RED MOUNTAIN MINING LIMITED — Capital/Financing Update 2022

Oct 30, 2022

ASX ANNOUNCEMENT

31 October 2022

RED MOUNTAIN MINING LTD

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Red Mountain Secures Footprint in Bynoe Lithium Province, NT

HIGHLIGHTS

• Two prospective tenement applications adjacent to Core Lithium’s (ASX: CXO) Finniss Lithium Project and Lithium Plus Minerals’ (ASX: LPM) Bynoe Lithium Project

• Tenures lie within same geological setting as neighbouring projects

• Strengthens RMX’s current asset portfolio and places further emphasis on the battery minerals sector

Red Mountain Mining Limited ( RMX, the Company ) (ASX: RMX ) is pleased to advise that the Company has successfully applied for two tenements prospective for lithium within the Bynoe Lithium Province in the Northern Territory.

Exploration Licence Applications 33345 & 33346 – known as the Charlotte Lithium Project – has been officially recorded by the Northern Territory Mineral Titles office.

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Figure 1: Charlotte Lithium Project location

The Company identified the prospective project areas within the Litchfield Pegmatite Belt in Northern Territory – host to discoveries including the neighbouring Core Lithium’s Finnis Project and Lithium Plus’ Bynoe Project.

The Charlotte Project areas were determined as prospective for lithium from historical geological mapping works and interpreted continuation of the geological rock-types found in the neighbouring lithium projects, indicating a high level of lithium prospectivity throughout the region.

Red Mountain Chairman, Troy Flannery commented “The fundamental movement for increased electrical storage and the growth in electric vehicle markets is driving unprecedented growth in the lithium market. We are pleased to have strengthened our asset portfolio with the addition of the Charlotte Lithium project and look forward to progress exploration upon granting of the two project tenements.”

The Company continues to assess further project opportunities, particularly in the battery minerals sector, and will update the market as required.

Authorised for and on behalf of the Board,

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Mauro Piccini, Company Secretary