignore the pattern. RMX has become the textbook definition of a “lifestyle company” — a vehicle that survives on dilution, hype, and pivots, not discovery or value creation.

Here’s what the record shows:

Serial project pivots: Batangas (sold), DRC cobalt (option dropped), Mt Maitland & Koonenberry (no resources), Mt Mansbridge REE (no resource), Mt Kokeby kaolin (fizzled), Nevada lithium (ongoing narrative, no resource), NSW antimony (ASX forced amendments for “visual mineralisation&rdquo, Fry Lake gold (headline assays, no drilling yet). Every project: surface work + announcement → no resource.

Dilution treadmill:

2016: proposed 1.05B shares + 526M options.

2019: placements (69M shares) + more 3Bs.

2022: 345M shares placed.

2025: Loyalty Options Prospectus → now 317.5M RMXO options quoted, with an exercise price of $0.001 (trivial cash in, huge dilution out). Current ratio: 0.53 options per share.


Halts + headlines → housekeeping:

Example: Sep-2025 halt “for material US critical minerals acquisition”… the follow-up? An Appendix 2A to quote 193.5M options.

This is sizzle before securities, not substance.

ASX compliance slap: In May 2025, RMX was forced to amend the “Antimony Vein System Confirmed” announcement to add cautionary language. Why? Because “confirmation” was based on visual core logging, not assays.

Quarterlies tell the real story: Year after year, most spend goes to admin and low-cost fieldwork (mapping, soil, rock chips). Very little money goes into drilling. No JORC resources advanced in a decade.

Why this matters

Shareholders keep getting diluted while the board cycles through commodity “themes” (gold, cobalt, lithium, REE, kaolin, antimony, back to gold).

ASX Listing Rules (continuous disclosure, fair reporting) and Corporations Act s1041H (misleading/deceptive conduct) exist to prevent exactly this kind of promotional churn.

ASIC and ASX need to investigate whether RMX’s announcements are systematically promotional, timed to raise capital, without reasonable basis of discovery.

Next Steps

I intend to compile this dossier and file a formal complaint with ASIC and ASX. If you are a current or former holder and have been affected by this cycle of dilution without delivery, I encourage you to add your voice.

We need accountability. If RMX has nothing to hide, they should welcome independent review of their disclosure and funding practices. If not, regulators must step in.