RED MOUNTAIN MINING LIMITED — Capital/Financing Update 2022

Jul 13, 2022

ASX ANNOUNCEMENT

14[th] July 2022

RED MOUNTAIN MINING LTD

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Drill Rig Mobilised to Mt Mansbridge Project

• Experienced Kimberley drilling contractor now onsite at Mt Mansbridge

• All personnel & logistics confirmed for drill campaign

• Phase II drilling at Mt Mansbridge to commence in mid July 2022

Red Mountain Mining Limited ( RMX, the Company ) (ASX: RMX ) is pleased to announce that the RC drill rig and their 5 member drill crew have arrived on site to commence its phase II drill campaign at the Mt Mansbridge Heavy Rare Earth and Nickel-Cobalt-PGE Project.

A field reconnaissance trip to Mt Mansbridge was undertaken during late May 2022 by RMX personnel to reaffirm all targets prior to drilling. These targets include Déjà vu, Solo and Cow Creek prospects (Figure 1 and 2). All Heritage surveys and earthworks have been completed for efficient land access.

Further, Red Mountain has secured all personnel, including geologists, field support and consultant, along with equipment to confidently undertake the drilling at Mt Mansbridge.

Non-Executive Chairman, Mr. Flannery commented “now with access re-established, drill rig & field crew onsite, the Company is excited to get on the ground and drill its battery mineral targets and further evaluate the prospectivity of Mt Mansbridge”.

Authorised for and on behalf of the Board,

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Mauro Piccini, Company Secretary

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----- Start of picture text ----- Figure 1: Mt Mansbridge Project – Heavy Rare Earth Element & Nickel-Copper-Cobalt-PGE Prospects----- End of picture text -----

Figure 1: Location of the Mt Mansbridge Heavy Rare Earths and Cobalt prospects.

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Figure 2: Location of the Mt Mansbridge Cow Creek prospect.