RED MOUNTAIN MINING LIMITED — Capital/Financing Update 2017

Mar 13, 2017

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ASX : RMX Company Directors ASX ANNOUNCEMENT Jeremy King Lincoln Ho RED MOUNTAIN MINING LTD Robert Parton 14 March 2017 Company Secretary Shannon Coates

ISSUE OF RED VALLEY DRILL PERMITS

Red Mountain Mining Ltd (ASX: RMX or Company ) is pleased to advise that it has satisfied all clearances required by both the Bureau of Land Management and the State of Utah, and that it has been issued drilling permits for its Red Valley Lithium Brines Project in Utah, USA.

Preparations for drilling are already well advanced. The Company has appointed Salt Lake City based, Grimshaw Drilling as its contractor. The appropriate rig has been identified by Grimshaw and is available and ground conditions are good. It is anticipated that the rig will be mobilised and drilling will commence toward the end of March, 2017.

RMX director Jeremy King commented:

"There have been some delays on the regulator's side but we are now raring to go. The team is very excited that we will soon be testing the Red Valley Lithium Brines target.

The chance to control a Clayton Valley style, ultra long-life, low cost Lithium Brines operation in western USA is a significant one for our shareholders .

The battery storage story continues to evolve and grow and it is an exciting industry to be leveraged to."

Further detail on the drill program and related work will follow in due course.

For and on behalf of the Board,

Shannon Coates, Company Secretary

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