RED MOUNTAIN MINING LIMITED — Capital/Financing Update 2020

Jul 29, 2020

ASX ANNOUNCEMENT

30 July 2020

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RED MOUNTAIN MINING LTD

RMX Acquires 100% of Mt Maitland Gold Project

Red Mountain Mining Limited ( RMX or the, Company ) is pleased to advise that it has received Ministerial consent to the transfer of the Mt Maitland Gold Project, and settlement has occurred.

Located in the prolific Murchison Goldfields, the Mt Maitland Gold Project comprises a 62km2 parcel of tenure. It contains two, distinct north-south mineralised shear zones over a strike length of 19km within an Archean greenstone belt.

RMX has recently staked additional ground to the north which contains untested extensions of the two shear zones.

The Mt Maitland Gold Project has multiple drill-ready targets and has benefited from historic production which averaged 19g/t Au. Outstanding results from historic exploration at Mt Maitland include:

• gold-in-soils: peak 2,724 ppb, anomalies over 13 kilometres of strike

• rock chips: up to 62g/t Au, 8.8% Cu and 290g/t Ag

• channel sampling: 2.50m @ 22.7 g/t Au and 0.75m @ 61.8 g/t Au

• Drill results include 13m @ 2.53 g/t from 9m, 2m @ 1.53 g/t from 13m

The Company is now in the process of refining its exploration strategy as it finalises its priority targets

Authorised for and on behalf of the Board,

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Mauro Piccini, Company Secretary

For further details on the Mt Maitland Gold Project, see Company announcement dated 6 July 2020. All exploration results referred to herein are from programmes referenced in the Company’s announcement dated 6 July, 2020. The Company is not aware of any new information or data that materially affects the information contained in the above sources or the data contained in this announcement.

Web: www.redmountainmining.com.au

ASX: RMX