RED MOUNTAIN MINING LIMITED — Capital/Financing Update 2021

Jun 7, 2021

ASX ANNOUNCEMENT

RED MOUNTAIN MINING LTD

8 June 2021

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Expiry of Quoted Options (RMXOI)

Red Mountain Mining Limited ( RMX or the, Company ) advises that it has 138,642,857 quoted options exercisable at $0.008 are due for expiry on 14 July 2021 ( RMXOI Options ).

The Company provides the following information in relation to the RMXOI Options:

• The number of RMXOI Options to which this notice applies is 138,642,857.

• Each RMXOI Option entitles the holder to receive on exercise of the option, one fully paid ordinary share in the Company. If all options were exercised, 138,642,857 fully paid ordinary shares would be issued.

• The exercise price of each RMXOI Options is $0.008.

• The due date for payment of the exercise price is 5pm (WST) on 14 July 2021.

• If payment is not received by 5pm (WST) on 14 July 2021, the RMXOI Options will expire with no value and no further entitlement will exist.

• Official quotation of RMXOI Options will cease on 8 July 2021 .

• The latest available market sale price on the Australian Securities Exchange Limited before the date of this notice for fully paid ordinary shares in Red Mountain Mining Limited (ASX: RMX) being the underlying securities to which the RMXOI Options relate to was $0.012 on 7 June 2021.

• The highest and lowest market price for fully paid ordinary shares in RMX being, the underlying securities to which the RMXOI Options relate to during the three months immediately before the date of this notice were as follows:

• Highest Price: $0.012 on 7 June 2021;

• Lowest Price: $0.008 on 13 May 2021.

• No underwriting agreement exists in respect of the RMXOI Options.

• No option expiry notice will not be sent to holders RMXOI Options.

Additionally, the Company will offer a 1 for 3 bonus option (exercisable at $0.011, expiring 2 October 2022) ( Bonus Options ) to all RMXOI Option holders that convert their RMXOI Options prior to the expiry date. The Bonus Options will be issued after the expiry of the RMXOI Options and subject to ASX requirements.

If Optionholders have any queries in relation to exercising their RMXOI Options, please contact the Company on (08) 6559 1792.

Authorised for and on behalf of the Board,

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Mauro Piccini, Company Secretary

Web: www.redmountainmining.com.au

ASX: RMX

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Appendix A: Quoted Option Expiry Timetable

Event	Time Limits	+Business day	Date
ASX announcement to holders of +convertible securities.	not more than 30+business days before the conversion or expiry date and at least 20 +business days before the conversion or expirydate	0	8 June 2021
Entity applies for+quotation (Appendix 3B).	at least 2+business days before trading on a+deferred settlement basis	14	6 July 2021
+Quotation of+convertible securities ends at close of trading, unless there is a later maturitydate.	4+business days before the conversion or expiry date	16	8 July 2021
+Quotation of the+underlying securities quoted on a+deferred settlement basis, if the+convertible securities are “in the money” and the conversion ratio is fixed.	3+business days before the conversion or expiry date	17	9 July 2021
Conversion date or options expire.		20	14 July2021
+Issue date.+Deferred settlement trading ends. Entity issues+underlying securities. Last day for entity to confirm to ASX all information required by Appendix 2A. Note: normal trading (T+2) starts in the underlying securities on the next business day after the issue date (i.e. day 36). Settlement of on-market trades conducted on a deferred settlement basis and the first settlement of trades conducted on a T+2 basis occurs 2 business days after T+2 trading starts (i.e. day 38).	not more than 10+business days after the conversion or expiry date	35	28 July 2021

ASX: RMX Web: www.redmountainmining.com.au